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Mega-Mergers, 2004.
An extensive analysis on the merger and acquisition phenomenon in the financial services industry.
7,864 words (approx. 31.5 pages), 37 sources, MLA, $ 170.95
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Abstract
This study, while focusing on mega-mergers, examines the merger and acquisition phenomenon and proposes an explanation for the same. This research evaluates why stakeholders support mergers when the post mortem data suggest that most mergers are failures. Where applicable, the paper points to other industries that have parallel issues to the financial industry but the financial services industry seems to be ahead in the merger mania.
Table of Contents
CHAPTER ONE - Introduction
Statement of the Problem
Hypotheses
Purpose of the Study
CHAPTER TWO - Literature Review
Mergers on the Rise
Is There Actually a Problem?
Why We Undertake Mergers
Globalization
Deregulation
Technological Changes
Scale Economies
Mega-Mergers
Bank Mergers and Acquisitions
What Can Make Mergers Fail
What Happens When Mergers Fail
Definition of Terms
CHAPTER THREE - Methodology
Data Gathering Method
Limitations and Validity Issues
Validity of Data
Originality and Limitation of Data
References
From the Paper
"For various reasons, continuous growth is esteemed a desirable goal by company decision-makers. It seems to be very nearly a universal law that biological life begins to end when an organism's period of growth ends; it's all downhill from there. It follows that continuous growth will ensure a firm's eternal life. In other words, no firm can succumb to countervailing forces if it is always growing. Whether this is actually true is debatable; however, it seems true, and this is what makes it an important motivator for management. Growth itself can be undertaken not only for its own sake (the company should always be growing, no matter what) but also to solve certain business problems."
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Mergers and Acquisitions, 2008.
This paper discusses value creation through mergers and acquisitions in the banking industry.
5,800 words (approx. 23.2 pages), 9 sources, MLA, $ 139.95
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Abstract
This research examines mergers and acquisitions in the United States banking industry involving the formation of mega banks. It uses event study methodology and accounting performance techniques to determine the valuation effects of structural changes that are the result of the merger. When a merger is announced, it often causes abnormal stock price jumps for both the acquirer and target company at or around the date of the announcement. Acquisitions that concentrate on increasing the diversity of the business earned the highest abnormal returns. The writer notes, however, that other types of mergers neither create nor destroy shareholder value. Stock return alone does not paint the entire picture of the value created by the merger. This research study assesses the mergers using accounting performance techniques as well as stock price analysis to understand the likelihood that the value creation is stable, and not simply reactionary on the part of the shareholders.
Outline:
Abstract
Introduction
Background of the Study
Rationale
Hypothesis and Research Questions
Importance of This Study
Case Synopsis of the Mergers to be used in this Study
JP Morgan Merger/Chase
JP Morgan Chase and Bank One
Bank of America/Fleet Boston
Methodology
Conclusion
From the Paper
"Some mergers and acquisitions are strategic and nature. Perhaps the acquiring company may need the production capabilities of the other company. There are some mergers and acquisitions that take place so that supplier relationships can be established. Sometimes a merger or acquisition may take place so that a company can gain access to a new niche market. This was found to be one of the primary reasons for mergers and acquisitions in the banking industry."
"Large scale mergers eliminate competition and secure a greater market share. In some cases, an acquisition may take place so that one company can acquire its competition. Regardless of the primary reason for the merger or acquisition, one can be certain that at least one company will benefit from it. In many cases, there will be a mutual benefit and the combined company will be more profitable Some companies were created to be sold, providing quick cash revenue for their owners, as opposed to the long-term gains that are the typical reason for starting a business."
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Mergers and Acquisitions, 2007.
This paper looks at the subject of mergers and acquisitions within the health care industry.
757 words (approx. 3.0 pages), 3 sources, MLA, $ 26.95
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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."
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Mergers and Acquisitions, 2002.
Examines how cultural differences affect the success of business mergers.
7,452 words (approx. 29.8 pages), 23 sources, APA, $ 164.95
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Abstract
Many mergers fail to integrate cultural differences successfully in today's global economy. This paper examines what can be done to help them succeed. It shows that one of the most neglected aspects of planning mergers and acquisitions, and one of the leading causes of their failure or success is the performance or neglect of cultural due diligence. The paper shows that Microsoft and Great Plains Software, and Cisco?s merger with Cerent are examples of what to do right when merging two companies. It discusses how successful mergers employ specific and detailed approaches for pre-merger planning, which include methods for communication of vision, changes and purpose, involvement of employees, establishment of strategy, leadership, due diligence and potential process and system conflict.
