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Merger Failures

Author

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  • Albert Banal-Estañol
  • Jo Seldeslachts

Abstract

This paper proposes an explanation as to why some mergers fail, based on the interaction between the pre-merger gathering of information and the postmerger integration processes. Rational managers acting in the interest of shareholders may still lead their firms into unsuccessfully integrated companies. Firms may agree to merge and may abstain from putting forth integration efforts, counting on the partners to adapt. We explain why mergers among partners with closer corporate cultures can have a lower success rate and why failures should be more frequent during economic booms, consistent with the empirical evidence. Our setup is a global game (integration process) in which players decide whether to participate (merger decision). We show that private signals need to be noisy enough in order to ensure equilibrium uniqueness. ZUSAMMENFASSUNG - (Gescheiterte Fusionen) In dieser Arbeit wird eine Erklärung vorgestellt für das Scheitern von Fusionen. Sie beruht auf einem Modell, das das Verhalten der fusionierenden Firmen vor der Fusion, wenn Erkundungen über den Partner eingeholt werden, und nach der Fusion, wenn sich die Unternehmensteile integrieren müssen, in den Mittelpunkt stellt. Manager können nach diesem Modell durch rationales Verhalten die fusionierte Firma in Verluste und schlechte Aktienwerte führen, obwohl sie eigentlich das Interesse der Aktionäre im Blick haben. Die Firmen stimmen einer Fusion zu, halten sich aber beim Voranbringen der Integrationsbemühungen zurück, da sie darauf zählen, dass sich die Partner anpassen. Wir erklären, warum Fusionen zwischen Partnern mit ähnlichen Unternehmenskulturen eine geringere Erfolgsrate haben können und warum Misserfolge häufiger während eines wirtschaftlichen Booms auftreten. Dies ist konsistent mit empirischen Ergebnissen. Unser Ausgangspunkt ist ein globales Spiel, in dem der Integrationsprozess dargestellt wird und die Spieler entscheiden, ob sie sich am Spiel beteiligen, d.h. der Fusion zustimmen. Wir zeigen, dass ein eindeutiges Gleichgewicht nur garantiert werden kann, wenn die privaten Informationen der fusionierenden Firmen, die dem Fusionspartner nicht bekannt sind, genügend unpräzise sind.

Suggested Citation

  • Albert Banal-Estañol & Jo Seldeslachts, 2005. "Merger Failures," CIG Working Papers SP II 2005-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  • Handle: RePEc:wzb:wzebiv:spii2005-09
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    Cited by:

    1. Frey, Rainer & Hussinger, Katrin, 2006. "The role of technology in M&As: a firm-level comparison of cross-border and domestic deals," Discussion Paper Series 1: Economic Studies 2006,45, Deutsche Bundesbank.
    2. Cosnita-Langlais, Andreea & Tropeano, Jean-Philippe, 2012. "Do remedies affect the efficiency defense? An optimal merger-control analysis," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 58-66.
    3. Banal-Estanol, A. & Heidhues, P., 2006. "Merged clusters during economic booms," Working Papers 06/07, Department of Economics, City University London.
    4. Duso, Tomaso & Gugler, Klaus & Yurtoglu, Burcin B., 2011. "How effective is European merger control?," European Economic Review, Elsevier, vol. 55(7), pages 980-1006.
    5. Feiqiong Chen & Qiaoshuang Meng & Fei Li, 2017. "How resource information backgrounds trigger post-merger integration and technology innovation? A dynamic analysis of resource similarity and complementarity," Computational and Mathematical Organization Theory, Springer, vol. 23(2), pages 167-198, June.
    6. Kenta Tanaka and Shunsuke Managi, 2013. "Measuring Productivity Gains from Deregulation of the Japanese Urban Gas Industry," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4).
    7. Onur A. Koska & Frank Stähler, 2014. "Optimal Acquisition Strategies in Unknown Territories," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 170(3), pages 406-426, September.
    8. Cosnita-Langlais, Andreea & Tropeano, Jean-Philippe, 2012. "Do remedies affect the efficiency defense? An optimal merger-control analysis," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 58-66.
    9. Feiqiong Chen & Qiaoshuang Meng & Fei Li, 0. "How resource information backgrounds trigger post-merger integration and technology innovation? A dynamic analysis of resource similarity and complementarity," Computational and Mathematical Organization Theory, Springer, vol. 0, pages 1-32.
    10. Banal-Estanol, Albert & Macho-Stadler, Ines & Seldeslachts, Jo, 2008. "Endogenous mergers and endogenous efficiency gains: The efficiency defence revisited," International Journal of Industrial Organization, Elsevier, vol. 26(1), pages 69-91, January.
    11. Anca-Simona HROMEI, 2013. "Reasons For Mergers And Their Impact On Companies," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 1, pages 82-88, June.
    12. repec:cmj:journl:y:2013:i:27:hromeias is not listed on IDEAS

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    More about this item

    Keywords

    mergers; synergies; information; uncertainty; organizational culture.;
    All these keywords.

    JEL classification:

    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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