International Mergers and Acquisitions and Currency Valuesby Kathy Lien
Professional FX traders will generally focus on large cross-border M&A activities greater than US$1 billion. The key is for traders to look primarily at cross-border flows rather than every large M&A transaction. Why is this important? Because a cross-border M&A transaction is a transaction in which the target company and the acquiring company are from different countries: this means that, in order to make the deal complete, there must be some sort of currency transaction. If the deal involves no cash, a simple payment to the bankers for conducting the deal may be all we're looking at, but if the deal does involve cash, the significance and potential impact of the transaction is far greater.
Source: http://www.investopedia.com/articles/forex/05/MA.asp; http://www.gftforex.com/; http://www.bktraderfx.com/site/members-benefits