The study examines the impact of acquisitions on the economic gains experienced by the common partners of both the acquirer and target firms, as evidenced by market reactions to the announcement of the acquisition. This study argues that acquisitions have a negative effect on the stock market returns of these common partners, attributed to a decrease in bargaining power in partnerships. Furthermore, the study posits that industry relatedness between the acquirer and targets exacerbates the negative impact on common partners' stock market returns, while the number of total common partners and previous alliance experiences between the acquirer and the target lessen the negative returns. This research enriches the existing literature on acquisitions by providing new insights into their implications for third parties and interorganizational relationships.
