Kochura, Oleksandra, Mirc, Nicola and Lacoste, Denis (2022) From a dyadic to a triadic perspective: Divestiture research implications for understanding pre- and post-acquisition processes. European Management Journal, vol. 40 (n°6). pp. 943-951.

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Identification Number : 10.1016/j.emj.2022.10.003


Acquisition and divestiture studies remain surprisingly disconnected, although both fields address corporate restructuring modes that are tightly linked. Acquisitions entail buying a business that another company divests or even, in many cases, a subsequent sale of formerly acquired activities. In this paper, we adopt a seller perspective, explore cross-fertilization areas, and identify important complementary and challenging insights that divesture research can bring to acquisition research. Focusing on sell-off, a major divesture type that is considered symmetrical to an acquisition, we discuss how divestiture research can shed novel light on pre- and post-acquisition stakeholders and processes. We propose two ways in which a divestiture perspective invites rethinking: 1) regarding actors, by stressing the need to consider triadic (divester–target–acquirer) rather than dyadic configurations (target–acquirer) and 2) regarding processes and time, by enlarging the temporal horizon of acquisition by the divestiture process, which precedes but also sometimes endures beyond the acquisition period. We contribute to acquisition research by providing a fresh look at stakeholder and process perspectives and identify important future research avenues.

Item Type: Article
Language: English
Date: October 2022
Refereed: Yes
Place of Publication: New York
Uncontrolled Keywords: Mergers & acquisitions, Divestitures, Pre-acquisition process, Post-acquisition process, Corporate restructuring
Subjects: C- GESTION
Divisions: TSM Research (Toulouse)
Site: UT1
Date Deposited: 15 Nov 2022 14:36
Last Modified: 28 Aug 2023 08:27
OAI Identifier: oai:tsm.fr:2844
URI: https://publications.ut-capitole.fr/id/eprint/46423
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