Abstract This report consist of six parts -
The first part briefly analyzes the market position of sample cross-border acquisition companies: France Telecom and Orange Plc and finds out their pre-acquisition industry aspect.
Second part determines the motives for merger and acquisition of these two companies. How synergy plays an important role in this stage.
Third part finds out the respective strategies each company adopted, how acquirer uses proper tactics to takeover other one and how the vulnerable company defenses its position. Within this, the report also presents the decision making that why the Board of Directors of the target company would accept the bid.
Fourth part reviews the possible methods that the companies could use to finance the merger or acquisition.
Fifth part analyzes the market share movement in terms of pre-merger, during merger, and post-merger. And also according to the chart to find out if the merger or acquisition benefits to shareholders.
Final part discusses the possible factors besides the market share movement that influence shareholder wealth. In some extent analyze if the merger or acquisition served to help the maximization of shareholder wealth.
Table of Contents
Executive summary
Introduction
An overview of the pre-merger market positions
Motives for the merger and acquisition The defences and attack strategies
Financing methods of merger and acquisition Share price analysis
Evaluation of merger and acquisition Conclusion
Reference
Bibliography
From the Paper "Market power exists when the firm can sell its products over the existing competitive market price or when its manufacturing, distribution, and service costs are lower than competitors?. Michael A. H. Jeffrey S. H. R. Duane I. (P151, 2001) argued that the effectiveness of decisions made and actions taken result in the firm developing market power in terms of both revenues and costs. Market power is a product of the firms? size, the degree of sustainability of its current competitive advantages, and its ability to make decisions today that will yield new competitive advantages for tomorrow."
Abstract The linguistics of second language acquisition is discussed from a North American point of view, i.e., the continual presence of newcomers who need to acquire a command of the English language. A research deficit is explained which relates to differing cultural origins and English L2 vocabulary acquisition.
Abstract This report analyzes the Hewlett-Packard acquisition of Compaq. The focus is on the strategic planning process associated with the acquisition. The perspective of the analysis is Hewlett-Packard's and the conclusion is that Hewlett-Packard's strategy was effective and appropriate and benefited the company.
Abstract This paper is about the acquisition of Telecorp by AT&T. It analyzes the accounting method used to record the transaction and the circumstances or transaction attributes that support the accounting method. The paper evaluates the structure of the merger transaction, and comments on the managerial and financial synergies of the combination, and the expected effect on expected revenues and costs, and the effect of the transaction on the stock prices of the companies involved. It reviews the tax effects of the merger, and looks at changes in stock price after the merger was announced
From the Paper "TeleCorp PCS Inc is in a joint venture with AT T Wireless Services to build and operate digital wireless networks. TeleCorp is AT T Wireless' largest affiliate with licenses to serve more than million people in ten states..."
Tags:Acquisition Telecorp AT&T, stock acquisition transaction, SEC, 8-k, Form 10-K, accounting method, merger, consolidation, managerial and financial synergies, expected revenues and costs, stock prices, tax effects
Abstract This paper discusses mergers and acquisitions (M&A) and how they are financed. Particularly focus is paid to financing via stock swaps, cash and stock, and leveraged buyouts as well as hostile takeovers. The Sears-Kmart merger is used as an illustrative example of M&A activity while risk mitigation is included at the conclusion of the document. In the final analysis companies need to be prepared to walk away from a cross border merger or acquisition.
From the Paper "From one perspective they are viewed as an excellent way to achieve growth and market share without extensive resources dedicated to organically growing the enterprise, while on the other hand they can also be viewed as a competitive strategy to remove a market threat (Mastracchio & Zunitch, 2002). In any event, M&A has come to be associated with a specific category of corporate finance and management that involves either merging two companies into one or in an outright purchase of another company. In either case, M&A requires extensive due diligence that involves extreme examination of the each company's accounting records and financial reports in an effort to avoid any liability concerns following the M&A activity."
Abstract The learning of a second language is something that is most easily carried out in childhood, perhaps as part of elementary education as opposed to secondary school. This paper takes a mainly psychological approach in assessing why early language acquisition is desirable in a world which will increasingly value persons who are able to communicate in more than one medium.
Abstract This paper offers an analysis of three international acquisitions that occurred in 2005, characterized by the acquiring firm in each case is based in the United States, while the acquired entity is based or owned by a firm in a country other than the U.S. Each case is analyzed in two contexts (strategies and financial outcomes).
From the Paper "This research analyzes three international acquisitions that occurred in ..."
Abstract This paper discusses certain theories of second language acquisition especially about the development of grammar over time. The author review theories of Long, Anderson, Vygotsky, Bialystok, and Pulvermuller and Shumann. The paper relates that these theories do not necessarily contradict each other but do emphasize different parts of the process, such as some theories emphasize the neurological process while others emphasize interaction with other speakers.
