There are substantial bodies of literature that advance theory
about why merger and acquisition candidates are found to be
unattractive, why negotiations are not concluded, and why the
benefits of companies that are acquired are not realised. Little,
if any, research identifies why merger and acquisition
opportunities are not pursued in the period after candidates are
analysed and found to be attractive but before negotiations begin.
This study addresses this period by developing a theoretical
framework of the variables that intervene to reverse decisions to
pursue apparently attractive candidates before negotiations begin
and which, in doing so, result in missed opportunities. The study
is informed primarily by the strategic-management content
literature but draws from the strategy-process literature including
streams in strategic decision making (SDM) and behavioural decision
theory (BDT). This is a critical book for business scholars that
provides an important perspective that has not yet been studied.
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