Thesis (MTech (Information Technology))--Cape Peninsula University of Technology, 2016. / The failure to rationalise business processes and Information Technology (IT) systems inhibits the ability of organisations to capitalise and create synergies for a merger. Rationalisation of business processes to create a unified Information Systems (IS) portfolio plays a significant role in the success of a merger. The synergies of a merger are entrenched in the rationalisation business processes where the creation of a unified IS portfolio becomes vital. The consolidation of business units performing similar business functions in a horisontal merger creates a negative physiological environment to those affected by the change. A case study of a merged financial institution was conducted where the research explored factors affecting the rationalisation of business processes and IT systems when business units merge. The research questions to explore the factors are: 1) What are the factors affecting the business process and IT systems rationalisation when business units merge? 2) How does the rationalisation of business processes affect the IT systems in the merged financial institution?Politics and cultural differences are among the challenges experienced during the rationalisation process in the merged financial institution. Collaboration among professionals is important to ensure the success of IS implementation, thus corporate executives need to identify cultural differences during the pre-merger stage. The IT system chosen to consolidate legacy mainframe systems did not align with the organisation’s client centric strategy. Alignment can be strengthened by the collaboration of business and IT to ensure a common vision is achieved.

Dissertation submitted in compliance with the requirements for the Masters Diploma: Mechanical Engineering, Technikon Natal, 1990. / Increasing fuel prices have forced marine engineers and diesel engine manufacturers to look at methods of. reducing fuel consumption without a loss in output power. Engineers are always Investigating the following points: (1) decreasing the specific fuel consumption (2) enabling engines to use worse fuels ... (3) extending part load capability (4) using as much waste heat as possible. The sources of heat loss are investigated and the design of an efficient heat recovery system has been evaluated for Ideal temperature and heat conditions. after taking lnto consideration the various methods of heat recovery that are possible on the fishing trawler MFV Roxana Bank. Sources of heat loss identified by engine manufacturers are found primarily in engine cooling water and exhaust systems. These methods are investigated and extra heat transfer systems have become apparent. The use of exhaust gas boilers in diesel engine installations has become widespread as there is always a demand for heating services regardless of vessel type. The predominant form of heat transfer on the Roxana Bank is by forced convection and fluids must always remain in a turbulent state when passing through heat exchange apparatus. The introduction to heat exchangers shows that a high degree of turbulence in both primary and secondary fluids will the overall heat transfer coefficient and also reduce fouling. The design parameters of the heat recovery systems discussed as suitable for the Roxana Bank require the existing cooling water system to be scrapped and a fresh water system with one central cooler to be designed with a high temperature and a low temperature circuit together with a variable speed pump arrangement. should be fitted with such central cooling systems for a number of reasons. The central cooler system Is discussed In detail and it is shown that existing ships and/or new buildings The heat recovery system requires a certain degree of automation to prevent undercooling of the main engine systems and to maintain set Inlet and outlet temperatures to makers specifications. After attending the Roxana Bank on the 09/10 November 1989, the monitored operati~g parameters show a marked deviation to the Ideal temperatures, particularly In the cylinder cooling water circuit ... temperatures. The adverse effects these deviations have on the heat recovery and combined engine load fluctuations found on the Roxana Bank show that steady state heat recovery Is difficult to achieve on this particular type of vessel. Through calculation it Is shown that the envisaged steam turbine alternator is not practical due to the combination of low feed water inlet temperatures to the boiler and insufficient driving steam. The consequence of the reduction in electrical load on the power take off alternators have on the exhaust gas mass flow rates due to reduced engine load are also discussed. A brief mention is also made of organic fluid and thermal oil systems as a form heat recovery and possibilities for efficient heat transfer using these systems. ii Recommendations are made to Irvin and Johnson with regards to a centralised cooling system and the benefits that can be realised with regard to more efficient heat exchanger operations, but that heat recovery on the Roxana Bank from the proposed sources is not a viable proposition. / M

M.Com. (Business Management) / Please refer to full text to view abstract

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This thesis presents an empirical investigation of the role of competition in determining (1) bidder firm behaviour in, and (2) the resulting valuation effects of, corporate takeovers. The study is based on the most comprehensive sample currently available of interfirm tender offers for publicly traded U. S. target firms during the period 1971-1990. Corporate takeover contests differ in complex ways with respect to the asymmetric information and bargaining environment, distributions of bidder reservation values and target share ownership, and information acquisition costs. There is substantial theoretical work examining the strategic role of the choice of payment method, bidder elimination and target management resistance, and of particular interest in this thesis, pre-bid acquisition of target shares ("toehold") and its impact on the subsequent tender offer price. Despite a voluminous empirical literature on corporate acquisitions, systematic evidence on the extent and role of bidder toeholds on bidding strategies is sparse. While the toehold has been shown to be prevalent in takeover contests, the extant empirical literature contains few results pointing to the strategic role suggested by theory. The lack of statistical significance may reflect a combination of small samples, weak experimental design, and biases in estimation. This thesis remedies the small sample problem by examining more than 1350 takeover contests in the U. S. from 1971 to 1990. The experimental design is improved by including a larger set of sample controls, and addressing the bias issue by estimating a set of equations which simultaneously determines the toehold and the takeover premium. The wealth effects of takeover contests are estimated as a function of toeholds, the number of bids/bidders, the outcome of the bid, and the target management response. Other empirical issues, including the effect of toeholds on the probability of target management resistance and emergence of a second bid in the contest, are also examined. Finally, a new econometric technique is developed for simultaneously estimating event probabilities and conditional expected event returns in order to determine whether entering the takeover auction, and responding to rival bids for the target shares, on average enhances the wealth of the initial bidders' shareholders. / Business, Sauder School of / Graduate

