Corporate takeover activity, in other words that is the merger and acquisition (M&A) activity that has increased mainly since the mid of-1960s (Ginblatt & Titman, p 692). M&A has been, and likely always will be a main power in the modern financial and economic society. Almost every person in society is indirectly or directly affected by this activity, either by working for a firm that is involved in a M&A transaction, or by purchasing goods or services from a firm that is.