Mergers & Acquisitions

DEFF Research Database (Denmark)

Fomcenco, Alex

This dissertation is a legal dogmatic thesis, the goal of which is to describe and analyze the current state of law in Europe in regard to some relevant selected elements related to mergers and acquisitions, and the adviser’s counsel in this regard. Having regard to the topic of the dissertation...... and fiscal neutrality, group-related issues, holding-structure issues, employees, stock exchange listing issues, and corporate nationality....

The Fallacies of Mergers Being Acquisitions: Fact or Fiction?

OpenAIRE

Maneckji, Hilla Shahpur

2006-01-01

The goal of this dissertation study was to examine the fallacies of mergers being acquisitions, which is a very new topic, and that hasn’t been investigated in detail before. The aim of this research was to investigate if major global mergers were acquisitions in camouflage and were only created to portray a false perception. The study was conducted to understand the differences and characteristics between mergers and acquisitions that were further examined taking into account live case studi...

Maximizing value through mergers and acquisitions in the petroleum industry

International Nuclear Information System (INIS)

Anon.

1996-01-01

An 'Insight' conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market's perception of merger and acquisition reporting. tabs., figs

Maximizing value through mergers and acquisitions in the petroleum industry

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-12-01

An `Insight` conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market`s perception of merger and acquisition reporting. tabs., figs.

LEGAL CONSEQUENCES OF MERGERS AND ACQUISITIONS

Directory of Open Access Journals (Sweden)

Amelia-Raluca ONIŞOR

2016-05-01

Full Text Available The research analyses the legal effects of mergers and acquisitions from the Romanian Company Law perspective, underlining certain general principles, the procedure of annulment of such a legal transformation of companies and the protection of the employees of companies participating in the merger according to the Law no. 67/2006. These consequences of mergers and acquisions are to be seen in the broader light of the most important purpose of this legal instrument, maximizing financial and organizational efficiencies, thus legal certainty is a desirable goal to be assumed by any merger regulation.

Indexing mergers and acquisitions

OpenAIRE

Gang, Jianhua; Guo, Jie (Michael); Hu, Nan; Li, Xi

2017-01-01

We measure the efficiency of mergers and acquisitions by putting forward an index (the ‘M&A Index’) based on stochastic frontier analysis. The M&A Index is calculated for each takeover deal and is standardized between 0 and 1. An acquisition with a higher index encompasses higher efficiency. We find that takeover bids with higher M&A Indices are more likely to succeed. Moreover, the M&A Index shows a strong and positive relation with the acquirers’ post-acquisition stock perfo...

Mergers and acquisitions's impact on financial performance: an ...

African Journals Online (AJOL)

Mergers and acquisitions's impact on financial performance: an evaluation with perspective of time. ... Journal Home > Vol 9, No 5S (2017) > ... are firms are able to convert these qualitative aspects into quantitative form and if yes than ... Keywords: mergers and acquisitions; du pont analysis; long run; financial performance; ...

Value Creation through ICT Integration in Merger & Acquisition Processes

DEFF Research Database (Denmark)

Holm Larsen, Michael

2005-01-01

As deals are becoming more complex, and as technology, and the people supporting it, are becoming key drivers of merger and acquisition processes, planning of information and communication technologies in early stages of the integration process is vital to the realization of benefits of an Merger...... & Acquisition process. This statement is substantiated through review of literature from academics as well as practitioners, and case exemplifications of the financial service organization, the Nordea Group. Keywords: ICT Integration, Mergers & Acquisitions, Nordea Group....

Mergers and acquisitions: valuation and risk assessment; CD-ROM ed.

Energy Technology Data Exchange (ETDEWEB)

McVeigh, C.A. [Currie Coopers and Lybrand, Toronto, ON (Canada)

1996-04-01

An overview of various aspects of mergers and acquisition transactions in the petroleum industry were presented. Incentives to mergers and acquisitions were reviewed and discussed, among them value opportunity, critical size, incremental tax pools, financial distress, shareholder dissatisfaction, strategic infrastructure position, complementary assets, and undeveloped land inventory. Current trends in mergers and acquisitions were highlighted. An industry checklist for risk assessments discussing financial position, engineering forecasts, and taxation was also included.

Mergers and acquisitions in the international banking sector

Directory of Open Access Journals (Sweden)

Botis, S.

2013-06-01

Full Text Available The economic crisis emphasized the risks that banks assume and run. Reducing them is a strong reason for the acceleration of mergers and acquisitions in the international banking field. The merger of banking entities has established itself as a modern method of global credit risk management within every country and internationally. The main objective of this article is to highlight the latest developments on the bank mergers and acquisitions market in the U.S. and EU and on emerging market trends.

Mergers and acquisitions: A synthesis of theories and directions for future research

Directory of Open Access Journals (Sweden)

Wissal Ben Letaifa

2017-02-01

Full Text Available The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the mergers and acquisitions in the recent decay in an attempt to provide directions for future research. The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create a big empire resulting from merger. From second, corporate characteristics of firms that did merger or acquisition; third, the economic consequences of the operation of merger and acquisition and finally; fourth, the implication on the market with the impact of merger on the value of the firm. We think that this article can give another idea about the information disclosed by any company choosing to merge and can be analyzed by practitioners by giving them the theoretical background of the merger and acquisition problem.

AN OVERVIEW ON THE DETERMINANTS OF MERGERS AND ACQUISITIONS WAVES

Directory of Open Access Journals (Sweden)

Vancea Mariana

2012-12-01

Full Text Available This paper concentrates on the presentation of the economic dimension of the mergers and acquisitions from a macroeconomic perspective. Thus, the objective of this paper is to reveal the main drivers of merger and acquisition activity. These operations take place in waves, which enters the context of changing the competition game marked by economic changes, technological evolutions, changes generated by the phenomenon of globalization, and by regulating changes. On the other side, a series of studies in the literature argue the existence of a connection between evaluating the securities and the merger and acquisition activity. This research is based on a systematic, logical and comparative analysis of scientific literature regarding the macroeconomic determinants of mergers and acquisitions.

More Mergers,More Acquisitions

Institute of Scientific and Technical Information of China (English)

LAN XINZHEN

2010-01-01

@@ A new round of corporate mergers and acquisitions(M&As)is on the way.On September 6,the State Council announced that it would require companies in the automobile,iron and steel,cement,machinery manufacturing,electrolytic aluminum and rare earth industries to accelerate M&As.

The problems of assessing the value of mergers and acquisitions

Directory of Open Access Journals (Sweden)

Borovikov A.D.

2017-04-01

Full Text Available the article discusses some questions concerning mergers and acquisitions of companies. The essential foundation of any mergers and acquisitions is always the competitive environment, more precisely, its constant changes.

Mergers and Acquisitions in Selected Frontier Markets of Asia

Directory of Open Access Journals (Sweden)

Farhan Ahmed

2018-01-01

Full Text Available This paper aims to provide contemporary and comparative information on mergers and acquisition activities. The findings have shown that Vietnam is very active in mergers and acquisitions activities, for instance in Vietnam 2946 transactions were announced, and 2114 completed in the last decade. Furthermore, Vietnam has a distinctive element of merging local firms; Out of top 20 deals, in 18 transactions target firms and acquirer both were from Vietnam. On the other hand, Sri Lanka has the highest percentage of completed M&A transactions in the last decade compared to Pakistan and Vietnam. In case of Pakistan, the findings suggest that Pakistan has had the highest number of value-based Mergers and Acquisitions deals in comparison to Sri Lanka and Vietnam. Interestingly, even though the number of transactions is higher compared to Sri Lanka and Vietnam; however, mergers and acquisition have had no significant impact on the profitability of Pakistan companies.DOI: 10.15408/sjie.v7i1.6074

Mergers and acquisitions: Guidelines for consideration by state public utility commissions

Energy Technology Data Exchange (ETDEWEB)

Graniere, R.J.; Burns, R.E.

1996-11-01

This is the first of a series of reports on utility mergers and acquisitions published by NRRI; because it was completed Nov. 1996, it does not cover FERC Order 592 (policy statement on merger policy under Federal Power Act). Since cost-benefit analyses are expensive, state regulators need guidelines that efficiently streamline the review process for mergers and acquisitions. Purpose of this paper is to suggest such guidelines; they are applicable only to mergers and acquisitions of vertically integrated electric utilities or combination electric/gas utilities.

Global Trends of International Mergers and Acquisitions in the Energy Sector

Directory of Open Access Journals (Sweden)

Liubov Galperina

2017-03-01

Full Text Available The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that affect the sectoral and regional structure of international mergers and acquisitions. Including: growing demand for energy from the growing population of the planet, including due to an increase in the middle class share; fluctuation of world oil market prices; the growth of supply of shale oil changing the transnational flows of trade in primary petroleum products; rising demand for renewable energy as a result of cheapening technologies and diversification policies; the growth of renewable energy sources supply; increase in demand for atomic energy; improvement of energy infrastructure; introduction of energy efficient and low carbon technologies; introduction of safe technologies by energy companies; reduction of transaction costs in power grids due to optimization of modes at application of Smart Grid at all levels (local, on-site, regional, national, international; the expansion of the world-leading countries in the primary energy markets; demonopolization of national energy markets and liberalization of energy markets of the EU, USA, Japan, South Korea, Australia, etc. The world market of mergers and acquisitions has been characterized with the definition of key features of its development. International mergers and acquisitions in the energy sector are analysed on the basis of regional and industry characteristics. The international mergers and acquisitions in the energy sector has been analysed, taking into account the main scenarios for the development of the

Energy mergers, acquisitions and trusts : no end in sight

International Nuclear Information System (INIS)

Shiry, J.

1998-01-01

An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs

Energy mergers, acquisitions and trusts : no end in sight

Energy Technology Data Exchange (ETDEWEB)

Shiry, J. [Woodside Research Ltd., Calgary, AB (Canada)

1998-08-01

An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs.

of Mergers and Acquisitions on the Human Resource Department

OpenAIRE

mohatta, maulshree

2007-01-01

Mergers and acquisitions take place in all forms of industries and businesses, however small or large. They have and impact on almost all the areas and departments of business. One department in any business or industry on which a merger or an acquisition has a major impact is the human recourse department or the personnel of the companies which have undergone a merger, or have acquired, or have been acquired. The following dissertation represents an analysis of the research carried out...

Mergers and acquisitions: some implications of cultural change.

Science.gov (United States)

Cavanaugh, S J

1996-01-01

A result of recent National Health Service reforms is the need to investigate, and possibly change, the culture of the professional working relationship between members of staff and their employer. This is particularly the case in situations of mergers and acquisitions where staff working from different cultural environments must work together. Mergers are becoming a feature of health service provision, perhaps this becomes most obvious with the recent moves by colleges of nursing and midwifery into the higher education sector and amalgamations of some purchasing authorities. Mergers highlight the practical issues of bringing together different organizational and work cultures to deliver a high quality service. This article discusses some aspects of the nature of organizational culture, the human impact of mergers and acquisitions and offers strategies for managing these events.

Mergers and Acquisitions in India

OpenAIRE

Agarwal, Ankita

2009-01-01

From the past few decades, Mergers and Acquisitions (M&A) have dominated the environment in which the companies operate. Whenever there is an announcement about a merger, there is an excitement and expectation among the shareholders. This expectation may or may not convert into an abnormal return. It is useful to have some kind of research activity on the performance of M&A, as both bidders and target firms will gain from it. The results have revealed that on average, the returns to the targ...

17 CFR 230.145 - Reclassification of securities, mergers, consolidations and acquisitions of assets.

Science.gov (United States)

2010-04-01

..., mergers, consolidations and acquisitions of assets. 230.145 Section 230.145 Commodity and Securities... § 230.145 Reclassification of securities, mergers, consolidations and acquisitions of assets.... A statutory merger or consolidation or similar plan or acquisition in which securities of such...

Managing in turbulent times: issues and challenges in health care mergers and acquisitions.

Science.gov (United States)

Jones, S A

1999-09-01

The environment of the health care system in the present and foreseeable future has been described as a revolution whose impetus comes from Wall Street. The new system of health care is characterized by mergers, acquisitions, and joint ventures. For-profit conversions and mergers of religious and secular organizations were almost unheard of before the last decade. The challenges facing nursing leadership in these turbulent times are (1) dealing with the human dynamics associated with creating new organizational cultures, (2) shifting focus away from event-driven cost avoidance and protecting institutional assets, and (3) shifting focus toward stewardship of community resources and nursing practice beyond institutional boundaries.

Pre and Post Merger Valuation- A Study of Tata Corus Merger Deal

OpenAIRE

Sumeet Gupta

2009-01-01

Indian Economy being characterized as Global Economy leading to inorganic growth through Mergers, Acquisitions, Takeovers and Joint Ventures. Mergers would affect the company’s inflow and outflow of various variables like sales, expenses and cash position etc. It becomes imperative to evaluate the pre merger and post merger conditions of the firms so that successful deal can be carried out. The deal would also affect the shareholders wealth. The prediction of future forecasted sales and other...

A study on the impact of mergers & acquisitions on shareholders’ wealth and efficiency

Directory of Open Access Journals (Sweden)

Li Tianqi

2016-01-01

Full Text Available As nowadays mergers & acquisitions are becoming more and more prevalent, this paper concerns the impact of mergers & acquisition on shareholders’ wealth and efficiency. Choosing mergers & acquisitions events in bank industry, we apply literature analysis to see what previous scholars have found and CAPM model to calculate their CAR, which reflects the change of shareholders’ values (positive CAR means shareholders gain positive returns from mergers & acquisitions and vice versa. And finally, we find that bank mergers and acquisitions do create shareholder wealth for the target bank acquired and that in many cases the acquiring firm’s shareholders tend to lose out because their ownership in the newly formed bank is severely diluted and the same is with the efficiency. What’s more, when we take the financial crisis into consideration, mergers are seen to be a safe haven. Besides that, senior management must be skilled at corporate restructuring within the newly merged banks for merged banks to survive post-merger activity.

Factors affecting the Long-Term Post-Acquisition Performance of BRICS Firms Engaging in Cross-Border Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Damilola Oyetade

2017-04-01

Full Text Available The purpose of the paper is to examine factors that affect the long-term performance of listed firms from Brazil, Russia, India, China and South Africa (BRICS that engage in cross-border mergers and acquisitions. This paper adds to the existing literature on the performance of mergers and acquisitions from emerging economies by examining the performance of mergers and acquisitions activities on acquirers from individual BRICS countries and examining whether intra-BRICS acquisitions are more beneficial than non-BRICS acquisitions. The system generalised method of moments estimation technique was employed in order to control for unobservable heterogeneity and potential endogeneity problems using accounting data and merger deal information collected from the Bloomberg online database for the period January 2000 to December 2012.The results obtained indicate that there is persistence in the profits, suggesting that BRICS acquirers continue to profit as they engage in mergers and acquisitions, and firm size significantly impacts the profits of acquirers.

Mergers and acquisitions: new arrangements in health care. Part 1.

Science.gov (United States)

Grant, E A

1988-02-01

Mergers and acquisitions are assuming a more important role in the healthcare industry today. These transactions require various issues be considered, such as valuation, capital planning, and so forth. In this article, the first in a five-part series on mergers and acquisitions, the fundamental methods and techniques of valuation are discussed. Some of these valuation methods, including comparative market transactions and free cash flow, are explained and examples are used to help potential purchasers and sellers to determine an organization's true value. Other articles in this series will include legal issues, tax implications, purchase investigations, and capital planning for mergers and acquisitions.

A comprehensive, holistic people integration process for mergers and acquisitions

Directory of Open Access Journals (Sweden)

Rina P. Steynberg

2011-03-01

Research purpose: To develop and validate a comprehensive, holistic model for the people integration process during mergers and acquisitions. Motivation for the study: The literature on a comprehensive, holistic people integration process for mergers and acquisitions is sparse and fragmented. Research design, approach and method: A qualitative approach was adopted consisting of a three step process which solicited the views of seasoned M&A Practioners; these views were compared against the available literature. Finally, practioners were asked to critique the final model from a practice perspective. The utility of the final model was assessed against two mergers and acquisitions case studies. Main findings: A comprehensive, holistic people integration process model for mergers and acquisitions was developed and validated. However, this model will only significantly enhance mergers and acquisitions value realisation if it is applied from the appropriate vantage point. Practical/managerial implications: The proposed approach will increase the probability of a successful M&A people-wise and M&A value realisation. Contribution/value add: Theoretically, the development and validation of a M&A people process integration model; practically, guidelines for successful people integration; organisationally, significantly enhancing the chances of M&A success; and community wise, the reduction of the negative effects of M&A failure on communities.

Impact of HMO mergers and acquisitions on financial performance.

Science.gov (United States)

Weech-Maldonado, Robert

2002-01-01

This study examines the effect of health maintenance organization (HMO) mergers and acquisitions on financial performance, as indicated by cash flow returns, profitability ratios, and efficiency indicators. Pooled, cross-sectional files of financial performance data were created for HMO mergers occurring in the period of 1988 to 1994. The study uses a time-series design involving the analysis of pre- and post-acquisition financial performance measured over a period of four years. Change scores for the industry-adjusted financial performance measures were calculated and then evaluated using t-tests. The study showed that HMO mergers had a positive effect on financial performance and efficiency. This effect disappeared, however, after adjusting for HMO industry returns. Potential synergies arising from HMO mergers have been largely illusory. Mergers may have been a result of non-value enhancing motives or management overconfidence.

More Mergers,More Acquisitions

Institute of Scientific and Technical Information of China (English)

无

2010-01-01

China aims to maintain sound development of the national economy through M&As Anew round of corporate mergers and acquisitions (M&As) is on the way. On September 6, the State Council announced that it would require companies in the automobile, iron and steel, cement, machinery manufacturing, electro- lytic aluminum and rare earth industries to accelerate M&As.

Financing and Regulatory Frictions in Mergers and Acquisitions

NARCIS (Netherlands)

Q. Zhang (Quxian)

2018-01-01

markdownabstractThis dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically

A Marketing Perspective on Mergers and Acquisitions : How Marketing Integration Affects Postmerger Performance

OpenAIRE

Homburg, Christian; Bucerius, Matthias

2004-01-01

Previous research on mergers and acquisitions (M&A) has neglected marketing issues by and large. This paper examines the effects of post merger integration (PMI) in marketing (ex tent and speed of marketing integration) on M&A performance mediated by integration outcomes (magnitude of cost savings and market-related performance). Results from a survey of 232 horizontal mergers and acquisitions show that market-related performance after the merger or acquisition has a much stronger impac...

Evaluating mergers and acquisitions with a purchase investigation.

Science.gov (United States)

Grant, E A; Giniat, E J

1988-04-01

Mergers and acquisitions are risk transactions. Therefore, a well-planned and executed purchase investigation that considers financial, personnel, legal and risk management, third-party payer, and medical staff issues is imperative. Organizations that can successfully complete a purchase investigation will be able to make better informed, lower risk, financial decisions, and will have a competitive advantage in achieving strategic goals. This article is the third in a series on mergers and acquisitions. Other articles will include legal issues and capital planning.

Modeling the Impact of Mergers and Acquisitions of Companies on their Capitalization

Directory of Open Access Journals (Sweden)

Kolodiazhna Tatiana V.

2017-07-01

Full Text Available In the context of economic globalization, the most common approaches to creating powerful companies that have high market value are those that use mergers and acquisitions. In Ukraine, such processes also have been considerably intensified in recent years. However, in the national economic science, the problems of evaluating the impact of mergers and acquisitions of companies on their capitalization, as well as on the concentration and competitiveness of the country’s economy, have not been solved to date. The article is aimed at analyzing the market capitalization of the world’s largest companies and modeling the impact of their mergers and acquisitions on the capitalization of their economies. As a result of the study, it has been determined that modeling the impact of the mergers and acquisitions of the world’s companies on the level of capitalization of their economies has proved the hypothesis that the countries of the world, where mergers and acquisitions of companies are more extensive, also have larger capitalization level.

STRUCTURAL ANALYSIS OF MERGERS AND ACQUISITIONS IN THE FOOD INDUSTRY

OpenAIRE

Adams, Wendi L.; Love, H. Alan; Capps, Oral, Jr.

1997-01-01

Determinants of merger and acquisition activity in the food industry are analyzed using logit regression analysis. Factors affecting the food processing, food retailing and food service sectors are considered. Results indicate merger and acquisition activity in all three sectors are significantly influenced by antitrust activity, profitability and real gross domestic product.

Cross-border Mergers and Acquisitions

DEFF Research Database (Denmark)

Wang, Daojuan

This paper focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

Recent mergers and acquisitions changes face of RSA coal

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-10-01

During the last two years, the South African coal industry has altered dramatically, with several major mergers and acquisitions taking place affecting production and Richards Bay Coal Terminal (RBCT) entitlement. This article summarises the current position, as it happened. Events discussed include: the merger of Trans-Natal and Randcoal; Sasol becoming a member of RBCT; Tavistock`s Shell acquisition; the Duiker Mining-Lonrho acquisition; Amcoal`s purchase of Gold Fields Coal; the sale of Welgedacht Exploration Company to the Kangra Group and the formation of New Coal by Amcoal and Ingwe. 2 tabs., 2 photos.

Essays on mergers and acquisitions

NARCIS (Netherlands)

Faelten, A.I.

2016-01-01

“Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the

Technology-based Mergers and Acquisitions

DEFF Research Database (Denmark)

Wang, Daojuan; Moini, Hamid

2014-01-01

The purpose of this chapter is to provide an updated review of what is known about the performance of technology-based mergers and acquisitions (TBM&As) and their determinants. This review brings together papers published from 1990 to 2012 in top-rated academic journals within nearly all fields...

The importance of partnerships, mergers and acquisitions

Energy Technology Data Exchange (ETDEWEB)

Trabandt, C.A. [Merrill Lynch, New York, NY (United States)

1998-09-01

An overview of the electric utility industry was presented. The main factors driving mergers and acquisitions in the industry were identified as being consolidation, disaggregation, convergence and international expansion. To prove the point, statistics from recent merger and acquisition transactions in the U.S. were presented. The importance of disaggregation of the utility business and convergence as the major themes of the electricity and natural gas industries were demonstrated. They are driven by a new competitive marketplace and fewer regulations. The driving forces behind them were explained, buttressing the arguments with recent statistics reflecting an upsurge in convergence transactions. Significant opportunities abroad and recent foreign acquisitions by U. S. utilities were also reviewed. With regard to convergence, it was shown to be occurring in both the generation/wholesale and distribution/retail marketing segment of the electric power industry. 3 figs.

Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

OpenAIRE

Hatem El Zuhairy; Ahmed Taher; Ingy Shafei

2015-01-01

There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A) worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A) has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objective...

NEW OPPORTUNITIES ON THE MARKET OF MERGERS AND ACQUISITIONS FOR 2014

Directory of Open Access Journals (Sweden)

Alina MOLDOVAN-MADAN

2013-12-01

Full Text Available Mergers and acquisitions activity at global level could begin during 2014. Confidence in the economic environment, the availability of cash and credit, the restoration of confidence in local economies – all of these factors signals new opportunities on mergers and acquisitions market. However, caution still dominate this area and this is understandable, given the occurring of unprecedented economic crisis. In this context, the market remains very sensitive to geopolitical issues - any shock could extend short-term interruptions of the flow of transactions. However, while organic growth measures only provide diminishing returns, mergers and acquisitions activity may be the only practical way of increasing for companies.

76 FR 68458 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-11-04

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking... a result of the merger, to increase its ownership of West One Bank, Kalispell, Montana, from 34.92...

78 FR 6326 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-01-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... owned merger subsidiary, NM Lobo Acquisition Corporation, and thereby acquire First National Bank of... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

Application of the Maximum Entropy Method to Risk Analysis of Mergers and Acquisitions

Science.gov (United States)

Xie, Jigang; Song, Wenyun

The maximum entropy (ME) method can be used to analyze the risk of mergers and acquisitions when only pre-acquisition information is available. A practical example of the risk analysis of China listed firms’ mergers and acquisitions is provided to testify the feasibility and practicality of the method.

