Agriculture has always been a very volatile industry, mainly due to fluctuating commodity prices (specifically white maize) and irregular rainfall patterns. Furthermore, the agricultural industry is confronted with finite resources of which limited arable land and water scarcity are among the most troubling. Many agribusinesses in the industry have also achieved a level of maturity as far as market share is concerned, leaving little room for further growth. On the other hand, most of these agri-businesses are organisations with shareholders and investors demanding acceptable and sustainable returns on their investments. This situation invariably creates challenges relating to growth, profitability and sustainability. One of the few ways of addressing this problem is for stakeholders in the industry to combine their resources, capabilities and efforts through consolidation strategies, like acquisitions, mergers and strategic alliances, among others. This includes an extended presence and involvement throughout the value chain by means of forward and backward integration. The aim of such consolidation activity is to improve the long-term sustainability of agri-businesses and the agricultural industry as a whole. Agriculture is extremely important in terms of its contribution to the national economy, employment and job creation, earning foreign exchange through exports and improving food security and safety as well as the affordability of and access to food. Agri-businesses fulfil the functions of handlers, processors and marketers of agricultural produce, suppliers of production inputs and services including mechanisation solutions and support as well as being financiers of farmers and farming activities. However, there are too many role players and intermediaries involved in the agricultural industry which only aggravates the problem of limited growth potential within the industry. This study focuses on one of the leading agribusinesses in the industry while at the same time aiming to obtain the opinions of other industry stakeholders regarding the desirability of such consolidation strategies, the nature and extent thereof and the probability of successfully executing such strategies within the industry. Qualitative empirical research was performed by using a semi-structured interview schedule and conducting personal or telephonic interviews with a selection of executives, directors and other senior managers of several agri-businesses, regulators and controlling bodies associated with the South African agricultural industry. The themes covered included growth and sustainability, strategic leadership, consolidation as strategy, the different consolidation approaches, consolidation methods to be used, motives for consolidation, possible legislative restrictions on consolidation, the steps in the consolidation process and the preferred business approach to execute a consolidation strategy. The results of the empirical study indicated that consolidation does support growth and sustainability and that sound strategic leadership is of strategic importance to agri-businesses. The majority of participants confirmed that consolidation does form part of their current strategies and agreed that a combination of the three different consolidation approaches will be most effective in the execution of a consolidation strategy. Of the different consolidation methods, strategic alliances was the most preferred method as well as being selected as the method most likely to successfully achieve industry consolidation. Value creation was the overwhelming choice as being the primary motive for consolidation and was also selected as the motive with the highest probability of achieving success in consolidating the agricultural industry. The restrictive nature of the South African Competition Act (89 of 1998) and the competition authorities was highlighted by the responses obtained from the interviewees. Even though the negotiation phase was described as the most important step in the consolidation process, the results showed that is critically important to accommodate all the different steps in the process to ensure the success of the entire consolidation project. Finally, there was no clear preference regarding the business approach to apply in executing a consolidation strategy, being either a focuses business approach or an integrated business philosophy. The recommendations contained suggestions to increase consolidation activity among stakeholders in the industry and to develop and establish sufficient consolidation skills and capacity to aggressively pursue a consolidation strategy. It was also suggested that agri-businesses should reverse previous decisions to limit shareholding within these organisations. Any consolidation approach and consolidation method which is based on willing and amicable participation of the parties involved, benefits these stakeholders and the industry. These transactions must hold some benefit or value for those parties involved as well as other stakeholders in the industry. The principle of embracing the competition authorities and the requirements of the South African Competition Act (89 of 1998) as part of the consolidation process was strongly advocated. Ultimately, the business approach which best supports the organisation’s strategy is the obvious choice, but the reality is that it might include characteristics of both an integrated and a focussed approach. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

This Master's Thesis is a comparative study of the regulation of defensive measures in hostile takeovers. It consists of two main parts: In the first, the subject is approached from a theoretical point of view. The relevant factors for the regulation of defensive measures are outlined and analysed, followed by a discussion of the different ways of drafting such rules. This part concludes with a proposition concerning the most favourable form and content of a regulation. The second part describes hostile takeover regulation in the US, the UK, Canada, the EU and Germany, showing the diversity in that field of regulation in practice and the underlying reasons. It highlights and assesses the characteristics of each country and its regulation in the light of the considerations made in the first part, and provides an outlook concerning the future development of the regulation of defensive measures in hostile takeovers.

