When both the price was right and it had the backing of the board, 97 per cent of bids got the green light.
The report further found that of the 29 offers from overseas bidders requiring Overseas Investment Office approval, only one was rejected - the Canada Pension Plan Investment Board's attempted takeover of Auckland Airport in 2008.
Foreign bidders made up 59 per cent of the total pool with 37 per cent coming from Australia, 22 per cent from Asia, 17 per cent North America and Europe, and 7 per cent from other countries.
"In a number of areas, this report confirms what market participants will instinctively suspect the position to be. However, the data also reveals some surprising statistics - such as the low number of contested takeovers and the significance of lock-up agreements," the report says.
Lock-up agreements are a legal commitment by a shareholder to accept a takeover offer, usually prior to the public announcement of the bid, according to the government-appointed Takeovers Panel.
The Bell Gully report found that in more than half of takeover offers the bidder had secured a lock-up from one or more major shareholder, the average stake "locked up" being 45 per cent.
"All of the takeover offers where a lock-up was obtained succeeded. Entry into a lock-up agreement appeared more likely to lead to success compared to having a pre-bid stake," the report says.
It goes on to state that lock-ups may be why just 5 per cent of takeovers were contested by other bidders in New Zealand, compared with 17 per cent in Australia.
"Strong lock-up positions may be doing an effective job at dissuading potential rival bidders from making a competing offer.
"Unlike in Australia, where lock-ups cannot be obtained for more than 20 per cent of the target's shares, a bidder in New Zealand can enter into binding commitments from target shareholders to accept the offer for any percentage of the target's voting rights."
According to Bell Gully's data, takeovers peaked in 2007 when there were 10 worth $6 billion. Activity dropped dramatically during the global financial crisis (GFC) but has subsequently increased, with 2016 seeing three takeovers worth some $1.63b.
Bell Gully partner James Cooney said there was no clear-cut reason why takeovers occurred more often some years than others.
"We looked at whether there was correlation between exchange rates or the stock exchange index, but there's no specific thing that drives takeover activity."
In Cooney's view, takeovers - local or foreign - were a positive thing.
"A takeover is there to ensure that companies are being run efficiently and that there is an efficient market for control of companies, so it is an important mechanism."
