We examine the determinants and drivers of 112 mergers and acquisitions (M&A) activities exceed 50 million values in the pharmaceutical industry using COMPUSTAT, SDC and FDA data during the period 1980-2010 with random effect logit model. We find direct evidence on the relationship between an acquisition activity of a firm and its pipeline productivity and qualities. For the acquiring firms, the mergers are motivated by the decreasing trend in the pipeline productivity which is measured by new molecular entities (NMEs) approvals and the fewer top-sale drugs before merging. In the meantime, the research & development and advertising expense are having fewer impacts. For the target firms, the firms which are having higher drug quality and higher drug sales are more popular in the mergers and acquisitions target market. In addition, a higher research and development expense is also a significant indicator on the firm's "quality" which signals the higher possibility to be targeted.

After the liberalization of the market , there will be the surge of competitors and price competition. In the end, the market will go to M&A. In the begin, there are seven competitors in Taiwan¡¦s communication industry. After the M&A, the market divided into three giant groups, Chunghwa Telecom Co., Ltd,Taiwan Mobile Co., Ltd and Far EasTone Co., Ltd. The traditional models in evaluating the stock exchange ratio in M&A is to evaluate the target company and buying them out. In this paper, we adopting game theoretic ain sharing model to re-evaluate the stock exchange ratio in profit generating and distribution . The result is that the net income is the proper variable to evaluate the stock exchange ratio in Taiwan¡¦s communication industry.

about bank merger and acquisition

Globalization in business has become increasingly common, so stronger company that is seeking for growth tends to merge and acquire other companies since it is more beneficial to take over an existing firm's operations and niche compared to expanding on its own. Integration shortly after merger and acquisition is key to a company¡¦s long-term success, because top-management team must alter an organization¡¦s structure and establish new strategies to adjust to the rapid changing environment. Therefore, we can conclude that the role of top-management teams during the process of mergers and acquisitions is critical. After merger and acquisition, whether or not the top-management team of the target firm should be replaced remains a good question. Not only should the working ability and the accomplishment of the top-management teams be considered, but other internal and external reasons that might affect this alteration should also be considered. This research looks to discuss why the top-management team for the target firm should or should not remain in the office. We¡¦ve selected acquisition firm and target firm from the listed companies at the stock exchange market, over-the-counter market, and emerging stock market in 1997 to 2006 to be our study sample. We will try to figure out the retained ratio for the top management teams by using regression model analysis. The result of this study shows that the type of M & A, the experience of the acquisition firm, and the type of industry they are in have great impact on the retained ratio of the top-management teams.

Thesis (Master of Business Administration)--Naval Postgraduate School, December 2009. / Thesis Advisor(s): Laverson, Alan. Second Reader: Gates, William. "December 2009." Description based on title screen as viewed on January 27, 2010. Author(s) subject terms: Defense industry, Consolidations, Mergers, Acquisitions, Event study, Boeing, Lockheed Martin, Northrop Grumman, Raytheon. Includes bibliographical references (p. 55-58). Also available in print.

Thesis (Ph. D.)--University of Texas at Austin, 2002. / Vita. Includes bibliographical references. Available also from UMI Company.

Thesis (M.S.)--Youngstown State University, 2009. / Includes bibliographical references (leaves 49-50). Also available via the World Wide Web in PDF format.

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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.