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(2007, 980 words)
This paper discusses the statement that mergers seldom produce the expected benefits that managers wish for.
(2007, 2200 words)
The paper is divided into 2 parts. The first part discusses net present value and why it is required for long-term decisions. An example of the calculation is provided. The second part of the work discusses why most of the mergers fail. It is found that mergers fail to produce adequate financial indicators; however 80% of them are seen as success by the executives.
(2007, 1500 words)
The work discusses the difference between dispersed and concentrated acquisitions. It is shown that firms in the UK and the US have much higher investor protection which makes them a favourable acquirer as well as the target. In the continental Europe, the majority of firms have concentrated ownership structure. Although the majority shareholder is likely to receive higher gains from the acquisition, it is argued that hostile takeovers are practically impossible.
(2006, 1000 words)
The paper examines the process of takeovers and acquisitions within the UK estate agency market during the 1980s outlining the barriers to its entry, discussing the regulatory reforms of the Thatcher government, and analyzing the motives for takeovers, the problems faced by the sector, etc.
(2006, 1000 words)
The paper examines the changes in the structure of the UK estate agency market reviewing the motives behind acquisitions, the reasons behind the dramatic increase in acquisitions of estate agencies during the 1980s and their economic consequences.
(2006, 3000 words)
The paper examines the models of merger focusing on the 1926 merger of the UK’s heavy chemical companies to form Imperial Chemical Industries (ICI) and the demerger of Zeneca from ICI in the 1990s. The historical and economic background of the ICI merger is described tracing the developments in the heavy chemical industry, the impact of Thatcher’s monetary policies on ICI, the changes in share concentration over the 1980s, the effects of the acquisition of the Unilever Speciality Chemicals Business by ICI, etc.
(2005, 3500 words)
The paper reports on the acquisition of PeopleSoft by Oracle reviewing the legal battles involved in the takeover, the impacts of the case on the rules of mergers and acquisitions, etc. The analysis of the software industry is conducted reviewing the greatest shares in the global software market before and after Oracle’s acquisition, etc. Opinions about Oracle’s motivations are reviewed; the strategies of both companies are discussed; the success of the takeover is evaluated using financial ratios analysis.
(2006, 3000 words)
The paper examines the current position of Diageo, formed as a result of the merger between Grand Metropolitan and Guiness, in the alcohol industry focusing on their strategic fit with Scottish & Newcastle. The data of the Shareholder Value Analysis for both companies are reviewed forecasting their future cash flows, etc. Analysis is conducted to identify whether Diageo should acquire Scottish & Newcastle or merge with them.
(2006, 2000 words)
The paper reports on the acquisition of a US logistics service provider Bax Global by Deutsche Bahn, a German railway company. The background of both companies is reviewed; the motivations behind the merger are analysed; the synergies gained out of the acquisition are evaluated.
(2005, 6500 words)
The paper investigates mergers and acquisitions (M&A) reviewing and discussing academic literature on the relevance of culture and communication in choosing appropriate strategic partners in M&A, organisational integration in M&A, organisational change, cultural barriers to communication, etc. Directions for future research are outlined.
(2005, 3000 words)
The paper examines the causes and consequences of mergers and acquisitions (M&A) in different industries providing a review of literature on the theory of M&A and conducting a case study of the AOL and Time Warner merger, and the Deutsche Banks acquisition of Bankers Trust. Criteria for successful and unsuccessful merger are outlined on the basis of associated costs and benefits.
(2005, 8000 words)
The paper reports on the merger of Norwich Union and CGU in 2000 examining its effects on the share prices of the two companies and offering an overview of the UK insurance industry and the rationale and motivations for the merger. Literature is reviewed on the theory of mergers and acquisitions, the effect of mergers on shareholder wealth, etc. Market Model and the Capital Asset Pricing Model (CAPM) are applied as research methodology in testing the authors hypotheses estimating returns for the shareholders after the merger. Conclusions are made on the shareholder wealth effects.
(2005, 3000 words)
The paper analyses advantages and disadvantages of mergers noting wave-patterns in mergers and acquisitions (M&As) history and arguing whether the present-day mega-merger mania is merely a temporary trend. A review of opinions on M&As is presented; examples in car industry are drawn.
