The history and mystery of merger waves: A UK and US perspective

Merger waves are an enduring mystery and the search for a single explanation for their existence, growth and size continues. The history of US and UK merger waves shows that each wave has had a different motivator, including regulatory and economic factors. The nature of the waves also changed with differences in the type of deals, the behaviour of the involved companies and the methods of payment. Why then should there be a single explanation for the existence of merger waves? Considering their history there is no reason to believe that a single model exists to explain this phenomenon.