Thesis (doctoral)--Universität St. Gallen, 2003.

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Σκοπός της παρούσας εργασίας είναι η μελέτη των χαρακτηριστικών των επιχειρήσεων που αποτέλεσαν αντικείμενο εξαγοράς σε μια μικρή ανοιχτή οικονομία, όπως είναι η Ελλάδα. Χρησιμοποιώντας στοιχεία της περιόδου 1995 – 2002, μέσω της εκτίμησης ενός logit υποδείγματος, γίνεται μια προσπάθεια για να προσδιοριστούν τα χαρακτηριστικά των εξαγοράσιμων εταιριών αλλά και κατά πόσο το υπόδειγμα μπορεί να προβλέψει τις εταιρίες στόχους. Τα αποτελέσματα της παρούσας εργασίας επιβεβαιώνουν εν μέρει παλαιότερες μελέτες που έχουν γίνει για την ελληνική οικονομία από τους Tsagkanos et al. (2006, 2008), ενώ επίσης δείχνουν και τη δυσκολία πρόβλεψης των εξαγοράσιμων εταιριών χρησιμοποιώντας δημοσιευμένα οικονομικά στοιχεία, όπως έχει επισημανθεί και από άλλες μελέτες (Palepu 1986, Barnes 1999,2000). / The main purpose of this thesis is to study the characteristics of takeover targets from a small open economy like Greece. Using data from takeovers that took place during 1995 – 2002, this thesis is an effort to identify the characteristics of Greek takeover targets and also to investigate if acquired firms can be predicted using logit model. The findings partially confirm the results of previous studies from Greece (Tsagkanos et al. 2006, 2008). They also show the difficulty in predicting takeover targets using econometric models, which is in accordance with previous studies (Palepu 1986, Barnes 1999, 2000).

I provide evidence on the impact of foreign competition on firms' propensities to engage in mergers and acquisitions. Using import tariff reductions as an exogenous shock that increases foreign industry competition, I find that affected firms are more likely to make acquisitions following a tariff reduction. Cross-sectional tests show that this association is more pronounced for single segment firms, firms that innovate less, or that are more capital intensive, which suggests this association is stronger for firms which stand to gain more from an acquisition. Moreover, the positive relationship between acquisition likelihood and tariff cuts is less pronounced for financially constrained firms and during times of low capital liquidity, which implies that it is easier for firms with greater access to external capital to respond to increases in foreign competition by making acquisitions. Finally, I find that acquisitions made subsequent to tariff decreases are associated with positive wealth gains for bidder shareholders, indicating that these acquisitions are viewed favorably by market participants.

The Further Education and Training (FET) sector in general and the public Further Education colleges specifically are in a state of perpetual transition. The merger as an attempt at restructuring and transforming public Further Education and Training colleges presents many challenges to its educators. This narrative inquiry explores four educators' subjective experiences of the merging process with a view to attempting to understand the effect this process may have had on their identity development and/ or the renegotiation of their social identities. The researcher who is also the quality manager at a FET college, is presented with the opportunity to reflect critically on her own experiences and identity development while actively engaging with other participants' narratives about their experiences of the merging process. A strong perception of the college as an oppressive environment emerged from the findings. The merger was evidently a catalyst for the different levels of awareness, introspection and renegotiation of participants' identities. / Thesis (M.Ed.)-University of KwaZulu-Natal, Durban, 2009.

In this study the effect of mergers and acquisitions on the wealth of shareholders is investigated by a case study method. The merger between Abraxas Investment Holdings and AST Ltd to form AST Group Ltd is investigated to establish any form of gains accruing to the shareholders whether abnormal or otherwise as a result ofthis merger. Two methods have been used to undertake this exercise namely the Stock Price Analysis and the Accounting data method. The accounting data method depicts an improvement in the post merger performance of AST Group Ltd as indicated by increases on the ratios such as Revenue; ROE; NAV and EPS. Improvement on these ratios has been interpreted as inferring an improvement on the "alue of the shareholders wealth. On the other hand the stock price performance analysis depicts two scenarios. Shareholders do experience some abnormal gains in the period leading to the merger as measured by increases in the share prices ofmerger companies. In the post merger period the price of AST Group Ltd Share declines unabated thus signaling a drop in the value of shareholders wealth. This has also resulted in incessant decline in PIE ratios in the post merger period. It has been concluded from this study that ifthe results of the investigation as outlined above are anything to go by then shareholders have not reaped the best possible results from this merger. AST Group Ltd has huge potential and capacity to afford its shareholders the best returns both in terms ofbook value and market value returns. A review ofthe integration strategy and appraisal of corporate objectives is required for this company to regain the confidence ofthe markets. AST Group Ltd needs to urgently arrest the decline in its share price or it will be exposed to a takeover bid soon / Thesis (MBA)-University of Natal, 2003.

In this investigation, I assessed the underlying reasons for the revolution that succeeded a conventional merger proposal, which then degenerated into a hostile takeover bid. To my astonishment, I discovered that both banks were not diametrically opposed to an amalgamation. In fact, they both agreed on the strategic importance and business wisdom thereof. The fundamental differences arose from Standard's perception of Nedcor's deep-rooted arrogant intents, which were to gain its assets at bargain basement prices. These views were extended to Nedcor's principal Old Mutual as well, who were accused of harbouring sinister beliefs to actualise the obsessions of Nedcor's CEO, who sought to preside over the largest bank in the country, if not in the sub-continent. In the final analysis, a significant fortune and precious time were wasted in waging and defending a fruitless effort. This culminated in enriching the consultants and professional advisors, at the expense of both Standard and Nedcor shareholders, and their legitimate stakeholders alike. Conversely, it has since been acknowledged that this case study was a classical illustration of the potential pitfalls of hostile mergers and acquisitions. These lessons will undoubtedly enlighten other institutions and industry sectors that may be secretly entertaining similar desires. / Thesis (MBA)-University of Natal, 2003.

