Acquirers outperformed the Global MSCI Index in the third quarter of 2011, with Asia-Pacific and European acquirers sharing the top spot in the quarterly analysis performance league, according to latest figures from Towers Watson.

New data from the latest issue of the Quarterly Deal Performance Monitor (QDPM) for Q3 of 2011 shows that Asia-Pacific and European acquirers had outperforming share prices of 12.7 percentage points (‘pp’) and 4.8 pp above their respective regional MSCI indices.

North American acquirers underperformed in the third quarter of 2011, 2.1 pp below their regional index.

Year-to-date analysis of the research also reveals that acquirers from Asia-Pacific and Europe added more value to their shareholders with a performance of 5.7 pp and 5.6 pp above their respective regional indices compared to an outperformance of only 1.8 pp for North American acquirers.

Based on data to 15 September, Q3 2011 M&A activity (161 deals) - measured as all deals with a value of at least $100 million completed in the quarter - is comparable in number of deals to Q3 2010 (163 deals for the full quarter).

Overall trend of acquirers outperforming the Global MSCI index continues

The quarterly M&A research, commissioned by global professional services company Towers Watson and based on quarterly analysis begun in Q1 2008 by Cass Business School, shows that acquirers continued to outperform the Global MSCI Index in the third quarter of 2011, with an average adjusted return of 3.5 percentage points [pp], which is slightly below the trend of the most recent four quarters.

With the exception of two quarters in 2009, acquirers have consistently outperformed the Index for the last fifteen quarters.

The average performance from Q1 2008 to date is 3.5 pp above the Index, hence the performance in this quarter is at par with the long-term average.