Approved for public release; distribution is unlimited / This thesis investigates the types of competition that exist during the different acquisition phase of a weapon system procurement, and discusses the possible effects that competition has on the acquisition cost of these systems. Also, economic, technical and management variables are presented and discussed that may have a significant impact when considering whether to introduce production competition into a program. Five second sourcing methodologies are presented and discussed along with their relative advantages and disadvantages, and a model is presented which allows for a comparison to be performed between the five second sourcing methods. The proposed acquisition strategy for the Advanced Assault Amphibian Vehicle (AAAV) is presented and analyzed as it concerns design and production competition. An analysis of the AAAV program variables is performed, with accompanying economic analysis, which indicates that a Contractor Teaming strategy would be appropriate for introducing production competition should the decision be made to second source. / http://archive.org/details/evaluationofcomp00corc / Captain, United States Marine Corps

Acquisitions for a value of approximately $2 trillion are conducted globally every year with the motives of i.e., enhanced market power and increased shareholder value. Despite the interest in acquisitions the failure rate on acquisitions in 2011 was estimated to 70-90 %. Thus researchers have called for further examination on acquisitions and especially on the acquisition process, and strategic fit and organizational fit, which is believed to facilitate the outcome of the acquisitions. The acquisition process is described as a linear process con- sisting of two sub processes, pre-acquisition and post-acquisition, that acquiring organiza- tions progress through step-wise. The purpose of this study is to examine how the acquisition process and strategic fit and organizational fit can be handled to facilitate successful acquisitions. In order to get a deep and comprehensive understanding of the acquisitions process, the authors of this thesis have conducted a case study. The company, ITAB Shop Concept AB, has a background of 20 successful acquisitions, which have contributed to a steady growth in both turnover and share price. ITAB Shop Concept AB has been researched through in- depth interviews with key persons in the management, responsible for the acquisitions conducted. By adopting a dynamic approach to the acquisition process and taking an overall view of the strategic fit and organizational fit in each phase of the acquisition process, organiza- tions can understand and prevent the possible issues leading to failure. Furthermore organ- izations might benefit from having an acquisition process adapted for each acquisition tar- get. For example it is found that by conducting due-diligence in the post-acquisition pro- cess instead of the pre-acquisition process, and keeping the same persons in the acquisition team, more efficient use of resources and prior experience is facilitated.

Thesis (MPA.) -- University of Limpopo, 2017. / The aim of the study was to investigate elements that compromise the success of Proactive Land Acquisition Strategy (PLAS) in Mopani District, Limpopo Province. There is a general view that PLAS intended to fast track the land reform process. The emerging farmers as soon as they get the land through PLAS are expected to use the land for production so as to improve their socio- economic status and contribute to the local economic growth. The Department of Rural Development and Land Reform proactively acquires the land and redistributes it to the previously disadvantaged people in a lease contract. Emerging farmers do not need to own the land and have title deeds as the land belongs to the government. PLAS is state driven because only the government can proactively acquire the land and lease it out to prospective productive emerging farmers from previously disadvantaged groups. Qualitative research design was used to collect data. The target group in this study were direct beneficiaries of PLAS or emerging farmers. Data was collected using focus group discussions with emerging farmers and one-on-one interviews in all three local municipalities: Ba-Phalaborwa, Tzaneen and Maruleng. One- on- one interviews were conducted with the key participants from the Department of Rural Development and Land Reform and the Limpopo Department of Agriculture. The results of the study show that the emerging farmers are not effectively using the land as expected. They do not have the necessary support from government or Department of Rural Development and Land Reform. It was also revealed in the study that the Limpopo Department of Agriculture is expected to support the emerging farmers with technical support. In practice there is no visible form of support from the provincial department and farmers are left to fend for themselves. Emerging farmers usually lack farming skills and need regular training and support to be able to continue with their farming and businesses. The findings further reveal that the emerging farmers face serious challenges such as a lack of funding, water shortage, and lack of access to markets and their recapitalisation is reduced. These findings show that the strategy is not responsive enough because of lack of resources from the government. While there are instances where the white farmers are willing to sell their land, the government do not always have resources to acquire such lands. Also most of these land prices are often inflated and it is where these sellers are taking advantage of the government. This study recommends that the government should support the emerging farmers by all means possible. That will lead to profitable farming and the lives of the people will change qualitatively, leading to social and economic development. It is recommended further that the emerging farmers be given appropriate training so that they can be equipped with skills and be able to run and manage their farms