Internationalize Mergers and Acquisitions

OpenAIRE

Zhou, Lili

2017-01-01

As globalization processes, an increasing number of companies use mergers and acquisitions as a tool to achieve company growth in the international business world. The purpose of this thesis is to investigate the process of an international M&A and analyze the factors leading to success. The research started with reviewing different academic theory. The important aspects in both pre-M&A phase and post-M&A phase have been studied in depth. Because of the complexity in international...

A Framework for Operational Due Diligence in Mergers and Acquisitions

DEFF Research Database (Denmark)

Porsgaard, Chris Berg; Haubjerg, Mathias; Herbert-Hansen, Zaza Nadja Lee

The number of mergers and acquisitions (M&As) has over the last five years increased greatly (Institute of Mergers, Acquisitions and Alliances, 2016). Furthermore, private equity professionals point to operational performance gains to drive an acquisition decision and attribute cost reductions...... as the most important lever for value creation, after a private equity firm acquires a company (PwC, 2016). However, the overall success rate of M&A activity remains low and the approach to understand an acquisition target’s operating model remains non-exhaustive and unstandardized. This paper investigates...... the pivotal eterminants for assessing operational performance and identifying improvement potentials in an acquisition target. The research question is: “What are the fundamental operational determinants influencing the acquisition decision for private equity firms in the due diligence phase?” This paper...

Migrating Legacy Systems in the Global Merger & Acquisition Environment

Science.gov (United States)

Katerattanakul, Pairin; Kam, Hwee-Joo; Lee, James J.; Hong, Soongoo

2009-01-01

The MetaFrame system migration project at WorldPharma, while driven by merger and acquisition, had faced complexities caused by both technical challenges and organizational issues in the climate of uncertainties. However, WorldPharma still insisted on instigating this post-merger system migration project. This project served to (1) consolidate the…

Impact of Merger and Acquisition on University Performance.

Science.gov (United States)

Mohamadi Bolbanabad, Amjad; Mosadeghrad, Ali Mohammad; Arab, Mohammad; Majdzadeh, Reza

2017-08-01

Merger and acquisitions (M&A) widen access to higher education, improve quality of teaching and research, and increase efficiency of higher education institutions. Three big medical universities in Iran merged in 2010. The purpose of this study was to highlight the impact of this acquisition on the performance of Tehran University of Medical Sciences. This qualitative study was conducted using semi-structured in-depth interviews with 60 participants from April 2015 to November 2015. Purposeful sampling was used to recruit participants. Data analysis was performed using MAXQDA software (V. 10). The reasons for acquisition of IUMS by TUMS were to enhance the position of TUMS worldwide, and to increase its efficiency. The acquisition improved the organization and management of the newly formed TUMS, enhanced its academic position and market recognition. However, the achieved benefits did not come without shortcomings and unanticipated consequences. The merger and acquisition in higher education has some advantages and disadvantages. A well planned and carefully implemented M&A gives cutting edge to the higher education institutes.

Synergy disclosures in mergers and acquisitions

NARCIS (Netherlands)

M.D.R.P. Dutordoir (Marie); P.G.J. Roosenboom (Peter); M. Teixeira de Vasconcelos (Manuel)

2013-01-01

textabstractWe examine bidding firms’ motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample consists of 1,990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to obtain a more favorable market reception for

Liberalizaiton of Cross-Border Mergers and Acquisitions in Korea: Economic Impacts

Directory of Open Access Journals (Sweden)

Yunjong Wang

1997-12-01

Full Text Available Most OECD Member countries have made the main part of the world's direct investment - international mergers and acquisitions (M & A completely liberalized, on the contrary, South Korea still has several limitations to this. Investment agreement is expected to take effect in the multi-January 1999, South Korea's liberalization of the international merger and acquisition system will grow significantly. Especially with the securities and investment liberalization, hostile of M&A transactions (which is also called male-fide merger and acquiring will be liberalized. It is expected that the liberalization of international mergers and acquisitions will make foreign direct investment increase substantially. Upon the foreign superior enterprises penetration into the Korean market, there will positive effects which likely improve market competition, the domestic industrial restructuring accelerated, advanced technology and advanced management concept allows the transfer of advanced technology companies in Korea. In addition, in response to the liberalization of hostile international acquisitions, and in order to make the business more efficient and reasonable way to gain a firm foothold, we should develop ideal model for company controlling that takes into account the specifics of Korea as the country in whole and economy apart.

HiQ International Company: A Case Study of Operational Effectiveness post Merger and Acquisition

OpenAIRE

Belle Selene Xia

2014-01-01

Mergers and acquisitions occur in a dynamic process in which resource allocation and organization structures are restructured in response to new challenges. Analyzing mergers and acquisitions in the technology sector using the empirical case of HiQ International Ab shows that management efficiency post merger and acquisition requires the reallocation of resources where traditions and culture are broken resulting in numerous side effects of change. In addition, the management morale in the bus...

Railroad mergers and acquisitions take shape

Energy Technology Data Exchange (ETDEWEB)

Fiscor, S.

1995-12-01

This year has been one of the most exciting years in recent history concerning US railroads and coal transportation, as mergers and acquisitions narrow the field for Western coal carriers. The views on the mergers and how they will affect coal transportation are mixed. The coal industry`s growth in the West and its stability in the East is the basis for the most recent changes in the rail industry. Restructuring US coal markets to confirm to environmental policy has had a profound effect on much more than the coal industry itself. Deregulation of rail transport has also been an important factor. 1 fig., 3 tabs.

Mergers and acquisitions: a most strategic decision.

Science.gov (United States)

Laine, Mike; Tyler, David

2007-11-01

Five steps are basic to successfully concluding (or deciding not to conclude) a merger or acquisition: Identify targets. Begin with the end in mind. Choose a transaction team. Perform due diligence. Commit to the deal--or to no deal.

The effect of mergers and acquisitions on behavioral health care.

Science.gov (United States)

Lazarus, A

1995-01-01

The consolidation of America's managed health care industry rivals any corporate raider scenario. Unlike previous merger booms, however, health care unions in the 1990s have been strategically planned. Particular attention is paid to merger activity in the behavioral health care field. Ultimately, the author writes, mergers will bring greater efficiency and lower costs to health care but also less choice for patients. Unless providers and payers pay close attention to the human side of mergers and acquisitions, new alliances are likely to fall short of their goals.

Global Trends of International Mergers and Acquisitions in the Energy Sector

OpenAIRE

Liubov Galperina; Yuliia Klen

2017-01-01

The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that ...

BANK MERGERS AND ACQUISITIONS IN ROMANIA AFTER 1989

Directory of Open Access Journals (Sweden)

Copil Crina Angela

2014-07-01

Full Text Available In this paper I proposed to myself to analyse the main bank acquisitions and mergers from Romania after 1989, causes that led to their appearance, their effects on the bank system and their future perspectives on the Romanian bank market. In the context of adherence to the European bank system a solution for the Romanian banks is the concentration of the bank system by mergers and acquisitions or the increase of the bank capitals because in the period of transition the smaller banks are vulnerable, don’t dispose of an infrastructure that would alow them to offer financial services comparable to those offered by the great bank groups, can’t offer large credits and is addressing to the smaller and average enterprise, which in their turn are exposed to all the shocks that are felt in the economy. The strategies of concentration and consolidation applied by the banks in this period implemented by the transactions with mergers and acquisitions are essential because of their success depends the existence of the bank, the rank it will have on the market, the profit of the bank, the efficiency, the increase of the satisfaction degree of the clients and the increase of the shares’ value. The increase of the interest of the investor in mergers and acquisitions determined the creating of the great financial conglomerates that offer a large range of services, operates simultaneously on many markets and include beside the bank activity insurance, leasing subsidiaries, investment funds, pension funds, subsidiaries specialized in credit saving. In the last decades the Romanian bank financial system suffered significant changes, registering an ample consolidation process, the number of bank institutions decreased and in the context of the present financial crisis, the continuing of the process of restructuring is anticipated.The main reason for choosing this subject if the fact that in the evolution of the concentration the bank mergers and acquisitions

Merger and Acquisition Market: from World Experience to National Practice

Directory of Open Access Journals (Sweden)

Hrechana Svitlana I.

2014-03-01

Full Text Available The goal of the article lies in identification of tendencies and prospects of development of the merger and acquisition market of Ukraine in the context of influence of the world M and A experience upon this process under conditions of globalisation. In the result of the study the article analyses the most significant merger and acquisition operations that took place in the world practice and in Ukraine in recent years. The article reveals and deeply assesses the variety of motives and mechanisms of their realisation from the position of practice of developed countries and trans-national corporations and also domestic associations of enterprises. It shows that transactions of tough or forced character of acquisition prevail in Ukraine, specific features of which are not only the reduced cost but also direct belonging of buyers to oligarchic-political structures. It explains negative influence of these specific features upon volume and activity of the national M and A market. It formulates and offers a system of state and economic subjects measures, immediate application of which would allow creation of favourable conditions for development of the national merger and acquisition market.

The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

Directory of Open Access Journals (Sweden)

Popovici Andreea Nicoleta

2014-06-01

Full Text Available Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisition does not improve the value market of the shares of the bidder bank.

Hospital mergers and acquisitions: does market consolidation harm patients?

Science.gov (United States)

Ho, V; Hamilton, B H

2000-09-01

Debate continues on whether consolidation in health care markets enhances efficiency or instead facilitates market power, possibly damaging quality. We compare the quality of hospital care before and after mergers and acquisitions in California between 1992 and 1995. We analyze inpatient mortality for heart attack and stroke patients, 90-day readmission for heart attack patients, and discharge within 48 h for normal newborn babies. Recent mergers and acquisitions have not had a measurable impact on inpatient mortality, although the associated standard errors are large. Readmission rates and early discharge increased in some cases. The adverse consequences of increased market power on the quality of care require further substantiation.

Merger and Acquisition in the Banking Sector

Directory of Open Access Journals (Sweden)

Anna Szewczyk

2008-12-01

Full Text Available The article presents situation on mergers and acquisitions (MA in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.

Mergers and acquisitions involving equine veterinary practices.

Science.gov (United States)

Jackman, Brad R; McCafferty, Owen E

2009-12-01

This article discusses mergers and acquisitions involving equine veterinary practices. Combining practices can be professionally and economically advantageous but requires a great deal of thought, planning, and implementation. If due diligence is performed and true business teamwork is undertaken, the benefits can be enormous and rewarding.

ENHANCING THE INTERNATIONALIZATION OF THE GLOBAL INSURANCE MARKET: CHANGING DRIVERS OF MERGERS AND ACQUISITIONS

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D. Rasshyvalov

2014-03-01

Full Text Available One-third of worldwide mergers and acquisitions involving firms from different countries make M&A one of the key drivers of internationalization. Over the past five years insurance cross-border merger and acquisition activities have globally paralleled deep financial crisis.

Essays on mergers and acquisitions

OpenAIRE

Faelten, A.I.

2016-01-01

“Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the importance of corporate governance when conducting deals in unknown territories; whilst Chapter 3 and 4 conduct research on companies’ decision to tap capital markets and their subsequent M&A acti...

The effects of Mergers and Acquisition on the Profitability and Cost Efficiency of Malaysian Banks.

OpenAIRE

Paul Palasupramaniam, Edward Thangaratnam

2009-01-01

The research conducted in this study is to investigate the impact of mergers and acquisitions on local banks in Malaysia. This is especially important as there are few studies done in this field and the number of banks going through the mergers and acquisition process is increasing. In this study a quantitative method will be used to evaluate the newly formed banks to measure their efficiency and profitability. A survey of available literature on mergers and acquisitions in Malaysia shows tha...

Growth and development of companies in the function mergers and acquisitions

Directory of Open Access Journals (Sweden)

Vidović Aleksandra B.

2015-01-01

Full Text Available The author affirms the need: Acquisitions and mergers as an element of growth and development of companies. This paper provides a critical overview of contributions to the given topic. The main objective of the paper is to identify the importance of strategic aspects of mergers and acquisitions as a growth strategy and company development. These two strategies enable companies to adapt to business and achieve greater financial effects of the present conditions of business as globalization requires.

Topics in Finance: Part VIII--Mergers & Acquisitions

Science.gov (United States)

Laux, Judy

2012-01-01

In this series, three key axioms--stockholder wealth maximization, the risk-return tradeoff, and agency conflicts--are applied to the major topics in financial management. The current article looks at mergers and acquisitions, reviewing the presumed motivations, the ethical challenges, and the literature dedicated to this financial activity.

Genesis of the concept "mergers and acquisitions" in the world scientific knowledge

Directory of Open Access Journals (Sweden)

T. V. Reshetnikova

2017-09-01

Full Text Available The authors examine the genesis of the concepts of "merger" and "acquisition" in terms of their essence, the need for implementation in the modern economy, the role in the restructuring of the company or business as a whole, the forms of manifestation in the market of corporate control. The authors compare the classical approaches to the examination of essential characteristics in the foreign economic literature with those available in Russian economic literature and used in Russian practice. Both foreign and Russian literature have two clearly distinguished, fundamentally different positions of scientists on the considered definition. Herewith, the first group of researchers separates the terms "merger" and "acquisition", understanding by merging such a transaction between companies in which only one of the involved parties survives, usually the initiator of the transaction. The rest of the companies leave the markets (financial and commodity. This researches consider acquisition as such a process, after which the absorbed company continues to be present in the markets as a subsidiary of the company initiating the transaction. The authors justify new challenges in the M&A market, and reveal the reasons for their appearance. The article presents the genesis of the concepts of mergers and acquisitions from the point of view of their classification by essential characteristics, and reveals common features that practically all foreign and Russian researchers in this field of knowledge identify. The article also shows the distinctive features noted by scientists that expand the possibilities for business restructuring taking into account the processes of corporate control market. The authors study the classification of mergers and acquisitions with the substantiation own position on the sufficiency/insufficiency of the criterion for classifying the studied concepts to different groups; substantiate appearance of definition "transboundary mergers and

Merger and acquisition in the international oil industry

Energy Technology Data Exchange (ETDEWEB)

Imai, Yoshiichi

1988-07-01

Outlines are given of the background and evaluation of recent giant mergers and acquisitions in the international oil industry and of future trends of them. The petroleum exporting countries or OPEC nationalized oil resourses in the first half of 1970's and acquired the crude oil deposits that had been controlled by the seven majors. The percentage of the seven majors' crude oil deposits in the free world was about 70% in 1968, but decreased sharply down to about 6% in 1978 to 1979, when the world experienced the second oil crisis. The decrease of Texaco, COCAL, and Mobil was remarkable. That was the background of these three companies' giant acquisitions in 1984. For the oil companies suffering from decrease of oil deposits, the inexpensive and dependable way to secure deposits was to take over developed reserves of other companies. Although there are the pros and cons in the evaluation of the merger and acquisition, these trends continues, including the oil exporting countries, and are very likely to move to the international reconstraction of the oil industry. (10 tabs)

A scoreboard of mergers and acquisitions

Energy Technology Data Exchange (ETDEWEB)

Parent, L.V

1989-08-01

In the late 70s and early 80s when market growth was not a viable alternative and price deregulation was imminent, new strategies were sought that would provide some basis for survival in a deregulated environment, and merger/acquisition strategy took on new significance. According to the author, eight mega gas pipe line companies have evolved. The strategic objectives behind these merges is analyzed.

MERGERS, ACQUISITIONS AND BANKING CONSOLIDATION IN CENTRAL AND EASTERN EUROPE

Directory of Open Access Journals (Sweden)

Andreea Nicoleta Popovici

2013-12-01

Full Text Available Acquisitions and mergers are the growth and expansion strategies that are commonly used by the companies in all over the world because of several reasons such as increasing the profit, sales and market share, entering into new markets, operating with economics of scale, coping with managerial problems and so on. This article underlines the characteristics of mergers and acquisitions (M&A, the different types of M&A, the challenges and opportunities for the banking system in Central and Eastern Europe and we analyze the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries.

Acquisitions or Mergers? International Students' Satisfaction with Work Availability

Science.gov (United States)

Li, Xiaojie; Lee, Jenny

2018-01-01

This study sought to examine international students' satisfaction with work availability while enrolled and the factors that influenced this satisfaction through the acquisitions and mergers framework. The findings indicated that a notable portion of international students might be treated as acquisitions, based on their self-reports of low work…

Health care mergers and acquisitions: implications of robbers cave realistic conflict theory and prisoner's dilemma game theory.

Science.gov (United States)

Creasy, Todd; Kinard, Jerry

2013-01-01

Many health care mergers and acquisitions have proven highly successful because of the geographic proximity of the institutions, coalignment strategies, complementary services, and improved financial performance. Other health care mergers and acquisitions, however, have been dismal failures. This article seeks to explain a primary cause of less successful mergers or acquisitions through the prism of a multiscale, iterative prisoner's dilemma that occurs between department managers. Aspects of "Coping Theory," "Resource (Conservation) Theory," and "Social Comparison Theory" are used to analyze the experience of employees charged with making mergers or acquisitions successful. Lastly, this article suggests possible culture clash remedies drawn from the realistic conflict experiment conducted by Muzafer Sherif near Robbers Cave State Park in Oklahoma.

Growth Effects of Cross-border Mergers and Acquisitions in European Transition Countries

Directory of Open Access Journals (Sweden)

Zvezdanović Lobanova Jelena

2016-12-01

Full Text Available This paper deals with the economic effect of cross-border mergers and acquisitions on GDP per capita in European transition countries for the 2000- 2014 period. Our analysis shows that cross-border mergers and acquisitions have a negative effect on GDP per capita in the current period, whereas their lagged level positively impacts output performance. We found that transition countries characterized by a higher quality of institutional setting have achieved a positive impact on GDP per capita.

Analyzing the Impacts of Implementation of Human Resource Information System in Mergers and Acquisitions

Institute of Scientific and Technical Information of China (English)

QIN; YIWEN

2016-01-01

Mergers&Acquisitions(M&A)have become very popular throughout the world in the recent years,due to globalization,liberalization,technological developments and intensely competitive business environment.Inchoately,it suggests that strategic or financial terms are the main issues result in the failure of M&A.In this paper,it analyses the challenges of mergers and acquisitions and the implementation of HRIS from the perspective of timing,data entry,staff training,and security.Through the analysis,it is clear how to make sure the post-merger organization development successfully.

Mergers and Acquisitions By China's Petroleum and Chemical Companies

Institute of Scientific and Technical Information of China (English)

Peter Zong

2007-01-01

@@ In the world of mergers and acquisitions (M&A), deals by Asian players usually account for around 15% of the activity.In 2005 and 2006, however, this proportion increased and was estimated to be 18% - 20%.

Success Factors of the Companies Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Maria Sierpińska

2007-01-01

Full Text Available Mergers and acquisitions (MA are one of the most important phenomenons influencing dynamics of the world economy growth. At the same time, big number of acquisitions turns out to be unsuccessful which induces one to examine reasons for failures and factors having influence on success of MA. In the article an attempt to systematize researchers and specialists-practitioners opinions on factors that play a key role in acquisition success was made, as complexity of MA processes causes that only actions resulting from reliable analysis, that are afterwards well planned and carried out may bring results expected by the entities.

Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect

OpenAIRE

Yang Xingrui

2016-01-01

This paper adopts the case study method to respectively research the value creation in the exploration and exploitation type of China’s four cross-border mergers & acquisitions, and discusses the similarities and differences between the value creation in the utilization and exploration type of mergers & acquisitions, and finds that the former type of mergers and acquisitions is suitable for a medium or higher level of integration in the aspect of the organization structure, culture, human res...

Mergers and acquisitions: valuation and risk assessment

International Nuclear Information System (INIS)

Calvin, B.N.

1996-01-01

An independent review of all facets of risk management, as it pertains to mergers and acquisitions within the petroleum industry, with no transactional motivation, was provided by a representative of a firm specializing in all phases of risk assessment. The following topics received attention: (1) the forward curve versus industry expectations, (2) investor expectations, (3) financial versus physical transactions, and (4) synthetic debt

Information Quality and Risk Around Mergers and Acquisition ...

African Journals Online (AJOL)

We consolidate our understanding of the link between risk and quality of new around information intensive periods for a sample of 169 stocks from London Stock Exchange by using mergers and acquisitions announcements as a source of unscheduled news disclosure. We document that volatility of stock returns around ...

26 CFR 1.401(m)-4 - Special rules for mergers, acquisitions and similar events. [Reserved

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(m)-4 Section 1.401(m)-4 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(m)-4 Special rules for mergers, acquisitions and similar events. [Reserved] ...

The dynamics of mergers and acquisitions: ancestry as the seminal determinant.

Science.gov (United States)

Viegas, Eduardo; Cockburn, Stuart P; Jensen, Henrik J; West, Geoffrey B

2014-11-08

Understanding the fundamental mechanisms behind the complex landscape of corporate mergers and acquisitions is of crucial importance to economies across the world. Adapting ideas from the fields of complexity and evolutionary dynamics to analyse business ecosystems, we show here that ancestry, i.e. the cumulative sum of historical mergers across all ancestors, is the key characteristic to company mergers and acquisitions. We verify this by comparing an agent-based model to an extensive range of business data, covering the period from the 1830s to the present day and a range of industries and geographies. This seemingly universal mechanism leads to imbalanced business ecosystems, with the emergence of a few very large, but sluggish 'too big to fail' entities, and very small, niche entities, thereby creating a paradigm where a configuration akin to effective oligopoly or monopoly is a likely outcome for free market systems.

Exploring the Impact of Mergers and Acquisitions on Supply Chain Relationships

DEFF Research Database (Denmark)

Chakkol, Mehmet; Finne, Max; Raja, Jawwad

Whilst there is a surge of mergers and acquisitions across different industries, little is known about their supply chain implications. This research investigates how supply chains can be reconfigured during post-merger period. In so doing, a recent M&A was investigated using a supply chain...... perspective. The research contributes to the literature by developing an empirically grounded, theory-based narrative of post-merger supply chain integration process. In particular, the paper demonstrates how the supply chain as a whole drew on structural, cognitive and relational elements of social capital...

Understanding Information Systems Integration Deficiencies in Mergers and Acquisitions

DEFF Research Database (Denmark)

Henningsson, Stefan; Kettinger, William J.

2017-01-01

Information systems (IS) integration is a critical challenge for value-creating mergers and acquisitions. Appropriate design and implementation of IS integration is typically a precondition for enabling a majority of the anticipated business benefits of a combined organization. Often...

26 CFR 1.401(k)-5 - Special rules for mergers, acquisitions and similar events. [Reserved

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(k)-5 Section 1.401(k)-5 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(k)-5 Special rules for mergers, acquisitions and similar events. [Reserved] [T...

Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

Directory of Open Access Journals (Sweden)

Burhan Ali Shah

2017-09-01

Full Text Available This study investigates the effects of mergers and acquisitions (M & A on the operating performance of the acquirer banks in Pakistan. For this purpose, a sample of 18 transactions, involving acquirer banks, listed on the Karachi Stock Exchange, is used. The Financial Ratio Analysis (FRA is used to determine the effects of M & A. The significance of change in the operating performances is tested through a paired sample t-test. The results indicate deterioration in the performances of the acquirer banks in the post-merger period.

Mergers & Acquisitions in Japan : Lessons for Dutch companies

NARCIS (Netherlands)

Grotenhuis, F.D.J.

2009-01-01

This article deals with lessons learned from mergers and acquisitions in Japan. In general, such combinations are not success stories, since 50–80 percent of them do not bring the benefits that were expected. Several reasons for such failures have been brought up in the literature, but real-life

EMPIRICAL EVIDENCE ON THE RELATIONSHIP BETWEEN MERGERS AND ACQUISITIONS AND THE ROMANIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Iamandi Irina Eugenia

2010-12-01

Full Text Available Based on empirical studies and theoretical evidence, the paper investigates the relationship between mergers and acquisitions in Romania and Romanian stock market, described by the BET and BET-C indexes. By using the Granger causality test for the number of mergers and acquisitions, the research results suggest that, for the market and period considered, one way and both ways relationships are present.

