Not All Friends Are Alike: A Categorization of Friendly Acquisitions Integrating the Acquired Firm Profile with the Acquirer's Approach

Although previous studies have examined the distinct motivations of acquirers and contrasted differences between friendly hostile acquisitions, combination acquirer target firm perspectives, particularly within has not yet been addressed. By adopting a multidisciplinary approach integrating acquiring acquired firms’ this study identifies different types deals investigates their impact on post-acquisition performance. A unique dataset 668 acquisitions was constructed by merging Zephyr Orbis databases. regression analysis revealed that, in general, rescue appealing targets obtain better performance than average targets. The effect is accentuated greater accumulated knowledge. Conversely, partial diminished for high-accumulated This signal change knowledge-moderating parameter implies that under general conditions, outperform However, if seeks to follow collaborative extract knowledge firm, then it more cooperative stance through acquisition.