Mergers and acquisitions (M&A) for business can be regarded as a risk-taking activity for a growth company. So, this study adopts a behaviour-oriented risk management approach to examine failure risks arising from the M&A in the Taiwan context. Risk communication strategy is a major tool of that approach. In order to communicate risks arising from M&A to employees, furthermore, to achieve a successful post-merger integration, this study identifies a variety of risks from the post-merger integration, examines the differences between risk estimation and risk evaluation, and investigates a number of risk communication strategies for the target case by use of a questionnaire survey. Meanwhile, this thesis also investigates risk management on the post-merger transition structure. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007

Mergers and acquisitions (M&A) for business can be regarded as a risk-taking activity for a growth company. So, this study adopts a behaviour-oriented risk management approach to examine failure risks arising from the M&A in the Taiwan context. Risk communication strategy is a major tool of that approach. In order to communicate risks arising from M&A to employees, furthermore, to achieve a successful post-merger integration, this study identifies a variety of risks from the post-merger integration, examines the differences between risk estimation and risk evaluation, and investigates a number of risk communication strategies for the target case by use of a questionnaire survey. Meanwhile, this thesis also investigates risk management on the post-merger transition structure. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007

The study aims to increase our understanding of takeover behaviour in Australia by using a strategic framework to analyse a sample of 152takeovers of publicly-listed firms made between 1977 and 1982. / A two-level model of takeover strategies is developed to explain how the three general theories of takeover - the economic, the financial and the managerial theory - are each useful in explaining takeover behaviour under certain circumstances. The model classifies takeovers based on analysing four factors, namely the pre-takeover strategy of the acquirer, the industry relationship of the target to the acquirer, whether the acquirer is pursuing shareholder aims or managerial aims primarily, and the pre-takeover competence of the target. / Nine takeover strategies are developed from the first-level of the model. These are named after the relationship between the acquirer and its target. They are called the Dominant-Existing, Dominant-Related, Dominant-Unrelated, Related-Existing, Related-Related, Related-Unrelated, Unrelated-Existing, Unrelated-Related and Unrelated-Unrelated acquirer strategies. Pre-takeover financial profiles are developed for each strategy and these profiles are used to infer corporate competencies of the acquirers and their targets. / The major questions which are addressed are: Do there appear to be different acquirer strategies occurring in practice? Do different acquirer strategies have different financial profiles, and, by inference, different strategic competencies prior to the takeover? Do different acquirer strategies have different post-takeover outcomes and what is the nature of these outcomes for each strategy? / The answer to each question is an emphatic yes. The results clearly identify several different strategies. Pre-takeover financial profiles vary for the major strategies. Post-takeover outcomes differ for the strategies, in accord with the expectations derived from both the strategic theory behind the model and also the empirical pre-takeover data for the particular takeovers in the sample. The outcomes show how the three general theories of takeover behaviour are complementary explanations, when perceived within a strategic framework.

Mergers and acquisitions (M&A) for business can be regarded as a risk-taking activity for a growth company. So, this study adopts a behaviour-oriented risk management approach to examine failure risks arising from the M&A in the Taiwan context. Risk communication strategy is a major tool of that approach. In order to communicate risks arising from M&A to employees, furthermore, to achieve a successful post-merger integration, this study identifies a variety of risks from the post-merger integration, examines the differences between risk estimation and risk evaluation, and investigates a number of risk communication strategies for the target case by use of a questionnaire survey. Meanwhile, this thesis also investigates risk management on the post-merger transition structure. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007

Thesis (Ph.D.)--University of Rhode Island, 2004. / Includes bibliographical references (v. 2, leaves 766-769).

Thesis (LL. M.)--University of Toronto, 2005. / Includes bibliographical references (leaves 54-59).

Thesis (Ph.D.)--University of Texas at Dallas, 2008. / Includes vita. Includes bibliographical references (leaves 119-125)

Thesis (Ph. D.)--University of Texas at Austin, 2007. / Vita. Includes bibliographical references.