Abstract
Business combinations are a popular strategy for companies expansion. In the modern world, the strategic expansion is not limited by territories of the countries, which leads to cross-border mergers. The share of domestic mergers (companies within one country) is much larger than the cross-border mergers. This paper puts an emphasis on mergers of Polish companies (domestic mergers), which took place in the period of economic slowdown in the years 2008 2011. This paper assesses different factors influencing the liquidity of merging companies. Herein, I examine liquidity factors of potential acquirers and target companies, compared to an average Polish company, as well as the impact of working capital management strategy on the cash conversion cycle.
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