The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals

While mergers and acquisitions (M&A) are clearly on the rise. most deals do not create value. Researchers have attempted to explain poor performance b y a failure to adequately manage the acquisition process. Following this re search, this study first attempted to identify key problems faced and solut ions employed by acquirers during the stages of the acquisition process for domestic and cross-border deals. Results were then interpreted from a lear ning perspective, which itself revealed that the acquisition process can he understood both as a learning process applied tr, the focal deal and as a learning process aimed at improving the acquisition process itself: Moreove r, results indicate that both forms of learning are affected by an acquirer 's experience in a particular target country.