In this study, we try to understand how the strategic rationale and financial reports are created and developed by an acquirer with no previous experience, during acquisitions. We also investigate how the acquisitional capability of an organization is built up and competence established in a company without a dedicated M&A function and internal expertise. To accomplish this, we have conducted a case study, which analyses the processes of two completed acquisitions at an unlisted Swedish company with no previous acquisition experience. The study shows that for smaller, unlisted companies, internal acquisition experience and competence are not crucial to acquisition success. The corporate group in our study compensates for the lack of experience, a dedicated M&A function and internal expertise, by employing external experts. For smaller, owner-led companies, the ability to create rapport – a feeling of mutual understanding and affinity – appears to be more important in the acquisition process than acquisition expertise. You need to have a business mindset – you don't have to be an expert in financial analysis or law – but you must have the ability to surround yourself with the right people, connect with others, create rapport and dare to take risks.

Problem: Communication is critical but neglected and underestimated by leaders during PAI, which is furthermore considered a key reason for acquisition failure. In connection to this problem is the lack of case studies conducted on cross-border M&amp;A. This study therefore attempts to bridge this gap by doing a qualitative multiple case study on four global Swedish cross-border acquirers. Purpose: This thesis investigates how Swedish cross-border acquirers utilize leadership communication in the execution of PAI, if there are key challenges within this scope and how they could be managed based on theoretical guidelines. Method: To achieve the purpose the method of this study is based on an explanatory abductive approach with an interpretivist research paradigm. Furthermore, qualitative research has been conducted in the form of collecting primary data through semi-structured interviews with five firm leaders with experience of PAI working for global Swedish cross-border acquirers. Furthermore, this study includes a pre-study on management consulting firms working with PAI. Secondary data is collected from annual reports and other information from the firms’ websites. Finally, the empirical findings are thematically analysed through testing the conceptual framework. Results: The results of this study highlights implications in the form of seven sub-themes needed to be managed by leaders utilizing communication for successful PAI. Furthermore, based on this sample, Swedish cross-border acquirers are generally equipped with how to utilize communication from leaders in PAI. However, results also highlight that neglecting PAI leads to negative results. / Problem: Kommunikation är kritiskt men försummat och underskattat av ledare under PAI, vilket dessutom anses vara en viktig anledning till förvärvsmisslyckande. I koppling till detta problem råder det även brist på fallstudier inom cross-border M&amp;A. Denna studie försöker därför fylla detta gap genom att genomföra en kvalitativ flerfallstudie på fyra globala svenska cross-border förvärvare. Syfte: Denna studie undersöker hur svenska cross-border förvärvare nyttjar ledarskapskommunikation vid genomförandet av PAI, om det finns nyckelutmaningar inom detta tillämpningsområde samt hur dessa kan hanteras baserat på teoretiska riktlinjer. Metod: För att uppnå syftet är metoden i denna studie baserad på ett förklarande abduktivt tillvägagångssätt med ett interpretivistiskt forskningsparadigm. Dessutom har kvalitativ forskning genomförts i form av insamling av primärdata genom utförandet av semi-strukturerade intervjuer med fem ledare med erfarenhet av PAI som arbetar för globala svenska cross-border förvärvare. Fortsättningsvis inkluderar denna studie en förstudie på managementkonsultbolag som arbetar med PAI. Sekundärdata har samlats in från årsredovisningar och annan information från firmornas hemsidor. Slutligen analyseras det empiriska resultatet i form av en tematisk analys genom att testa det konceptuella ramverket. Resultat: Resultaten av denna studie upplyser implikationer i form av sju underteman som behöver hanteras av ledare genom kommunikation för framgångsrik PAI. Vidare, baserat på detta urval av svenska cross-border förvärvare är att de är generellt välrustade med hur de kan hantera kommunikation från ledare inom PAI. Dock visar resultatet även på att försummad PAI leder till negativa resultat. / <p>One respondent opted to not take part of the study just prior to publication. This means that the uploaded version of this thesis is without one of the case firms.</p><p>En respondent valde att inte vara en del av studien precis innan publicering. Detta innebär att den uppladdade versionen av detta examensarbete är utan ett fallföretag.</p>