Thesis (Ph. D. in Management)--Vanderbilt University, Aug. 2007. / Title from title screen. Includes bibliographical references.

Thesis (doctoral)--Johannes Gutenberg-Universität, 2004. / Includes bibliographical references (p. [238]-263) and index.

Thesis (MTech (Business Information Systems))--Cape Peninsula University of Technology, 2016. / In any business and in particular complex, merging businesses there is a need for effective communication with both internal and external stakeholders. This is often difficult when, in the process of a merger, communication departments of the different consolidating entities, each of which may have had its own processes, are required to function as one synergistic unit. Merger-related disruptions to business, and particularly communication processes, result in communication failure, causing delays, duplication, incoherent flow of communication and greater margins for business error. This becomes a further challenge without a thorough audit and re-evaluation of all the existing and prospective communication-related business process options. Optimal consolidated business processes need to be re-engineered and continuously improved within the new environment. This study aims to explore the importance of re-engineering communication processes during mergers to ensure a successful communication function supported by a robust business process. The analyses and recommendations further aim to strengthen the body of knowledge available to communication specialists operating within the context of severe organisational change, helping them to understand not only why it may be necessary to undertake an exercise of this nature, but also the challenges, issues and questions likely to arise. This study aims to answer the questions: i) What factors affect communication processes when companies merge? ii) How do communications processes need to be structured to be effective when companies merge? iii) Why do communications processes fail when businesses merge? Primary and secondary research is undertaken with a prominent financial services institution as a business case. Primary research includes face-to-face interviews and empirical research. The interviews took the form of one-on-one sessions with each of the interviewees using an interview guide of semi-structured questions. Secondary research was undertaken for a sound theoretical foundation. In terms of research philosophy, the ontology is subjective, while the epistemology is interpretivism. Responses are coded, summarised, categorised and prominent themes identified as a basis for making recommendations. Throughout this process, ethical practice was undertaken with respect to colleagues, participants, the environment, society and sponsors. This research also aims to move towards an understanding of the factors contributing to increased productivity, enhanced organisational effectiveness and heightened staff morale. It also works toward a resultant improvement in profit and perception due to better communication processes in a dynamic environment where communication to stakeholders is a critical factor in business success.

This study is aimed at investigating the effect of mergers and acquisitions on the share prices and dividends involving South African companies in the food and beverage industry. A sample of 79 mergers from 1999 to 2005 was used. The data was analysed using the event study methodology and descriptive statistics. In addition, the paired t-test was also conducted to test the significance of the results. The results were presented using graphs, tables and charts. The results showed that target companies obtained negative abnormal returns during the announcement of mergers while acquiring companies on the other hand received positive abnormal returns. The results imply that it can no longer be generalized that target companies always win and acquiring companies lose during the merger activity. On the other hand, the dividends for target companies increased significantly after the merger, while the dividends for acquiring companies remained insignificantly negative after the merger. / Graduate School of Business Leadership / MBL