The processes of mergers and acquisitions in the Russian banking business

Directory of Open Access Journals (Sweden)

Gritsenko S. E.

2017-02-01

Full Text Available the article is dedicated to the changes in the banking sector due to sales and aggregation of the small and medium-sized banks. This paper describes the processes of consolidation and aggregation of the banking sector in Russia, it analyses the dynamics of the M&A deals and identifies the main trends in this market segment for 2017–2018. Based on the overview of the Russian M&A market (M&A means mergers and acquisitions in the banking sector for the past years a conclusion is drawn about the aims and rationale of the modern processes of mergers and acquisitions in the Russian banking business.

The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan

Directory of Open Access Journals (Sweden)

Zahoor Rahman

2018-03-01

Full Text Available Mergers and Acquisitions are considered as one of the useful strategies for growth and expansion of businesses. These strategies have widely been adopted in developed economies while are quite often practiced in developing countries like Pakistan. This study aims to explore the effect of Mergers and Acquisitions on stock price behavior of banking sector in Pakistan by using event study analysis for the period of 2002–2012. Market Study Method was used to compute the abnormal and cumulative abnormal returns for analyzing pre and post events effect of the phenomenon on share prices. The results reveal mixed observations of the activity of mergers and acquisitions on stock price performance. Our findings indicate that most of the firms experienced negative while some firms have shown positive abnormal and cumulative abnormal returns following the activity. Overall, the results indicate that the market responded negatively towards the phenomenon of mergers and acquisition in Banking sector of Pakistan. The results would be useful in providing new insights to the investors and management in making their investment related decisions.

75 FR 1784 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-01-13

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the... Market Street, San Francisco, California 94105-1579: 1. BW Acquisition, LLC, and Teach and Save, LLC (as...

THE INFLUENCE OF HOME COUNTRY MACROECONOMIC FACTORS ON INWARD CROSS-BORDER MERGERS AND ACQUISITIONS: THE CASE OF ROMANIA

Directory of Open Access Journals (Sweden)

Sehleanu Mariana

2015-07-01

Full Text Available Expanding abroad and entering on foreign markets is a natural step in the process of growth and development of firms. Cross-border mergers and acquisitions represent, currently, an important tool in the competitive struggle, which is increasingly intense due to the globalization of economies, and also the driving force behind the growth of Foreign Direct Investments (FDI flows globally. In Romania, the share of cross-border mergers and acquisitions inflows in the total FDI inflows increased progressively, reaching 46,6% in 2006, when the highest value of these transactions was registered (5.308 million dollars, according to UNCTAD. The aim of this empirical research is to study the correlation between the number of inward cross-border mergers acquisitions and a series of other variables, considered factors of influence, over the period 1992-2013. Using simple regression models, the study reveals that economic factors such as Gross domestic product (GDP, stock market capitalization (as a percentage of GDP, interest rate, exchange rate, M2 monetary aggregate and inflation have an important role in explaining cross-border mergers and acquisitions inflows. Between the number of inward cross-border mergers and acquisitions and GDP, M2 monetary aggregate, market capitalization, respectively the exchange rate, there is a direct and linear correlation and between the number of inward mergers and acquisitions and the interest rate, respectively the inflation, there is an inverse linear correlation. The research conducted reveals the important role played by macroeconomic factors with regard to the cross-border mergers and acquisitions inflows, as an entry mode of FDI in Romania.

Mergers and acquisitions for the radiologist.

Science.gov (United States)

Fleishon, Howard B

2008-05-01

In 2006 and the first half of 2007, the rapid pace of global activity contributed to the popularity of mergers and acquisitions (M&A). In fact, the medical imaging industry has a significant history in M&A as well. Along with the expectation of continued growth in medical imaging utilization and other industry trends, radiologists may become more involved in M&A transactions. There is little in the radiology literature dealing with the logistics and pitfalls of M&A. This article is an introduction for radiologists who might consider buying or selling their practices or merging with strategic partners. Although there are significant differences in the approaches of buy or sell situations compared with mergers, they do share several concepts that are outlined. One key to success in M&A transactions is the "process" or approach, which is described with some practical guidelines. Some basic terms and suggestions are also presented for reference.

Selected issues relating to target companies and their boards in the context of merger and acquisition transactions

International Nuclear Information System (INIS)

Allen, F.R.

1998-01-01

Some of the practical, legal and regulatory issues which the board of directors of a target company should bear in mind in their deliberations concerning a take-over bid are reviewed. Directors of such companies will require compliance with and adherence to standard legal and regulatory rules of conduct. Developing a team to deal with the myriad details of a take-over, acquisition or merger, preparing and compiling and maintaining a manual of relevant information are highly recommended. Fiduciary duties of directors and its relevance to mergers and acquisitions are illustrated by reference to a number of recent actual court cases involving these issues. Relevant Canadian and U.S. Case Law is reviewed. It is emphasized throughout the paper that take-over transactions, mergers and acquisitions are complex and time consuming processes. It is essential and customary for senior management to be active participants in most merger and acquisition matters to provide the strategic input which drives the efforts of all involved. Equally important is to establish appropriate governance practices and to prepare and equip the corporation's mergers and acquisitions team in advance, should such events arise on short notice by design or otherwise. 38 refs

Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect

Directory of Open Access Journals (Sweden)

Yang Xingrui

2016-01-01

Full Text Available This paper adopts the case study method to respectively research the value creation in the exploration and exploitation type of China’s four cross-border mergers & acquisitions, and discusses the similarities and differences between the value creation in the utilization and exploration type of mergers & acquisitions, and finds that the former type of mergers and acquisitions is suitable for a medium or higher level of integration in the aspect of the organization structure, culture, human resources and supply chain, so as to realize the value creation through the improvement of synergies and market forces; the latter type of mergers and acquisitions is suitable for higher level of integration in the aspect of the supply chain, research & development, brand and channel, so as to create value by broadening the marketing channel and enhancing innovation capability.

Determinants of premiums in aerospace mergers and acquisitions: A preliminary analysis

Science.gov (United States)

Bryant, John K.

There is a large body of literature on different aspects of premiums as they relate to mergers and acquisitions. However, there is very little literature that specifically discusses the determinants of premiums in aerospace. Few industries have experienced the prolonged consolidation that the aerospace industry has seen. Today, the industry is dominated by a few large firms, but there is still merger activity continuing especially with second-tier firms attempting to secure their future through growth. This paper examines several determinants as applied to 18 aerospace mergers of publicly held companies and divisions from 1991 through April of 2002.

78 FR 41063 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-09

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

77 FR 69454 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-11-19

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

77 FR 42312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-07-18

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

The linkages between cultural differences, psychological states, and performance in international mergers and acquisitions

NARCIS (Netherlands)

Weber, Yaakov; Drori, Israel

2008-01-01

A model focusing on the role of the individual in national and corporate culture clash situations, during post-merger integration, is presented. The theory of psychological contract is adapted to explain different individual expectations in domestic versus international mergers and acquisitions

Performance Assessment of Mergers and Acquisitions

DEFF Research Database (Denmark)

Wang, Daojuan; Moini, Hamid

2012-01-01

on the performance measures and benchmarks adopted in M&A research field and the relevant empirical results. We find that the definitions of performance varied in terms of accounting, financial, operational and perceptual metrics. And performance assessment is sensitive to the definition of performance, methodology......Corporate mergers and acquisitions (M&As) have been increasing popular during these decades. However, a majority of research show failure rate (40% - 80%) has not significantly changed. This “success paradox” triggers us to reflect on performance assessment of M&As: how the performance of M...

Social Network Mixing Patterns In Mergers & Acquisitions - A Simulation Experiment

Directory of Open Access Journals (Sweden)

Robert Fabac

2011-01-01

Full Text Available In the contemporary world of global business and continuously growing competition, organizations tend to use mergers and acquisitions to enforce their position on the market. The future organization’s design is a critical success factor in such undertakings. The field of social network analysis can enhance our uderstanding of these processes as it lets us reason about the development of networks, regardless of their origin. The analysis of mixing patterns is particularly useful as it provides an insight into how nodes in a network connect with each other. We hypothesize that organizational networks with compatible mixing patterns will be integrated more successfully. After conducting a simulation experiment, we suggest an integration model based on the analysis of network assortativity. The model can be a guideline for organizational integration, such as occurs in mergers and acquisitions.

78 FR 17206 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-03-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

75 FR 30405 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-06-01

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

78 FR 37222 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

78 FR 7430 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-01

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

77 FR 38816 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-06-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

77 FR 64993 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-10-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

77 FR 48156 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-13

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

75 FR 26961 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-05-13

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

Impact of Mergers and Acquisitions on the Performance of ...

African Journals Online (AJOL)

This research study examined the impact of mergers and acquisition on the performance of manufacturing firms in Nigeria. A total of thirty-five (35) companies formed the population of this study and questionnaire was used to collect data for this research work. Data generated from the study were analysed descriptively ...

Mergers and Acquisitions-1998 M&A: The Year in Review.

Science.gov (United States)

Defendeifer, Linda

1999-01-01

Discusses mergers and acquisitions in the publishing industry, including alliances among the largest publishers and printers; planned and abandoned deals; issues in academia, including rising scholarly journal prices and electronic journals; smaller firm alliances; magazine publishing; and newspaper consolidations. (LRW)

77 FR 64338 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-10-19

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 40739 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 13191 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-03-10

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 52737 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 38631 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-06-28

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 52530 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-08-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 78705 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-12-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 16808 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-04-02

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 28435 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-05-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 77534 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-12-13

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 61845 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-04

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 77229 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-12-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 71420 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-11-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 70004 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-11-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 66719 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-10-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 26759 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-07

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 22263 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-04-15

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 59689 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 46334 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-31

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 65631 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-10-26

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 33093 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-03

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 26760 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-07

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 42523 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 62807 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-10-11

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 34384 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-07

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 29643 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-18

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 21367 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-04-15

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 42777 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 1490 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-01-10

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 11884 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 10529 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-02-22

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 61359 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-10-04

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 41788 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-07-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 27966 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-05-13

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 21981 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-04-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 27061 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 50056 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-08-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 74662 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-12-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 73466 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-12-10

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 65190 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-10-25

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 18246 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-03-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 17142 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-04-05

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 47070 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-07

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 38039 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-25

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 65485 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-10-25

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 53202 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-31

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 59938 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 22577 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-04-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 30535 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 57023 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-09-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 31855 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 31550 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-05-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 66763 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-10-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 40366 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-07-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 26280 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-03

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 22705 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-04-22

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 69680 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 7783 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-04

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 38715 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 35893 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-06-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 29760 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-05-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 32779 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-06-09

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 25693 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-05-05

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 69623 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-11-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 70945 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 31549 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-05-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 58834 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-09-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 13127 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-03-05

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 29348 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 70439 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-11-26

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 56209 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-09-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

76 FR 51980 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-08-19

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

78 FR 65312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-31

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

75 FR 36657 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-06-28

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 29347 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-05-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 52738 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

77 FR 77078 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-12-31

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

Integrating organizational and human behavior perspectives on mergers and acquisitions: Looking inside the black box

NARCIS (Netherlands)

Weber, Yaakov; Drori, Israel

2011-01-01

This article presents a conceptual framework for investigating merger and acquisition (M&A) performance through a multistage and multilevel approach. First, human resource challenges during the integration process following a merger are explored to help explain the inconsistencies among empirical

Tax Implication of Structuring and Financing Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Cristian Ianca

2008-09-01

Full Text Available The structuring and financing of mergers and acquisitions has substantial tax consequences. The decision to acquire the assets or the shares of the target company should take into consideration, on one hand, the capital gains taxation at the transaction time and, on the other hand, the tax planning opportunities for the future. The tax burden can also be minimized by an optimum selection of the acquisition vehicle. The choice of a financing alternative should take into account the interest deductibility and the specific tax regulations of each jurisdiction concerned.

Analysis of Economic Performance in Mergers and Acquisition

Institute of Scientific and Technical Information of China (English)

王立杰; 孙涛

2003-01-01

Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.

Downsizings, Mergers, and Acquisitions: Perspectives of Human Resource Development Practitioners

Science.gov (United States)

Shook, LaVerne; Roth, Gene

2011-01-01

Purpose: This paper seeks to provide perspectives of HR practitioners based on their experiences with mergers, acquisitions, and/or downsizings. Design/methodology/approach: This qualitative study utilized interviews with 13 HR practitioners. Data were analyzed using a constant comparative method. Findings: HR practitioners were not involved in…

Mergers and acquisitions in professional organizations: a complex adaptive systems approach.

Science.gov (United States)

Walls, M E; McDaniel, R R

1999-09-01

Nurse managers face unique challenges as they cope with mergers and acquisitions among health care organizations. These challenges can be better understood if it is recognized that health care institutions are professional organizations and that the transformations required are extremely difficult. These difficulties are caused, in part, by the institutionalized nature of professional organizations, and this nature is explicated. Professional organizations are stubborn. They are repositories of expertise and values that are societal in origin and difficult to change. When professional organizations are understood as complex adaptive systems, complexity theory offers insight that provide strategies for managing mergers and acquisitions that may not be apparent when more traditional conceptualizations of professional organizations are used. Specific managerial techniques consistent with both the institutionalized characteristics and the complex adaptive systems characteristics of professional organizations are offered to nurse managers.

Impact of information technology infrastructure flexibility on mergers and acquisitions

NARCIS (Netherlands)

Benitez, Jose; Ray, Gautam; Henseler, Jörg

2018-01-01

Although mergers and acquisitions (M&A) are a common strategy to reduce costs and pursue growth, the variance in returns from M&A is very high. This research examines how information technology (IT) infrastructure flexibility affects M&A. We use a combination of secondary as well as matched-pair

The Growth in Mergers and Acquisitions in the United States Publishing Industry: 1984-1988.

Science.gov (United States)

Greco, Albert N.

This paper argues that because of a recent, sizable increase in the number of mergers and acquisitions, especially by foreign corporations in the United States, it is possible that a small number of firms could dominate the publishing and information processing industry in the world. The paper outlines briefly the patterns of mergers and…

Empirical Analysis of Effects of Bank Mergers and Acquisitions on Small Business Lending in Nigeria

Science.gov (United States)

Ita, Asuquo Akabom

2012-11-01

Mergers and acquisitions are the major instruments of the recent banking reforms in Nigeria.The effects and the implications of the reforms on the lending practices of merged banks to small businesses were considered in this study. These effects were divided into static and dynamic effects (restructuring, direct and external). Data were collected by cross-sectional research design and were subsequently analyzed by the ordinary least square (OLS) method.The analyses show that bank size, financial characteristics and deposit of non-merged banks are positively related to small business lending. While for the merged banks, the reverse is the case. From the above result, it is evident that merger and acquisition have not only static effect on small business lending but also dynamic effect, therefore, given the central position of small businesses in the current government policy on industrialization in Nigeria, policy makers in Nigeria, should consider both the static and dynamic effects of merger and acquisition on small business lending in their policy thrust.

EFFECTIVE SCHEMES OF FINANCING MERGERS AND ACQUISITIONS OF INTERNATIONAL CORPORATIONS

Directory of Open Access Journals (Sweden)

Vladimir Momot

2013-10-01

Full Text Available The article considers the question of a choice of the optimum scheme of financing mergers and acquisitions (M&As in the environment of international corporations. Methods and ways of financing integration transactions are considered and key factors and system processes of realization of these transactions are defined.

The human resources in mergers and acquisitions

Directory of Open Access Journals (Sweden)

Noemí Martínez Caraballo

2007-07-01

Full Text Available In view of intangible resources -and, among them, human capital- play a significant role in the managerial strategy, this article aims to analyze the fit of human resources in companies that has been target of mergers and/or acquisitions processes. In this sense, the present paper will be centered in carrying out a state of the art of this topic and in showing some evidences about the top managers perceptions of the target company with the purpose of better understanding which are the reasons for the departure and the permanence of them.

Expanded Understanding of IS/IT Related Challenges in Mergers and Acquisitions

DEFF Research Database (Denmark)

Toppenberg, Gustav

2015-01-01

Organizational Mergers and Acquisitions (M&As) occur at an increasingly frequent pace in today’s business life. Paralleling this development, M&As has increasingly attracted attention from the Information Systems (IS) domain. This emerging line of research has started form an understanding...

The Wage Premium of Globalization: Evidence from European Mergers and Acquisitions

OpenAIRE

Oberhofer, Harald; Stöckl, Matthias; Winner, Hannes

2012-01-01

We provide evidence on the impact of globalization on labor market outcomes analyzing pay differences between foreign-acquired and domestically-owned firms. For this purpose, we use firm level data from 16 European countries over the time period 1999 to 2006. Applying propensity score matching techniques we estimate positive wage premia of cross-boarder merger and acquisitions (M&As), suggesting that foreign acquired firms exhibit higher short-run (post-acquisition) wages than their domestic ...

The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: a Case of Banks in Malaysia

OpenAIRE

Harjito, D. Agus; Sulong, Zunaidah

2006-01-01

This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions ...

The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: A Case of Banks in Malaysia

OpenAIRE

Harjito, D. Agus; Sulong, Zunaidah

2009-01-01

This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions compl...

Quantification of the evolution of firm size distributions due to mergers and acquisitions

Science.gov (United States)

Sornette, Didier

2017-01-01

The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company’s own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes. PMID:28841683

Quantification of the evolution of firm size distributions due to mergers and acquisitions.

Science.gov (United States)

Lera, Sandro Claudio; Sornette, Didier

2017-01-01

The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

Quantification of the evolution of firm size distributions due to mergers and acquisitions.

Directory of Open Access Journals (Sweden)

Sandro Claudio Lera

Full Text Available The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth. Thereby, the impact of mergers and acquisitions (M&A on the firm size (external growth is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

Cross-border mergers and acquisitions: Mature markets vs. emerging markets—with special reference to the USA and India

Directory of Open Access Journals (Sweden)

Geeta Rani Duppati

2015-12-01

Full Text Available Due to the differences in the merger waves across markets, the market for cross-border mergers and acquisitions by Indian companies differs in context and situations from those of the mature markets. Post-acquisition performance is critical to the success of companies involved in overseas investments. This paper uses event study methodology to analyse the long-term performance of Indian-acquiring companies by undertaking 30 outward foreign direct investment (OFDI-related deals, during 2000–2008 period. Further, it compares the empirical findings from India with the prior findings from the USA. It is evident from the empirical results that the stock markets reacted positively in the short run following the announcements of the OFDI-related mergers and acquisitions by Indian companies. The empirical findings also showed positive results in the post-acquisition period following the overseas deals.

Do Merger And Acquisition Affect On Company’s Financial Performance?

Directory of Open Access Journals (Sweden)

Novia Dian Larasati

2018-02-01

Full Text Available This research aims to determine whether there are differences in the company's financial performance before and after merger and acquisition are conducted. The design of this researchis quantitative research. This research was conducted on the listing company in the Indonesian Stock Exchange 2010-2014. The data source was obtained from secondary data; the data obtained from the financial conditionments. The total final samples used were 24 companies by usingpurposive sampling method. The data used were analyzed using the Wilcoxon Signed Ranked Test. The results of this research indicate that current ratio (CR,debt to equity ratio (DER,net profit margin(NPM,price earnings ratio (PER, total asset turnover (TATO had no significant difference on the company before and after merger and acquisitionon the listing company in the Indonesian Stock Exchange (merger and acquisitionof 2010-2014.

Development of mergers and acquisitions in the conditions of the Czech economy 2001–2010

Directory of Open Access Journals (Sweden)

Jaroslav Sedláček

2011-01-01

Full Text Available This paper presents the first results of a research project which has the aims to identify the problems appearing during the preparation of mergers in compliance with valid Czech regulations and to analyze economic causes and consequences of mergers. At the first stage it was necessary to compile a basic dataset in a structure needed for a statistical analysis. The aim of the analysis presented in this paper is to ascertain, both theoretically and empirically, how the external environment affected the development of mergers of trading companies in the conditions of the Czech economy. The covered period is the past ten years, i.e. 2001–2010, when the development of the global economy was affected by the bank crisis in the USA and the economic recession. The analysis of the development of mergers and acquisitions focuses on three groups of factors affecting activities in the field of company combinations. These are mergers and acquisitions which are subject to approval by regulatory bodies, the effect of new regulations of financing (financial factors and the effect of the macroeconomic situation in the form of GDP indicator and PX index. Macroeconomic indicators are related to mergers whose development has not been published or explored within scientific research. The results of the analysis allowed us to describe the dependence of activities in the field of company mergers which took place in the Czech Republic in the past decade on the selected factors of the external environment.

Motivations, Valuation, and Performance Assessment in Cross-border Mergers and Acquisitions

DEFF Research Database (Denmark)

Wang, Daojuan; Moini, Hamid

2016-01-01

This chapter focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

THE EFFECTS OF CROSS-BORDER BANK MERGERS AND ACQUISITIONS ON THE PRODUCTIVITY OF CREDIT INSTITUTIONS

Directory of Open Access Journals (Sweden)

Andreea N. POPOVICI

2014-06-01

Full Text Available The purpose of the current research is to study bank mergers and acquisitions (M-A and to see whether they have implications on the productivity of the target banks, and also for the bidder bank. The aim of this paper is to see if, during 2002-2008 period, three banks from the European banking system, Banca Comerciala Romana from Romania, Slovenskásporiteľňa from Slovakia and Erste Bank Group from Austria improved their productivity due to the fact that all of them were involved in a process of cross-border merger or acquisitions, even if the bank is the purchaser or the target. To reach our goal, we used DEA method, by estimating the productivity achieved by these three banks during the period pre-M-A, post M-A, but we also estimated the productivity for entire period of seven years. Using Malquist DEA method, we show that, on average, the merger or acquisition in which a bank was involved improved the Total Factor Productivity of all analyzed banks.

Cross-border mergers and acquisitions and European integration

OpenAIRE

Coeurdacier, Nicolas; de Santis, Roberto A.; Aviat, Antonin

2009-01-01

Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same s...

Risk and prevention mergers and acquisitions financial%企业并购中的财务风险与防范

Institute of Scientific and Technical Information of China (English)

车莹

2015-01-01

Mergers and acquisitions market economy develops to a certain stage, the competition fierce, full of the inevitable manifestation of the current mergers and acquisitions is widespread, some companies through mergers and acquisitions to achieve the effective integration of the production, management, marketing, competition, and other factors achieve the effect of business development and growth, but there are a lot of mergers and acquisitions in the financial risk, the study from the perspective of merger control financial risk to start thinking, describes the different types of financial risks arising from mergers and acquisitions, corporate mergers and acquisitions process to produce the main causes of the financial risk of a profound analysis and anatomy, provides an entry point to the merger process for financial risk control measures.%企业并购是市场经济发展到一定阶段，竞争激烈化、全面化的必然表现形式，当前我国企业并购十分普遍，一些企业通过并购实现了生产、经营、市场、竞争等各项要素的有效整合，达到了企业发展和壮大的效果，但是企业并购中存在着大量的财务风险，本研究从企业并购财务风险的控制角度展开了思考，阐述了企业并购所产生的不同种类的财务风险，对企业并购过程中产生财务风险的主要成因进行了深刻的分析与解剖，提供了以企业并购过程为切入点的财务风险控制措施。

Completion or abandonment of mergers and acquisitions : Evidence from the newspaper industry, 1981-2000

NARCIS (Netherlands)

Muehlfeld, Katrin; Sahib, Padma Rao; van Witteloostuijn, Arjen

2007-01-01

Regulatory and technological changes have resulted in a surge in merger and acquisition (M&A) activity in the newspaper industry since the 1980s. This study investigates the "success" of these activities focusing on a particular facet of acquisition performance. We study the completion likelihood of

Optimizing asset value (OAV) -- A decision tool for mergers and acquisitions

Energy Technology Data Exchange (ETDEWEB)

Blanchard, D.; Brinsfield, W.; Franklin, E. [Tenera Energy, LLC, San Francisco, CA (United States); Turnage, J. [US Generating Co., Bethesda, MD (United States)

1999-11-01

As the energy industry restructures and realigns, companies are increasingly engaged in all aspects of mergers, acquisitions, and divestiture. Successful transactions are no accident, and new insights are emerging daily. This paper describes a tool called Optimizing Asset Value (OAV) that provides support to the Valuation phase of the merger, acquisition, and divestiture process. The methodology is based upon a quantitative, risk-based approach that is used to calculate the impact of equipment operation and operations/maintenance practices upon the ability to generate maximum revenue. By combining probabilistic reliability data with the economic consequences of plant derating, equipment can be prioritized as to its importance to revenue generation. Savvy buyers can apply OAV to plants under consideration for purchase to estimate where the plant is on its revenue generation capability curve, and thus gain a better understanding as to the risks, or opportunities for improvement, that exist. This information can be used along with other pro forma analyses to set the bid price for the asset.

Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

Directory of Open Access Journals (Sweden)

Hatem El Zuhairy

2015-07-01

Full Text Available There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objectives. This paper proposes a framework to help in the successful execution of M&A. The framework contains three main elements: the motives, success factors and key success indicators (KSI. A qualitative research approach using the multiple case study methodology was conducted to test the framework. Ten case studies were selected from the industrial sector in Egypt and used to validate the research. The final version of the M&A framework was provided after applying the research results. Considering the practical implications of the M&A framework, a tool was proposed for its application in light of the balanced scorecard (BSC methodology. The proposed M&A scorecard tool should be used in the strategic planning and execution of M&A. Both the proposed M&A framework and the M&A scorecard tool should be used to guide the implementation of M&A in order to increase the success rate enjoyed by organizations.

Mergers and acquisitions: valuation and risk assessment; CD-ROM ed.

Energy Technology Data Exchange (ETDEWEB)

Calvin, B.N.

1996-04-01

An independent review of all facets of risk management, as it pertains to mergers and acquisitions within the petroleum industry, with no transactional motivation, was provided by a representative of a firm specializing in all phases of risk assessment. The following topics received attention: (1) the forward curve versus industry expectations, (2) investor expectations, (3) financial versus physical transactions, and (4) synthetic debt.

Elucidate Innovation Performance of Technology-driven Mergers and Acquisitions

Energy Technology Data Exchange (ETDEWEB)

Huang, L.; Wang, K.; Yu, H.; Shang, L.; Mitkova, L.

2016-07-01

The importance and value of Mergers and Acquisitions (M&As) have increased with the expectancy to obtain key technology capabilities and rapid impact on innovation. This article develops an original analytical framework to elucidate the impact of the technology and product relatedness (similarity/complementarity) of the Technology-driven M&A’ partners on post-innovation performance. We present results drawing on a multiple case studies of Chinese High-Tech firms from three industries. (Author)

Mergers and acquisitions - an empirical analysis of the German energy sector; Mergers and Acquisitions. Eine empirische Analyse der Energieindustrie in Deutschland

Energy Technology Data Exchange (ETDEWEB)

Misirlioglu, Cem [Technische Univ. Berlin (Germany). Fachgebiet Innovationsoekonomie

2013-07-15

Growth strategies have become an essential component of corporate planning since the onset of market liberalisation and deregulation. The present article analyses the use of mergers and acquisitions as an external market strategy (M and A) in the period from 2000 until 2010. It transpires that the development of M and A has gained momentum and will probably see even greater dynamism in the future as a result of changing political framework conditions as well as further developments in the market for conventional and renewable energies.

On Managing Cultural Integration and Cultural Change Processes in Mergers and Acquisitions

NARCIS (Netherlands)

Bijlsma-Frankema, K.M.

2001-01-01

This article discusses success factors of cultural integration and cultural change processes in mergers and acquisitions. The focus of the project is on the effects of frictions between structure and cultures, and frictions between different cultures, on the functioning of the organisation. The

Analyzing and executing mergers and acquisitions.

Science.gov (United States)

Woodard, M A; Lindstrom, K

1997-05-01

Healthcare organization are consolidating at an unprecedented rate. With the number of mergers and acquisitions not likely to abate, healthcare organizations will need to become involved in strategic planning to manage the effects of this transaction activity and exert more control over the direction it will take. In particular, healthcare organizations need to know how to respond when their organizations are approached about a consolidation opportunity and how to determine whether a consolidation transaction would be strategically advantageous. Healthcare organizations can increase the chances that a consolidation will be successful by following six steps: performing a business inventory; determining the desire business profile; setting criteria for selecting a partner; identifying potential buyers and sellers; negotiating terms; and closing the transaction.

MERGERS AND ACQUISITIONS IN AGRICULTURAL-FOOD INDUSTRY IN THE WORLD BETWEEN 1990 AND 2012

Directory of Open Access Journals (Sweden)

Magdalena Jaworska

2013-12-01

Full Text Available Taking into consideration the specification of the sector, distinct tendencies in FDI flows can be expected both in the short and long term. The aforementioned assumption constituted the basis for the research the aiming at of which the presentation of the level, dynamics and structure of cross-border mergers and acquisitions in agricultural-food industry and exploration, on their basis, of the tendencies and directions in which they are going to change as well as to specify the place and role of agriculture and food industry in global flows of FDI. In order to reach the aforementioned goal, ex-post empiric analysis of capital flows in the form of mergers and acquisitions was applied (1990-2012 together with chosen statistical methods (measurements of placement and variation and with indicators of structure and dynamics. The results of the analysis showed that M&As, in the long term, was specified by a relatively high cyclical nature as well as by a growing trend with short-term fluctuations around the trend distinct from those specifying other sectors. Moreover, the research proved that mergers and acquisitions constituted an important form of FDI flows and their implementation had a marginal meaning when considering the whole sector. 

企业并购中的财务风险控制研究%Research on Financial Risk Control in Mergers and Acquisitions

Institute of Scientific and Technical Information of China (English)

惠红梅

2012-01-01

Mergers and acquisitions can enhance the value of the enterprise itself, improve the comprehensive competitiveness of enterprises. With the development of China's market economy, mergers and acquisitions faces a variety of risks, and eventually through mergers and acquisitions cost impact to the financial risk. Therefore, the analysis of mergers and acquisitions of financial risks, the research to examine corresponding measures for mergers and acquisitions in China will play a positive role in guiding.%企业要想提升自身价值,提高综合竞争能力,企业并购是很好的一种方式.在我国市场经济发展中,企业并购有很多风险,但是企业并购的成本最终会影响财务风险.因此,我们来分析研究企业并购财务风险,找到合适的解决办法,对我国企业并购将有很大的帮助.

Cross-border merger & acquisition activity and revealed comparative advantage in manufacturing industries

NARCIS (Netherlands)

Brakman, Steven; Garretsen, Harry; van Marrewijk, Charles; van Witteloostuijn, Arjen

2013-01-01

We estimate an important implication of oligopolistic international trade modeling for the predicted pattern of cross-border mergers and acquisitions (M&As). Our core argument is that cross-border M&As are, among other factors, driven by cross-country differences in comparative advantage. We find

The DySIIM Model for Managing IS Integration in Mergers and Acquisitions

DEFF Research Database (Denmark)

Henningsson, Stefan; Carlsson, Sven

2011-01-01

Corporate mergers and acquisitions (M&As) are prominent means for corporate strategy. In many M&As information systems (IS), integration is critical for achieving the intended goals. By integrating previous research on M&A and IS integration, we develop a six-dimensional theoretical framework...

Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines

OpenAIRE

Cortés, Lina M.; García, John J.; Agudelo, David

2015-01-01

This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OLS models, we find evidence that some selling companies obtain abnormal returns that are statisticallysignificant after the announcement of the M&A. However, when the merger is not strategic, the compan...

Nestlé Group acquires Starbucks Corporation : mergers and acquisitions

OpenAIRE

Köhler, Charlotte

2014-01-01

This paper will analyze the possibility of creating additional shareholder value through mergers and acquisition between Nestlé Group and Starbucks Corporation at the end of the first quarter of 2013. Nestlé, the current market leader, has been under attack on its position as number one in the industry. At the same time, Starbucks has established itself as the leading speciality coffee shop chain worldwide. By using Discounted Cash Flow, a Dividend Discounted model and Relative Valuation, ...

EXTERNAL CORPORATE GOVERNANCE MECHANISMS: MERGERS AND ACQUISITIONS ON THE BRAZILIAN MARKET

Directory of Open Access Journals (Sweden)

Mario Augusto Parente Monteiro

2014-08-01

Full Text Available The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM, related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.

Return on shares of steel companies under the influence of mergers and acquisitions

Directory of Open Access Journals (Sweden)

J. Zuzik

2015-01-01

Full Text Available The present article intends to asses returns on shares of the steel companies that were formed based on either merger or acquisition. The analysis included 14 operations in the steel industry. Attention was paid to returns of the companies performing acquisitions, as well as to the returns on shares that presented the acquisition target. The analysis was performed based on the “event study” method, and the analysed event was the announcement or notification of realization of an acquisition. Shares of the target steel companies as well as acquirers are attaining higher returns, but the change was not statistical significant.

International accounting standards and their effect on mergers and acquisitions

Directory of Open Access Journals (Sweden)

Blanca I. Vega Castro

2007-09-01

Full Text Available The main objective of this paper is to investigate whether the international accounting harmonization has favored the globalization process. This investigation examined the relationship between international accounting standards and the international merger and acquisition activities in Argentina, Brazil, Chile, México, Peru and Venezuela from 1995 to 2004. This research tested four hypotheses and used analytics such as panel data analysis, correlation, nonparametric tests and logistic regression.

Tax Competition and Double Tax Treaties with Mergers and Acquisitions

OpenAIRE

Siggelkow, Benjamin Florian

2013-01-01

In a two-period tax competition model with provision of local public goods, we analyze efficiency properties of double taxation reliefs incorporating either the exemption method, the tax credit system or the full taxation after deduction system. Foreign direct investments are presumed to be one-way and characterized by long-term mergers and acquisitions. We find that in case of (i) tax revenue maximization the exemption method implies inefficiently low tax rates, whereas the fu...

Is Speed of Integration really a Success Factor of Mergers and Acquisitions? : An Analysis of the Role of Internal and External Relatedness

OpenAIRE

Homburg, Christian; Bucerius, Matthias

2006-01-01

Previous research on mergers and acquisitions (M&A) has neglected the issue of speed of post merger integration (PMI) by and large. This paper argues that there are benefits and detriments associated with speed of integration. Thus, in some situations speed may be highly beneficial whereas in others it may be harmful to the success of a merger or acquisition. It is argued that the benefits and detriments of speed of integration depend on the magnitude of internal and external relatedness ...

In Search of Value Drivers in Mergers and Acquisitions

DEFF Research Database (Denmark)

Rose, Caspar; Sørheim, Daniel; Lerkerød, Magnus

2017-01-01

The international literature on M&As is extensive, but surprisingly little evidence exists for the Nordic countries. This article attempts to fill the gap by studying 184 merger announcements from 1995 to 2014. Our findings differ in a number of ways. “First, we extend the current literature since...... we find that diversifying acquisitions” generate a higher bidder abnormal return compared with focused transactions. A possible explanation is that in diversifying acquisitions acquirers overpay for target firms within their core industry because they overestimate operational synergies...... with excessive free cash flows experience negative returns prior to an announcement. Furthermore, our results imply that a bidder company must be able convincingly to justify an acquisition to the market by communicating the presence of a sound and coherent integration plan....

77 FR 3774 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-01-25

..., Dupont, Indiana. River Valley Financial Bank, Madison, Indiana, the existing thrift subsidiary of... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

The transition from strategic technology alliances to mergers and acquisitions: an exploratory study

NARCIS (Netherlands)

Hagedoorn, J.; Sadowski, B.M.

1999-01-01

This paper studies a number of research topics derived from the basic question: do interfirm alliances change into mergers and acquisitions as companies that were previously co-operating become integrated? The analysis is limited to the group of strategic technology alliances, i.e. those interfirm

Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

International Nuclear Information System (INIS)

Cox, A.J.

1999-01-01

In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition

Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

Energy Technology Data Exchange (ETDEWEB)

Cox, A.J.

1999-05-01

In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition.

Trade Liberalization, Mergers and Acquisitions, and Intra-Industry Reallocations

DEFF Research Database (Denmark)

Bache, Peter Arendorf

This paper presents a Melitz-type model of international trade in final goods and Grossman-Hart-Antràs input sourcing by heterogeneous firms. We show how firms self-select into different organizational forms in a continuum of industries with different characteristics. Next, we show how a liberali...... a liberalization of trade leads to short run increases in the number of firm mergers and acquisitions and potentially new gains from trade. Finally, we show how the relative prevalence of integrating firms is increasing in some industries while constant in all others....

77 FR 17479 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-03-26

... Bank, also of Encino. CU Bancorp also has applied to acquire Premier Commercial Bancorp, and thereby indirectly acquire Premier Commercial Bank, N.A., both of Anaheim, California. Board of Governors of the... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...

75 FR 35030 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-06-21

... outstanding shares of Paragon Commercial Corporation, and its subsidiary, Paragon Commercial Bank, both of... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

75 FR 37804 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-06-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...: 1. Woori Finance Holdings Co., Ltd, Seoul, Korea; to acquire at least 51 percent of the voting shares of Hanmi Financial Corp., Los Angeles, California, and thereby indirectly acquire Hanmi Bank, Los...

75 FR 13763 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-03-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The..., California 94105-1579: 1. North Asia Investment Corporation, Seoul, Korea; to become a bank holding company by acquiring 100 percent of the voting shares of Pacific City Financial Corporation, and Pacific City...

Mergers and Acquisitions in the Banking Sector: The Case of Western Balkan Countries / BKT Albania

Directory of Open Access Journals (Sweden)

Lulzim Rashiti

2016-11-01

Full Text Available This paper aims to explain the financial system which is the engine force for the development of a trade economy. This system ensures payment means in economy and has an impact on its real activity, through the implementation of financial intermediation, acquisitions and mergers in the banking industry that have occurred in recent years in the Western Balkan countries, and monetary policy transmission in these countries. In developing countries, among which are also: Serbia, Macedonia, Albania, Montenegro, etc., banking industry is o" en almost the most important area in the financial system. Therefore, this paper will focus on the way the acquisitions and mergers occurred in the banking system, by assuming that many of the conclusions are applicable to the entire financial system in the Western Balkans. This paper will elaborate on this aspect a case study that deals with the acquisition of Banka Kombetare Tregtare (National Commercial Bank in Albania by the Turkish company Calik Holding (Akif Bank.

Mergers and acquisitions : the case of Kraft Foods and Cadbury

OpenAIRE

Ribeiro, Sara Isabel de Paula

2013-01-01

The aim of this dissertation is to focus on a determinant aspect of Corporate Finance that is Mergers and Acquisitions (M&A). This dissertation not only provides a practical analysis of main issued regarding a process of M&A, but also provides a theoretical framework about M&A. Specifically, this dissertation explores the real case of Kraft Foods - world’s second largest manufacturer and packager food products – and Cadbury - the world’s second largest confectionery firm. ...

Mergers and acquisitions: director and consultant liability exposure.

Science.gov (United States)

Waxman, J M

1995-02-01

Corporate directors and their consultants must make decisions in an uncertain and changing health care environment. The losses each may face as a result of an incomplete analysis of the true value of the entities involved in mergers or acquisitions may extend beyond the failure of the transaction to the creation of personal liability as well. Accordingly, objective, careful, detailed, and fair decision-making based upon adequate information is more critical than ever for directors if they are to be able to take advantage of the business judgment rule, and also for consultants to avoid their own liability when transactions fail to deliver the values they have estimated.

MERGER AND ACQUISITION IN THE FINANCIAL SERVICES INDUSTRY

Directory of Open Access Journals (Sweden)

Éva PINTÉR

2011-01-01

Full Text Available The paper analyses the driving forces of the convergence in the financial sector, focused on banking and insurance companies, in terms of strategic cross-sector and cross-border mergers and acquisitions (M As. New tendencies such globalization, integration, disintermediation and deregulation give the basis for new dimensions in the financial services industry. Based on the data, the banking industry has experienced an enormous level of consolidation as M As. We find that the penetration process, so the entry into insurance services industry is mostly driven by banks. We analyse whether this risky strategic process is beneficial or necessary in the financial services industry.

安德玛公司与MapMyFitness公司的合并%Mergers and Acquisitions of Under Armour and MapMyFitness

Institute of Scientific and Technical Information of China (English)

曹娜娜

2016-01-01

在激烈的市场竞争环境中，企业唯有不断发展壮大才可以生存下去，企业取得发展可以通过内部投资，也可以通过并购。近几年，企业并购浪潮愈演愈烈，企业并购已经成为市场经济发展的必然产物。文章选取安德玛并购MapMyFitNess这个案例进行研究，第一部分介绍了安德玛公司和MapMyFitNess的基本情况，以及实现合并的相关信息；第二部分分析了安德玛并购MapMyFitNess的原因，主要从进入壁垒和合并协同效应两个方面进行了分析；第三部分阐述了此次合并给安德玛公司在财务方面产生的影响；第四部分结合安德玛目前的发展证实了此次并购是安德玛公司的明智之举。%In the fierce market competition environment, enterprises need constant development to survive. The internal investment and mergers and acquisitions can make enterprises to develop. In recent years, the merger and acquisition of enterprises are fiercer and fiercer, and mergers and acquisitions have become the inevitable product of the development of the market economy. This paper researches the case of mergers and acquisitions of MapMyFitNess by Under Armour. In this paper, the first part introduces the basic situations of Under Armour and MapMyFitNess and the relevant information of the mergers and acquisitions. The second part analyzes the reasons of the merger and acquisition of MapMyFitNess, mainly from two aspects: entry barriers and merger synergies effect. The third part expounds the influence of the mergers and acquisitions on Under Armour in the financial aspect. The fourth part combines with the current development of Andemar to confirm that this acquisition is wise.

77 FR 76039 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-12-26

... York, with and into Flushing Commercial Bank, North New Hyde Park, New York, which will become a New York State-chartered commercial bank and change its name to Flushing Bank. Comments on this proposal... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...

78 FR 57154 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-17

..., Maryland, to a state chartered commercial bank. B. Federal Reserve Bank of Dallas (E. Ann Worthy, Vice... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

76 FR 63923 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-10-14

... Security Bank of Washington, Mountlake Terrace, Washington, from a state savings bank to a commercial bank... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

75 FR 11888 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-03-12

... acquiring 87.31 percent of the voting shares of People's Bank of Seneca, Seneca, Missouri. B. Federal... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

Risk Management in Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Dmitry O. Verdiev

2015-01-01

Full Text Available M&A statistics show that less than a third of newly merged companies has realized their planned synergistic effects and increased shareholder value. According to the author, such disgusting situation is due to improper planning and failure of corporate management to understand the importance of risk management in M&A. Lack of practice in identification, evaluation, mitigation and regular monitoring of risks leads to the situation when many companies merge despite the fact that the merger bears substantial risks. Corporate management fails to include risk mitigation expenses in merger costs. In many cases, risk mitigation expenses may be so substantive that the merger loses its attractiveness. Only few companies implement risk management methodology while planning M&A activity. This methodology may anticipate and minimize the consequences of various risk factors that negatively influence integration process. The article suggests an implementation of risk management best practice. This risk management best practice may act as an effective tool of successful realization of synergistic effects in M&A and may be helpful in increasing shareholder value in post-merger period. Risk management is conducted throughout the stages of merger and includes identification, analysis, assessment, management and monitoring of risks. Implementation of risk management at early stages of merger planning significantly decreases uncertainty in relation to achievement of financial and operational goals of newly merged company. The article provides with typical M&A risk matrix that may be adapted for specific M&A project. Risk matrix includes a register of risks sorted by stages of M&A deal, quality assessment of their probability, influence and impact on merger as well as risk mitigation methods.

Executing on Integration: The Key to Success in Mergers and Acquisitions.

Science.gov (United States)

Bradley, Carol

2016-01-01

Health care mergers and acquisitions require a clearly stated vision and exquisite planning of integration activities to provide the best possible conditions for a successful transaction. During the due diligence process, key steps can be taken to create a shared vision and a plan to inspire confidence and build enthusiasm for all stakeholders. Integration planning should include a defined structure, roles and responsibilities, as well as a method for evaluation.

75 FR 13129 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2010-03-18

... acquiring 100 percent of Circle Bank upon conversion of the bank from an industrial bank to a commercial... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

76 FR 67190 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2011-10-31

... Bank, Dover, Ohio, a thrift, upon its conversion to a national bank. B. Federal Reserve Bank of Atlanta... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company...

77 FR 48983 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-15

..., Vice President) 33 Liberty Street, New York, New York 10045-0001: 1. Hana Financial Group Inc., Seoul, Korea; to become a bank holding company by acquiring 71.37 percent of the voting shares of BNB Financial... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The...

Mergers and acquisitions in the global food processing industry in 1986–2006

NARCIS (Netherlands)

Muehlfeld, K.; Weitzel, G.U.; Witteloostuijn, A. van

2011-01-01

Food systems around the world experienced increased merger and acquisition (M&A) activity over the past decades. Based on a sample of 13,911M&A attempts worldwide during 1986–2006, this study provides an analysis of major determinants of M&A completion in the food processing industry. Friendly

Knowledge management in international mergers

NARCIS (Netherlands)

Grotenhuis, F.D.J.; Weggeman, M.C.D.P.

2002-01-01

This paper discusses the need for knowledge management in mergers and acquisitions. In mergers and acquisitions two cultures are combined, and also two systems of knowledge and insights are integrated. In order to develop and sustain competitive advantages for the knowledge-intensive firm, strategic

Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

OpenAIRE

Ignacio Fuentes; Teresa Sastre

1999-01-01

Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission ...

Mergers & Acquisitions – a Simulation Model Used in the Negotiation Process

Directory of Open Access Journals (Sweden)

Florin Grosu

2009-07-01

Full Text Available Today, more than ever, an essential element of any corporate growth strategy is growth through mergers and acquisitions. A survey conducted by PricewaterhouseCoopers reveals the fact that mergers and acquisitions are seen not only as instruments to avoid the global economic crisis, but also as an opportunity for firms to either buy their way into new technologies and expand, or to merge and bulk up. Not since the beginning of the 20th century has the economy seen such a massive restructuring. Whole industries are consolidating at a rate and a scale that is off the chart of historical experience.In this article we will discuss the MAC, MAE and information disclosure clauses, used in designing an M&A contract agreement. They can represent very important tools in a negotiation and the most beautiful part is that they are equally valuable to the buyer as well as to seller. An interesting analysis could be to look deeper into a cooperative surplus if both the seller ant the buyer will be fully aware of these tools and will use them in a cooperative game strategy, but in this paper we will limit our analysis to investigating them and simulating broad acquisition scenario in which these tools can be used by the buyer to reduce the risks associated with the transaction.In the next section we will analyze each clause as a separate tool to be used in negotiating a successful acquisition and then we will put them to work. For this, we will construct a reality based scenario for a real life acquisition, which took place in United States, to test the utility of these tools. The case we will analyze ended up in court and created losses for both the buyer and the seller. The purpose of our simulation is to create the incentives for a different outcome, this time a productive efficient one.We believe that these tools have the great advantage of allocating the endogenous risk to the seller leaving the buyer only with the exogenous risk.

The impact of horizontal mergers and acquisitions on cost and quality in health care.

Science.gov (United States)

Taylor, M J; Porper, R W; Manji, S

1995-12-01

Mergers and acquisitions among HMOs, hospitals and other health care providers can be disconcerting to benefits staff and employees, but they can be successfully managed. They may offer an employer the opportunity to improve the quality of care provided and to do so at reduced costs.

