C/L/288. Critically asses the similarities and differences between takeover regimes under US and UK law

The paper looks at Takeover Regulations explaining their meaning, examining takeover regimes in the USA and the UK, drawing relevant examples and making references to respective legislation. Similarities and differences between the regimes are explored.

P/F/192. Dissertation. Influence of Takeover on Top Managers' Turnover: Evidence from Chinese Listed Companies Between 2001-2003 years

The dissertation aims to analyses the influence of takeovers on top managers' turnover using the evidence from Chinese listed companies between 2001-2003 years. (Further information is available on request)

P/F/156. Hanson Trust: Case Study

The paper presents an analysis of Hanson Trust case study and answers on the following questions: What synergies are there in the proposed Hanson Trust/Imperial Group, Imperial/United Biscuits and the United Biscuits/Imperial mergers? Is United Biscuits in a better position to buy Imperial than vice versa?
Does the market think that synergy will be derived from the proposed mergers? What value does Imperial have as an acquisition candidate? What is the maximum amount Hanson should offer for Imperial? What should be its initial offer and its subsequent negotiating strategy?
Do Imperials Shareholders receive a fair stake in the initial and revised Hanson/Imperial and the initial and revised United Biscuits/Imperial mergers? Who are the winners and loser in each of the alternative deals?
Compare Imperial's share price to the values of successive offers and suggest possible interpretations for the differences. In your opinion, what would happen to the price if either/both bids were withdrawn?
Which offer should Imperial shareholders have accepted?
Moreover, the report recommends a contingency plan for Hanson if it is i) successful and ii) unsuccessful in acquiring Imperial and recommends contingency plans for United Biscuits. Furthermore, the paper evaluates the bid.

P/F/149. Merger Activity in the UK

The paper discusses the merger activity in the UK and whether mergers and acquisitions improve efficiency, transfer scarce resources to higher valued uses and stimulate effective corporate management.

C/F/46. What is the resulting outcome of an M&A Deal Announcement Shock on the Share Price Performance? The modern evidence of the UK financial markets data in a short-medium term window.

The growth in the number of Mergers and Acquisitions during the last few decades has been staggering. The area of M&As has become vastly important for both academics and practitioners. Although the number of research conducted in this area has been overwhelming the results are mostly inconclusive and controversial, and it is clear that further research in to this topic is important. As been noted by many "gurus" in this field there are numerous new issues surrounding this area and the prospective researches would require more and more depth as well as strength of analysis. The following research attempts to evaluate the effect and outcome of the "announcement shock" on the stock performance and returns of a 100 deals occurred in UK during the four year period (1998-2001). The research has been conducted on a stage of "announcement" (-40;40days) and on the post-merger stock performance and return of the selected 62 bidders during the substantial period (up to 16 months). The results obtained by the conducted research demonstrate that round the announcement date and in the previous days the target firms accumulated gains on average of 14% and statistically significant at 5% level. It is also shown that market's behaviour in respect to bidders stock is in the opposite direction, as they obtain significant losses. The post- merger performance analysis of the selected deals confirm that M&As lead to wealth destruction for the combined firm in an economic sense. Thus, it could be said that despite of the number of studies in this area markets still seem overoptimistic when an M&A is announced especially for the target firm, so the future research is vital.

S/F/14. Reasons and effects of Mergers and acquisitions

The report briefly defines what Mergers and Acquisitions are and then leads to a thorough examination of reasons and motives behind Mergers and Acquisitions and there effects on individual companies. It looks at synergy, growth, market power and other related factors and their effects in terms of profitability, efficiency keeping in mind different stakeholders interest. It relates text book studies with real life examples.

P/F/114. Analysis of HP-Compaq Merger

The paper analyses the HP-Compaq merger, the most controversial case in the US computer industry. Firstly the paper provides background information on both companies; secondly, outlines a brief of the HP-Compaq merger; thirdly, discusses about the activities in the industry; fourthly, analyses the condition of the US market (when the deal was announced); fifthly, outlines the Motives and/or Reasons of the merger; and, discusses the nature of the transactions. Moreover paper provides conclusion from the analysis of the merger, and outlines prospects of the combined HP.

P/F/95. Merger and Acquisition: Reasons and Motives, Synergy, and Misuse

The paper examines the M&A, particularly critically analyses the reasons and motives for M&A, synergy, and misuse (operating and financial synergy, diversification, economic motives, improved management and tax motives, and hubris hypothesis)

P/F/96. Merger and Acquisition: the Process and Regulations

The paper critically examines the process of M&A, such as organisational dynamics and HRM, the managing decision-making, the integration process and the problems related with this process. The paper further analyses the regulation of merger and acquisition in UK, USA, and Europe, in particular takeover panel, city code, statutory, LSE, and substational acquisition rules, also paper provides the analysis of antitrust policy in different countries

GR/FM/10. Do mergers generate net benefit?

