ABSTRACT
Cross-border mergers and acquisitions (CBM&A) activity has become an increasingly important phenomenon and has been at the centre of business and management research over the last two decades. The increasing integration of the world economy and the accompanying liberalization of restrictions on international capital flows have heightened the global market for corporate control (Eun et al., 1996). Evidence of spectacular growth of worldwide CBM&A activities is available from various data sources including the investment reports of the United Nations Conference for Trade and Development (UNCTAD) and OECD. In a particular, CBM&A activity in the UK has witnessed a substantial increase over the past decade. According to UNCTAD (2000), the UK is one of the largest acquiring countries in the world with a share of about 31% of the total value of global CBM&A.
