Introduction There has been a great wave of M&A transaction taken place in Europe. The volume of M&As by European companies is similar to the United States. The mergers and acquisitions marker in Europe continues its slow recovery in the fourth quarter and there is an improvement estimated by most of the bankers despite persistent concerns over Europe’s financial health. 1] M&As in Europe has increased largely in number of deals (2843 deals announced) and total transaction value ($1,383. 10 billion) compared to past decades between 2001 and 2007.  Part of above mentioned trend was there due to the introduction of the Euro, the globalization process, technological innovation, deregulation and privatization, as well as the financial markets’ boom and the surge in liquidity. 2] According to Dealogic, there were $228 billion of takeover deals with a European target announced in the quarter through Dec 30, up to 11% from the same period a year earlier.  Definitions and key terms According to Leonov (2000), “hostile takeover” is understood to be an attempt to obtain control over the financial and business activity or assets of a target company against the resistance of management or key participants in the company.