The complexities of integrating companies, through mergers or acquisitions, are immense and challenging for the leaders involved in the process who are responsible not only for the integration but also for the attainment of the intended objectives. The implications has the potential for far reaching consequences for the leaders themselves, shareholders and employees. However, as much as half of mergers and acquisitions concluded fail to achieve their stated objectives (Stahl, 2004; Bijlsma-Frankema, 2004; Deutch & West, 2010; Sher, 2012). The purpose of this exploratory research study is to establish how the success rate of these mergers and acquisitions could be improved. The focus of the research is on the post-merger / post-acquisition integration process which should not only ensure that the financial objectives of the integrated entity are met but also to ensure the retainment of critical talent. The role leadership plays in the process will also be looked into as leaders play a pivotal role in establishing organisational cultures and therefore accountable for the success / failure of the post-merger integration process. A practical post integration application model will be developed to aid the improvement of the success rate of future post-merger / acquisition integrations. / Dissertation (MBA)--University of Pretoria, 2014. / zkgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

This dissertation studies mergers and acquisitions (M&As) from two perspectives. On one hand, M&A serves an external force of combining two different entities and thus facilitates technology integration and development. On the other hand, it also plays an important role in corporate governance. Chapter 1 studies the role of M&A in a firm's innovation process, while Chapter 2 and 3 study how activism and appraisal litigation governs the market for corporate control. In Chapter 1, I examine the motives as well as the consequences of M&A transactions between companies with varying degrees of technological overlap. High-overlap deals, with more collaboration between inventors from the merging companies, produce more patents and go deeper in the existing fields. In contrast, low-overlap deals, with a higher percentage of new inventors, experience larger technology shifts and develop patents in unexplored areas with higher commercial value. Importantly, M&A completion facilitates technology transformation to a greater degree than the two companies, especially pairs with low overlap, could have accomplished on their own. Overall, the direction of innovation is an important motive for technology-driven acquisitions. In Chapter 2, we examine ``activist risk arbitrage,'' in which a shareholder attempts to improve terms of an announced M&A through public campaigns. Activists target deals with low premiums and those susceptible to managerial conflicts of interest, including going-private deals and deals in which CEOs receive outsized payments. Activist arbitrageurs are associated with a significant decrease in the probability that targets will be sold to the announced bidders, and an increase in the premium paid, both ex post among surviving deals and ex ante among all deals. Activist arbitrage serves as a governance mechanism in M&A and earns higher returns than passive arbitrage. In Chapter 3, we present the first large-sample empirical study of the recent trends in the appraisal remedy--the right of shareholders of companies completing an eligible merger to petition the court for an improved price for their shares. Appraisal petitions have increased markedly over our sample from 2000 to 2014, and the composition of those bringing these suits has shifted from individual shareholders toward specialized hedge funds. Appraisal petitions are more likely to be filed against mergers with perceived conflicts of interest, including going-private deals, minority squeeze outs, and acquisitions with low premiums, which makes them a potentially important governance mechanism. Appraisals yield sizable excess returns to the petitioners, with an average annualized return of 32.9 percent, which suggests that appraisals also act as a litigation arbitrage. Finally, we explore the likely effects of two recent changes to the Delaware appraisal statute---regarding the minimum stake and interest payment---on the incentives to file appraisal petitions.

Thesis (M.M. (Finance & Investment)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2017 / This study investigates the effects of M&A to investment returns in South Africa. The value of M&A executed in emerging economies (EM) is around $129 billion (The United Nations Conference on Trade and Development (UNCTAD), 2014) and this figure is projected to double in the next ten years bringing positive economic development in EM. In light of this perspective, there is renewed interest in understanding the economics of M&A in developing countries. Our aim was to assess the extent of mergers and acquisition on shareholder returns in South Africa using a case study approach. A case study approach was adopted in order to analyse the impact of specific events on shareholder value by date. Two prominent mergers involving acquiring companies from Developed Markets (DM) were selected namely AB Inbev (Belgium) and Walmart (US). As anticipated, the results show that each merger update announcement had an impact on the share price of the target based on the type of announcement. Positive news increased the share price and bad news adversely impacted the share price. Post the merger, Massmart’s headcount increased and profitability decreased. The same could not be measured for SABMiller as the company has been delisted. / MT2017

MASTER OF MANAGEMENT IN FINANCE & INVESTMENT (MMFI) 2015 RESEARCH REPORT / This paper assesses shareholder wealth creation in target and acquiring companies as a result of an acquisition, in particular, a hostile takeover. The paper reviews existing mergers and acquisitions literature and also considers a case study in order to review some practical results. The case study of the Bidvest Group hostile takeover of Adcock Ingram Pharmaceuticals that took place in January 2014 in South Africa is reviewed. A detailed qualitative and quantitative analysis is conducted to ascertain and quantify shareholder wealth creation after the takeover. The analysis conducted included a financial assessment using relevant financial indicators, an analysis of existing literature and interviews with key board directors of Adcock Ingram Pharmaceuticals. To ascertain whether the results of the target company, Adcock Ingram Pharmaceuticals, are either in line, below or above industry performance after the takeover, Adcock Ingram Pharmaceuticals’ results are benchmarked against Aspen Pharmacare Holding’s results. Majority of the findings literature reviewed are that target company shareholder gains exceed acquiring company shareholder gains post an acquisition. The findings of this research are that target company (Adcock Ingram Pharmaceuticals) shareholders are worse off whilst acquiring company (Bidvest Group) shareholders continue to increase their wealth after the takeover. Possible reasons for these results, which contradict majority of the existing literature on wealth gains post a merger or acquisition, are given.

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