M. Dalziel (Canada)
Mergers and acquisitions, acquisition success, stakeholders, networking equipment industry.
This paper suggests that acquisition success depends upon the ability of the acquiring firm to integrate or access the key elements of the target firm's assets, including intangible assets such as relationships with individuals and organizations external to the target firm. It suggests further that the ability of the acquiring firm to access intangible target firm assets will be a function of the extent to which the acquisition allows each of the target firm's stakeholder groups to capture value from the acquisition. The findings show a) a strong positive relationship between acquisition success and the value captured by the target firm's customers, employees, and strategic initiative and b) no relationship between acquisition success and the value captured by the target firm's investors. Empirical evidence is drawn from a sample of large firm acquisitions of technology-based small firms in the global networking equipment industry.
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