This study attempted to map out the patterns of cross border M&As (CBMAs) in the APEC region, and empirically verify the determinants of CBMAs, focusing on the role of trade cost. Despite the increasing levels of CBMAs in the APEC region, its determinants and impacts in the region, especially in the less developed economies of the region, remain under-researched. This study hopes to contribute to filling this gap in the literature. The empirical analysis shows that cross border mergers increased with the size of the two countries involved, as expected. While multilateral trade cost in general had a positive effect on bilateral CBMA, indicating reduction of overall non-horizontal biddings from competing countries, the effect becomes negative as proportion of horizontal mergers increases. This implies that high trade cost encourages tariff-jumping, horizontal CBMA from other competing countries. In the case of bilateral trade cost, number of CBMA decreases as trade cost increases in general, reflecting the high degree of non-horizontal CBMA in the APEC region. However, this became positive, as proportion of horizontal CBMA increased.