Bakgrund och problem: Integrationsprocessen, och strategin som anammas vid integration av förvärv, anses vara en vital aspekt för förvärvets potentiella framgång. Studier visar däremot hur det utgör en av de svåraste faserna vid företagsförvärv, och utgör därav en stor anledning till att förvärv misslyckas. Problematiken som belyses i tidigare studier är skapandet av balans mellan integration och autonomi. Däremot identifieras inte hur den här balansen kan uppnås eller vad som påverkar organisationers val av integration, där det här troligen kan relateras till den förvärvande organisationens struktur och styrningen. Det uppdagas därmed en kunskapslucka i tidigare studier kring hur organisatoriska förutsättningar påverkar förvärvs- och integrationsprocessen, vilka konsekvenser det har för skapandet av balans, samt vilka aspekter som är viktiga för förvärvets potentiella framgång. Tidigare studier placerar fokus på de individuella moment som förvärvsprocessen utgörs av, därav ämnar studien även att bidra med ett helhetsperspektiv genom framtagning av ett ramverk som kan användas vid genomförande av förvärvs- och integrationsprocesser.  Syfte: Syftet med studien är att öka kunskapen kring hur förvärvs- och integrationsprocessen påverkas av organisatoriska förutsättningar i strategi, struktur och styrning. Vidare ämnar studien att identifiera och analysera vilka faktorer som är väsentliga att beakta under förvärvs- och integrationsprocessen. Avslutningsvis presenteras ett ramverk för förvärvs- och integrationsprocessen, vilket kan användas av företag för att underlätta processen och bidra till förvärvets framgång. Metod: En kvalitativ forskningsansats har använts för genomförande av studien. En fallstudie har utförts på NIBE Group, vilket utgör en välkänd koncern med uttalad förvärvsstrategi och lång erfarenhet av lyckade företagsförvärv. Studien är indelad i tre avsnitt; teoretisk referensram, empirisk referensram samt analys. Det teoretiska avsnittet ämnar skapa förståelse för företagsförvärv, organisationsstruktur samt styrning. Det empiriska materialet har sedan insamlats genom semistrukturerade intervjuer med respondenter från NIBE och sex tillhörande dotterbolag. Avsnittet har till syfte att skapa en helhetsförståelse för hur en förvärvsstrategi samt förvärvs- och integrationsprocess kan se ut, och vilka aspekter som betraktas som viktiga av både förvärvande och förvärvade bolag. Slutligen analyseras teori och empiri i analysavsnittet, vilket mynnar ut i det framtagna ramverket.  Slutsats: Studiens resultat belyser behovet av att anamma ett helhetsperspektiv vid analys och genomförande av förvärvs- och integrationsprocessen, då samtliga moment har en inverkan på varandra. Det föreligger ett samband mellan organisationsstruktur, förvärvsstrategi samt förvärvs- och integrationsprocess, där konsensus mellan de olika faktorerna är viktigt för att undvika en del svårigheter som kan hämma förvärvets framgång. Ytterligare poängteras vikten av kontroll och samordning inom aspekter som finansiell rapportering, IT samt människor, för att möjliggöra givande av autonomi. Studien resulterade även i framtagning av ett ramverk för användning vid företagsförvärv. Modellen belyser både vikten av ett helhetsperspektiv, men även vilka aspekter som är viktiga att beakta vid varje moment, vilket kan minska potentiella hinder under processens genomförande. / Background and problem: The integration process, and the strategy adopted during post-acquisition integration, is considered an important aspect of the acquisition's potential success. Studies, on the other hand, show how it is one of the most difficult phases of an acquisition, and therefore constitutes a major reason why acquisitions fail. The problem highlighted in previous studies is the creation of balance between integration and autonomy. However, it does not identify how this balance can be achieved or what influences the choice of integration level, where this can probably be related to the structure and governance of the acquiring organization. Thus, there is a knowledge gap discovered in previous studies on how organizational conditions affect the acquisition and integration process, what consequences it has for the creation of balance, and which aspects that are important for potential success. Previous studies place focus on the individual phases that the acquisition process consists of, hence this study also intends to contribute with a holistic perspective by developing a framework that can be used during the acquisition and integration processes.  Purpose: The purpose of the study is to create a deeper understanding of how the acquisition- and integration process is affected by organizational conditions in strategy, structure and governance. Furthermore, the study aims to identify and analyze which factors are important to consider during the acquisition- and integration process. Finally, a framework for the acquisition- and integration process is presented, which can be used by companies to facilitate the process and contribute to the success of the acquisition.  Method: A qualitative research approach has been used to carry out the study. A case study has been conducted at NIBE Group, which is a well-known group with a pronounced acquisition strategy and long experience of successful acquisitions. The study is divided into three sections; theoretical frame of reference, empirical frame of reference and analysis. The theoretical section aims to create an understanding of acquisitions, organizational structure and governance. The empirical material has then been collected through semi-structured interviews with respondents from NIBE and six associated subsidiaries. The purpose of the section is to create a holistic understanding of an acquisition strategy, as well as what the acquisition and integration process can look like, and which aspects that are considered important by both acquiring and acquired companies. Finally, theory and empirical data are analyzed in the analysis section, which results in the developed framework. Conclusion: The results of the study highlight the need to adopt a holistic perspective when analyzing and implementing the acquisition and integration process, as all elements have an impact on each other. There is a relationship between organizational structure, acquisition strategy and the acquisition- and integration process, where consensus between the various factors is important to avoid some difficulties that may hinder the success of the acquisition. Furthermore, the importance of control and coordination in aspects such as financial reporting, IT and people is emphasized, to enable the granting of autonomy. The study also resulted in the development of a framework for use during acquisitions. The model highlights both the importance of a holistic perspective, but also which aspects are important to consider at each step, which can reduce potential obstacles during the process.

