Deal completion in mergers and acquisitions: past accomplishment and future direction

Abstract

PurposeMergers and acquisitions (M&As) are important strategic actions undertaken by firms to access resources and markets. However, firms face substantial challenges in M&As during deal completion. While prior literature reviews synthesize the studies on the post-merger consequences of M&As, the literature on deal completion is largely fragmented. In this paper, the authors synthesize prior literature on deal completion into the antecedents and consequences framework and map various studies across the international business and management, finance and accounting literature at the macro-, meso- and micro-levels.Design/methodology/approachThe authors adopt a content analysis-based methodology to conduct the review. First, the authors identify existing literature on deal completion based on keyword searches. Next, the authors propose a framework that integrates the extant literature from a multi-theoretic perspective across four broad themes: concepts, antecedents, implications and moderators. In this study, the authors consider not only empirical but also conceptual papers to strengthen the theoretical foundations of M&A literature. Finally, after synthesizing various studies, the authors highlight a future research agenda on deal completion.Findings Based on the review, this study provides important avenues for future research on M&A deal completion.Originality/value This study theoretically integrates multi-disciplinary and multi-country research on acquisition completion.

Deal or no deal for mergers and acquisitions

“…Lack of studies focusing on pre-merger issues prompts Fuad and Venugopal (2024) to study M&A literature on deal completion. Content analysis was performed to identify relevant articles, and keyword searches led to key themes being determined.…”