| Autor: Agnieszka Perepeczo | 21 |
Strony: 21-36
pełen tekst
MERGERS AND ACQUISITIONS CYCLES IN 1990–2009 AND FINANCIAL CRISIS
Summary
The article reviews shortly the history of mergers and acquisitions cycle starting from the beginning till 2009. In details, two distinct cycles of M&A deal activity are presented, the first one – in the period starting from 1990 through 2002, including the “telecoms bubble” and the second one – in the period from 2003 till 2009, including “the leverage bubble” and the financial crisis in year 2008. The two cycles are the era of cross-border M&A and the over-valued transactions. M&A as a percentage of GDP gives an indication of the relative overheating of the mergers and acquisitions market compared the rest of the economy in the whole discussed period. Generally, the use of all cash consideration has grown with a peak in 2007. All share deals have decline falling to 7% of total M&A in 2007. During the financial crisis the hybrid or mixed consideration of cash and shares has been the first before cash and shares financing.
pełen tekstMERGERS AND ACQUISITIONS CYCLES IN 1990–2009 AND FINANCIAL CRISIS
Summary
The article reviews shortly the history of mergers and acquisitions cycle starting from the beginning till 2009. In details, two distinct cycles of M&A deal activity are presented, the first one – in the period starting from 1990 through 2002, including the “telecoms bubble” and the second one – in the period from 2003 till 2009, including “the leverage bubble” and the financial crisis in year 2008. The two cycles are the era of cross-border M&A and the over-valued transactions. M&A as a percentage of GDP gives an indication of the relative overheating of the mergers and acquisitions market compared the rest of the economy in the whole discussed period. Generally, the use of all cash consideration has grown with a peak in 2007. All share deals have decline falling to 7% of total M&A in 2007. During the financial crisis the hybrid or mixed consideration of cash and shares has been the first before cash and shares financing.