Thesis (DTech (Informatics))--Cape Peninsula University of Technology, 2012. / The rapid growth of Chinese cross-border mergers and acquisitions have attracted global attention to Chinese businesses. As new mechanisms of Chinese expansion in the international business arena, cross-border mergers and acquisitions have necessitated indepth academic studies of the risks associated with these activities from a Chinese business context. The influence of the Chinese government's domination of Chinese business is not only presented as different merger and acquisition tactics, but also as styles of operation and management in the process of integration. In cooperating with different counterparts, the shareholders of both acquiring and acquired companies are seeking solutions to related structural and operational changes. This relies on an effective risk management system to achieve a successful synergistic alliance for value creation. In this research study a conceptual framework was developed to identify risks associated with cross-border mergers and acquisitions. The framework aims at identifying risks at threes levels, namely country, business and management. Risks at business and management level are the result of risks at country level, while risks at country level reflect risks at business and management levels. Therefore, risks identified in Chinese inbound mergers and acquisitions will be valuable risk parameters to Chinese outbound mergers and acquisitions. Cooperation during integration is pivotal to successful mergers and acquisitions. Operational and managerial styles of Chinese businesses are profoundly affected by factors such as the Chinese government's role in business, economic policies, laws and regulations, culture, and so forth. This research identifies risks associated with Chinese post- inbound mergers and acquisitions that are impacted upon by Chinese government domination, from a Chinese business perspective. In approaching this objective, this research studied 34 Chinese inbound mergers and acquisitions using a multiple case study method. The research adopted methodological triangulation for collecting evidence, and aimed at using in-depth case analyses to identify risk factors to add academic value to the field of study. As a result, the research findings strongly indicate that the Chinese government's domination has an extensive and intensive impact on risks associated with Chinese businesses in cross-border cooperation. These identified risks include business strategies and operation, policy implementation, legal compliance, and management performance. Consequently, risks associated with Chinese inbound mergers and acquisitions will mirror the risks of Chinese outbound activities. The research results contribute to the practical application for managing risks associated with both Chinese inbound and outbound mergers and acquisitions. As a solution, mitigation of risks is recommended in the process of both pre- and post- mergers and acquisitions. The research provides valuable insights for both risk management and practitioners in mergers and acquisitions, and facilitates the achievement of process synergy.

Mergers and acquisitions are a key component in the toolbox of business strategies that companies employ to improve organisational performance. Empirical studies that focus on domestic mergers and acquisitions activity in developed countries are numerous, however there remains a limited amount of research into the effects of cross border mergers and acquisitions on the performance of acquiring companies, especially in emerging markets. This research examined whether cross border mergers and acquisitions concluded by acquiring companies listed on the Johannesburg Stock Exchange have a positive or negative impact on the operating financial and short term share price performance of the listed acquirer. A quantitative approach was adopted for the purpose of this research. In order to analyse the impact of cross border mergers and acquisitions transactions on the share price and operating financial performance of listed acquiring firms secondary data was utilised. The research incorporated publicly available daily share trading data for shares traded on the Johannesburg Stock Exchange and financial and accounting data sourced from McGregorBFA. In addition, the sample of cross border mergers and acquisitions transactions was obtained from the MergerMarket database. Purposive sampling was applied to select an initial sample of 44 transactions. Based on the exclusion of confounding events a final sample of 29 transactions was tested. Given the small sample size, and that confounding events were determined not to have a material impact on the cross border transactions, comparative analysis was performed using the initial sample of 44 transactions. Different lenses were applied for testing financial performance by using three performance measures. These included abnormal share price returns; key financial performance ratios and industry adjusted operating cash flow return on assets. Various short-term event windows were analysed for each of these measures. Parametric tests including t-tests for unequal variance and paired t-tests were applied in the research. Given the small sample size non-parametric testing in the form of Wilcoxon Signed Rank Sum tests was also applied. In addition, bootstrapping was applied to the cumulative average abnormal returns. This research concluded that both the short-term share price and operating financial performance of acquiring companies listed on the Johannesburg Stock Exchange does not improve significantly in the short-term post the cross border merger or acquisition transaction. / Dissertation (MBA)--University of Pretoria, 2013. / lmgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

