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    Antecedents of Time to Completion in Mergers and Acquisitions

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    Publication type
    Journal article with impact factor
    Author
    Luypaert, Mathieu
    De Maeseneire, Wouter
    Publication Year
    2015
    Journal
    Applied Economics Letters
    Publication Volume
    22
    Publication Issue
    4
    Publication Begin page
    299
    Publication End page
    304
    
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    Abstract
    Literature on mergers and acquisitions (M&As) performance and wealth effects is abundant. Yet, we know very little about the pre-completion stage, in particular about aspects such as the likelihood of deal closing and time to completion. Understanding the drivers of completion time is however important as prolonged deal duration is costly and postpones realizing synergy gains. In this article, we study the antecedents of deal duration for a sample of 1150 M&As between listed US companies during 1994-2011. Not surprisingly, deal complexity critically affects time to completion. Stock offers, deal hostility, mergers and larger deals are characterized by a lengthier acquisition duration. Strong and clear shareholder support accelerates deal completion, as does the likelihood of overpayment. Finally, experienced bidders succeed in more rapidly completing transactions, implying learning effects.
    Keyword
    Accounting & Finance, Mergers & Acquisitions
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.1080/13504851.2014.939370
    URI
    http://hdl.handle.net/20.500.12127/5008
    ae974a485f413a2113503eed53cd6c53
    10.1080/13504851.2014.939370
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