From the Paper "The theories of Long, Anderson, Vygotsky, Bialystok, and Pulvermuller and Shumann all explain second language acquisition (SLA) with a different emphasis, but interestingly, not all of these theories are mutually exclusive. That is, because some of them simply emphasize different parts of the process as being of primary importance, or they see the process as happening in a certain part of the consciousness, rather than directly contradicting one another. However, it would be an exaggeration to say that these theories complement and complete each other and give us a complete picture of language acquisition."
Abstract This paper discusses mergers and acquisitions (M&A) and how they are financed. In particular, the paper looks at how they are financed through stock swaps, cash and stock, and leveraged buyouts as well as hostile takeovers. The Sears-Kmart merger is used as an illustrative example of M&A activity while risk mitigation is included as the conclusion of the document. Cross border M&A activity is considered the most risky form of M&A.
From the Paper "From one perspective they are viewed as an excellent way to achieve growth and market share without extensive resources dedicated to organically growing the enterprise, while on the other hand they can also be viewed as a competitive strategy to remove a market threat (Mastracchio & Zunitch, 2002). In any event, M&A has come to be associated with a specific category of corporate finance and management that involves either merging two companies into one or in an outright purchase of another company. In either case, M&A requires extensive due diligence that involves extreme examination of the each company's accounting records and financial reports in an effort to avoid any liability concerns following the M&A activity."
Abstract The paper examines how children acquire a second language through social interaction and environment through supporting Lev Vygotsky's theory in second language acquisition. The paper focuses on school age children seven years of age and older.
Outline:
Objective
Introduction
SLA & the Influence of the Sociocultural Environment
SLA and Collier's Conceptual Model
Empirical Evidence Presented
Summary and Conclusion
From the Paper "The social and cultural processes in the students' every day life are central to the language acquisition of the student. This includes cultural processes in the students' life in terms of the past, present and future and includes all contexts of "home, school, community, and the broader society." In terms of language development or linguistic processes which are a second component of the model Collier states that these consists of "the subconscious aspects of language development as well as metalinguistic, conscious formal teaching of language in school, and acquisition of the written system of language." Collier states that this is inclusive of both oral and written language acquisition. Academic development is a third component of this model and is inclusive of "all school work in language arts, mathematics, the sciences, and social studies for each grade level." Academic work through the progression of each grade brings expansion to the vocabulary, sociolinguistic, and discourse dimensions to the language higher cognition."
Tags: formal, teaching, acquisition, mediation, semiotic, systems
Abstract In this essay, the writer maintains that as the human race has evolved, as with so many other things, health care has become increasingly complex and expensive, becoming a multi-trillion dollar industry worldwide. In fact, the the writer points out that the use of the term "industry" to describe health care itself leads to the topic of this research; namely, the impact that mergers and acquisitions have in health care from a variety of points of view. By using specific examples, this paper discusses these multiple impacts in an effort to better understand what mergers and acquisitions mean to health care organizations, services, workers, and patients alike. The writer concludes that perhaps the most important thought to take away from this research is that health care organizations, while having to be profit conscious as a matter of necessity, must not forget the human element of what they are doing to avoid catastrophe.
Outline:
Abstract
Impact of Mergers and Acquisitions on the Organizations Involved
Impact of Mergers and Acquisitions on the Delivery of Health Care Services
Impact of Mergers and Acquisitions on the Health Care Workforce
Impact of Mergers and Acquisitions on the Patients
Conclusion
From the Paper "To begin, it should be understood that health care has become an industry in and of itself because of several factors, such as the boom in population which leads to more people needing medical services, the proliferation of new diseases which emerge many times because of environmental factors, and a general increase in the standard of living in many nations which makes health care available to more paying patients. All of these factors have turned health organizations into businesses, and like all businesses, mergers and acquisitions are commonplace. What this means to the organizations, as an example, is a disappearance of small, regional health care organizations in favor of large conglomerates so to speak, making the profit/loss factors, rather than quality of care, patient relations, and the interest of the workers a priority."
Abstract The paper defines mergers and acquisitions and their benefits and costs. The paper examines reasons behind these transactions and the advantage of using cash as opposed to stock as the currency for the acquisition. The paper details the financial risks of merging with or acquiring an organization in another country and explores how those risks could be mitigated.
Outline:
What Are Mergers? What Are Acquisitions?
Benefits and Costs of Mergers and Acquisitions "Sensible" and "Dubious" reasons for Mergers and Acquisitions Financing: Cash versus Stock
Financial Risks of Merging With or Acquiring an Organization in Another Country
From the Paper "When one company takes over another company and clearly established itself as the new owner of the larger entity, this is called an acquisition. The swallowed-up entity has officially and legally ceased to exist. During an official merger, both companies' stocks are surrendered and new company stock is issued to shareholders, although quite often, rather than a merger of equals, one company dominates the other company during and after the merger."