Paper Outline:
Executive Summary; Introduction; Microsoft Acquires Great Plains Software; About Microsoft; About Great Plains Software; Combined Strategy; Culture Integration; Communication; About AOL and Time Warner; Recommendations; Cisco Corporation Acquires Cerent Communication; The Cisco strategy; Due Diligence ? Pre Merger Phase; Culture Perspective; Communication; Leadership; System Conflicts; Process Conflicts and Staffing Issues; Quality and Continuous Improvement; Recommendations and Observations; Future Acquisitions; Hewlett Packard and Compaq Merger; The Values of the New HP; Due Diligence Phase; Recommendations and Observations; What HP/Compaq could have done differently; Conclusion; References
From the Paper
"Companies who have experienced successful mergers have found that integration of corporate cultures in an M & A environment includes the establishment of the strategic direction of the merged entities, developing a shared vision, careful scrutiny of management styles, communication to employees, suppliers, customers and shareholders, and identifying and resolving important cultural differences early and having a plan to integrate the cultures (Miller, 2002). The communication of the rationale behind the decisions, future goals and objectives, new roles and responsibilities, and managerial expectations through constructive dialogue and feedback, are vital to build trust and ensure credible leadership. In fact, this communication is more important in the period leading up to and following closure of a deal. The more dissimilar the cultures, the greater the cultural shock, particularly if the M & A was not voluntarily chosen."
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Cross-Country Mergers, 2002.
Examines the cultural variables of cross-country mergers, using Gilette as an example of a successful merger.
900 words (approx. 3.6 pages), 5 sources, $ 35.95
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Abstract
Cross-country mergers occur when a company acquires another company that is based overseas. When this occurs, it becomes necessary for the company that is coming into the foreign country to learn about the local culture and adapt to it in as many ways as possible. If a company ignores local culture, it is courting failure. Gillette is a prime example of a company that has been successful with cross-country mergers and has created international success for itself. By adapting to local cultures and promoting Gillette as a local company in whatever areas it does business, Gillette has followed the principles of international success, and its worldwide brand name recognition and billions of dollars in annual sales are proof that this strategy works.
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Competition and Antitrust Law: Conglomerate Mergers, 2006.
An evaluation of the European Commission treatment of the anti-competitive effects of conglomerate mergers.
2,228 words (approx. 8.9 pages), 17 sources, APA, $ 69.95
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Abstract
Whilst the US.authorities have expressly concluded that anti-trust should rarely, if at all, interfere in the taking place of conglomerate mergers, the European Commission (EC) has, in contrast, become increasingly concerned with the 'conglomerate effects' of mergers, in a number of its relatively recent decisions. This paper discusses the potential anti-competitive effects that can result from such mergers, and then subsequently focuses on two key E.C. decisions - GE/Honeywell and Tetra Laval/Sidel for the main analysis, with relevant comparison between E.C. and U.S. perspectives.
Outline
Abstract
Anti-Competitive Effects Resulting From Conglomerate Mergers
The GE/Honeywell Saga
Tetra Laval/Sidel
Conclusion
From the Paper
"The issue of 'efficiencies' represented a major point of divergence in the EC and US attitudes towards the potential effects of the merger and was a theme which ran through the core of many of the individual points and arguments made. Efficiency is considered to be the "ultimate goal" of US ant-trust policy , with the purpose of the Sherman Act and other competition laws being to "protect competition, not competitors" . The EC's decision in GE/Honeywell was thus heavily criticised for, as far as the US authorities perceived it, actually blocking the merger because it would give rise to efficiencies, such as lower capital costs and cheaper prices, which Honeywell's rivals would be unable to compete with."
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Mergers and Acquisitions, 2007.
Presents an overview of mergers and acquisitions, looking at what they are, their advantages and disadvantages and why they take place.
870 words (approx. 3.5 pages), 3 sources, MLA, $ 30.95
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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."
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Mergers and Acquisitions, 2004.
A study value impact of post-integration activities from mergers and acquisitions.
20,780 words (approx. 83.1 pages), 49 sources, MLA, $ 249.95
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Abstract
This paper examines the factors leading to a successful merger or acquisition by emphasizing the importance of securing post-merger revenue streams. It aims to develop sound strategies for growth through mergers and acquisitions (M&A), methods to optimize the process, and most importantly, how to achieve synergy and value creation through business integration that results in enhanced shareholders value and sustainable economic growth. It concludes by providing recommendations on how to successfully deal with the many aspects pertaining to the M&A process and presents the author?s view on future developments that could have a significant bearing on value creation for shareholders and other stakeholders through M&A.