Sammanfattning Examensarbete Civilekonomprogrammet Titel: Integrationsprocessens utformning och genomförande vid företagsförvärv - En flerfallsstudie på svenska aktiebolag med uttalad förvärvsstrategi Inledning: Tidigare forskning kring förvärvs- och integrationsprocessen anses vara normativ utifrån ett finansiellt teoretisk perspektiv med fokus på hur en integrationsprocess bör utföras. Däremot har forskningen inte i samma utsträckning berört området om hur denna process faktiskt går till. Därav uppdagas en kunskapslucka i den tidigare forskningen avseende hur en integrationsprocess genomförs i praktiken. Avsikten är således att bidra med en empirisk analyserande och förklarande studie till den vetenskapliga diskussionen kring bolagsförvärv och då främst dess integrationsprocess. Syfte: Syftet med uppsatsen är att öka kunskapen om hur svenska aktiebolag med en uttalad förvärvsstrategi arbetar med integrationen av uppköpta företag. Vidare kommer de studerade bolagens integrationsprocess kartläggas för att identifiera och analysera vilka faktorer som är avgörande för integrationen och därmed leder till ett framgångsrikt förvärv.  Metod: Uppsatsen är en kvalitativ studie med en abduktiv ansats. En flerfallstudie tillämpas där det empiriska materialet inhämtas via semistrukturerade intervjuer från fem företag med uttalade förvärvsstrategier. Slutsats: Studiens resultat visar på att integrationen i fallföretagen är av mjukare karaktär och mer flytande i sin utformning. Avgörande för denna process är att fokus riktas mot värdeskapande aktiviteter och att integrationen situationsanpassas utefter varje förvärv. Detta i syfte att inte förbruka tid och resurser på åtgärder som genomförs efter standardiserade ramverk snarare än att se till det som de facto behöver åtgärdas. Ytterligare en slutsats är att det är avgörande att inte enbart se till integrationen som en isolerad företeelse utan att förstå helheten i förvärvsprocessen med dess tidigare faser. / Abstract Master Thesis in Business Administration Title: The design and implementation of the integration process in acquisitions - A multi-case study on Swedish limited companies with a defined acquisition strategy Background: Previous research on the acquisition and integration process is considered normative from a financial theoretical perspective with a focus on how an integration process should be carried out. However, the research has not to the same extent studied how this process actually is carried out. As a result, a knowledge gap is discovered in previous research regarding how an integration process is carried out in practice. The intention is thus to contribute with an empirical analytical and explanatory study to the scientific discussion about company acquisitions and mainly its integration process. Purpose: The purpose of the thesis is to create an enhanced knowledge of how Swedish limited companies with a defined acquisition strategy work with the integration of acquired companies. Furthermore, the integration process of the studied companies will be visualized to finally identify and analyze which factors are decisive for the integration and thus lead to a successful acquisition. Method: The thesis is a qualitative study with an abductive approach. A multi-case study is applied where the empirical material is obtained through semi-structured interviews from five companies with defined acquisition strategies. Conclusion: The results of the study indicate that the integration in the studied companies is less formal. Crucial to this process is that the focus is on value-creating activities and that the integration is adapted to the unique characteristics of each acquisition. This is to avoid time-wasting and resource-consuming activities due to standardized frameworks that do not create value. Another result is that it’s crucial not only to look at integration as an isolated phenomenon, but to understand the entire process of acquisition with its prior phases.

