Abstract:

Mergers and acquisitions are an integral element of corporate development strategies of companies, gaining increasing popularity in the global and domestic market. However, despite the growing popularity of mergers and acquisitions, not all of them achieve forecastable results. The main reason is the presence of many risks that impede the successful conduct of mergers and acquisitions, the management of which becomes an actual task of modern researches. This article reviews literature devoted to the study of risk management instruments for mergers and acquisitions. Research on this topic is conducted in three areas: searching for instruments depending on the type of risk, searching for instruments depending on the stage of mergers and acquisitions transactions, searching for common instruments regardless of types and stages. Within each area, specific instruments that exist in theory and practice are reviewed and analyzed. Based on the analysis of risk management instruments, each risk that is characteristic of a stage of a merger and acquisition deal is matched with relevant instruments that allow to manage this risk. This may form the basis for the creation of an integrated risk management methodology for the implementation of mergers and acquisitions.