Organizational Factors of Justice and Culture Leading to Organizational Identification in Merger and Acquisition

Science.gov (United States)

Ismail, Maimunah; Umar Baki, Nordahlia

2017-01-01

Purpose: This paper aims to examine the influence of two organizational factors, namely, organizational justice and organizational culture, on organizational identification as perceived by employees following merger and acquisition (M&A) in Malaysia. Design/methodology/approach: The study, which adopts the Social Identity Theory as its…

FINANCIAL MARKET REACTIONS TO INTERNATIONAL MERGERS & ACQUISITIONS IN THE BREWING INDUSTRY: AN EVENT STUDY ANALYSIS

OpenAIRE

Heyder, Matthias; Ebneth, Oliver; Theuvsen, Ludwig

2008-01-01

Cross-border acquisitions have been the growing trend in recent years in the world brewing industry, giving brewers the opportunity to enhance their degree of internationalization and market share remarkably. This study employs event study analysis to examine 31 mergers and acquisitions among leading European brewing groups. Differences regarding financial market reactions can be determined within the European peer group. Managerial implications as well as future research propositions conclud...

Financial risk identification and control of cross border merger and acquisition enterprises

Directory of Open Access Journals (Sweden)

Adelina DUMITRESCU – PECULEA

2016-12-01

Full Text Available Mergers and acquisitions are basic channels for modern companies’ growth. With globalization speeding up, multinational companies increasingly take on M_A activities to strengthen global market positions and raise competitiveness. In recent years, M_A activities have played an important role in Chinese companies. Financial risk is inherent to M_A processes in cross-border companies. Also, more than 50% of Chinese companies did not achieve their M_A goals. Therefore, recognizing and controlling financial risk is essential. This paper analyses the financial risk from different perspectives and then provides suggestions by analysing a typical M_A case: Bohai Leasing merger with Seaco Company. Complete due diligence and clear M_A strategies, combination of various financing instrument, strategic paying methods and finance integration are some ways for controlling and decreasing finance risk.

Mergers: Success versus failure

International Nuclear Information System (INIS)

Carley, G. R.

1997-01-01

Successful mergers in the context of long-term value creation, as measured by return realized on investor-provided capital, were discussed. In essence, a successful merger is characterized by being motivated by a sound business reason and strategy for the merger, a reasonable price and sound execution. The acquiror's pre-merger success in managing a company is a good indicator of future success. Poorly managed companies that acquire other companies generally continue to be poorly managed with no significant increase in shareholder value. Prior to the acquisition, identification of the potential target, assessment of the people involved on both sides of the transaction, thorough knowledge of the target's potential for value creation, financial implications (debt, equity, terms and demand, tax implications, the potential effect of the proposed acquisition on the acquiror's business plan) and finally the execution of the process itself, are the important determinants of successful mergers

A statistical approach to the analysis of merger and acquisition efficiency in the Russian industry

Directory of Open Access Journals (Sweden)

Karelina M.

2017-01-01

Full Text Available At present, the success of economic institution transformations, as well as creating an efficient economic system with a fundamental new nature of corporate relationships are impossible without the statistical recording of factors contributing to the efficiency of merger and acquisition transactions in the Russian industry. The paper proposes a method for analyzing the efficiency of merger and acquisition transactions of enterprises in the industrial sector of the Russian economy, based on simulation methods. The methodical approach developed to analyze the efficiency of the integration transactions of Russian industrial companies allows one to consider individual preferences of investors, as well as to give a complex statistical evaluation of the strategic economic benefits from M&A transactions. This method enables to evaluate the probability and stability of the synergistic effect values within the increase of competitiveness of Russian industrial enterprises on the domestic and foreign markets.

78 FR 71613 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 73654 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-12-11

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 9917 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 47844 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-08-10

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 23934 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-04-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 53457 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-08-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 67012 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-11-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 65888 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-10-31

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 63476 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 52915 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-08-27

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 65690 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-10-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 72086 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-12-02

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 68840 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-15

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 9694 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-11

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 59031 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-25

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 61960 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 11186 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-15

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 23935 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-04-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 69416 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-19

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 18340 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-03-26

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 44122 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 69852 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-21

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

77 FR 37907 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-06-25

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 77684 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-12-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 57854 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-20

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 76146 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-12-16

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 58538 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 77465 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-12-23

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 54896 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-06

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 54647 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-09-05

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 28597 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-05-15

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 66006 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-04

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 5179 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-01-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 62302 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-15

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 73862 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-12-09

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 35930 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-14

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 65649 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-01

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 68445 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-14

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 60996 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-10-05

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 64498 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 41929 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-07-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 15952 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-03-13

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 19709 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-04-02

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 73539 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-12-06

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 67363 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 71612 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-11-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 37541 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-06-21

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 21949 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-04-12

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 17930 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-03-25

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 1212 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-01-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 51726 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-08-21

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 35681 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-06-14

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 62363 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-10-21

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

78 FR 11647 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-02-19

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 21368 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-04-10

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

77 FR 19287 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-03-30

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a...

77 FR 20022 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2012-04-03

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

78 FR 15014 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

Science.gov (United States)

2013-03-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a...

Integrated delivery systems: mergers and acquisitions.

Science.gov (United States)

Pinkerton, S

1999-01-01

Mergers and acquisitions are usually the way an IDS is built. The CNO and/or CNOs/DONs have an integral role in the resolution of the M/A process. During this time of significant change, during which there may even be chaos, the CNOs work to maintain stability so there is as little impact as possible on patient outcomes, a core responsibility of the CNOs. The CNOs should focus on identifying and working with the highly skilled individuals in the organization to get to the recovery stage of the M/A process, at which time a high-performing organization is achieved. To build this new organization or IDS, the old organizations of the M/A must be changed (Moss Kanter, 1994). The successful CNOs will manage the trade-offs and will become experts in collaboration. The CNO's goals are to maximize the quality of patient care, the professional satisfaction of the nurse, and the goals of achieving cost effectiveness for the system (Clifford, 1998), and keeping this focus through the M/A process will yield success.

78 FR 36189 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

Science.gov (United States)

2013-06-17

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Savings and Loan Holding... CFR part 239), and all other applicable statutes and regulations to become a savings and loan holding... savings association and nonbanking companies owned by the savings and loan holding company, including the...

78 FR 15015 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

Science.gov (United States)

2013-03-08

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-03831) published on page 11884 of the issue for Wednesday, February 20, 2013. Under the Federal Reserve Bank of San Francisco heading, the entry for One PacificCoast Foundation and One PacificCoast...

Impact Of Merger And Acquisition On Debt Management Ratio: A Case Study In Malaysian Banking Sectors

OpenAIRE

Mohammad Talha; Abdullah Sallehhuddin

2011-01-01

This study based on efficiency theory of shareholders wealth maximization of acquisition principle attempted to investigate the debt management ratio of ten Malaysian anchor banks after undergoing mega merger and acquisition program which was completed in the year of 2000. As efficiency theory consists of three elements that are financial synergy, operation synergy and managerial synergy, the study will primarily focus its analysis on financial synergy (debt management). Using accounting tech...

An Analysis of French Mergers and Acquisitions in Different Sectors of the Czech Economy

Directory of Open Access Journals (Sweden)

Eric Thivant

2017-04-01

Full Text Available Over the past two decades, French enterprises have been heavily investing in the Czech Republic. Today, France is the fifth biggest investor to the Czech Republic, and French companies are among the most important employers. The aim of this study is to analyze the presence of French firms in Czech Republic by look at the example the French-Czech mergers and acquisitions (M&A, and to explain the main motivation of the location of French firms in the country. Using a review of documents and secondary data analysis, we observe that French enterprises have invested especially in the Czech manufacturing sector, energy & power, consumer staples and financial services. In this study, we evaluate if French corporations try to optimize their production process within so-called global value chains, and if French companies have invested in their own strategic domain area or another strategic area by using the diversification growth approach. Finally, we present examples of successful mergers and acquisitions of French firms realized in the Czech Republic.

Merger & Acquisition and Capital Expenditure in Health Care

Science.gov (United States)

Ouyang, Wenjing; Hilsenrath, Peter E.

2017-01-01

Investment, especially through merger and acquisition (M&A), is a leading topic of concern among health care managers. In addition, the implications of this activity for organization and market concentration are of great interest to policy makers. Using a sample of 2256 firm-year observations in the health care industry during the period from 1985 to 2011, this article provides novel evidence that managers learn from financial markets in making capital expenditure (CAPEX) and M&A investment decisions. Within the industry, managers in the Drugs subsector are most likely to do so, whereas managers in the Medical Equipment and Supplies are least likely to do so. We find informative stock prices improve firm financial performance. This article highlights the importance of financial markets for real economic activity in the health care industry. PMID:28220717

A new wave of merger and acquisitions of energy industry: reasons, effects, policy

International Nuclear Information System (INIS)

Clo, Alberto

2005-01-01

A new wave of merger and acquisitions is interesting the energy industry. Many enterprises will disappear and markets will become more and more monopolistic. Once removed all barriers (foreign and domestic), who has remained in their own boundaries will not last for long. In this view, what is the market position of Italian enterprises and what political issues is carrying out our Country? [it

Training and Development Professionals and Mergers and Acquisitions: What Is the Story on Their Involvement?

Science.gov (United States)

Rifai, Rana; Waight, Consuelo L.

2006-01-01

This study explored the involvement of 15 training and development (T & D) professionals during mergers and acquisitions (M & A). The study found that T & D professionals are highly involved in orientation and management training and organization development related activities such as communication and diagnosis and blending of organizational…

78 FR 63476 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

Science.gov (United States)

2013-10-24

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-24511) published on page 62363 of the issue for Monday, October 21, 2013. Under the Federal Reserve Bank of Dallas heading, the entry for WCM-Parkway, Ltd, Dallas, Texas, is revised to read as...

The rise and fall of stellar across the peak of cosmic star formation history: effects of mergers versus diffuse stellar mass acquisition

Science.gov (United States)

Welker, C.; Dubois, Y.; Devriendt, J.; Pichon, C.; Kaviraj, S.; Peirani, S.

2017-02-01

Building galaxy merger trees from a state-of-the-art cosmological hydrodynamical simulation, Horizon-AGN, we perform a statistical study of how mergers and diffuse stellar mass acquisition processes drive galaxy morphologic properties above z > 1. By diffuse mass acquisition here, we mean both accretion of stars by unresolved mergers (relative stellar mass growth smaller than 4.5 per cent) as well as in situ star formation when no resolved mergers are detected along the main progenitor branch of a galaxy. We investigate how stellar densities, galaxy sizes and galaxy morphologies (defined via shape parameters derived from the inertia tensor of the stellar density) depend on mergers of different mass ratios. We investigate how stellar densities, effective radii and shape parameters derived from the inertia tensor depend on mergers of different mass ratios. We find strong evidence that diffuse stellar accretion and in situ formation tend to flatten small galaxies over cosmic time, leading to the formation of discs. On the other hand, mergers, and not only the major ones, exhibit a propensity to puff up and destroy stellar discs, confirming the origin of elliptical galaxies. We confirm that mergers grow galaxy sizes more efficiently than diffuse processes (r_{0.5}∝ M_s^{0.85} and r_{0.5}∝ M_s^{0.1} on average, respectively) and we also find that elliptical galaxies are more susceptible to grow in size through mergers than disc galaxies with a size-mass evolution r_{0.5}∝ M_s^{1.2} instead of r_{0.5}∝ M_s^{-0.5}-M^{0.5} for discs depending on the merger mass ratio. The gas content drives the size-mass evolution due to merger with a faster size growth for gas-poor galaxies r_{0.5}∝ M_s2 than for gas-rich galaxies r0.5 ∝ Ms.

Selecting and assessing a target firm for an international merger or acquisition

OpenAIRE

Veselinova, Elena; Gogova Samonikov, Marija; Matlievska, Margarita; Sajnoski, Krste

2011-01-01

International mergers and acquisitions (M & A) as a way of restructuring the companies represent an important part of the world of corporate finance. Every day the Wall Street investment bankers arrange M & A transactions in which individual companies are merging together to form larger and stronger companies than they are. Not surprisingly, such activities often appear on the news. These contracts totaled hundreds of millions, even billions of dollars. They determine the future of the compan...

Impact of mergers and acquisitions on the efficiency of banking in Colombia

Directory of Open Access Journals (Sweden)

Miguel Sarmiento

2018-04-01

Full Text Available This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.

浅议陕西煤化集团并购重组工作%Discussion of mergers and acquisitions work in Shaanxi Coal and Chemical Industry Group

Institute of Scientific and Technical Information of China (English)

邹贵武

2015-01-01

This paper introduced the main methods of mergers and acquisitions work , summarized the experiences of mergers and acquisitions work and analyzed the effects of mergers and acquisitions work during the development process of Shaanxi Coal and Chemical Industry Group .%介绍了陕煤化集团在发展过程中，实施并购重组工作的主要做法，总结了开展并购重组工作经验，并以具体实例说明了集团实施并购重组工作的效果。

Predation and Mergers: Is Merger Law Counterproductive?

OpenAIRE

Persson, Lars

1999-01-01

This Paper shows that predation might help firms overcome the free riding problem of mergers by changing the acquisition situation in the buyer's favour relative to the firms outside the merger. It is also shown that the bidding competition for the prey's assets is most harmful to predators when the use of the prey's assets exerts strong negative externalities on rivals, i.e. when their use severely reduces competitors' profits. The reason is that potential buyers are then willing to pay a hi...

EFFECTS OF MERGERS AND ACQUISITIONS ON FINANCIAL PERFORMANCE OF THE TARGET COMPANY

Directory of Open Access Journals (Sweden)

ADRIANA DUŢESCU

2013-05-01

Full Text Available Many studies revealed the fact that mergers and acquisitions are a risky business. Disregarding the M&A advisers’ fees, evaluations show that most of the companies completing M&A transactions disappoint to deliver on promised financial performance. But, as many would say, it is an investment and the highest risks produce the highest results - whether they're good or bad. Within this paper, we were intending to analyse the rate of success of relevant M&A transactions that took place in 2007 in Romania, by comparing the financial statements of the target companies before and after the acquisition, in the current economic context. The main objective of this study is to generally determine the successfulness of the M&A transactions, starting from assessing changes induced by the M&A transaction to the target company, with the help of three important financial ratios: profit margin, ROE and receivable collection period. Even though the study may present some bias, we have tried to be as objective as possible and not influence its outcome: that 80% of 10 most important private Mergers and Acquisitions taking place in Romania in 2007 and that meet several conditions: o The target is part of the consumer goods and services market (mainly trade and tourism and is an important player in its industry o The target is a Romanian private company, and its shares are not listed on the stock exchange o The acquirer is majority shareholder after the transaction The target company remained as a sole entity and was not integrated into the mother company after the transaction were not successful.

76 FR 60494 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies; Correction

Science.gov (United States)

2011-09-29

... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies; Correction This notice corrects a notice (FR Doc. 2011-24388) published on page 58812 of the... with Polonia Bancorp, Inc., Baltimore, Maryland, which proposes to become a savings and loan holding...

Assessment of Market Efficiency in Argentina, Brazil and Chile: an Event Study of Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Mario Domingues Simões

2012-04-01

Full Text Available This paper presents an investigation into the relationship between the announcement of mergers and acquisitions, the existence of positive abnormal returns for shares of these firms, and market efficiency in Argentina, Brazil and Chile. Statistically significant Standardized Abnormal Returns were present in the event announcement and the following days in Argentina and Chile and on the event day in Brazil, confirming value creation signaling. Furthermore, the significance of abnormal returns in the event window, namely in the 5 days following the event in Argentina and Chile and the absence of such in Brazil suggests a more efficient market exists in Brazil, in keeping with the semi-strong market efficiency hypothesis. The absence of semi-strong efficient market behavior could prove valuable to investors who could use a window of a few days after the event announcement to accumulate abnormal returns, provided the appropriate research into news of possible mergers or acquisitions has been made.

Measurement Bases for Acquisitions and Mergers in Financial Accounting and in Commercial Law

OpenAIRE

Vomáčková, Hana

2011-01-01

In association with transactions involving businesses, acquisitions and mergers, etc., commercial law stipulates the new measurement of business assets and thus also net business assets. Similarly, financial accounting stipulates the new measurement of assets, liabilities and net assets with an impact on the amount and structure of equity. It is a principal question as to whether the new measurement bases required by both commercial law and financial accounting are in principal identical. Pra...

Panorama 2016 - The revival of mergers and acquisitions in the oil and gas sector

International Nuclear Information System (INIS)

Fosse, Florian; Hache, Emmanuel; Portenart, Philomene

2015-12-01

The oil and gas sector remains fertile ground for mergers and acquisitions (M and A). This sector represented between 5% and 15% of total transactions from 2008 to 2014. Since 2008, M and A transactions in the sector have been dominated by a triad made up of a region (North America), a business segment (upstream oil and gas) and a type of key player (independent operators). (authors)

Company Mergers and Acquisitions on the Edge of Unlawful Competition

Directory of Open Access Journals (Sweden)

Elena - Mădălina Rotaru

2016-01-01

Full Text Available In the field of economy, transactions represent one of the fastest means available for improvingany company’s commercial and strategic position in the market. The context of technologicaldevelopments in recent years and the trend of globalization have largely influenced work in thefields of goods and services. Currently, geographical factors are no longer an obstacle andcompanies can expand their production without being influenced by state frontiers. Internationalmergers and acquisitions are, most often, joined by a true "cultural shock" [1] and must comply withregulations on competition both nationally and internationally. Since the penalties imposed byauthorities in charge of competition regulations are substantial, both internationally andnationally, this means that, when making mergers, one should be very cautious.

Making operational sense of mergers and acquisitions

Energy Technology Data Exchange (ETDEWEB)

Anderson, J.E.

1999-09-01

Mergers and acquisitions place a new requirement on many utilities. Not only must they be operationally efficient, but they must also be able to effectively manage internal change projects that results in the integration of new and acquired businesses. Evidence from US industry suggests that this is not an easy feat. However, careful planning of integration strategy, as well as taking the proper steps to design, develop, and implement integrated overhead functions, contribute significantly to successful M and A. Fundamentally, this means choosing the right integration organizational structure, picking the right overhead functions for integration, developing complete plans for integration, and thoroughly executing those plans. For the many utilities that are attempting to develop shared services operations, a number of specific steps can be taken to avoid common pitfalls. Key among these is to develop plans in a manner very similar to the establishment of new ventures. Communicating these efforts to the affected staff and garnering executive buy-in are key aspects of the change effort. Ultimately, utilities must track the impacts of these change efforts in cost savings and service quality improvements.

Causes Analysis of Enterprise Mergers and Acquisitions in Semiconductor Industries%浅析半导体行业内企业并购动因

Institute of Scientific and Technical Information of China (English)

周慧

2011-01-01

Domestic and international semiconductor companies started wave of mergers and acquisitions in this century, hoping to win in the semiconductor market through the scale and leadership brought by mergers and acquisitions. From the analysis of M & A from different point of economics, the fact that the mergers and acquisitions in semiconductor industry is effected by the economies of scale, synergies, industry cluster.%国内外半导体公司在本世纪展开了并购重组潮,希望通过并购带来的规模和领导力在半导体市场上获胜.本文从经济学中关于企业并购的不同角度分析,对半导体行业内的企业并购行为受规模经济,协同效应,产业集群效应等的影响进行大概的分析.

American Health Information Management Association. Position statement. Issue: managing health information in facility mergers and acquisitions.

Science.gov (United States)

1994-04-01

Healthcare facility mergers and acquisitions are becoming more common as the industry consolidates. Many critical issues must be considered in mergers and acquisitions, including the management of patient health information. In addition to operational issues, licensure, regulatory, and accreditation requirements must be addressed. To ensure availability of health information to all legitimate users, patient records should be consolidated or linked in the master patient index. A record retention policy should be developed and implemented to meet user needs and assure compliance with legal, regulatory, and accreditation requirements. If health information from closed facilities will be stored for a period of time, its integrity and confidentiality must be preserved, and it must be readily accessible for patient care. The compatibility and functionality of existing information systems should be assessed, and a plan should be formulated for integration of the systems to the extent possible. Such integration may be essential for the organization to successfully meet the demands of integrated delivery systems. Existing databases should be maintained in an accessible form to meet anticipated future needs.

Mergers and acquisitions in the European electricity sector. Cases and patterns

International Nuclear Information System (INIS)

Codognet, M.K.; Glachant, J.M.; Leveque, F.; Plagnet, M.A.

2002-08-01

This report surveys 96 mergers and acquisitions of electric power companies in the European Union from January 1998 to August 2002. Cases are described in part 1 and patterns in part 2. The companies in concern are: E.ON (Germany), Powergen (UK), RWE (Germany), National Power (UK), Innogy (UK), Electricite de France (EdF), Edison (Italy), EnBW (Germany), Electricidade de Portugal (EdP), Suez (France), Endesa (Spain), Enel (Italy), Vattenfall (Sweden), Bewag (Germany), Hafslund ASA (Norway), FORTUM (Finland), STATKRAFT (Norway), British Energy (UK), Scottish and Southern Energy (UK), National Grid Transco (UK), Centrica (UK), Sydvest Energi (Denmark), Essent (Netherlands) and Nuon (Netherlands). (J.S.)

Acquisition and Merger Process Through the Eyes of Employees : A Case Study on How Change Management and Integration Process Affected the Employees of Company X

OpenAIRE

Maidell, Terhi

2015-01-01

This study is a case study about acquisition and merger process, which took place in February 2014, when Company X(name changed) bought three magazines and 42 employees were transferred from Company Y (name changed). The topic covers such issues as; change management during acquisition and merger from the employees’ point of view, how employees react to change and how they experience the change management process. The aim of the study is to understand the employee side of the story during cha...

Mergers & Acquisitions and Intangibles

OpenAIRE

Ott, Christian

2012-01-01

This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Fina...

Risk of Chinese Private Enterprise Cross-border Mergers and Acquisitions and Countermeasures%我国民营企业跨国并购的风险以及对策研究

Institute of Scientific and Technical Information of China (English)

郭一敏; 欧婷婷

2013-01-01

本文研究了中国民营企业跨国并购的现状、特点，分析了中国民营企业跨国并购中所面临的风险，企业跨国并购风险产生的原因，最后得出中国企业跨国并购风险的防范措施，以此来推动我国民营企业今后对外投资的发展。%This article studies the present situation and characteristics of Chinese private enterprise cross-border mergers and acquisitions and analyzes the risks in the mergers and acquisitions and the reasons of enterprise cross-border mergers and acquisitions risk. Finally, the prevention measures for Chinese enterprises cross-border mergers and acquisitions are proposed in order to promote Chinese private enterprises' foreign investment.

The Study of Airline Merger and Acquisition in the Great China Area

Science.gov (United States)

Shon, Zhengyi

2003-01-01

The Asian financial crisis in the late 20 th century has some long lasting effect on the air transportation industry in Asia, especially in the Great China Area. Starting from 1998, airlines in both China and Taiwan suffered some serious financial losses due to the diminishing travel demand caused by the economic recession. Airlines were forced to cut price to attract passengers and hence crashed the market discipline. A number of airline mergers and acquisitions were then driven by the markets and the governments. After China and Taiwan have both entered the World Trade Organization, some mega-merging cases were finalized in late 2002 for better fitting the world's aviation competitions. This paper reviews the nine merging and acquiring cases in the Great China Area in the past 5 years. Almost all the airlines in the area were involved. The new groups of airlines and the survival airlines are introduced. Market response to the airline mergers will also be examined. A general look over the performance of the new airlines will be discussed. And the future of the market will also be analyzed. Finally, the practices and the impacts of current inter-state mergers in the Great China Area will be examined. The study has expected a highly concentrated domestic market in both China and Taiwan. Each of the market will be dominated by three major airline groups of their own. Cross-holding equity within these 6 leading aviation groups would also be possible after further deregulations.

The Effects of Cross-border and Cross-industry Mergers and Acquisitions on Home-region and Global Multinational Enterprises

NARCIS (Netherlands)

Kling, Gerhard; Ghobadian, Abby; Hitt, Michael A.; Weitzel, Utz; O'Regan, Nicholas

We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk-return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical

77 FR 65690 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

Science.gov (United States)

2012-10-30

... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-26297) published on page 65190 of the issue for Thursday, October 25, 2012. Under the Federal Reserve Bank of Dallas heading, the entry for Bryon Dirk Bagenstos,...

