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Time-to-completion for mergers and acquisitions in the food and agribusiness industry
Agribusiness ( IF 3.2 ) Pub Date : 2022-01-31 , DOI: 10.1002/agr.21734
Adesoji O. Adelaja 1 , Ramyani Mukhopadhyay 1
Affiliation  

Longer time-to-completion (TTC) increases transaction costs, delays deal benefits, and reduces the probability of meeting transaction objectives in mergers and acquisitions (M&A) transactions. This paper conceptualizes the determinants of TTC and estimates their effects in the food and agribusiness industry (FABI) due to the critical importance of TTC to M&A success and the dearth of existing studies on the industry. We confirm that longer TTC increases the likelihood of deal failure. We also find the following: company-specific factors such as acquirer solvency and leverage reduce TTC; deal complexity factors such as deals involving payment in cash or hard currency conclude faster; deals involving both acquirers and targets from the same country or industry take longer; using legal or financial advisers lengthens TTC; limited transparency or greater risk involved in a deal do not delay financing; deals consumed during a recession take longer; deal size and acquirer history of repeated M&A activities neither accelerate nor delay TTC. Considering the limited existing information on the contributions of various factors to timely deal completion or delays in FABI, our findings are useful in predicting M&A deal duration, costs, and potential for success. [EconLit Citations: G24, G34, L22, L66].

中文翻译:

食品和农业综合企业并购的完成时间

较长的完成时间 (TTC) 会增加交易成本,延迟交易收益,并降低在并购 (M&A) 交易中实现交易目标的可能性。由于 TTC 对并购成功的关键重要性以及对该行业现有研究的缺乏,本文将 TTC 的决定因素概念化并估计其对食品和农业综合企业 (FABI) 的影响。我们确认较长的 TTC 会增加交易失败的可能性。我们还发现:收购方偿付能力和杠杆率等公司特定因素会降低 TTC;交易复杂性因素,例如涉及现金或硬通货支付的交易更快完成;涉及来自同一国家或行业的收购方和目标公司的交易需要更长的时间;使用法律或财务顾问会延长 TTC;交易中有限的透明度或更大的风险不会延迟融资;在经济衰退期间消费的交易需要更长的时间;交易规模和收购方重复并购活动的历史既不会加速也不会延迟 TTC。考虑到各种因素对及时完成交易或 FABI 延迟的贡献的现有信息有限,我们的研究结果有助于预测并购交易的持续时间、成本和成功的潜力。[EconLit 引文:G24、G34、L22、L66]。我们的研究结果有助于预测并购交易的持续时间、成本和成功潜力。[EconLit 引文:G24、G34、L22、L66]。我们的研究结果有助于预测并购交易的持续时间、成本和成功潜力。[EconLit 引文:G24、G34、L22、L66]。
更新日期:2022-01-31
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