Abstract: This study features motives for takeovers analyzed from takeover activities occurring in Thailand. The takeover motives were examined by detecting all three main motives: synergy, agency and hubris. The study investigates a long-window excess return or during a period of 12 months before and after the announcements by means of a number of metrics. For example, the market and market-adjusted models were used to estimate the returns for the bid period, the Cumulative Abnormal Return (CAR) was applied for the measurement of the returns of the target and bidding firms and the parametric test statistics were also used. The results show that the total gains of the two sets of firms are positive at 28.75% when estimated from the market-adjusted model suggest that the synergy is a major motive for the takeovers. Those of about 14.95% as evaluated from the market model indicate that the agency factors induce the takeovers. In addition to Roll's methodologies, the methods used in Bradley, Desai and Kim and Asquith were adopted for investigating the hubris motive. The evidence is robust and consistent with Asquith showing that the hubris is a potential rationale for the Thai takeovers. Finally, it is concluded that apparently, the synergy is the major motive and the agency as well as hubris rationales also provide potential explanations of the Thai takeover decisions.