Antalet genomförda företagsförvärv på aktiemarknaden har ökat genom åren. Företagsförvärv ämnar till att skapa tillväxt och konkurrenskraftighet genom synergier, ökning av marknadsandelar eller via diversifiering. Syftet med studien är att beskriva hur marknaden reagerar vid tillkännagivande av ett företagsförvärv, samt om det finns något samband mellan marknadens reaktion, konjunktur och förvärvsstrategi. Studien undersöker marknadsreaktionen vid tillkännagivandet av ett företagsförvärv för börsnoterade företag på den svenska marknaden under perioden 2010 till 2020. Studien utgår från arbitrageteorin, den effektiva marknadshypotesen, signaleringsteorin och ekonomisk psykologi. Relevanta studier för ämnet lyfts också fram. Studien har tillämpat en kvantitativ statistisk eventstudie som huvudmetodik för att analysera marknadsreaktionen vid förvärvstillkännagivande. För att förklara eventstudiens resultat genomfördes en multipel linjär regressionsanalys, vilken undersökte sambandet mellan marknadens reaktion, konjunktur och förvärvsstrategi. Resultatet från eventstudien visade att den genomsnittliga abnormala avkastningen var högst på eventdagen men genomsnittligt nära noll. För majoriteten av förvärvstillkännagivandena gick det inte att påvisa någon signifikant skillnad i abnormal avkastning. Studien visade att marknaden inte reagerade kraftigare än vad som var förväntat. Vidare visade regressionsanalysen att varken konjunktur eller förvärvsstrategi hade någon signifikant påverkan på abnormal avkastning. Det betyder således att marknadens reaktion inte påverkades av varken rådande konjunktur eller vilken förvärvsstrategi bolaget hade. / The number of completed acquisitions on the stock market has increased over the years. Acquisitions aim to create growth and competitiveness through synergies, increase market shares or through diversification. The purpose of this study is to describe how the market reacts when announcing an acquisition, and whether there is any relation between the market reaction, the economic cycle and the acquisition strategy. This study examines the market reaction when announcing an acquisition, for listed companies on the Swedish stock market during the period 2010 to 2020. This study is based on the arbitrage theory, the effective market hypothesis, the signaling theory, behavioral finance and other relevant studies. This study has applied a quantitative statistical event study as the main methodology to analyz the market reaction when announcing an acquisition. A multiple linear regression analysis was performed, which examined the relationship between the market reaction, the economic cycle and the acquisition strategy. The results from the event study showed that the average abnormal return was greatest on the event day but on average close to zero. For the majority of the acquisition announcements, it was not possible to determine any significant differences in abnormal returns. This study revealed that the market did not react more deviating than expected. Furthermore, the regression analysis indicated that neither the economic cycle nor the acquisition strategy had any significant effect on abnormal returns. Which means that the market reaction was not affected by neither the current economic situation or the companies acquisition strategy.

As a national key priority programme, land reform acts as a driving force for rural development and building the economy of the country. In order for land reform to contribute to sustainable livelihoods for land reform beneficiaries, it must be supported by diversified programmes of pre- and post-settlement support of agrarian reform in a non-centralised and non-bureaucratic manner. Post-settlement support in the context of South African land reform refers to post-transfer support or settlement support given to land reform beneficiaries after they have received land. Support services, or complementary development support, as specified in the White Paper of the South African Land Policy of 1996, include assistance with productive and sustainable land use, agricultural extension services support, infrastructural support, access to markets and credit facilities, and agricultural production inputs. Government’s mandate is, however, not only restricted to the redistribution of land or making land more accessible. It is also responsible for empowering beneficiaries and for creating an effective support foundation to ensure that sustainable development takes place, specifically in the rural areas of the country. In practice, sustainable development entails that, for land reform to be successful, the quality of life of beneficiaries must improve substantially and the acquired land must be utilised to its full commercial potential, after resettlement on claimed land has occurred. Therefore, an effective post-settlement support strategy and model must be set in place. The Department of Rural Development and Land Reform (DRDLR) and the Department of Agriculture, Rural Development and Land Administration (DARDLA) are the key departments that have been mandated to implement the Land Reform Programme (LRP). DRDLR is responsible for facilitation of the land acquisition (pre-settlement support) and DARDLA for post-settlement support, ensuring that the land or farms that have been delivered or acquired by land beneficiaries are economically viable. Without post-settlement support, land reform will not yield to sustainable development and nor improve the quality of life of rural people. There is, however, little or no evidence to suggest that land reform has led to improved efficiency, improvement of livelihoods, job creation or economic growth. Against this background, the study investigated and unlocked the key challenges related to the post-settlement support of the LRP, with emphasis on the agricultural support programmes rendered by the DARDLA in Mpumalanga Province to land reform beneficiaries. It further examined how such support impacts on the sustainability of the LRP, and made recommendations to the management of the Department on what could be done to further improve post-settlement support to land reform projects towards achieving the objective of sustainable development. / M Public Administration, North-West University, Potchefstroom Campus, 2014

