Jilted at the altar: understanding the consequences of M&A withdrawal for the abandoned firm

Purpose The aim of this paper is to analyze and typify the strategic consequences of M&A withdrawal for abandoned firms once the private negotiation phase is over. Design/methodology/approach Due to the exploratory nature of the research question, this research follows a qualitative methodological approach using a multiple case study of six announced acquisitions that ended in withdrawal in the Spanish banking industry using 503 media news and the firms' annual reports. Findings M&A withdrawal is a stressful and disturbing event for the abandoned firm. After withdrawal some abandoned firms survive and recover while others do not. Strategic behaviors that allow stability and flexibility help to explain why some firms recover while others collapse. Originality/value The paper improves knowledge about strategic consequences for abandoned targets of being jilted at the altar through the lens of resilience research.