This paper empirically examines firm-characteristics determinants of mergers and acquisitions (M&A) likelihood by Malaysian public listed firms. This study specifically investigates the impact of firm characteristics on acquisition likelihood using 9998 firm-year observations during the period from 2001 to 2018. Past studies regarding Malaysian M&As mostly focus on the performance of M&As and its determinants. Using probit regression, findings suggest that firms’ size, sales growth, and stock return positively affect firm probability to involve in M&As. while, leverage, profitability, cash holding, and tangibility affect M&A likelihood negatively. The findings also suggest that firms’ characteristics in the current M&A year can explain M&A decision better than they do in the pre-M&A year. Our findings provide insights to mangers, investors, and regulators in order to understand more about corporate takeovers which is an important growth and survival strategy for businesses.