Introduction

Abstract

The study of merger and acquisition (M&A) performance has been an integral part of strategic management, corporate finance and organizational behavior research for several decades (See Zollo and Meier 2008, p. 55). Extensive reviews of this previous research body on M&A activity have, however, suggested that acquiring firms in the developed world do not benefit from these acquisitions, while shareholders of the targeted firms earn large acquisition premiums and seem to reap most of the benefits (See Bruner 2002, pp. 64–65).