The National Commission on Higher Education (NCHE) submitted its final report in 1996 to the then President Nelson Mandela, which argued for the creation of a single, co-ordinated system of higher education. Since then, institutions of higher education have been confronted with unexpected and far-reaching demands and challenges. One of these challenges is the transformation and restructuring of the higher education landscape in South Africa. In December 2002, the Ministry of Education released its proposals, which were approved by cabinet, for the transformation and restructuring of the higher education system. Evening out the differences between the historically white and historically black institutions was the central motivation behind the South African government’s restructuring plan for higher education. The restructuring and consolidation of the institutional landscape is a key element in the broader strategy for achieving the broader goals and objectives, namely, to ensure an equitable, sustainable and productive higher education system that will be of high quality and contribute effectively to the human resources, skills, knowledge and research needs of the country and which is consistent with non-sexist, non-racial and democratic values assigned in the constitution (Ministry of Education, 2003:3). The National Working Group recommended that in particular circumstances and conditions, comprehensive institutions that offered a combination of technikon and university-type programmes could be established to facilitate the effective and efficient provision of higher education. The Ministry of Education accepted the proposal to establish this new institutional type and the merger between RAU and TWR was set for 1 January 2005. Implementing the restructuring proposals was complex, time-consuming and placed an enormous burden of additional work on the affected institutions. Merger activities cause change, and change creates stress. It is very difficult to implement organisational change successfully, because employees frequently resist organisational change. Effective change management and visionary leadership are therefore essential for current and future managers to satisfactorily implement organisational change. The scope of this study is to provide insight and understanding of the perceptions, fears and uncertainties that existed amongst staff members of the former TWR during the pre-merger phase with RAU and the function of management during the process of transformation. A literature review conducted emphasised the importance of change management prior to and during a merger. Focus was placed on the reasons and readiness for change in higher education; change leadership; communication; stressors in the change process and prerequisites for a successful transition. Based on the results of this review, different stressors were identified, which normally accompany a merger. Questionnaires were used to obtain primary data from a sample of TWR staff in order to ascertain their perceptions, fears, uncertainties and stressors with regard to the merger. The most conclusive finding was that staff members experienced a certain amount of uncertainty prior to the merger. They felt that they could not create their own destiny in the merger process, nor could they plan for the future. Some staff members felt inferior to their merging partners and assumed that the dominant institution’s employees would fill most of the positions. A majority of the respondents felt that they needed more opportunities to be trained and that management should support them in the training. Communication during the merger was important and the respondents wanted more merger information on a continuous basis. A sizable majority of respondents indicated a strong need for emotional support from management during the merger. Mergers are extremely complex and influence every level of operation and all functions of the institutions to be merged. Strong leadership is needed to combine the traditions of academic freedom and collective decision-making. / Dr. M. Gous

Controversy currently exists over whether abnormal returns (ARs) are earned by shareholders of bidder and target banks through a Merger and Acquisition (M&A). The state of the economy in which the firms operate is often mentioned as a reason for firms engaging in M&As, however, the extent to which economies influence the ARs of shareholders is unknown. Following MacKinlay (1997), the aim of this study is to determine the average ARs earned or lost by shareholders of several banks around the world during an M&A. The results obtained may indicate that shareholders of bidding firms consider an M&A to be a wealth-destroying event irrespective of the state of the economy. It would seem that target firms’ shareholders consider M&As to be wealth-creating events when they occur during a period of real economic expansion. However, during periods of real economic contraction, target firms’ shareholders consider M&As to be wealth-destroying events. Thus, the state of an economy during an M&A can affect average ARs considerably.