This paper explores the issue of mergers and acquisitions as related to Berkshire Hathaway in terms of financial strategy, corporate governance and ethical issues.
Abstract This paper explains that firms like the holding company Berkshire Hathaway often seek to acquire other companies rather than build a separate business from the ground up. The author points out that mergers and acquisitions are concerned primarily with long-term growth because the process of acquiring another firm is often capital intensive. The paper relates that other reasons for acquisitions are a desire for synergistic effects, increased revenue or market share, cross selling, economies of scale and tax benefits. The paper relates that, by acquiring significant portions of companies from varying industries, the holding company Berkshire Hathaway has become one of the largest firms in the country, the most expensive security on the New York Stock Exchange and one of the largest conglomerates in the history of business.
Table of Contents:
Acquisitions Financial Strategy
Corporate Governance and Ethical Issues
Financial Situation Prior to Acquisition Financial Situation after Acquisition Successful or Not
Conclusion
From the Paper "When one firm is acquired by another, there are some predictable short-term effects on the acquiring firm's stock price. Though not always true, typically the acquiring firm's stock price will fall; whereas the target company's stock price will rise. An explanation for the acquirer's drop in stock price is the fact that a premium is usually paid for the target firm's stock. Without a premium above the market rate, there is little incentive for shareholders to part with their holdings. The same reason applies to why the stock price of the target firm increases--a premium is being offered."
The following paper examines the theories of bilingualism and multilingalism, language acquisition and language learning, making reference to a number of case studies.
Abstract The following paper examines the theories on language acquisition and looks at the useful distinction between acquisition and learning. The writer also comments on approaches and methods to teaching second and foreign languages. Lastly the writer comments on interference as a factor in language learning.
Table of Contents
Bilingualism and Multilingualism
Diglossia
First Language Acquisition Using a text-mapping device to depict the important stages in first-language acquisition Theories on how language is acquired
Innateness
Cognition
Input
Approaches and methods to teaching second and foreign languages
Interference as a factor in language learning.
From the Paper "Diglossia is the coexistence of two forms of the same language in speech community. The one form will often be the literary or prestige dialect, and the other one can be a dialect commonly spoken by most of the population. The term diglossia could also be used to indicate bilingualism, or the speaking of two languages by the people of the same community. An example for the first definition is the use of Dutch in Belgium. Dutch is one of the official languages in Belgium. Dutch-speaking Belgians are called the "Flemish" where the French-speaking Belgians are called "Walloons". Dutch spoken by Belgians is also referred to as "Flemish", which is not a literary form of the language, but a spoken "dialect". They are different varieties of the same language."
Abstract Second Language Acquisition is a field of inquiry that abounds in theories, while at the same time no single approach has adequately explained how language acquisition takes place. One reason for this might be that linguists interested in SLA have been trained in different disciplines, such as linguistics, psycholinguistics, sociolinguistics and neurolinguistics. The paper explains that, naturally, they have approached SLA from very different perspectives and treat all the variables involved in the learning process differently. The situation appears to be very confusing and frustrating. All the present theories, hypotheses, and models are all preliminary work done toward the ultimate goal of a true theory. The paper shows that in this sense, the different approaches taken by linguists and researchers are never worthless. They have uncovered bits and pieces of the whole complexity of language acquisition. Hopefully, the continuing and combined efforts made by linguists and researchers will lead to the ultimate success of establishing the true theory in language acquisition as well as in SLA.
From the Paper "Linguistics is one of the newest fields of scientific inquiry. It was developed into an independent discipline of social science in the United Sates first "as an offshoot of anthropology" in the first half of the twentieth century in an attempt to investigate into the disappearing American indigenous languages (Lakoff, 2000, p. 2-3). Traditionally, it has been concerned with the analysis of language, namely its phonology, morphology and syntax. Following this tradition, Norm Chomsky in the 1950s put forward his milestone transformational generative grammar (TGG), which assumed "an ideal speaker-listener, in a completely homogeneous speech-community" unaffected by any external factors in his exploration of the Universal Grammar (UG), the general rules of language (Chomsky, 1965, p.3). This is basically an asocial or theoretical view in linguistic studies as opposed to the social view which claims knowing a language also means "knowing how to use that language"(Wardhaugh, 2002, p.3) in social contexts. Adopting either or both of the two views, linguistics and researchers alike have postulated a multitude of theories, approaches, and models in the inquiry into the nature of language and language acquisition, which appear to be conflicting ones fighting against one another."
