.

Abstract

This study analyzed the behavior of intermediaries, buyers, and sellers in Small and medium-sized enterprises M&A. A three-player game model was created and then analyzed by solving the model. The results showed that M&A is successful in cases where there is only one equilibrium, but negotiations may break down in cases where there is a mixed strategy. Furthermore, the effect of the revision of the Small and medium-sized enterprises M&A guidelines was that multiple equilibria, or mixed strategy equilibrium, would become easier to achieve. Key words : Small and medium-sized enterprises M&A, intermediaries, buyer firms, seller firms, three-player game