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Merger Waves in the 19th, 20th and 21st Centuries Martin LiptonThe Davies Lecture Osgoode Hall Law School York University September 14, 2006Mergers and merger waves and the factors that give rise.

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Fourth Wave: Hostile Takeovers and Corporate Raiding. The fourth merger wave, which occurred from 1984 to 1989, was qualitatively different from the previous waves.

merger waves occur in response to specific industry shocks that require large scale reallocation of assets. However, these shocks are not enough. There must be sufficient capital liquidity to accommodate the asset reallocation.

A quick history recap for you: the first four waves of mergers occurred between the years 1897 and 1904, the next wave happened in 1916 and 1929, followed by the merger deals in 1965 and 1969, then again in 1984 and 1989.

A merger wave can be defined as a period of time in which more merger bids materialise than usual. As can be seen in the visual below, there have been six of these waves since 1895.

The Fifth Merger Wave lasted from 1993 to 2000, a period after the economic slump of 1990 to 1991. The rate at which large mergers were formed was about the same level as that of the Fourth Merger Wave. However, there was a major decline in the rate of hostile takeovers.

The first four waves occurred between 1897 and 1904, 1916 and 1929, 1965 and 1969, and 1984 and 1989. The first merger wave occurred after the depression of 1883, peaked between 1898 and 1902, and ended in 1904. During the second merger wave, several industries were consolidated.

In support of the industry shock theory, Kleinert and Klodt (2002) examine the causes of the five original merger waves in the 20th century. The first merger wave, which occurred from 1897 to 1904, was caused by the industrial revolution and then ended with the enforcement of the Sherman Act and Clayton Act.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232