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Mergers and Acquisitions in the Years of COVID

Slowing Down Before Accelerating Yet Again

Nikolaos Antypas    ICMA Centre, Henley Business School, University of Reading, UK    

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abstract

Mergers and acquisitions (M&As) have been less frequent during crises. The COVID-19 pandemic has resulted in a global economic shock and a surge in uncertainty, depressing M&A activity to record low levels. The unpromising economic prospects, the persisting high valuations, and potential liquidity crunches will restrict acquisitions for the foreseeable future. Companies with large cash balances may perform opportunistic acquisitions when asset prices drop to attractive levels. Acquisition activity can be further affected by government actions, especially if governments discourage acquisitions to promote market competition.

Published
July 31, 2020
Accepted
June 30, 2020
Submitted
June 3, 2020
Language
EN
ISBN (EBOOK)
978-88-6969-442-4

Keywords: Corporate investmentsGrowthAcquisitionsInvestment bankingMergers

Copyright: © 2020 Nikolaos Antypas. This is an open-access work distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction is permitted, provided that the original author(s) and the copyright owner(s) are credited and that the original publication is cited, in accordance with accepted academic practice. The license allows for commercial use. No use, distribution or reproduction is permitted which does not comply with these terms.