Outline
Abstract
Chapter 1 Introduction
Statement of the Problem
Purpose of the Study
Importance of the Study
Scope of the Study
Rationale of the Study
Overview of the Study
Chapter 2 Literature Review
Drivers and Motives for Mergers and Acquisitions
Phases of M&A
Reasons Why Value is Destroyed
Case Studies
Summary
Chapter 3 Methodology
Approach
Data Gathering Method
Summary
Chapter 4 Data Analysis
Case Study
Measuring Performance
Adding Value to M&A
Measuring Risk
Mergers & Acquisitions vs. Value Chain Improvement
M&A Case Study: Maximizing Shareholder Value
Keys to Succeeding in M&A
The Importance of Leadership in M&A
Lack of Attention to Leadership in M&A Literature
How Leadership is Addressed in Existing M&A Literature
A Model of Leadership Applied to M&A
Value Driver Analysis
Securing Stakeholder Support
Chapter 5 Summary, Recommendations and Conclusions
Creating Shareholder Value With M&A
Achieving Value Creation and Synergies
Recommendations
Conclusion
Bibliography
From the Paper
"A recent study shows that the majority of the M&As were initiated to expand the market. Other motives included diversification, technology acquisition, and vertical integration. In addition, M&As for technology-acquiring purposes were associated with the highest abnormal returns, while vertical M&As were least favored by the market, ending up destroying shareholder wealth. The results make sense because acquiring advanced technology enhances a firm?s competitiveness, leading to greater firm value. In fact, high-tech industries have been serving as the main driving force behind Taiwanese economic development over the past several years. M&As provide Taiwanese corporations with a faster and more cost efficient way of acquiring highly advanced technology that would otherwise required a longer length of time and more expenditures to develop in-house."
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Large Bank Mergers in Canada, 2002.
A look at historical large bank mergers in Canada.
2,900 words (approx. 11.6 pages), 16 sources, $ 106.95
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Abstract
This paper examines large bank mergers in Canada. It outlines the history of bank mergers, the ideology underlying bank mergers and possible consequences of bank mergers.
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Cultural Integration in Company Mergers, 2007.
An analysis of the issues surrounding cultural integration during international company mergers.
3,703 words (approx. 14.8 pages), 11 sources, MLA, $ 102.95
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Abstract
This paper presents an overview of cultural and communication problems associated with the mergers of international multi-cultural European companies. The paper addresses corporate culture integration issues, integrating persons of different nationalities, communication in a multi-lingual environment and with people of different ages and genders and HR practices and benefits harmonization. It then discusses applicable management and communication theories.
Table of Contents:
Objective
Introduction
Review of the Literature
Why Mergers?
Reasons for Failure of Mergers
Attributes Needed by Companies Today
Moving Into New Markets
Corporate Culture - Integration Issues
HR - The International M&A
Communication During the Merger and Acquisition Process
Summary and Conclusion
From the Paper
"In the international merger and acquisition there are many thing that must be given vital consideration as this work has shown. There are pre-merger considerations as well as considerations during and after the merger in terms of integration, communication, and the responsibilities that HR has in terms of harmonization in the merged corporation. This work has listed the foremost reason for failures of mergers and as well has stated what can be done to avoid these failures. The organization must understand the rationale or strategy that underpins the deal as well as the external constraints and opportunities that exist. It is critical that cultural due diligence be carried out and that this be done prior to the merger in effecting programs for integration that can be put into action immediately after the merger. New management teams need to be appointed quickly and at all levels and at the same time realistic synergy targets must be identified. It is necessary that communication be both consistent and truthful and that the company realize that HR is integral to the merger and acquisition process. While learning the languages that exist in the multilingual environment are preferable, this is not always possible and the use of interpreters is both effective and successful as a means of communication. "
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Mergers and Acquisitions, 2007.
An analysis of the benefits of mergers and acquisitions and their possible reasons for failure.
767 words (approx. 3.1 pages), 6 sources, MLA, $ 27.95
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Abstract
This paper discusses mergers and acquisitions. It covers the possible benefits of mergers and acquisitions and the factors that lead to success. It then details reasons why so many mergers and acquisitions fail to meet their objectives, including improper motivations, incorrectly estimating value, financing, integration and cross-border complexity.
From the Paper
"Structuring of a cross-border acquisition or combination involves all of the issues discussed in this paper plus it poses additional risks. There are two sets of laws and regulations, two sets of tax and accounting rules, two very diverse cultures, two political systems, and in some cases two securities markets (Ruegger). A cross-border merger or acquisition might also involve other financial issues such as raising funds in one market for investment in another, changes in the exchange rate and different accounting standards. The winners in cross-border mergers understand the differences in corporate specifics and learn how to capitalize on its corporate diversity (Strebel, 2002). This will require building mutual trust and taking advantage of the best practice on both sides."
