In a sample of US M&A deals consisting of 1,725 listed and 1,810 private targets initiated by publicly quoted acquirers
from 1994 to 2011 and using a variety of information asymmetry proxies (analyst coverage, analyst forecast properties, media coverage, listing status, firm size, as well as compound indices), we find evidence consistent with bidders strategically exploiting their superior bargaining power (resulting from superior information gathered during the due diligence process) to attract a larger fraction of M&A gains.
Results showed that the acquirers
and target firms' behavioral characteristics of risk-averse risk-taking and optimistic--pessimistic respectively have greater impact when the acquirer
is more hostile.
Visa is also exploring a system for acquirers
to share certification test results with each other to avoid testing duplication.
are financial institutions that facilitate card payment transactions.
16 July 2013 - North American acquirers
outperformed their peers in the second quarter of 2013 according to data in the latest edition of New York-based professional services firm Towers Watson's (NYSE, NASDAQ: TW) Quarterly Deal Performance Monitor.
According to the study, combined issuer and acquirer
12-month loan growth was 275% higher and share growth was 34% higher at issuers/acquirers
compared to issuers only.
It is often seen that acquirers
pay more than they should have paid to take over the target.
The trends demonstrated by overall M&A industry research regarding types of acquirers
is re-enforced with internal data from the transaction roster of The Transition Companies.
and the challenges that can arise from cross-border transactions outside of North America, Canadian acquirers
deserve a more careful analysis.
For small acquirers
, Strahan and Weston (1996, 1998) find that mergers among small banks are less likely to cause a reduction in supply of small business credit and that small business lending could actually increase (rather than decrease) as a result of small bank mergers.
They are all tried and tested techniques, which I have used to force arrogant and obstinate acquirers
to pay the premium prices and provide the protective deal terms my clients were entitled to.
Could it be that the acquirers
are depending too much on a "banner" and not using the information available to them to manage the project's risks, including those risks associated with using a given supplier?
Prodigious Capital Partners, LLC provides successful residential developers and acquirers
with up to half of the general partner co-investment capital required by third party equity investors.
Together, merchant acquirers
and processors serve as the communications and transactions link between the merchants and the card issuers.
Thus, the code protects acquirers
by not forcing them to contract with third parties, who may be competitors or provide inferior services.