[Integrative Summary] This study is situated in the complex field of change management, and strategy execution. The study focuses on the corporate level restructuring of Ellerine Holdings Limited (EHL), subsequent to its acquisition by the micro lending financial institution African Bank Investments Limited (ABIL). The interest of the researcher was aroused by the uniqueness of the relationship. This was the first of its kind in a South African context, where a banker owned a furniture retailer. The restructuring was undertaken shortly after the acquisition. This research paper adopted a case study approach, in describing the restructuring initiative that took place in EHL, focusing on the period between January 2008 and the end of 2010/ 11 financial year on the 30th of September 2011. The case captures the significant phases of the restructuring including a background of (1) the protagonist, Toni Fourie (Chief Executive Officer), (2) EHL as the researched company, (3) the industry it operates in, and (4) the case content. Brief teaching notes have been provided to explain the teaching value of the case and to assist with its delivery in the classroom. Attention is drawn to a presentation by the protagonist in November 2011, named 'A CEO Insight' where he gave an overview and insights of the road travelled in restructuring Ellerine Holdings Limited, and more importantly highlights the following about the purpose and nature of the restructuring of the organisation. • A plan to change the way the industry works. • The creation of a profitable, stand-alone retail business through: o The sale of two companies, the closure of two companies and consolidating from thirteen to six brands. o Separating financial services from retail. o Moving the financial services component to African Bank, also a subsidiary of ABIL. o Redesigning the credit model. o Completion of twelve system changes. • Over R600million reduction in cost • A place where people want to work. The restructuring outlined above represents a major shake-up in many aspects of the corporation. The main challenge for Toni Fourie and his team was: how best could they restructure EHL to extract synergies between their two subsidiaries Ellerine Holdings Limited & African Bank to increase shareholders ' value at Group level. The case seeks to describe this in detail. The overarching strategy underpinning the restructuring of the researched corporation is premised on the price volume elasticity equation, by reducing the cost of credit, thereby driving pricing down within the brands, and facilitating more people having access to affordable credit. The case study of the restructuring is presented in Section 1. A review of relevant literature on strategy implementation is presented in Section 2, focusing on restructuring. Successful implementation of strategies only takes place with structures that are developed by organisations to support the achievement of their strategic objectives. Organisational architecture and design have a critical role to play in the execution of organisational strategies. Nadler and Tushman (1978) emphasise the importance of congruence in the organisational design, for the organization to not only deliver superior results but to sustain them over a period of time. Research by Okumus (2005) seems to tell us that the lack of credible framework to implement strategy, has contributed the high failure rate of strategy initiatives. Although this is a strategy implementation case, it also touches on aspects of leadership - mainly the architectural role - and the role, or influence of strategic leadership, in restructuring the corporation. The results of this research paper were achieved by following a specific research methodology. The aim of the research was to analyse the restructuring of the researched company at corporate level, having the following objectives in mind; • Understanding the strategy. • Analysing the design decisions in the light of the strategy chosen by the top management of Ellerine Holdings Limited. • Analysing what monitoring and control measures had been designed to facilitate the corporate restructuring. Data was collected through documentation of the corporation that was made available to the researcher on request, as well as those that are in the public domain, and an interview with the CEO of the researched company. The interview was conducted after analysing the documentation (Hakim, 2000). The Methodology is detailed in Section 3. The researcher hopes that the case study will contribute to learning about business leadership and strategic management. The case should develop an understanding of the complexities related to strategy execution at corporate level, particularly the restructuring aspect of it.

This treatise examines the history of private equity as a context in which to understand its role in the economy and specifically, the background for the high profile leveraged buy-outs that have been entered into in the past year. The treatise then focuses specifically on the Brait-Shoprite buy-out, examining its structure and the tax implications. The treatise then reviews the reaction of the South African Revenue Authority (“SARS”) to the buy-out and evaluates whether it was the best approach that could have been taken under the circumstances. As a result of the research, the following conclusions have been reached: Private equity transactions Private equity transactions have a role to play in the business world despite the apprehensions of tax authorities. The perception that these transactions are tax driven as part of an avoidance scheme is not justified. Structure of the Shoprite buy-out transaction: The Shoprite buy-out transaction was structured to obtain deduction for interest. The transaction was also structured to utilise the relief provisions of Part II of Chapter II (Special Provisions Relating to Companies) of the Income Tax Act no.58 of 1962, as amended (“the Act”). The relief was for capital gains tax (“CGT”) on disposal of the Shoprite assets. Finally, the transaction was designed to allow the existing shareholders to exit their investments free of Secondary Tax on Companies (“STC”). The reaction of SARS to the Shoprite buy-out transaction Whereas SARS may have been justified in questioning the structure and its impact on fiscal revenue, the response in the form of withdrawing STC relief from amalgamation transactions in section 44 was not in the best interest of a stable tax system and the majority of tax payers who are not misusing or abusing loopholes in the income tax legislation. It may have been possible for SARS to attack the structure based on the General Anti-Avoidance Rule (GAAR) in part IIA of the Chapter III of the Act.