77 FR 21100 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

Science.gov (United States)

2012-04-09

... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-7210) published on page 17478 of the issue for Monday, March 26, 2012. Under the Federal Reserve Bank of Richmond heading, the entry for U.S. Immigration Investment...

78 FR 2996 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

Science.gov (United States)

2013-01-15

... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction Correction This notice corrects a notice (FR Doc. 2013-00331) published on page 2273 of the issue for Thursday, January 10, 2013. Under the Federal Reserve Bank of Kansas City heading, the entry for Whitewater...

78 FR 62633 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

Science.gov (United States)

2013-10-22

... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-24477) published on page 62333 of the issue for Thursday, October 17, 2013. Under the Federal Reserve Bank of Minneapolis heading, the entry for Karen Neidhardt, Tamp...

Selection of Mergers and Acquisitions by Foreign Capital in Open Economies

Institute of Scientific and Technical Information of China (English)

ZHENG Ying-fei; CHEN Hong-min; XU Li

2007-01-01

By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.

COMPANIES’ MERGERS AND AQUISITIONS AS A SOCIAL PROCESS: MODERN REALITIES

Directory of Open Access Journals (Sweden)

S. A. Barkov

2017-01-01

Full Text Available Mergers and acquisitions have become one of the main business strategies in the past decades. However, as the international experience indicates, the impact of mergers and acquisitions is rather ambiguous. On the one hand, mergers accelerate the evolution of organizations, strengthen their market positions and competitive advantages, create opportunities for the future development. On the other hand, mergers and acquisitions often lead to severe system crises, caused by various confrontations and risks. From the social and administrative point of view, mergers and acquisitions are commonly perceived as troublesome transformation processes instilling distrust and fear in the workers. Fear of the upcoming mergers is typical not only for ordinary employees, but also for senior management, who remains the most vulnerable unit in the M&A process. Mergers are considered as a stress and challenge for all the categories of employees. The employees realize the instability and the vulnerability of their current statuses, the limited ability to influence the situation and job insecurity. The uncertainty and fear lead to the employees’ resistance of different kinds, which eventually destroys the corporate unity, exacerbates the contradictions between various groups of employees and destabilizes the operation of companies. The authors assume that in the post-industrial age the employees’ perceptions of the merger processes can change and study the trends and factors which determine employees’ attitude towards mergers and acquisitions. Nowadays management strategies and the logic of administrative processes change radically, the structure of companies and the relationships in organizations networks undergo crucial transformations. The tendency to the democratization of organizations has received widespread recognition; companies become more flexible and are more frequently perceived and operate as open systems. The companies start to use the project

78 FR 57853 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

Science.gov (United States)

2013-09-20

... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-22047) published on pages 55716 and 55717 of the issue for Wednesday, September 11, 2013. Under the Federal Reserve Bank of New York heading, the entry for Donald J....

中国企业海外并购问题探讨%A Research on the Overseas Merger and Acquisition of China＇s Enterprises Practices

Institute of Scientific and Technical Information of China (English)

侯永胜

2011-01-01

实施海外并购,是有实力的中国企业实现跨越式发展的一条重要战略途径。在当今时代背景下,中国企业实施海外并购,既具有良好的机遇和优势条件,也面临一系列的并购风险。本文着重分析了当前实施海外并购存在的主要风险,并提出了规避风险,顺利实施海外并购的若干对策。%Overseas merger and acquisition is an important strategic approach for China＇s powerful enterprises to fulfill a leap development.Nowadays,some China＇s enterprises have good opportunities and advantages,but encounter great risks in overseas merger and acquisition at the same time.This paper emphatically analyzed major risks in overseas merger and acquisition,and suggested some countermeasures to those firms for avoiding the risks.

How to evaluate a potential merger or acquisition.

Science.gov (United States)

Horowitz, Richard E; Provizer, Harold; Barry, Michael J

2013-12-01

Economic imperatives in health care financing are compelling a variety of mergers, acquisitions, integrations, and other forms of amalgamation. As hospitals merge, their pathology practices are merging. Physicians are forming clinically integrated groups, both with and without hospitals. Universities, commercial laboratories, and even insurance companies are acquiring laboratories and pathology practices. There are few standards or guidelines to help the practicing pathologist respond to such new undertakings. In the present study, we present a "how-to" guide or template to assist pathologists in evaluating proposals to amalgamate and in managing the alliance. The procedure begins with an articulation of the cons and pros, followed by a series of assessments of the cultures, the market, the organization, and operations, as well as a legal and financial assessment and human resources appraisal of each of the entities. We then outline the method for developing an organizational and operational model for the new merged entity and for performing the feasibility analysis, making a final decision, drafting a contract, and developing the business plan for the new venture.

Early Warning and Control of Risks in Transnational Merger and Acquisition by Chinese Enterprises%中国企业跨国并购的风险预警与控制

Institute of Scientific and Technical Information of China (English)

唐翔

2012-01-01

To build a scientific merger and acquisition risk early warning and control system is an important step in a transnational merger and acquisition. In the paper, risk early warning indexes system is designed towards major risk factors encountered during transnational merger and acquisition by Chinese enterprise. By comprehensive evaluation of risk early warning, take reasonable risk controlling steps in order to provide a feasible risk early warning thought for transnational merger and acquisition by Chinese enterprise.%构建一个科学的并购风险预警与控制体系是企业跨国并购中的重要一环,本文针对中国企业跨国并购过程中所面临的主要风险因素,设计出相应的风险预警指标体系,通过对风险预警的综合评判,采取合理的风险控制环节,为中国企业跨国并购提供了一种可行的风险预警思路.

Merger, Akusisi dan Konsolidasi dalam Perspektif Hukum Persaingan Usaha

Directory of Open Access Journals (Sweden)

Paulus Aluk Fajar Dwi Santo

2011-05-01

Full Text Available Mergers, acquisitions and consolidation is a business strategy that is commonly used in the business world to be able to build competitive advantage company, which in time can enhance shareholder value while maximizing the prosperity of the company owners or shareholders. To achieve the above objective normative, policy-makers need a plan and steps of strategic and accurate information to avoid the risk of failure. However, the strategy of merger, acquisition and consolidation of certain potentially inhibit fair competition conditions, thus becoming one of the objects that need to be regulated in Law no. 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. Market impact of mergers, acquisitions and consolidation is important for analysis because it can have significant legal consequences for businesses, so that the research method used is the juridical normative and empirical approaches. In practice of mergers, acquisitions and consolidation intersect with regulation in other sectors, especially banking and capital markets. That is, there should be equality of perception and interpretation among the institutions that issued the policy.

Motives for Cross-border Mergers and Acquisitions: Some Evidence from Danish Firms

DEFF Research Database (Denmark)

Wang, Daojuan; Moini, Hamid

2012-01-01

from Danish firms, Synergy Theory, Resource Dependence Theory, and Resource-based View are supported for explaining the motives for CBM&As. Besides, overconfidence and imitation sometimes play a role in the firms’ decision-making process. However, agency problems cannot be identified. It seems, CBM......This study addresses two questions based on Danish firms’ practices: first, what are motives for cross-border mergers and acquisitions (CBM&As)? Second, how the external and internal factors influence the firms’ decisions? According to the results of survey questionnaire and multiple-case study....... In addition, we found the nature of the firms’ core businesses mainly determines their motives for conducting CBM&As....

Role of Human Resources in the Mergers and Acquisitions Processes

Directory of Open Access Journals (Sweden)

Anna Szewczyk

2007-06-01

Full Text Available The human resources are one of the most important topics when you talk about the value and importance of a company itself. The article tries to show the different aspects where the human resource affects a merger in the different states of a merger process, especially to the pre-merger-phase, and to which problems it can lead when you not pay attention to it. Finally the question, which is indeed the most important aim concerning mergers namely: how and in which degree the human resource effects the goodwill, is tried to answer.

我国石油企业海外并购的法律问题浅析%A Simple Analysis of the Legal Problems in China’s Petroleum Enterprise Overseas Merger ＆ Acquisition

Institute of Scientific and Technical Information of China (English)

王璐

2012-01-01

分析了我国石油企业实施海外并购战略的必然性以及目前并购的现状和趋势,重点分析了海外并购中遇到的法律问题,并提出了有关的措施和建议。%The article analyzes the necessity for China’s petroleum enterprises to implement overseas merger acquisition strategy as well as current merger acquisition status and its development trends,emphatically analyzes the legal problems encountered in overseas merger acquisition and puts forward relevant measures and suggestions.

How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

NARCIS (Netherlands)

Renneboog, L.D.R.; Szilagyi, P.G.

2006-01-01

This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable

How Do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

NARCIS (Netherlands)

Renneboog, L.D.R.; Szilagyi, P.G.

2006-01-01

Abstract: This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As). Using investment-grade Eurobonds, we find some remarkable

Analysis of factors determining enterprise value of company merger and acquisition: A case study of coal in Kalimantan, Indonesia

Science.gov (United States)

Candra, Ade; Pasasa, Linus A.; Simatupang, Parhimpunan

2015-09-01

The main purpose of this paper is looking at the relationship between the factors of technical, financial and legal with enterprise value in mergers and acquisitions of coal companies in Kalimantan, Indonesia over the last 10 years. Data obtained from secondary data sources in the company works and from published data on the internet. The data thus obtained are as many as 46 secondary data with parameters resources, reserves, stripping ratio, calorific value, distance from pit to port, and distance from ports to vessels, production per annum, the cost from pit to port, from port to vessel costs, royalties, coal price and permit status. The data was analysis using structural equation modeling (SEM) to determine the factors that most significant influence enterprise value of coal company in Kalimantan. The result shows that a technical matter is the factor that most affects the value of enterprise in coal merger and acquisition company. Financial aspect is the second factor that affects the enterprise value.

Mergers and acquisitions in the natural gas industry

Energy Technology Data Exchange (ETDEWEB)

Burkhardt, D.A.; Brown, M.L.

1984-04-26

Three examples of natural gas distribution companies involved in merger activity illustrate how the distribution as well as the transmission side of the industry may be attractive to potential acquiring companies seeking diversification. Although the mergers are a new phenonmenon, the acquiring firms are attracted by the overlapping service areas and the operating efficiency of the regulated distributors. They also see a possible outlet for surplus natural gas. 1 table.

The impact of post-merger cross-shareholdings on South African merger control policy

Directory of Open Access Journals (Sweden)

Chris Charter

2012-10-01

Full Text Available There is a concentration of EU and US standards in the South African economy. In addition, a number of large industries have been undergoing consolidation. As a result, the phenomenon of cross-holdings, both within and across industries, is not unusual. In cases where the level of cross-holding falls short of joint control, the competition authorities have at times sought to apply the co-ordinated effects doctrine or some variation thereof hoping to lessen potential competition. More recently, the Tribunal has also considered the possible unilateral effects of the acquisition of a minority stake in a rival. A number of cases has emerged that to a greater or lesser degree explores the impact of crossholdings and cross-directorships on the competitive behaviour of the firms concerned. This paper includes a review of some of these decisions with a view to determining whether any clear policy seems likely to emerge from the competition authorities. The authorities’ approach to date, reveals an evolution from reflex suspicion to a more reasoned, fact-based outlook. Cross-holdings and directorships are treated in the same way as any other evidence relevant to an analysis of a given merger. However, despite the Tribunal’s willingness to wrestle with various economic theories, the most recent decision suggests that the acquisition of a non-controlling cross-holding in a company may not fall under the analysis of South African merger regulation at all. Should that position change, following clarification by the Tribunal or an unequivocal ruling of the Competition Appeal Court, the body of case law goes some way to indicating the type and manner of analysis the authorities will employ.

Merger and Acquisition Activity as Driver of Spatial Clustering : The Spatial Evolution of the Dutch Banking Industry, 1850-1993

NARCIS (Netherlands)

Boschma, Ron; Hartog, Matté

2014-01-01

This article investigates the extent to which merger and acquisition (M&A) activity contributed to the spatial clustering of the Dutch banking industry in Amsterdam. This analysis is based on a unique database of all banks in the Netherlands that existed in the period 1850-1993. We found that

Power plays - global mergers

International Nuclear Information System (INIS)

Allen, Simon

1997-01-01

This article focuses on the increasing number of mergers and acquisitions by electric utilities in the face of growing competition in home markets. The liberalisation of the UK and Scandinavian electricity markets, the impact in Europe of the EU directive on liberalisation, mergers in Switzerland, the selling of Australian generators to UK electric utilities, the globalisation of the industry, and the growing trend for deals between gas and electric utilities are discussed. (UK)

The convergence of electric power and natural gas industries. Mergers and acquisitions in the United States

International Nuclear Information System (INIS)

Meritet, S.

2000-01-01

Deep transformations have taken place in the US electric power industry, in terms of organisation and competition. The reforms of the regulation of this sector have changed the operation rules and, as an answer, the companies have adapted their behaviour. The reorganization is characterized by the combination between new competitive markets with new occupations. The deregulation and the technical progress accelerate the reconfiguration of the industry with the convergence of the natural gas and electric power activities. Since 1996, the numerous mergers-acquisitions between companies are representative of the tight links existing between the two energy sources. In this work, the convergence of the natural gas and power industries in the US is examined. The study of the reconciliation between power and gas companies (mainly the utilities) stresses on the improvement of the combined companies efficiency. The first part deals with the reconfiguration of the US power industry. The second part analyzes the consequences of the gas-electricity mergers and acquisitions. It includes the exploitation of financial data and a classical econometric test about the 'size-scale-spread' relation. The re-composition of the value chain is at the center of the industrial economy problem: it gives the opportunity for new forms of markets and firms. (J.S.)

Avoiding "culture rejection" in healthcare mergers and acquisitions: how New Heights Community Health Centres and York Community Services minimized the culture risk when forming Unison Health and Community Services.

Science.gov (United States)

Chan, Jeff

2013-01-01

Among the requirements for a successful merger or acquisition are strategic rationale, rigorous due diligence, the right price and revenue and cost synergies. However, bridging the culture gap between organizations is frequently overlooked. The leaders of New Heights Community Health Centres and York Community Services explicitly considered culture in their merger to form Unison Health and Community Services, and they used employee engagement surveys to assess culture in their merger planning and post-merger integration. How Unison Health leaders avoided the risk of culture rejection to achieve a successful merger, and the lessons learned from their experience, is the focus of this article.

中国企业跨国并购的空间非均衡性及动态演变%The Imbalance and Dynamic Evolution of Chinese Enterprises Transnational Merger and Acquisition

Institute of Scientific and Technical Information of China (English)

张元钊

2016-01-01

跨国并购是企业发展到一定程度的必经之路，自2004年以来，中国企业“走出去”取得了丰硕的成果，交易金额和并购案例都屡创新高，但也存在并购行业及地区较为集中的现象。文章通过构建Gini（基尼）指数、Atkinson（阿特金森）指数及Theil（泰尔）指数等来衡量中国企业跨国并购的空间非均衡程度，分析2004—2014年中国企业跨国并购动态演化，并提出相关政策建议。%Cross-border merger and acquisition is an inevitable way after enterprise development reaching certain extends .Since 2004 , Chinese enterprise “going out” has achieved fruitful results , transaction and the merger and acquisition cases have reached new highs , though the industry and location of the merger and acquisition are concentrated .This paper constructs the Gini index , the Atkinson index and the Tal index to measure the degree of space imbalance of Chinese enterprises transnational merger and acquisition, and to analyze its dynamic evolution between 2004 and 2014.Policy suggestions to optimize Chinese enterprises transnational merger and acquisition are also proposed .

Creditor-focused corporate governance: Evidence from mergers and acquisitions in Japan

NARCIS (Netherlands)

V. Mehrotra (Vikas); D. van Schaik (Dimitri); J. Spronk (Jaap); O.W. Steenbeek (Onno)

2011-01-01

textabstractMergers in Japan have the dubious distinction of not creating wealth for shareholders of target firms, in sharp contrast to what occurs in much of the rest of the world. Using a sample of 91 mergers from 1982 through 2003 we document several distinctive features of the merger market in

DO WE IDENTIFY SYNERGIES IN PUBLIC MERGERS/ACQUSITIONS: BEFORE AND DURING THE ECONOMIC CRISIS

OpenAIRE

Oana Resceanu

2011-01-01

The aim of mergers and acquisitions is to create wealth for the shareholders and usually this is accomplished through synergistic expectations. However the evaluation and identification of synergies in mergers and acquisitions is one of the important issues in Corporate Finance. In this paper it is tested the markets reaction to a sample of 61 mergers/acquisitions in the European pharmaceutical sector, realized between end 2004 and beginning 2010- prior and during the economic crisis. In the ...

An integrated approach for a higher success rate in mergers and acquisitions

Directory of Open Access Journals (Sweden)

Andrej Bertoncelj

2007-05-01

Full Text Available The paper outlines the importance of balanced management of hard and soft key success factors, combining the economic logic of corporate performance and human capital through an integrated approach to mergers and acquisitions. The study, based on a questionnaire and interviews, suggests that the achievement level ofmergers and acquisitions’ objectives of acquiring companies in Slovenia should be comparable to findings of similar studies; namely, the objectives that drove the deal were met only half the time. The results indicate that five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, theright mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation – and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment – are becoming increasingly relevant. Even though they differ in their importance for individual companies in the sample, they are all considered essential to increasing the success rate of corporate combinations

Countermeasures to Prevent Overseas Mergers and Acquisitions Risks for China Coal Enterprises%我国煤炭企业跨国并购风险防范对策

Institute of Scientific and Technical Information of China (English)

林伟丽

2012-01-01

According to the sectional distinguishing method, the risk prevention and control of the oversea mergers and acquisi- tions for China coal enterprises would be divided to the risk prevention at the preparation stage, the risk prevention at the mergers and acquisitions implementation stage and the risk prevention at the mergers and acquisitions integration stage. The paper providis countermeasures to prevent and csntrol these risks.%依据分段识别法将我国煤炭企业跨国并购中的风险分为并购准备阶段的风险、并购实施阶段的风险、并购整合阶段的风险,并提出防范这些风险的具体对策。

Private capital investments in health care provision through mergers and acquisitions: from long-term to acute care.

Science.gov (United States)

Angeli, Federica; Maarse, Hans

2016-10-01

This work aims to test whether different segments of healthcare provision differentially attract private capital and thus offer heterogeneous opportunities for private investors' diversification strategies. Thomson Reuter's SDC Platinum database provided data on 2563 merger and acquisition (M&A) deals targeting healthcare providers in Western Europe between 1990 and 2010. Longitudinal trends of industrial and geographical characteristics of M&As' targets and acquirers are examined. Our analyses highlight: (i) a relative decrease of long-term care facilities as targets of M&As, replaced by an increasing prominence of general hospitals, (ii) a shrinking share of long-term care facilities as targets of financial service organizations' acquisitions, in favor of general hospitals, and (iii) an absolute and relative decrease of long-term care facilities' role as target of cross-border M&As. We explain the decreasing interest of private investors towards long-term care facilities along three lines of reasoning, which take into account the saturation of the long-term care market and the liberalization of acute care provision across Western European countries, regulatory interventions aimed at reducing private ownership to ensure resident outcomes and new cultural developments in favor of small-sized facilities, which strengthen the fragmentation of the sector. These findings advance the literature investigating the effect of private ownership on health outcomes in long-term facilities. Market, policy and cultural forces have emerged over two decades to jointly regulate the presence of privately owned, large-sized long-term care providers, seemingly contributing to safeguard residents' well-being. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

Path analysis on China Tobacco’s transnational merger and acquisition%中国烟草跨国并购的路径分析

Institute of Scientific and Technical Information of China (English)

王毅敏

2014-01-01

Transnational merger and acquisition were reviewed. Feasibility of China Tobacco’s transnational merger and acquisition was analyzed take into consideration of international market situation, risk management. Suggestions were made in such aspects as future target market, implementation path, domestic legal supervision and approval procedures.%阐述了跨国并购的概念及类型，从跨国并购的国际市场环境、风险分析及管控、中国烟草跨国并购的可行性路径分析入手，对未来目标市场、实施路径、国内法律监管及审批流程等方面提出了建议。

Processes Adopted to Integrate Intangible Resources in Global Acquisitions among Container Lines: Perceptions of Acquirer and Acquired

Directory of Open Access Journals (Sweden)

Indika Sigera

2018-03-01

Full Text Available The spectrum of strategic co-operations among container lines varies from loose-knitted slot charters, liner conferences, shipping alliances, joint services and consortia, through to mergers and acquisitions (M&As. However, these forms of strategic co-operations have not always been able to achieve the intended synergetic growth resulting from the integration of resources. The Resource Based View (RBV suggests that integrating intangible resources, which are valuable, rare, inimitable and non-substitutable (VRIN, can make a significant contribution to the performance of post strategic co-operations. This research paper investigates the contribution of intangible resources to the post acquisition success six global acquisitions among container lines. The nine senior managers attached to global container lines were the main participants of this study. Five of them represented acquired container lines, four represented acquirer container lines. The paper explains their personnel experience on the processes adopts to integrate intangible resources in acquisitions. Keywords: Merger and Acquisitions, Intangible Resources, Container Lines, Task Integration, Human Integration

An Overview of Three Decades of Mergers and Acquisitions Research

Directory of Open Access Journals (Sweden)

Nuno Rosa Reis

2015-09-01

Full Text Available Mergers and acquisitions (M&A have long attracted managers’ attention and have been researched in different perspectives and using different theories. In this study we grasp the wealth of extant research in the field of M&As. We conducted a bibliometric study of 635 articles on strategic management and international business research published in 34 highly ranked management journals between 1983 and 2012. We performed citation, co-citation and factor analyses to uncover the issues examined by scholars, the main theoretical approaches and themes researched. The results show a relative shift from economic and financial approaches to knowledge-based and organizational learning perspectives in recent years. There was also an evolution from assessing the performance of firms after an M&A to seeking an understanding of what may drive synergy creation after the integration process. Furthermore we observed an increasing interest in cross-border M&As. We discuss our findings, identifying gaps and suggesting paths for future research.

A REVIEW OF ORGANIZATIONAL CULTURE IN THE MERGERS & ACQUISITIONS PROCESS

Directory of Open Access Journals (Sweden)

Louis-Caleb REMANDA

2016-12-01

Full Text Available Mergers and acquisitions (M&A are the most widespread and most reliable international operations in the strategic market. Theoretically, they can respond to a certain amount of conventional goals like creating intrinsic value and performance. Integrating an organizational culture in an M&A process can help top management from both organizations understand cultural differences as fast as possible, in order to reduce consequences. The question remains as to whether we can go from a theoretical case to a practical one and achieve results beyond expectations. In this 2015 study we took into account cultural changes, communicated them to the members going into the process, and demonstrated the fundamental role that organizational culture plays. By comparing several approaches surrounding organizational culture, we conclude that this concept should extended to further perspectives, such as the importance of acculturation, cultural tolerance and organizational identity, all present before, during, and after the M&A process.

31 CFR 30.14 - Q-14: How does section 111 of EESA operate in connection with an acquisition, merger, or...

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Q-14: How does section 111 of EESA operate in connection with an acquisition, merger, or reorganization? 30.14 Section 30.14 Money and Finance: Treasury Office of the Secretary of the Treasury TARP STANDARDS FOR COMPENSATION AND CORPORATE...

Current status of mergers and acquisitions (M and A) in the U.S. electric utilities operators; Beikoku koeki denki jigyosha wo meguru M and A no genjo

Energy Technology Data Exchange (ETDEWEB)

Hamada, E. [The Institute of Energy Economics, Tokyo (Japan)

1997-04-01

Mergers and acquisitions (M and A) are rapidly increasing among the U.S. electric utilities operators. This paper reports from among a large number of cases the mergers with district power distribution companies in England, and movements aiming at building a comprehensive energy corporation by using M and A with gas companies. The purpose of acquiring the British power distribution companies is to seek expanded earnings having become necessary due to little growth in power demand and intensified competition. This may be possible because the cap price is high in the cap price system in England, and can provide a large room for earning more profits. It is also an attempt of utilizing more effectively the experience of deregulation having been done ahead of America, such as introduction of unboundering and pooling systems. Four companies were under acquisition activities in even 1996 alone, and if prior acquisitions are added, actually half of British district power distribution companies have had been acquired. Merger of electric power companies with gas companies is the opening act of movements aimed at obtaining single-handed the oil business to become a comprehensive energy corporation. 4 refs., 14 tabs.

