Bidders with high premiums will face a ‘winner’s curse’ dilemma, as a result reducing the subsequent synergy created through acquisition, while bidders with low premiums paid may result in a more profitable way after acquisition. Bargaining is an important aspect in negotiating beneficial terms and conditions. The bargaining power contributes to target’s and acquirer’s characteristics to bargain each other on the premium paid in acquisitions. Therefore, bargaining power in mergers and acquisitions provides some useful implications on how ...