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Cross Border Bidders Versus Domestic Ones

In: International Business Mergers and Acquisitions in Japan

Author

Listed:
  • Ralf Bebenroth

    (Kobe University Research Institute for Economics & Business Administration (RIEB))

Abstract

This chapter investigates differences in targets overtaken by cross-border bidders versus domestic ones. The literature from the selection theory argues that there is “cherry picking.” That means, cross-border bidders overtake the comparably better performing targets in contrast to domestic bidders, which acquire weaker targets in a sort of “rescue mission.” Targets in the study were investigated to see if this statement holds true. The results show that cross-border targets did not perform better but performed worse than domestic ones. According to my sample, I have to conclude that there is no “cherry picking” of Japanese firms at Japanes firms at cross-border acquisitions. This lends support to the idea that foreign bidders probably come to the acquisition target at a later stage. To put it differently, Japanese firms get overtaken by foreign bidders in case where no domestic firm is interested in overtaking the target. Reasons are discussed.

Suggested Citation

  • Ralf Bebenroth, 2015. "Cross Border Bidders Versus Domestic Ones," Springer Books, in: International Business Mergers and Acquisitions in Japan, edition 127, chapter 8, pages 107-122, Springer.
    • Handle: RePEc:spr:sprchp:978-4-431-54989-5_8
    DOI: 10.1007/978-4-431-54989-5_8
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