THE IMPACT OF MERGER AND ACQUISITION TRANSACTIONS AT THE COMPANY AND INDUSTRY LEVEL

Directory of Open Access Journals (Sweden)

Elif Akben Selçuk

2016-04-01

Full Text Available The objective of this study is to provide a literature review consisting of studies investigating the impact of mergers and acquisition (M&A transactions at the micro and macro levels. The review has three different parts. In the first part, the focus is on the macro effects of M&A transactions and the impact of these transactions at the industry and market levels as well as their determinants are investigated. The second part comprises studies analyzing the effects of M&A transactions on the financial performance of the acquirer and target companies. In the third and final section, the factors affecting the financial performance changes as a result of M&A transactions are discussed.

Energy sector alliances

International Nuclear Information System (INIS)

McQuade, Owen

1998-09-01

Contains Executive Summary and Chapters on: A changing energy sector; Rationale for the joint venture, merger or acquisition; Mergers, acquisitions and joint ventures by sector; The joint venture process; Key factors for success; Financing the venture; Case studies; The future outlook. (Author)

MERGERS AND ACQUISITIONS THAT STRENGTHEN THE BANKING SYSTEMS DURING THE CRISIS

Directory of Open Access Journals (Sweden)

RADULESCU MAGDALENA

2014-08-01

Full Text Available A number of reasons have been advanced in order to explain why banks began to expand worldwide. There were several aspects that were aimed such as the client-bank relationship, the need for people to cooperate with these institutions and financial intermediaries in the host country. Mergers seek to improve the revenue derived from services performed later, but the increase is offset by personnel costs increase, while acquisitions are observed in order to restructure the acquired bank's loan portfolio and on the application of the improved lending policies that lead to higher profits. These things were best observed during the current crisis period. Regardless of the negative effects of the crisis, there were some banks which were not impacted. The large banking groups merged and by this means they managed to gain the power to dominate and control the entire activity of the field.

What Drive the Damage to Post-Merger Operating Performance?

Directory of Open Access Journals (Sweden)

Soegiharto Soegiharto

2010-05-01

Full Text Available This study examines whether bidders’ post-merger operat-ing performance are affected by their CEO behavior, premiumspaid to the target firms, the period of mergers, the method ofpayment, the industry of merged firms, capital liquidity, andtheir pre-merger operating performance. Testing the U.S. suc-cessful merger and acquisition data for the period of 1990s, thisstudy finds that in-wave mergers, intra-industry mergers, thepayment of lower premiums, and better pre-merger operatingperformance drive the bidders to produce better post-mergeroperating performance. Three measures of CEO behavior—themain predictor scrutinezed in this study—are proposed andexamined, and the results demonstrate that the effects of thesemeasures on post-merger operating performance are mixed,suggesting that each of the behavioral measures designed in thisstudy may capture CEO behavior in different ways. Keywords: capital liquidity; CEO overconfidence; merger waves, method of pay-ment operating performance

PECULIARITIES OF APPROACHES TO THE ASSESSMENT OF CORPORATE MERGERS IN THE BANKING SECTOR OF UKRAINE

Directory of Open Access Journals (Sweden)

S. Naumenkova

2013-08-01

Full Text Available In this article peculiarities of existing approaches to the assessment of the results of corporate mergers and acquisitions are investigated, advantages and disadvantages of their application in the banking sector are identified, the algorithm of synergy effect from the merger of banks is substantiated, main sources of growth in the value of the corporation as a result of mergers(acquisitions are discovered.

Efficiency Effects of Bank Mergers and Acquisitions

NARCIS (Netherlands)

H.P. Huizinga; J.H.M. Nelissen (Jan); R. Vander Vennet

2001-01-01

textabstractNext to technological progress and deregulation, the introduction of the euro is widely considered to be an important catalyst for bank consolidation in Europe. In order to assess the public policy issues surrounding bank mergers, this paper analyzes the efficiency effects of 52

Merging Platform Ecosystems in Technology Acquisitions

DEFF Research Database (Denmark)

Dowie, Jamie; Henningsson, Stefan; Kude, Thomas

2017-01-01

of the merging companies. Given the increasing importance of platforms and value co-creation with third-party providers for companies making technology acquisitions, we complement existing literature by reframing the analysis of technology acquisitions to include the merger of the broader partner ecosystems....... Specifically, we draw on theories of ecosystem governance to analyze how ecosystem tensions unfolded during the ecosystem merger and how the acquirer governed these tensions in SAP SE’s acquisition of the e-commerce provider Hybris AG. Our findings suggest that the governance of ecosystem tensions...... is an important aspect of managing technology acquisitions. We identify the pre-acquisition relation between the acquired company’s ecosystem partners and the acquirer as an important context factor for explaining how a partner company is exposed to the ecosystem tensions during the merger....

Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

International Nuclear Information System (INIS)

Reiter, H.L.

1999-01-01

There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

Energy Technology Data Exchange (ETDEWEB)

Reiter, H.L.

1999-06-30

There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

浅谈我国企业并购的财务风险及规避措施%The Financial Risk and Elusion Measures of Mergers and Acquisitions of Enterprises

Institute of Scientific and Technical Information of China (English)

孙海英; 李玲

2013-01-01

　　在全球经济一体化的大趋势下，企业间的并购现象逐渐常态化，财务风险是影响企业能否并购成功的一个重要因素。本文将重点讨论如何认识企业并购中的财务风险以及对并购中财务风险该如何规避。%Under the trend of global economic integration, the phenomenon of mergers and acquisitions among enterprises gradually normalized, the financial risk is an important factor to influence the merger successful or not in enterprises. This article focuses on how to know the financial risk of enterprises' mergers and acquisitions and how to avoid it.

Domestic banking sector development and cross border mergers and acquisitions in Africa

Directory of Open Access Journals (Sweden)

Elikplimi K. Agbloyor

2012-01-01

Full Text Available Recently, economists have started taking a closer look at cross border mergers and acquisitions (M&As due to its phenomenal rise in the past two decades. This study investigates the relation between banking sector development and cross M&As in Africa. Our sample consists of 11 African countries with data covering the period, 1993–2008. We use a Baltagi panel instrumental variable Error Component Two Stage Least Squares (EC2SLS estimator with the Baltagi-Chang estimators of the variance components to deal with endogeneity. The results of the study indicate that banking sector development promotes cross border M&A activity in Africa. We also document evidence suggesting that cross border M&A activity drives banking sector development in Africa. Overall, our evidence suggests a two-way causation between banking sector development and cross border M&As.

World and Russian Market of Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Natalya S. Zagrebel’Naya

2015-01-01

Full Text Available This article analyzes the global and Russian markets of mergers and acquisitions (M&A. The article also presents the dynamics of M&A deals in the world and in Russia for the period 2010-2014, the geography of transactions and their sectoral structure. The overall analysis is supported by the examples of ten largest M&A deals in the world and in Russia, committed in 2014. In the market economy many companies, mostly large, consider M&A as means to improve the material and the production sector, increase profitability, sustainability, creating a positive image. Such transactions could improve a company's development, make business more competitive and profitable. In today's global economy we could observe the growing trend of global integration, which is manifested in the access of various types of companies into new markets, as well as the concentration of capital and consolidation of business, on the one hand. However, on the other hand, there is deterioration in the conditions of the companies due to the ongoing financial, economic and political crises and economic sanctions. This leads to changes in the activity on the world and Russian markets of M&A. Thus, to study its dynamics and trends in the contemporary world and in Russia is one of the most important and actual issues.

European Retail Payments Market: New Opportunities to Mergers and Acquisition Transactions

Directory of Open Access Journals (Sweden)

Lina Novickytė

2011-04-01

Full Text Available Most of European banks will not be able to allocate funds successfully participating in the SEPA. Some of them have to look for opportunities to reduce the cost in collaboration with other institutions in the execution of the payment or provision of services to carry out transmission of the third party. The other part will have to find a merger partner. In future there can be more active participants in the market lead to acquisitions. In order to assess possible changes in the payment market, noted that its participants – service providers – consolidation will be inevitable. The assessment of the Lithuanian bank sector shows that banks with the parent banks that invest and develop the activities of subsidiaries of banks, are likely to remain in the market. However, banks that are not ready to participate and get involved in a single market, will be taken over or disappear.Article in Lithuanian

Effect of Nostalgia on Customer Loyalty to Brand Post-Merger/Acquisition

Directory of Open Access Journals (Sweden)

Ana Carolina Toledo

2016-01-01

Full Text Available The main objective of this study is to identify the effect of nostalgic feelings on consumer loyalty to the prevailing brand following the extinction of a brand in a merger/acquisition process. We also propose an explanatory model of the relationships between tests of relevant constructs. Based on a review and theoretical reflection on the constructs under study, this paper outlines a theoretical model in which attitudes in relation to both extinct and prevailing brands mediate the relationship between nostalgic feelings and customer loyalty, which was subsequently analyzed by structural equation modeling. The results showed the effect of nostalgic feelings on customers’ attitudes toward both extinct and prevailing brands and the influence of switching costs on building brand loyalty. The study contributed to the expansion of the theoretical framework on the subject of marketing by developing and validating a comprehensive model that adds to existing research, expanding the horizon of the study of the phenomenon.

Modeling the factors that influence knowledge transfer in mergers and acquisitions

Institute of Scientific and Technical Information of China (English)

YU Haiyan; LIANG Zhanping

2010-01-01

This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions (M&A) and validates it via questionnaire surveys.Using 125 valid collected questionnaires,multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect.The ranking of factor importance,from high to low,was knowledge explicitness,relationship quality,learning intent,advanced transfer activities,and learning capability,which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches.Our results also showed that one of the control variables (size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A.Additionally,our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A,but had a negative influence at the late stage.Based on this research,several suggestions for knowledge transfer in M&A are proposed.

Modeling the factors that influence knowledge transfer in mergers and acquisitions

Institute of Scientific and Technical Information of China (English)

YU; Haiyan; LIANG; Zhanping

2010-01-01

This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A)and validates it via questionnaire surveys.Using 125valid collected questionnaires,multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect.The ranking of factor importance,from high to low,was knowledge explicitness,relationship quality,learning intent,advanced transfer activities,and learning capability,which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches.Our results also showed that one of the control variables(size of acquired firm)had neither a direct or indirect effect on knowledge transfer in M&A.Additionally,our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A,but had a negative influence at the late stage.Based on this research,several suggestions for knowledge transfer in M&A are proposed.

Electric utility mergers and acquisitions seen in a larger perspective

Energy Technology Data Exchange (ETDEWEB)

Hawes, D.W.

1995-10-01

Merger negotiations are intricate and sensitive dances which, far more often than not, may end in failure. The famed prediction of {open_quotes}50 in five{close_quotes} may prove correct - though it may be 50 utilities in 2005. Still, mergers are only a partial hedge against what may, after all, be 10 years of better prices for customers and tougher times for shareholders.

ANALISIS PENENTUAN MODEL MERGER-AKUISISI YANG SINERGIS DI BURSA EFEK INDONESIA

Directory of Open Access Journals (Sweden)

Muhamad Umar Mai

2016-10-01

Full Text Available The aim of this study was as follow: a to examine the differences in financial performance and the value of the firm before and after the merger-acquisition of go public company in Indonesia Stock Exchange for the period of 2000-2012;b to identify and analyze the critical success factors of mergers-acquisitions; c designing a model of synergistic merger-acquisition. Wilcoxon signed ranks test results showed that the financial performance and the value of the company for certain years are different, in the sense of increased, significantly. The determinant factors of successfull merger-acquisition of 30 synergistic firms, are: a current ratio and cash ratio was below the industry average; b debt to asset ratio and debt to equity ratio is above the industry average; c return on investment and return on equity also above the industry average. Analysis of the 30 synergisticbidders firm shows that the company has a very adequate corporate governance mechanism, namely: a more than 50% of its stocks owned by other institutions; b the shares held by the management is below 5%; c the membership of the board of commissioners and directors have an independent boards and outside directors of more than 30%; and d the average number of commissioners as many as six people.

A Framework for Understanding Post-Merger Information Systems Integration

DEFF Research Database (Denmark)

Alaranta, Maria; Kautz, Karlheinz

2012-01-01

This paper develops a theoretical framework for the integration of information systems (IS) after a merger or an acquisition. The framework integrates three perspectives: a structuralist, an individualist, and an interactive process perspective to analyze and understand such integrations....... The framework is applied to a longitudinal case study of a manufacturing company that grew through an acquisition. The management decided to integrate the production control IS via tailoring a new system that blends together features of existing IS. The application of the framework in the case study confirms...... several known impediments to IS integrations. It also identifies a number of new inhibitors, as well as known and new facilitators that can bring post-merger IS integration to a success. Our findings provide relevant insights to researching and managing post-merger IS integrations. They emphasize...

Rural Hospital Mergers and Acquisitions: Which Hospitals Are Being Acquired and How Are They Performing Afterward?.

Science.gov (United States)

Noles, Marissa J; Reiter, Kristin L; Boortz-Marx, Jonathan; Pink, George

2015-01-01

The number of stand-alone rural hospitals has been shrinking as larger health systems target these hospitals for mergers and acquisitions (M and As). However, little research has focused specifically on rural hospital M and A transactions. Using data from Irving Levin Associates' Healthcare M and A Report and Medicare Cost Reports from 2005 to 2012, we examined two research questions: (1) What were the characteristics of rural hospitals that merged or were acquired, and (2) were there changes in rural hospital financial performance, staffing, or services after an M and A transaction? We used logistic regression to identify factors predictive of merger, and we used multiple regression to examine various hospital measures after an M or A. Study results showed that hospitals with weaker financial performance but lower staffing levels and staffing costs were more likely to merge or be acquired. Statistically weak evidence suggested that operating margins declined after the merger; stronger evidence suggested reductions in salary expense. There was no statistically significant evidence of changes to the number of full-time equivalent (FTE) employees, the service lines that were included in the study, capital expenditures, or the amount of debt financing among the hospitals that merged or were acquired. M and A may not result in a rapid influx of capital, a relief of debt burden, or an improvement in bottom-line profitability. However, M and A may be a viable option for maintaining the hospital and the access to care it provides.

Merger Strategy, Cross-Cultural Involvement, and Polyphony

DEFF Research Database (Denmark)

Svane, Marita; Boje, David

2014-01-01

to the learning from the experience. By storytelling we mean the dynamic interplay between grander narratives of the past and more emergent living stories of participants. Living story is ontological in its Being-in-the-world, its aliveness primordially in lived-life from birth to death. In this case...... (Aristotle, 350 BCE: 1450b: 25, p. 233). Design: We present a dialogic performance of the cross-cultural dynamics of a merger. The context is a two-year old merger. The merger was strategically a good decision that takes into the consideration that the market is highly competitive with a decreasing number...... of customers and many competitors. The industry is therefore characterised by a high degree of mergers and acquisitions. Despite the strategic advantages the idea of the merger was not equally attractive to both of the organisations. They had a history of being competitors with a good deal of hostility. One...

Impact of bank mergers on shareholders’ wealth

Directory of Open Access Journals (Sweden)

Odero Naor Juma

2013-07-01

Full Text Available Mergers and acquisitions (M&As perform a vital role in corporate finance in enabling firms achieve varied objectives and financial strategies. This study sought to comprehend the impacts that previous bank mergers have had on the shareholders’ wealth. The study location was in Kenya and it adopted the descriptive survey and correlation design in which the success of mergers was measured based on the objective oriented model using the annual accounts. The study computed the return on assets (ROA, return on equity (ROE and the efficiency ratio (EFF as indicators of shareholder value. The results of the commercial banks were analysed for a five-year period (2006-2010. The study reveals that mergers significantly influence shareholder value with banks that have undertaken mergers creating more value than those that have not. Such banks were ascertained to have posted better results than the overall sector.

University Mergers in Russia: Four Waves of Educational Policy

Science.gov (United States)

Romanenko, K. R.; Lisyutkin, M. A.

2018-01-01

This article is aimed at identifying distinctive features of the educational policy of university mergers--their main stages, types, and declared goals. We analyzed cases of university mergers and acquisitions (M&A) from the 1990s to the present, which allowed us to identify and describe four Russia-specific waves of educational policy. Based…

Trends in the use of mergers, acquisitions and alliances in the automotive sector global situation; Tendencias en el uso de las fusiones, adquisiciones y alianzas en el sector del automovil, situacion a nivel mundial

Energy Technology Data Exchange (ETDEWEB)

Montoro Sanchez, M. A.; Mora Valentin, E. M.; Ortiz de Urbina Criado, M.

2010-07-01

The main objective of this paper is to show a descriptive view of mergers, acquisitions and alliances which have started by automotive manufacturers companies around the world. Results show that, during the last 40 years, these firms have started 1,492 mergers and acquisitions and 1,794 alliances. Their main purpose was to expand or to develop new businesses and, in some cases, to access in another countries. Firms like Daimler, General Motors, Ford and Toyota have been the most frequent users of theses growth methods. (Author)

48 CFR 204.7205 - Novation agreements, mergers and sales of assets.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Novation agreements, mergers and sales of assets. 204.7205 Section 204.7205 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE GENERAL ADMINISTRATIVE MATTERS Contractor Identification...

PERANAN CORPORATE STRATEGY DALAM KESUKSESAN-KEGAGALAN MERGER & AKUISISI: SUATU TELAAH LITERATUR

OpenAIRE

Andreas Lako

2016-01-01

Most empirical studies and literature reviews documented that the final results of the wave of mergers and acquisitions in the United States, Canada, and European countries during the decade of 1980s, 1990s and 2000s were always dissatisfactory. In fact, the extent of the failure is higher than the success. However, a comprehensive investigation on the factors motivating the rise of mergers and acquisitions and the causes for success and failure is still rare. This paper reviews the contri...

Mergers and concentrations occurring on the basis of acquiring of control in Serbian and EU competition law

Directory of Open Access Journals (Sweden)

Fišer-Šobot Sandra S.

2016-01-01

Full Text Available Relevant Serbian and EU competition legislation does not define what is considered a concentration, but regulates which business transactions lead to concentrations of undertakings. Concentrations can be differentiated according to whether the concentration affects legal position of the merging undertakings. A concentration shall be deemed to arise where a change of control on a lasting basis results from the merger of two or more previously independent undertakings or parts of undertakings. Second type of concentrations occurs in the case of an acquisition of control. Finally, the concentration shall be deemed to arise in the case of creation of a joint venture performing on a lasting basis all the functions of an autonomous economic entity. This paper analyses mergers and concentrations occurring on the basis of acquiring of control in Serbian and EU competition law.

What Drives Private and Public Merger Waves in Europe?

DEFF Research Database (Denmark)

Bartholdy, Jan; Blunck, Benjamin

What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both paper...... significant differences between driving forces for listed firms and for private firms. Public or listed firm mergers and acquisitions are primarily driven by overvaluation or behavioural factors, whereas private transactions are driven by economic factors.......What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both papers...... are based on empirical analyses of listed US firms. This paper presents additional evidence of merger waves in the European Union (EU). The use of European data allows a more detailed analysis, since firm level data is available for both listed as well as private transactions. This analysis reveals...

Pengaruh Pengumuman Merger dan Akusisi terhadap Abnormal Return Saham Perusahaan Akuisitor dan Non Akuisitor dalam Sektor Industri yang Sama di BEJ Perioda Tahun 1998-2001

Directory of Open Access Journals (Sweden)

Barbara Gunawan

2016-02-01

Full Text Available The aim of this study was to examine whether mergers and acquisitions were announced by the company akuisitor result in abnormal return for investors. This research using t test analysis in answering the research hypothesis. From the analysis conducted, it was found that a significant abnormal return when information about mergers and acquisitions the company announced. This indicates that merger and acquisition announcements containing charge information for market participants, which is indicated by the Average Abnormal Return significant acquired company's shareholders and non akuisitor akuisitor on announcements about mergers and acquisitions.

The state of case study approach in mergers and acquisitions literature: A bibliometric analysis

Directory of Open Access Journals (Sweden)

K.S. Reddy

2015-12-01

Full Text Available The purpose of this paper is to survey the state of case study research in mergers and acquisitions (M&A literature. Thus, it is an original attempt at presenting the current state and review of the case method in M&A research, provided no earlier study claims this. The stylized review reveals that 93 journal articles adopted the case method of which 66 (27 articles examined developed (emerging markets, and single (multiple case based studies were 44 (46 and remaining three adopted survey and interview method during survey period 1991–2015. Albeit, very few studies accomplished the purpose of case study research in business management, that is, testing extant theory and building new theory. Lastly, we recall various methodological guidelines to establish the sound research environment in the qualitative case method.

The Influence of Shariah (Islamic Principles) Corporate Governance on Cross-Border Merger and Acquisitions Involving Islamic Companies in the Gulf Countries

OpenAIRE

Bindabel, Wardah Abdulrahman

2017-01-01

The central aim of the research is to examine whether cross-border Merger and Acquisitions (M&A) involving Islamic financial companies in three Gulf countries and non-Islamic financial companies from the Western countries is influenced by Shariah Corporate Governance (CG). Cross-border M&A is a corporate level strategy to achieve organisational growth and expansion through accessing new markets and additional strategic resources (knowledge, technology and complementary skills). Islamic financ...

Spatio-Temporal Patterns of the International Merger and Acquisition Network.

Science.gov (United States)

Dueñas, Marco; Mastrandrea, Rossana; Barigozzi, Matteo; Fagiolo, Giorgio

2017-09-07

This paper analyses the world web of mergers and acquisitions (M&As) using a complex network approach. We use data of M&As to build a temporal sequence of binary and weighted-directed networks for the period 1995-2010 and 224 countries (nodes) connected according to their M&As flows (links). We study different geographical and temporal aspects of the international M&A network (IMAN), building sequences of filtered sub-networks whose links belong to specific intervals of distance or time. Given that M&As and trade are complementary ways of reaching foreign markets, we perform our analysis using statistics employed for the study of the international trade network (ITN), highlighting the similarities and differences between the ITN and the IMAN. In contrast to the ITN, the IMAN is a low density network characterized by a persistent giant component with many external nodes and low reciprocity. Clustering patterns are very heterogeneous and dynamic. High-income economies are the main acquirers and are characterized by high connectivity, implying that most countries are targets of a few acquirers. Like in the ITN, geographical distance strongly impacts the structure of the IMAN: link-weights and node degrees have a non-linear relation with distance, and an assortative pattern is present at short distances.