As a national key priority programme, land reform acts as a driving force for rural development and building the economy of the country. In order for land reform to contribute to sustainable livelihoods for land reform beneficiaries, it must be supported by diversified programmes of pre- and post-settlement support of agrarian reform in a non-centralised and non-bureaucratic manner. Post-settlement support in the context of South African land reform refers to post-transfer support or settlement support given to land reform beneficiaries after they have received land. Support services, or complementary development support, as specified in the White Paper of the South African Land Policy of 1996, include assistance with productive and sustainable land use, agricultural extension services support, infrastructural support, access to markets and credit facilities, and agricultural production inputs. Government’s mandate is, however, not only restricted to the redistribution of land or making land more accessible. It is also responsible for empowering beneficiaries and for creating an effective support foundation to ensure that sustainable development takes place, specifically in the rural areas of the country. In practice, sustainable development entails that, for land reform to be successful, the quality of life of beneficiaries must improve substantially and the acquired land must be utilised to its full commercial potential, after resettlement on claimed land has occurred. Therefore, an effective post-settlement support strategy and model must be set in place. The Department of Rural Development and Land Reform (DRDLR) and the Department of Agriculture, Rural Development and Land Administration (DARDLA) are the key departments that have been mandated to implement the Land Reform Programme (LRP). DRDLR is responsible for facilitation of the land acquisition (pre-settlement support) and DARDLA for post-settlement support, ensuring that the land or farms that have been delivered or acquired by land beneficiaries are economically viable. Without post-settlement support, land reform will not yield to sustainable development and nor improve the quality of life of rural people. There is, however, little or no evidence to suggest that land reform has led to improved efficiency, improvement of livelihoods, job creation or economic growth. Against this background, the study investigated and unlocked the key challenges related to the post-settlement support of the LRP, with emphasis on the agricultural support programmes rendered by the DARDLA in Mpumalanga Province to land reform beneficiaries. It further examined how such support impacts on the sustainability of the LRP, and made recommendations to the management of the Department on what could be done to further improve post-settlement support to land reform projects towards achieving the objective of sustainable development. / M Public Administration, North-West University, Potchefstroom Campus, 2014

Il presente lavoro, riconoscendo la rilevanza che le aziende familiari detengono all’interno del contesto internazionale, con particolare riferimento a quello italiano, si propone di analizzare la loro propensione verso l’implementazione della strategia di acquisizione. In particolare lo studio, composto da tre paper tra loro connessi, è volto a delineare una “fotografia” del tessuto imprenditoriale italiano rilevando le caratteristiche delle aziende familiari e della tipologia delle operazioni di crescita per via esterna da queste conseguite. Inoltre, la ricerca fornisce delle comparazioni con le operazioni svolte dalle imprese non familiari così da comprenderne similitudini e differenze evidenziando come la partecipazione della famiglia proprietaria, sia in termini di proprietà che di gestione, incida sulla predisposizione ad acquisire. Il primo paper indaga l’attitudine delle imprese familiari e non familiari ad acquisire, mostrando tipologie e caratteristiche delle operazioni di crescita per via esterna da queste conseguite nel periodo 2000 – 2014. Il secondo lavoro, approfondito il ruolo della distanza culturale ed economica tra acquirente ed acquisita, verifica se le aziende familiari hanno economicamente beneficiato dell’implementazione della strategia di crescita per via esterna. Il terzo contributo analizza come le differenti modalità e livelli di coinvolgimento diretto della famiglia alla vita d’impresa incida sulla predisposizione ad acquisire. / The aim of this work, which recognizes the importance of family-owned firms in the international environment – focusing in particular on the Italian context – is to analyze their propensity to implement the acquisition strategy. The study, composed of three interrelated papers, is intended to “take a picture” of the Italian entrepreneurial fabric, by detecting the features of family firms and the type of growth operations through acquisitions. Furthermore, this research outlines comparisons with the operations led by non family firms, in order to understand similarities and differences by highlighting how the role of family owner, both in terms of property and management, influences the propensity to acquire.  The first paper examines the propensity of family and non family firms to acquire, showing the types and features of the growth operations through acquisitions in the timeframe 2000 - 2014. The second paper, after studying in depth the role of the cultural and economic distance between the acquirer and target, checks whether family firms benefitted from the implementation of acquisition. The third paper analyses the influence of the several implementation procedures and the level of direct involvement of the family in the life of the firms on the propensity to acquire.