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Mergers and Acquisitions, 2007.
An analysis of the benefits and risks associated with international mergers and acquisitions.
1,198 words (approx. 4.8 pages), 3 sources, MLA, $ 41.95
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Abstract
This paper assess the impact of mergers and acquisitions on businesses, including "sensible" and "dubious" reasons for, and benefits and costs of, cash and stock transactions. The paper includes an examination of the financial risks of merging with or acquiring an organization in another country. It then discusses how the risks associated with merging can be mitigated.
Table of Contents:
Abstract
Mergers and Acquisitions
Reasons for Mergers and Acquisitions
Benefits and Costs
Financials Risks and Mitigating the Risks
Conclusion
From the Paper
"The costs associated with mergers and acquisitions lies with the risk of failure. Failed mergers and acquisitions occur when managers are unable to combine critical processing functions of the two companies. Mergers and acquisitions will result in unforeseen costs if the company does not properly estimate the cost of inventory and equipment. Additional costs occur when companies underestimate the costs of renovation expenses."
"Sometimes companies with few prospects for investments but with a surplus of cash, look to mergers as a way to deploy or invest the excess cash. Whether mergers or acquisitions occur vertically, horizontally or as a conglomerate, the potential benefits include expansion of sales territory and customers, combining complementary resources, improving synergies via shared operational efficiency and enhanced profitability to the organization and shareholders."
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Mergers and Acquisitions, 2004.
An analysis of mergers and acquisitions and the ensuing effects on human resources.
1,199 words (approx. 4.8 pages), 9 sources, MLA, $ 41.95
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Abstract
This paper examines the functions and strategies that must be implemented into a successful process of merger and acquisition within a company in relation to the management of personnel. The paper attempts to do this from the approach of a 'value added partnership' in terms of the substantiation of a Return of Investment (ROI).
Outline
Statement of Thesis
Introduction
Elements Required for Success in the Merger Process
Each Merger is Unique and Requires Strategic Planning
The Reasons Companies Experience Failure
Summary and Conclusion
From the Paper
"There is a unique nature to each individual merger therefore the approach to a merger-acquisition process should be tailored to that particular merger in both the approach as well as in the implementation of the chosen approach. "Strategic planning has been applied by organizations large and small to shape their futures." Galpin (1997) It is extremely vital that the HR Specialists and administrative staff of both companies participate in pre-merger interactions and discussion in order to create an initial cohesive force that can be built on throughout the merger process. During this interaction the diversity and cultural issues as to methods in communication, policy concerns of compensation, skill sets, as well as company goals can be assessed and a 'common ground' discovered. This process is so vital because this area is that which is likely to hinder integration the most after the process of merging has begun. "Companies that have taken an integrated approach to realigning their influence systems have enjoyed better-than-average performance." Galpin (1997) "
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Mergers, 2006.
A paper looking at the growing trend towards company mergers and the implications this has for the consumer.
907 words (approx. 3.6 pages), 7 sources, MLA, $ 32.95
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Abstract
This paper examines the growing number of company mergers that have been taking place in a variety of different industries and discusses the negative consequences of such mergers for the consumer. The paper also discusses the benefits many of these merged companies claim are passed on to the consumer as a result of the merger.
From the Paper
"Businesses merge for a number of reasons, and the government takes an interest in mergers because if an industry becomes too concentrated, the public suffers from a lack of competition. For that matter, economists would note that business suffers as well when there is a lack of competition, given that too much freedom can alienate customers and create a moribund business organization. The concerns of critics are greater for some types of business than for others. Different sorts of retail establishments merge and may create concerns about high prices because of a lack of competition, or some other problem for the consumer faced with a lack of choice. Telecommunications and media mergers raise even more flags because of the many efforts over the years to prevent monopolies in these areas, with greater concentration seen as limiting choices for the public in damaging ways. Yet, such mergers continue, creating huge companies that claim to offer better service and more choice because of their size, while critics worry that such mergers are creating monopolies that will soon dictate terms and prices."
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Mergers, 2002.
An overview of the history of mergers and their impact on economic efficiency and market competitiveness.
2,400 words (approx. 9.6 pages), 6 sources, $ 89.95
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Abstract
This paper will discuss the nature of the merger problem. In particular, it will analyze the polemical question of whether mergers are sources of economic efficiency or whether they jeopardize market competitiveness. This will be looked at in a contemporary context, but it is useful to first present a history of mergers to better understand the present-day situation.
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