The three case studies examined in this paper each support a theory that a set of minimum conditions is required in order for a failing firm defence in a merger or acquisition proposal to be successful. While they are a small sample space, the acquisitions of Olympic Air, Tiger Australia and Tigerair each suggest that the target of the proposed acquisition or merger must demonstrate or prove the following three conditions as a minimum hurdle: 1. that the target has a historic track record of unprofitability (being more than just a short period of time and often evidenced over a number of years); 2. that the target will likely exit the market (because the current owners or parent company are no longer willing to continue investing in the business) if not acquired by the proposed acquirer; and 3. that there is no alternative buyer of the target's assets.
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