The ability to grow market share in a saturated market is often difficult if that market is stable. In a country that has an economy that is not performing, growth of a company is often vital so as to allow the prosperity of a company. One such way to grow is for the company to form strategic alliances with other companies that are strong where the other company is week and in so doing stimulate a competitive advantage. In retail store outlets and location play an important role in competitive advantage by creating" new markets" , and if these new markets could increase the companies existing market share, then this results in a win - win situation for the company. Often moving into new markets involves risks as it is the unknown. By making a move to sell product in two pilot project Woolworths-Engen forecourt stores, Woolworths are moving into a market where they can sell a product group HMR's (home meal replacements) where currently they have no close competitors, thus capitalizing. This move is heralded However as this is a totally new format of selling, Woolworths need to ascertain if brand integrity will be affected and whether such a project is more than just a good idea. It was found the NPV's and IRR's ( the way Woolworths evaluate projects and project feasibility) from a Woolworths perspective were both extremely positive. From Engen's position, this initiative brought about a substantial increase in both petroleum and food store sales for the two pilot projects, comparable with those figures prior to the pilot projects launch. Woolworths as a company were very interested in the qualitative results conducted by an independent consultant, as they were concerned about maintaining brand integrity. This fear was not founded as the survey done by actual customers shopping the pilot project stores show that customer confidence over Woolworths brand integrity was not affected. Instead customers enjoyed the convenience. The strength of this Alliance is that both members have brought to the part aspects where the other member currently does not perform. Woolworths bring their good food and strong brand name linked with market dominance and Engen bring their immense outlet network, and prime locations. i.e. the strategic fit between these two corporates is extremely strong. All parties involved in this venture namely Woolworths, Engen Head Office and the petroleum station dealer benefit financially from this initiative. / Thesis (MBA)-University of Natal, Durban, 2003.

This study investigates the social dynamics of a pre-merger process between two tertiary education organisations in Christchurch, New Zealand. An emic/ insider research approach was used as the author was an employee of one of the merging organisations. Primary data was collected through personal observations and unstructured and semi-structured interviews with thirty merger participants consisting of, general and academic staff, management, and one student. Secondary data sources included existing merger literature, organisational communication and change policies, and press articles. The study focused on four aspects of social dynamics: i) use of language, ii) expression of emotions, iii) meaning making, and iv) exit behaviour. The use of language depicted the merger as a battle that felt like a war-zone, while humour was used as a prop and revealed sub-text of negative emotions. Expression of emotions portrayed the intensity of feeling, acted as a lens to process meaning, and heightened the organisational atmosphere. Recipients of the merger such as, staff attributed different meanings to the change than those in charge of the merger did such as, management, which impacted relationships, self-confidence, career direction, and provoked self-assessment. Overall, staff felt excluded from the merger process and as a result exercised a range of exit behaviours including escapism, withholding of effort, disengagement, and defiance. This study suggests that minimising dysfunctional exit behaviour can be achieved through inclusive communication processes, transparent decision-making, and acknowledgement and management of emotions. An inclusive merger structure should provide mechanisms for staff to express emotions as well as integrate roles that enable what is important to staff to be built into the process. Additionally, as mergers are likely to be contested processes, management skill is required to defuse stress and tension, and to resolve conflicts.

In this dissertation, I examine two related questions on whether and how tax aggressiveness of firms is associated with shareholder wealth in a new context – mergers and acquisitions (M&A). The first study investigates whether and how the tax aggressiveness of the acquirers and targets affects shareholder wealth. I present the idea of tax aggressiveness transfer whereby the acquirer’s propensity for tax planning applies to its target’s tax function after the change in ownership. I measure the degree of tax aggressiveness transfer using the relative tax aggressiveness of the acquirer and target (i.e., the difference in tax aggressiveness between the two firms). I find that acquisitions of more tax aggressive targets by less tax aggressive acquirers generate significantly lower acquisition gains. I also document weaker evidence that acquisitions of less tax aggressive targets by more tax aggressive acquirers generate higher acquisition gains. That is, the results suggest that the shareholder wealth effects of tax aggressiveness transfer are driven by the value-destroying effect of decreases in tax aggressiveness. Cross-sectional analyses reveal that the acquirer’s governance is a significant determinant of the shareholder wealth effects of tax aggressiveness transfer. Specifically, the results indicate that, when acquirers are well-governed, acquisitions of targets with lower tax aggressiveness by acquirers with higher tax aggressiveness are value-enhancing. Similarly, acquisitions of targets with higher tax aggressiveness by acquirers with lower tax aggressiveness are value-destroying. These findings are robust to various measures of tax aggressiveness. In sum, I find that tax aggressiveness transfer is a significant determinant of value creation or destruction in M&A. The second study is devoted to studying whether and how the target’s participation of tax shelters – an extreme form of tax aggressiveness – matters in acquirer’s valuation of the target firm. Using a novel dataset that identifies targets’ non-participation in tax shelters, I find that the target’s non-sheltering status is associated with a higher takeover premium, indicating that acquirers reward targets for not engaging in tax sheltering. This positive association is stronger for targets that are more opaque and for acquirers that are less tax aggressive. In addition, I find that the target’s non-sheltering status is positively associated with acquirer returns for acquirers that are weakly governed and for targets that are more opaque. Overall, my findings suggest that the target’s non-sheltering status is relevant in acquirers’ valuation of the target, and that the valuation benefits of the target’s non-participation in tax shelters are mainly accrued to the target’s own shareholders rather than to those of the acquiring firm.