The Status Quo, Motivation, Risk Assessment and Policy Recommendations for the Enterprises in Ningbo in Cross-border Merger and Acquisition%宁波企业跨国并购的现状、动因、风险评估及政策建议

Institute of Scientific and Technical Information of China (English)

屠雯珺

2015-01-01

Through the analysis of the data of the cross-border merger and acquisition on the part of Ningbo enterprises from 2003 to 2013, this paper finds that the private enterprises of Ningbo play the lead in overseas merger and acquisition. The main propose of cross-border merger and acquisition of Ningbo enterprises is to obtain strategic core resources in order to enhance the competitiveness. This study also finds that participators of Ningbo’s cross-border merger and acquisition are mainly in manufacturing, and the targets are mainly located in developed countries. The main risks of Ningbo enterprises faced in the process of cross-border merger and acquisition include the risk of assessment before acquisition, the financial&exchange rate risks during the acquisition, and the integration risk after the acquisition. In view of this, the government should strengthen the support on overseas acquisition so as to help them to do a better acquisition.%分析2003-2013年宁波企业海外并购数据，发现民营企业是并购主角，且并购企业主要集中于制造业，并购标的多位于发达国家，多属于相关并购。宁波企业海外并购主要动因是获取战略性核心资源，提升企业国内外竞争力，但宁波企业在海外并购中也面临着风险，主要包括：并购前的估计风险，过程中的财务风险、汇率风险以及后期的整合风险。政府应加大对海外投资的扶助力度以帮助企业更好地参与跨国并购。

Behavior Choice of Technology-motivated Mergers and Acquisitions for Enterprise Innovation Capability Improvement:Analysis Based on Internal Dynamic Mechanism%技术贸易中技术并购对企业创新能力提升的行为选择--基于内部动力机制的分析

Institute of Scientific and Technical Information of China (English)

陈磊

2014-01-01

论文针对技术并购提升企业创新能力的行为选择进行分析。通过对技术并购内涵的阐述，剖析技术并购的具体内容以及企业技术并购中知识资本互动的层次各维度，并就企业技术并购提升企业创新能力的内部动力机制、外部适用边界与技术并购成长路径选择条件进行深入分析。分别从知识资本的外部累进与更新、知识资本内部协同以及知识型人力资源与组织的动态构建等三方面深入剖析基于知识资本的技术并购内部动力机制，并在此基础上提出技术增强型、互补型与多元型三类技术并购模式，分析技术并购内部动力机制的创新效应。%This paper analyzes the behavior choice of technological merger and acquisition improving enterprise innovation capability. Based on elaboration of the connotation of technological merger and acquisition, this paper analyzes the specific content of technological merger and acquisition and the level of each dimension in technological merger and acquisition. It also analyzes the internal dynamic mechanism and external boundary conditions of technological merger and acquisition improving enterprise innovation capability and the growth path of technological merger and acquisition. The technological merger and acquisition internal dynamic mechanism based on knowledge capital is analyzed from external progression and update, internal coordination and dynamic construction of knowledge-based human resource and organization, and based on this, three technology acquisition modes are put forward namely technical enhancing, complementary and pluralistic to analyze the innovation effect of technological merger and acquisition internal dynamic mechanism.

Mergers and innovation in the pharmaceutical industry.

Science.gov (United States)

Comanor, William S; Scherer, F M

2013-01-01

Conflicting trends confound the pharmaceutical industry. The productivity of pharmaceutical innovation has declined in recent years. At the same time, the cohort of large companies who are the leading engines of pharmaceutical R&D has become increasingly concentrated. The concurrent presence of these trends is not sufficient to determine causation. In response to lagging innovation prospects, some companies have sought refuge in mergers and acquisitions to disguise their dwindling prospects or gain R&D synergies. On the other hand, the increased concentration brought on by recent mergers may have contributed to the declining rate of innovation. In this paper, we consider the second of these causal relationships: the likely impact of the recent merger wave among the largest pharmaceutical companies on the rate of innovation. In other words, have recent mergers, which may have been taken in response to lagging innovation, represented a self-defeating strategy that only made industry outcomes worse? Copyright © 2012 Elsevier B.V. All rights reserved.

L`ANALYSE COMPARATIVE DES FUSIONS-ACQUISITIONS AVEC LES AUTRES FORMES DE CROISSANCE DES ENTREPRISES (II- FUSIONS- ACQUISITIONS VS. ALLIANCES

Directory of Open Access Journals (Sweden)

Vancea Mariana

2010-12-01

Full Text Available Development through mergers and acquisitions is a companys external growth strategy, as well as business alliances, but these options can not be mistaken, because the characteristics, stakes and risks are fundamentally different nature. In this paper we intent to analyze mergers and acquisitions compared with other ways of the companys external growth, by presenting the main similarities and differences between them.

Modeling the Effects of Mergers in the Retail Sector

DEFF Research Database (Denmark)

Blomgren-Hansen, Niels

2013-01-01

the retail and wholesale markets is constructed, calibrated and simulated based on a concrete case (the acquisition and merger of 250 shops previously organized in a voluntary chain of shops comprising roughly half of the market for high-end cosmetics in Denmark). Model simulations predicts that the merger......According to EU competition law, mergers that significantly impedes effective competition, particularly by creating or strengthening a dominant position are prohibited. To identify these cases, authorities need a quantifiable model of the relationship between the variables that are affected...... by the merger and some measure of competition. Furthermore, the authorities must make their decision quickly, rendering deliberate data collection and econometric analyses infeasible in practice. The decision must be based on easily accessible data. In this paper, a simple model of the interaction between...

Corporate Employee-Engagement and Merger Outcomes

NARCIS (Netherlands)

Liang, H.; Renneboog, Luc

2017-01-01

Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm’s engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48 countries.

Mergers and acquisitions. Frequently asked questions and answers.

Science.gov (United States)

Lin, S M; Smeltzer, C H; Thomas, C

2000-03-01

This article is structured in a question/answer format based on interviews with Dr. Carolyn Hope Smeltzer and Salima Manji Lin of PricewaterhouseCoopers, Chicago, and Chuck Thomas of Hinshaw & Culbertson, Rockford. The questions come from CEO's, healthcare executives, and nurse executives at hospitals that are contemplating mergers or that have both succeeded and failed to merge their institutions. The experts share their knowledge.

Synergic motives and economic success of mergers of Czech companies

Directory of Open Access Journals (Sweden)

Jaroslav Sedláček

2013-01-01

Full Text Available One of the motives for mergers and acquisitions is the synergy effect, which can take several forms. This paper tries to find out whether mergers implemented at the Czech market bring positive or negative synergies. The basis of our investigation is the database of the companies that implemented a merger within 2001–2009; out of these, the companies that published their financial statements in a digitalized form were selected. We monitored the development of six indicators characterizing the economic status of a company. The values of these indicators were compared for all participating companies before the merger and for the successor company three years after the merger. The hypotheses were formulated so that they expressed an expectation of a positive synergy brought about by mergers. However, hypothesis testing has not provided a clear result. A positive effect of a merger on the key indicator of net assets, whose growth means an increase in the accounting value of the company after the merger, has been proved for small and medium-sized companies only. The effect of mergers on the increase in indicators has been confirmed for retained earnings from past years and personal costs. Further research will concentrate on the relations between the indicators with the aim to create an integral indicator for the economic success of mergers.

Employer-provided health insurance and hospital mergers.

Science.gov (United States)

Garmon, Christopher

2013-07-01

This paper explores the impact of employer-provided health insurance on hospital competition and hospital mergers. Under employer-provided health insurance, employer executives act as agents for their employees in selecting health insurance options for their firm. The paper investigates whether a merger of hospitals favored by executives will result in a larger price increase than a merger of competing hospitals elsewhere. This is found to be the case even when the executive has the same opportunity cost of travel as her employees and even when the executive is the sole owner of the firm, retaining all profits. This is consistent with the Federal Trade Commission's findings in its challenge of Evanston Northwestern Healthcare's acquisition of Highland Park Hospital. Implications of the model are further tested with executive location data and hospital data from Florida and Texas.

The joint venture alternative to mergers.

Science.gov (United States)

Enders, R J

1995-02-01

However, while a joint venture may be "safe" from antitrust challenge, it is not without some practical difficulties, especially with respect to consolidating services at one location or jointly offering services provided at multiple facilities. These practical concerns include: 1. Who will exercise operational management of the joint venture? 2. How will the joint venture deal with different pricing for services that will be provided at multiple locations? 3. What criteria will be used to decide the location at which consolidated tertiary services will be offered? 4. In what circumstances can the joint venture be unwound, either in its entirety or as to discrete functions? When clinical services have been consolidated at one location, there is an appropriate concern by the other hospital that it will be unable to provide or re-enter the market for those services if the joint venture dissolves. These operational concerns, of course, are not addressed in the Consent Decree. Thus, even if a joint venture relationship survives antitrust scrutiny, the parties must still negotiate and resolve these operational issues in order for the joint venture to be viable.

Imposed Change During Merger: Impact on Psychological Contract of employees

OpenAIRE

Mysore, Somashekar Sthaneshwar

2008-01-01

Acquisitions, amalgamation or mergers and change have been an ongoing part of the operational strategy of many organisations with the intention of achieving growth or rationalisation (Cartwright & cooper, 1992). Kavanagh and Ashkanasy (2006) have noted that amalgamation or mergers are highly complex events with a number of factors that can lead to success or failure and because they influence so many parts of the participating organisations in such fundamental ways. As such, amalgamation, mer...

Mergers, Acquisitions, and Access: STM Publishing Today

Science.gov (United States)

Robertson, Kathleen

Electronic publishing is changing the fundamentals of the entire printing/delivery/archive system that has served as the distribution mechanism for scientific research over the last century and a half. The merger-mania of the last 20 years, preprint pools, and publishers' licensing and journals-bundling plans are among the phenomena impacting the scientific information field. Science-Technology-Medical (STM) publishing is experiencing a period of intense consolidation and reorganization. This paper gives an overview of the economic factors fueling these trends, the major STM publishers, and the government regulatory bodies that referee this industry in Europe, Canada, and the USA.

BANKING MERGERS AND ACQUISITIONS MARKET AND ITS PROSPECTS

Directory of Open Access Journals (Sweden)

Matvey D. Bondarenko

2014-01-01

Full Text Available The paper studies features of the development of the world market of mergers andacquisitions (M&A. Research results ofsome M&A practitioners and theoristson the USA M&A market developmentthrough “waves” during 1897-2007 areconsidered. Special attention in the workis paid to the identification of trends and prospects of the global banking M&Amarket, and its role in the overall market, as well as the factors that determine its development.

Proceed With Caution China adopts security review system for foreign mergers and acquisitions of domestic companies

Institute of Scientific and Technical Information of China (English)

LAN XINZHEN

2011-01-01

China's Ministry of Commerce (MOFCOM) recently gave Nestle the nod of approval for the international food giant's acquisition of Yinlu Food Group.A signing ceremony was held on September 8 in Xiamen,southeast China's Fujian Province,where Yinlu is headquartered.This is the first merger and acquisition (M&A) case of a domestic enterprise by a foreign investor since the Provisions on the Safety Review System for M&As of Domestic Enterprises by Foreign Investors came into effect on September 1,2011.Nestle,the largest food and nutrition company in the world,has been accelerating its development in the Chinese market in recent years.On April 18,2011,it announced plans to purchase a 60-percent stake in Yinlu,a family-owned food maker with sales of 5.46billion yuan ($854 million) in 2010.The deal was submitted to MOFCOM's for anti-monopoly review on May 24 and was approved after a three-month review period.In July,the food conglomerate said it would buy a 60-percent stake in leading Chinese confectioner Hsu Fu Chi International.MOFCOM's approval of the deal is still pending.

Managing Key Risks in Post-Merger IS Integration

DEFF Research Database (Denmark)

Alaranta, Mar; Mathiassen, L

2014-01-01

Mergers and acquisitions (M&A) require organizations to blend together different information system (IS) configurations. Unfortunately, less than 50 percent of M&A's achieve their goals, with IS integration being a major problem. Here, the authors offer a framework to help managers prepare for......, analyze, and mitigate risks during post-merger IS integration. They identify key risks relating to IS integration content, process, and context, and present five strategies for mitigating those risks. Their framework aims to help managers proactively reduce the impact of adverse events. Adopting...... the framework supported by their templates is straightforward and the time and resources required are minimal. When properly executed, adoption increases the likelihood of successful merger outcomes; the framework is thus a valuable addition to the management tool box and can be applied in collaboration...

The convergence of electric power and natural gas industries. Mergers and acquisitions in the United States; La convergence des industries de l'electricite et du gaz naturel: les fusions-acquisitions aux Etats-Unis

Energy Technology Data Exchange (ETDEWEB)

Meritet, S

2000-07-01

Deep transformations have taken place in the US electric power industry, in terms of organisation and competition. The reforms of the regulation of this sector have changed the operation rules and, as an answer, the companies have adapted their behaviour. The reorganization is characterized by the combination between new competitive markets with new occupations. The deregulation and the technical progress accelerate the reconfiguration of the industry with the convergence of the natural gas and electric power activities. Since 1996, the numerous mergers-acquisitions between companies are representative of the tight links existing between the two energy sources. In this work, the convergence of the natural gas and power industries in the US is examined. The study of the reconciliation between power and gas companies (mainly the utilities) stresses on the improvement of the combined companies efficiency. The first part deals with the reconfiguration of the US power industry. The second part analyzes the consequences of the gas-electricity mergers and acquisitions. It includes the exploitation of financial data and a classical econometric test about the 'size-scale-spread' relation. The re-composition of the value chain is at the center of the industrial economy problem: it gives the opportunity for new forms of markets and firms. (J.S.)

After the Crisis Era Chinese Overseas Legal Regulation of Mergers and Acquisitions%后危机时代中国海外并购主要问题法律规制探析

Institute of Scientific and Technical Information of China (English)

阮志群

2011-01-01

With the post -crisis era approaching, Chinese overseas mergers and acquisitions has encountered numerous obstacles. Therefore, on the basis of interpreting global investing protectionism and the lacking of laws about Chinese overseas mergers and acquisitions , the author proposed his opinions on solving these problems as follow： the main aspect is appealing and applying in- vestment liberalization, join the bilateral treaties and utilizing it, keep on strengthening bilateral negotiations meanwhile the scope of bilateral treaties, then assemble a appropriate law system for oversea mergers and acquisitions.%随着后危机时代的来临,我国的海外并购遇到了重重阻碍。为此,需要对全球投资保护主义现象引起足够重视并进行新的阐释。同时,分析我国海外并购立法的缺失,积极倡导并践行投资自由化,积极参加和利用现存的多边条约,继续强化双边谈判,不断扩大双边投资协定覆盖的范围,并构建一个符合海外并购要求的并购法律体系。

外资并购中国上市企业的动因研究——基于目标企业的视角%On the Motive of Foreign Merger and Acquisition of Chinese Listed Companies Based on the Perspective of Target Firms

Institute of Scientific and Technical Information of China (English)

袁奋强

2012-01-01

The paper, using a sample of foreign companies＇ merger and acquisition of Chinese listed target firms from 1998 to 2007, studies the M＆A motive of foreign firms from the perspective of target firms. It finds that the foreign mergers and acquisitions have built financial synergies from the formation of internal capital markets, which are one of the main motives of foreign mergers and acquisitions; speculations are not the motive of mergers and acquisitions, but investments should be the main motive; as an investmentoriented foreign merger and acquisition, after it quickly enters the host country market, it has a motive of freezing the target brand and promoting its own brand.%文章以1998～2007年外资并购上市公司的事件为研究样本，从目标企业的视角分析了外资并购的动因。研究发现：外资并购通过内部资本市场的构建形成了财务协同效应，所以财务协同效应应该是外资并购的主要动因之一；外资并购并非持投机性的动机，而应该是以投资性并购为主要动因；作为投资性的外资并购，外资在快速进入东道主国市场后，具有雪藏目标企业品牌、推广自有品牌的动机。

L`ANALYSE COMPARATIVE DES FUSIONS-ACQUISITIONS AVEC LES AUTRES FORMES DE CROISSANCE DES ENTREPRISES (I- FUSIONS-ACQUISITIONS VS. CROISSANCE INTERNE

Directory of Open Access Journals (Sweden)

Vancea Mariana

2010-07-01

Full Text Available In order to achieve growth and development strategy, companies can choose between continuous improvement or optimization of operational and financial assets, on one hand, and on the other hand the achievement of mergers and acquisitions, as also strategic partnerships with other companies. The purpose of this paper is to analyze the company’s growth and development strategy through mergers and acquisitions by comparison with that of organic growth, while highlighting the advantages and disadvantages of each type of strategy.

Desempenho das companhias pós-fusões e aquisições mensurado pelos filtros de Graham = Performance of post-mergers and acquisitions companies measured by Graham Filters

Directory of Open Access Journals (Sweden)

Leandro Augusto Toigo

2017-12-01

Full Text Available O estudo objetiva verificar o desempenho das companhias que realizaram fusões e aquisições por meio da avaliação de desempenho com o uso dos Filtros de Graham. A pesquisa, caracterizada como descritiva, documental e quantitativa, foi realizada a partir de dados contábeis, financeiros e de mercado de quarenta e duas companhias abertas brasileiras listadas na BM&FBovespa, que realizaram fusões e aquisições com troca de controle entre os períodos de 2006 e 2010. Os dados sobre as fusões e aquisições foram coletados junto ao sítio da CVM – Comissão de Valores Mobiliários em fatos relevantes. As informações sobre o desempenho foram levantadas junto à base Economática®. Calculou-se o desempenho das quarenta e duas companhias por sete Filtros de Graham, transformados em um ranking pela aplicação do TOPSIS. Pelos resultados, verifica-se que nos cinco anos de análise as companhias tiveram variações positivas de desempenho no ranking. Como contribuição ao cálculo de desempenho das empresas, os Filtros de Graham permitiram identificar a elevação do lucro líquido, redução do endividamento, aumento dos ativos. Com esses resultados constata-se que as companhias que passaram por fusões e aquisições apresentam boa saúde financeira e baixo risco. Como conclusão, tem-se que esses resultados do desempenho das companhias pelos Filtros de Graham nos processos de fusões e aquisições, realizados no ambiente brasileiro, apresentam razoável segurança aos acionistas e bom nível de Governança Corporativa. The objective of this study was to verify the performance of the companies that performed mergers and acquisitions by evaluating performance with the use of Graham Filters. The research, characterized as descriptive, documentary and quantitative, was based on the accounting, financial and market data of 42 Brazilian companies listed on the BM&FBovespa, which conducted mergers and acquisitions with exchange of control

Exploration of the capital increase debt decrease transaction and debt-bearing transaction in merger and acquisition%矿业并购中的增资减债式交易及承债式交易探析

Institute of Scientific and Technical Information of China (English)

郭睿

2014-01-01

Merger and acquisition is currently one of the most popular ways of capital operation .Suitable manner should be chosen for an enterprise to carry out merger and acquisition .Starting from the transaction conditions ,under settled transaction price ,the paper analyzes the transaction manners and influencing factors ,innovatively puts forward the capital increase debt decrease transaction ,evading potential risks from the very nature of merger and acquisition .%并购是当前矿业企业资本运作的最主要方式之一。对于任何一个要实施并购行为的企业，都应该选择适当的并购方式，以保证并购能够取得成功。文中从交易条件入手，在交易价格确定的条件下，通过对交易方式和交易影响因素等方面进行了系统详细的剖析，创造性提出增资减债式交易方式，从项目并购源头规避各种潜在风险。

Parametrically Guided Generalized Additive Models with Application to Mergers and Acquisitions Data.

Science.gov (United States)

Fan, Jianqing; Maity, Arnab; Wang, Yihui; Wu, Yichao

2013-01-01

Generalized nonparametric additive models present a flexible way to evaluate the effects of several covariates on a general outcome of interest via a link function. In this modeling framework, one assumes that the effect of each of the covariates is nonparametric and additive. However, in practice, often there is prior information available about the shape of the regression functions, possibly from pilot studies or exploratory analysis. In this paper, we consider such situations and propose an estimation procedure where the prior information is used as a parametric guide to fit the additive model. Specifically, we first posit a parametric family for each of the regression functions using the prior information (parametric guides). After removing these parametric trends, we then estimate the remainder of the nonparametric functions using a nonparametric generalized additive model, and form the final estimates by adding back the parametric trend. We investigate the asymptotic properties of the estimates and show that when a good guide is chosen, the asymptotic variance of the estimates can be reduced significantly while keeping the asymptotic variance same as the unguided estimator. We observe the performance of our method via a simulation study and demonstrate our method by applying to a real data set on mergers and acquisitions.

Effect of mergers and acquisitions on drug discovery: perspective from a case study of a Japanese pharmaceutical company.

Science.gov (United States)

Shibayama, Sotaro; Tanikawa, Kunihiro; Fujimoto, Ryuhei; Kimura, Hiromichi

2008-01-01

The pharmaceutical industry has experienced intermittent waves of mergers and acquisitions (M&As) since the 1980s and recently appeared to be in yet another wave. Previous studies indicated rather negative impacts of consolidation on research and development, suggesting that they do not necessarily lead to long-term reinforcement of research capabilities, although they may enrich the drug pipeline in the short term. However, recent studies have implied a positive side in terms of knowledge-base transfer. Further micro-organizational studies suggested that scientists learned new knowledge and approaches from partner scientists and improved their performance and innovation. These findings imply that measures for the scientist-level integration after M&As would reinforce fundamental research capabilities in the long term.

On the Possibility of an Unsuccessful Merger : Implications from Stock Market and Retail Scanner Data

OpenAIRE

Adachi, Takanori

2017-01-01

Industrial economists and competition policymakers have traditionally assumed that a horizontal or vertical merger raises involved parties' joint profits, whereas whether consumers benefit or lose should be judged on a case-by-case basis. However, if a completed merger is not as successful as expected, its observed effects on the retail market may not necessarily be a result of the integrated firm's anti-competitive conduct. How can one assess whether a merger has achieved its initial objecti...

IMPLICATIONS OF CROSS-BORDER MERGERS AND ACQUISITIONS IN THE POLISH BANKING SECTOR IN THE CONTEXT OF THE GLOBAL FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

ZBIGNIEW KORZEB

2010-01-01

Full Text Available The article presents the implications of the global financial crisis upon the Polish banking sector, formed under the influence of cross-border mergers and acquisitions. It illustrates the consequences of financial problems of foreign strategic shareholders in banks operating in Poland upon the stability of the entire banking system. It presents the proposed future directions of action to protect the stability of the banking system. It seems that in the case of a banking system as special as the Polish one, the key role will belong to the quality of the three main pillars of control over the work of banks: supervisory institutions, market discipline an corporate governance.

Managing mergers in the petroleum industry

International Nuclear Information System (INIS)

Swartout, H. B.

1997-01-01

The size and scope of various acquisitions by Precision Drilling Corporation over the last decade were examined from the point of view of the acquiror. Also examined were Precision Drilling's approach to acquisitions and the probable reasons for the Corporation's success in acquiring other companies. In a series of 15 acquisitions from 1985 to 1997, the company went from the initial three drilling rigs to 205 rigs and from $4.5 million in revenues in 1985 to $455 million in 1997. Knowing the drilling business and the customers' business, an informed assessment of the target company's long term potential, decisive action, efficient and knowledgeable negotiators able to assess what is driving the other side, and a flexible, creative approach to financing mergers, were identified as most responsible for the Corporation's success

MERGERS AND BULGE FORMATION IN ΛCDM: WHICH MERGERS MATTER?

International Nuclear Information System (INIS)

Hopkins, Philip F.; Bundy, Kevin; Wetzel, Andrew; Croton, Darren; Hernquist, Lars; Keres, Dusan; Younger, Joshua D.; Khochfar, Sadegh; Stewart, Kyle

2010-01-01

We use a suite of semi-empirical models to predict the galaxy-galaxy merger rate and relative contributions to bulge growth as a function of mass (both halo and stellar), redshift, and mass ratio. The models use empirical constraints on the halo occupation distribution, evolved forward in time, to robustly identify where and when galaxy mergers occur. Together with the results of high-resolution merger simulations, this allows us to quantify the relative contributions of mergers with different properties (e.g., mass ratios, gas fractions, redshifts) to the bulge population. We compare with observational constraints, and find good agreement. We also provide useful fitting functions and make public a code to reproduce the predicted merger rates and contributions to bulge mass growth. We identify several robust conclusions. (1) Major mergers dominate the formation and assembly of ∼L * bulges and the total spheroid mass density, but minor mergers contribute a non-negligible ∼30%. (2) This is mass dependent: bulge formation and assembly is dominated by more minor mergers in lower-mass systems. In higher-mass systems, most bulges originally form in major mergers near ∼L * , but assemble in increasingly minor mergers. (3) The minor/major contribution is also morphology dependent: higher B/T systems preferentially form in more major mergers, with B/T roughly tracing the mass ratio of the largest recent merger; lower B/T systems preferentially form in situ from minor mergers. (4) Low-mass galaxies, being gas-rich, require more mergers to reach the same B/T as high-mass systems. Gas-richness dramatically suppresses the absolute efficiency of bulge formation, but does not strongly influence the relative contribution of major versus minor mergers. (5) Absolute merger rates at fixed mass ratio increase with galaxy mass. (6) Predicted merger rates agree well with those observed in pair and morphology-selected samples, but there is evidence that some morphology