Worth Waiting For-Evidence of Late-Mover Benefits in Cross-Border Mergers and Acquisitions

Abstract

INTRODUCTION In cross-border acquisitions, do good things come to those who wait, or do early acquirers seize the best investment opportunities? While previous research has analyzed the advantages and disadvantages of either strategy in domestic takeovers, the value implications of cross-border MA Markides and Ittner 1994; Morck and Yeung 1992; Pantzalis, Park and Sutton 2008; Steigner and Sutton 2011). Although previous studies have identified certain factors that influence bidders' wealth gains in cross-border mergers, the strategic implications of early-mover versus late-mover acquisitions have not been specifically explored in a global context. …