(2006, 2500 words)
The paper examines mergers and acquisitions (M&As) tracing their history over the last decades and identifying trends in M&As, shareholders interest in M&As, the issues of separation of ownership and management, communication within the firm, etc. Examples of successful M&As are given.
(2006, 3000 words)
The paper assays the success of mergers providing an overview of their history, types and objectives and highlighting the role of operating and financial synergies created by a merger, reduction of transaction costs, etc. A review of studies on the methods of measuring merger success is presented comparing them on the basis of SWOT analysis. The shareholder interests in merger are discussed.
(2005, 3100 words)
This essay is a mini dissertation. It looks into most of the aspects of mergers and acquisitions: difference between vertical/horizontal mergers, hostile bids and friendly mergers, benefits and costs to both parties involved, identification of different types of synergies. Moreover, economies of scope and scale are explained, supported by comprehensive graphs. Merger waves are explained and historical analyses are provided. Every argument in this essay is supported by market research as well as case studies (e.g. Lloyds TSB/Abbey National plc). UK and international regulation aspects are also discussed in detail. A case study of NatWest/RBS is provided at the end.
(2005, 4000 words)
Factors behind mergers/acquisitions will be explained here, along with one case situation of a merger/acquisition implemented within the last five years (HBOS). Motives for mergers will be expounded, as well as the phenomenon of merger waves, and linkages to share prices and situations prevailing in the stock market. Realistic benefits and costs to both predator and target will be spelled out, in terms of actual outcomes, along with any legal-cum-regulatory frameworks which govern take-overs.
(2005, 2500 words)
This report looks at the popular concept of mergers, acquisitions and spin-outs in contemporary businesses with the help of a study conducted of a merger over a period of one month. The merger that has been analyzed for the purpose of this study is a Ú7bn merger of Boots and Alliance Unichem, announced on 3rd October, 2005. The report looks at the enabling and constraining factors that are acting on this merger with the help of extensive research conducted through newspaper articles and journals.
(2005, 5000 words)
The paper investigates the M&A (mergers and acquisitions) transactions between the pharmaceutical and biotechnology companies providing an overview of the business, social and legal aspects of the pharmaceutical industry, and focusing on the acquisition of Pharmacia by Pfizer.
(2004, 2000 words)
The paper seeks to apply the theory of mergers to the analysis of actual firms activities examining the history of mergers and acquisitions in the UK and focusing on the merger between ITVs two largest shareholders, Granada and Carlton.
(2004, 3000 words)
The paper looks at the developments in the UK DIY market providing its overview over 1996 Ï 2003 and focusing on the acquisition of Homebase by GUS (Great Universal Stores). The profiles of both companies are presented; the motives of the acquisition are described highlighting its costs and evaluating its success rate.
(2004, 2000 words)
The paper looks at the reasons behind successful and unsuccessful takeovers. Types of mergers, acquisitions, and corporate restructurings are identified highlighting the factors that stand behind each type of operation. Examples of recent mergers and acquisitions are given; suggestions are made about the issues that must be addressed by the management in deciding their companys strategy.
(2005, 4600 words)
The paper is built as a case study about a significant unfriendly merger between British mobile operator Vodafone and German leading telecommunication company Mannesmann. This report contains full range of analysis of the merger including overview of telecom industry on the moment of the event, brief profile of the two companies, analysis of the motives of Vodafone for the takeover and strategies of the companies during the process of the takeover. The attack strategy of Vodafone as its protection from Mannesmann-Orange merger is described in the first part of the paper, the defence strategy of Mannesmann is revealed further. The defence strategy elements such as Poison pill, White knight, mass media debates (including some adverts in the appendix) etc are described. Positions of political environment, German's company labour and law are also touched. Pre- and post merger effects concerning to the structure of the companies, its share prices is also in focus. The paper is written using wide range of literature, well designed, contains bibliography. It can be used as a help for M&A essay writing or information.
(2004, 3000 words)
Mergers have the potential to move companies forward quickly. But more than half of all mergers are essentially financial failures in the sense that the combined entity produces less shareholder value than the two individual pre-merger companies. Many mergers and acquisitions do not deliver the expected cost savings or efficiencies and almost always the culture shock and impact on employees is less than positive. This is particularly significant because employees are a key factor in the financial performance of the surviving company. As a consultant, I have been hired by Belgium's Interbrew, to analyze an opportunity that the company has to take over a Brazilian brewery called AmBev. Analysis consists of the investigation of motives of merger and financial issues for the company.
