Overcoming Buyer-Seller Tensions in the Pre-Acquisition Process
研究大公司收购早期创新企业时，买卖双方在收购前三个阶段（战略匹配、协同信心、交易结构）的紧张关系及其化解过程，对并购实践者和学者有参考价值。
Larger firms are increasingly acquiring innovative new ventures at an early stage. Despite significant integration challenges with these acquisitions, the elongated pre-acquisition process of aligning buyers’ and sellers’ different objectives is rarely studied. By studying nine academic spin-off acquisitions, we develop a three-phase model outlining the temporal dynamics of the pre-acquisition process. In each phase—namely, strategic fit, synergy confidence, and deal structure—a specific buyer-seller tension emerges. By showing how each of these tensions needs to be overcome prior to an acquisition event, our dialectical model complements the dominant focus on post-integration activities in the acquisition literature.