Conclusion The reasons why companies should merge have been discussed and they include monopolising industry, reorganising production systems and decrease in the cost of capital. The economic motives, personal benefits, strategic benefits and pursing market power improve competitive success through securing stronger competitive positions within the market place. The fact that merged firms may become more efficient does not necessarily mean that the efficiency gains are passed on to consumers with low prices. Consolidation mat increase market power, thus leading to higher prices and lower level of activity. The direction of the changes in market prices induced by consolidation is therefore ambiguous, as it will depend on which prevails the market power effect or the efficiency effect. We find that deposit rates increase only for banks that are successful in reducing costs. In contrast, the rate changes are not explained by modifications in the quality of services. In the long run the efficiency gains that result from mergers prevail over the market power effects, leading to more favourable prices for consumers. The object of merging is to replace management or to force changes in investment or financing policies. The merger should therefore go ahead if the gain exceeds the cost. There exists many different tools for analysing mergers and it is not possible to choose the best. Recent studies of merger activity suggest that mergers do improve real productivity. I therefore consider market power and efficient management as the major benefits from mergers.

P/F/90. Synergy as a Reason for Merger and Acquisition

The paper gives the definition of M&A, outlines shortly the reasons for M&A, presents brief introduction to synergy in M&A, and lastly outlines the main concepts of synergy

P/F/93. Economic Motives for Mergers and Acquisitions

The paper examines the economic motives for M&A, such as horizontal and vertical integrations

C/F/15. Investigation of GlaxoSmithKline Merger

This paper consists of analysis of Pharmaceutical Industry Trends, analysis of Pharmaceutical Markets, investigation of Pharmaceutical Companies performance, Comment on External and Internal Metrics, GlaxoSmithKline today , The Merger and Expected Benefits and Costs, Share Prices Performance , Comparison of Market and Book value of a company and TSR. Conclusion GlaxoSmithKline stock has not performed well since the beginning of the year 2000 and TSR for the corresponding period has been negative. It does not however imply that dismal performance is attributable solely to the merger, as the share price began its descent in the end of 1998, before a merger was announced. It is however apparent that benefits of the merger have failed to become substantial enough to reverse investors expectations about the group and deliver returns above expectations.

P/F/98. Bid Strategies and Tactics, Methods of Defence and Payments

The paper critically examines and outlines the different bid strategies and tactics, methods of defence, and methods of payments for M&A

P/F/31. Current Merger Wave

This paper consists of definitons of mergers, types of mergers, merger waves, current merger wave Conclusion Mergers and acquisitions are on the rise with the size and scope of deals escalating. Company executives seek to reduce annual expenses while creating ever more powerful operating and strategic synergies. Nevertheless, as consolidations have increased in volume, so too have the failures. Observations by knowledgeable business journalists as well as findings produced by empirical researchers attribute the failures primarily to non-integrated, incompatible cultures resulting in lost value and unattained synergies. To wrap up, the United States is currently in the midst of its fifth major merger wave in the past hundred years. Industries that are particularly prone to mergers include telecommunications, banking, and financial services. These are sectors in which the regulatory environment has been changing rapidly, opening up new opportunities and challenges. This merger wave is taking place in a strong stock market, and stock rather than cash is the preferred medium for making acquisitions. Many of the prominent mergers are neither purely horizontal (in general large horizontal mergers would raise antitrust issues) nor purely conglomerate. Rather, they represent market extension mergers (companies in the same industry that serve different and currently non-competing markets) or mergers seeking "synergy" among companies in different industries. Analysis of the economic impacts requires careful analysis of particular markets and defies easy generalizations.

P/F/91. Operating Synergy and Financial Synergy from Merger and Acquisition

The paper outlines the main concept of synergy and discusses the operating and financial types of synergy from M&A. Moreover paper analyses such issues of M&A as acquisitions premiums and synergetic gains.

C/F/27. Merger Case: Deutsche Bank and Banker's Trust

Summary: Mergers of financial firms have been occurring for hundreds of years. The benefits of such mergers have been argued in volumes of scholarly reports. The merger of the German mega-bank Deutsche Bank with Banker's Trust, a well-established American investment bank, is not an exception. It too has flashed a wealth of discussion. First of all the economic and industry background will be analysed, and secondly, potential complications and regulatory concerns will be examined.

P/F/97. Merger and Acquisition: Financial Accounting

The paper aims to outline the main principals of financial accounting standards for M&A (goodwill, merger relief, FRS6 and 7, and a flawed system)

P/F/48. Analysis of Hostile Takeover

The aim of this assignment was to analysis was is the hostile takeover and identify the ways in which management could protect itself from the hostile takeover. This paper presents throughout analysis of literature and gives some real life examples of hosetile takeovers and the ways in which managers were able to control, stop or prevent them. Excellent paper.

P/F/92. Diversification as One of the Motives for Merger and Acquisitions

The paper aims to outline the main concept of diversification as a motive for the M&A and discusses the pros and cons of this motive.

Y/F/10. To merge or not to merge and why merge at all? Analysis of Hostile takeover.

The issue of the hostile takeover is always on the news. In fact, it is very difficult to recognize, whether companies merge, takeover one another or the deal can or should be considered to be an acquisition. This paper investigates this issue in depth, analyses the industrial evidence and make a conclusion on whether hostile takeover are "good or bad" thing to happen, its effect on the industry as a whole, origin, rational and background. It was decided to analyse the industry news and studies concluded on the topic. Furthermore, consider the theory base and apply it to the actual facts. The depth of analysis demanded to use various types of information for such as Blumberg computer system, Internet (news, articles, and studies/researches) in order to back the study with real life situations, facts and numeric base. Textbooks were used for theoretical base and cross check of different views and suggestions. Excellent paper.

P/F/94. The Improved Management and Tax Motives for the Merger and Acquisition

The paper critically analyses two motives fro M&A: improved management and tax motives

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