(2005, 4000 words)
This paper is devoted to the detailed analysis of mergers and acquisitions of FTSE non-financial sector companies occurred in the period from 1994 to 2004. Long-rung and short-run study of effects on the wealth of shareholders is conducted. The paper starts with the comprehensive literature review of studies which investigated the performance of British companies after the mergers. The second part describes how the samples were formed and methodology employed in the analysis. All formulas are supported by the intuitive explanation and are easy to follow. The next part presents the results of the study. They are consistent with the majority recent event studies. Tables and graphs help to understand the processes happening during and after the merger. Finally methodological issues are highlighted and appropriate conclusions are made. This study with the high academic level of writing and intuitive explanation at the same time would be very useful for students conducting event studies not only with regard to mergers and acquisitions but IPO, public announcements and other events as well.
(2005, 3000 words)
This paper performs analysis of Mergers and Acquisition (M&A) and its worth for value creation. Vodafone Mannesmann merger case was taken as a case to evaluate. Firstly, theoretical suggestions about the M&A were examined, and the types and motives behind the M&A. Next, telecommunication industry was examined and descriptions of Vodafone and Mannesmann were performed. The restructuring method evaluation was made on the base of Vodafone's pre- and post - merger key ratios. Such ratios as ROE, ARPU, liquidity and leverage have been examined. Market data, such as share price and EPS were also taken as an aid. The main competitors of Vodafone, like Orange and Cable and Wireless were also examined in terms of the M&A relation and their performance. Finally, the conclusion was made about the M&A's value for a company, backed up with Vodafone Mannesmann case. An agenda for future research to investigate alternative ways for competition sustainability was developed.
(2005, 2000 words)
The paper looks at the causes and effects of takeovers; the challenges of a takeover for both, the target company and the acquiring company, are outlined. The issues of assets (liabilities) valuation, strategic and risk management are addressed.
(2005, 2900 words)
The work is a case study about HP-Compaq merger. It contains full analysis of pre-merger market position of the companies, its actions during the process, legal aspect of the deal and post-merger behaviour of the companies.
(2004, 10000 words)
Firstly, the dissertation examines the valuation effects of acquisition announcements on the stock price of a nineteen-member sample of bank holding companies between 1996 and 2004. It finds that, overall, bank mergers destroy wealth for the shareholders of the acquiring company. On average, acquiring companies stock prices decline by 4% over a sixteen-day (-10, +5) event window. The results are statistically significant to 5%. There is, however, a large individual variance in results. Secondly, the dissertation investigates the power of organizational fit as an explanatory variable for M&A performance. Organizational fit is measured by two variables; relative age, and relative size. The cumulative average abnormal return (CAAR) experienced over the sixteen-day event window, is used for the dependant variable for M&A performance, and regressed against the organizational fit metrics. Relative age is found to not have a statistically significant effect on CAAR; relative size is statistically significant to 10%, and explains 19% of the variance of CAAR.
(2004, 15000 words)
This dissertation looks at the 1999, cross-border merger, of Sweden's Astra AB and the UK's Zeneca PLC to form AstraZeneca PLC. The paper asks the question ´What motivated two successful companies, Astra AB and Zeneca PLC, to merge and was the merger successful in terms of shareholder wealthŽ. It examines the merger by assessing each organisation prior to merger, the strategic process and cultural impact of merging, the financial and cultural organisation post merger, concluding with an assessment of success. The paper is thoroughly researched, presents an in-depth bibliography and uses a good range of analytical tools and models
(2003, 5000 words)
This paper considers Telia Sonera as a result of a potential merger case in the EU, from the marketing perspective. First, after presenting of the telecommunication market pool, it examines each of the pre-merged companies (Swedens Telia and Finlands Sonera) from the perspectives of business, finance and corporate situations. Next, it analyses the factors behind the merger and shows the advantages, the final company obtained at the strategic level by the aim of BCG (Boston Consulting Growth-share matrix) marketing tool and at the financial level; the numerical examples of the market shares and financial incomes are given there. Finally, the lawfulness of the merger was considered through the examination of the merger actions correspondence to the EU legal issues, which considered competition situation, pricing and effect on the whole company.
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