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A Game Theoretic Study of Enterprise Mergers and Acquisitions: The Case of RJR Nabisco Being Acquired by KKR

Author

Listed:
  • Yanqing Jiang
  • Jian Yuan
  • Mengmeng Zeng

Abstract

There are both macro- and micro-level studies concerning enterprise mergers and acquisitions (M&A). Past studies have focused on M&A valuation, utility of the M&A motives and the strategic behavior during of the M&A process. Few game theory methods in the application of M&A stay mostly in the analysis of Nash equilibrium under the complete information static game. This paper thus aims to analyze the M&A behavior of enterprises within the framework of incomplete information dynamic game, combined with sub-game perfect Nash equilibrium of complete information dynamic game and Bayesian Nash equilibrium of incomplete information.

Suggested Citation

  • Yanqing Jiang & Jian Yuan & Mengmeng Zeng, 2016. "A Game Theoretic Study of Enterprise Mergers and Acquisitions: The Case of RJR Nabisco Being Acquired by KKR," Business and Management Studies, Redfame publishing, vol. 2(2), pages 21-33, June.
    • Handle: RePEc:rfa:bmsjnl:v:2:y:2016:i:2:p:21-33
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    More about this item

    Keywords

    merger & acquisition; game; stakeholder; KKR;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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