Certaines informations laissent à penser que les clients réagissent négativement aux opérations de fusions et acquisitions. Or les chercheurs en marketing se sont peu intéressés aux effets produits par ces opérations sur la satisfaction des clients. Par ailleurs, la performance des fusions et acquisitions reste l’objet de controverses et suscitent un débat dans le monde académique. Ce travail cherche donc à comprendre si la satisfaction des clients joue le rôle de médiateur de la relation entre une fusion et acquisition et la performance d’une entreprise. Pour se faire, nous analysons 1959 opérations de fusions et acquisitions réalisées par 133 entreprises sur la période allant de 1994 à 2014. Les données sont collectées à partir des bases de données marketing (ACSI), comptables/financières et boursières (Thomson One Banker, Datastream et Fama-French Data Library). Les résultats montrent que les opérations de fusions-acquisitions réalisées par les entreprises expérimentées en matière de fusions-acquisitions permettent d’améliorer le niveau de satisfaction des clients. Les fusions-acquisitions influencent la performance des entreprises parce qu’elles impactent le niveau de satisfaction des clients, qui constitue l’un des principaux déterminants du résultat d’exploitation et de la valeur boursière d’une entreprise. En somme, la satisfaction des clients permet bien de mieux expliquer l’impact des fusions et acquisitions sur la valeur de l’entreprise. / There is some evidence that customers are responding negatively to mergers and acquisitions (M&A). However, marketing researchers have paid little attention to the effects of these operations on customer satisfaction. Moreover, the performance of M&A remains controversial and arouses debate among researchers. This work seeks to understand whether customer satisfaction plays the role of mediator in the relationship between M&A and the performance of a company. We analyze 1,959 M&A transactions carried out by 133 companies over the period 1994 to 2014. Data are gathered from marketing (i.e. American Customer Satisfaction Index) and financial (Thomson One Banker, Datastream and Fama-French Data Libary) databases. The results show that mergers and acquisitions carried out by companies experienced in M&A can improve the level of customer satisfaction. Mergers and acquisitions influence firm performance because they impact the level of customer satisfaction, which is one of the main determinants of a company's operating result and stock market value. In sum, customer satisfaction does allow us to explain the impact of M&A on the value of the firm.

Today’s fast-paced and global market has added pressure on firm’s to constantly strengthen their competitive advantage. Over the last couple of years, mergers and acquisitions (M&A) have become an increasingly used strategy for firms to acquire resources that cannot be developed internally. However, M&As often fail to achieve the initial purpose. The purpose of this study was to investigate two research questions; RQ1: What are the effects on employees in a newly created multicultural team that is the outcome of a merger between two firms? and RQ2: How can managers manage these effects, in order to create a successful team integration?To gain understanding of the phenomena, and their respective connections, qualitative research has been conducted. Through a multiple case study design, and data collection in the form of interviews, empirical data was obtained. In total eight interviews were conducted with individuals originating from different roles and acquired firms. Their experiences and emotions were later analysed through thematic analysis and coding.The findings of this study add an additional layer to the conclusions of previous studies within the area of multicultural team integration, post-acquisition. Well-communicated integration strategies have been deemed important; this study confirms that statement. However, the findings of this study provide evidence that transparency should be considered an important dimension of the communication strategy, in order to increase employee satisfaction.

Cette thèse explore l'effet du leadership sur la richesse des actionnaires et sur les décisions des dirigeants de la firme acquéreuse. Les deux premiers chapitres de cette thèse examinent l'effet de deux leaderships (le style de leadership libérateur et le style de leadership orienté vers les employés) sur le succès des opérations de F&As à court terme et à long terme. Le premier chapitre met en évidence que les dirigeants qui accordent principalement l'autonomie et favorisent le développement des employés durant le processus de F&A permettent de réaliser le succès des opérations de prise de contrôle. Le deuxième chapitre montre que le dirigeant qui manifeste une plus grande préoccupation pour employés a un impact négatif sur la richesse des actionnaires et que le succès des opérations de F&As peut être expliqué par la théorie d'agence. Le troisième chapitre étudie l'impact du style de leadership du pays de la cible sur les décisions de l'acquéreur en termes de sélection de la cible potentielle et de la prime d'acquisition. Les résultats suggèrent que la probabilité de prise de contrôle et les primes d'acquisition sont significativement liées au style de leadership du pays de la cible. Particulièrement, les entreprisesappartenant à des pays dotés d'un style de leadership charismatique, participatif ou humain élevé ont plus de probabilité d'être des cibles potentielles et de recevoir des primes élevées. / We study the effect of CEO leadership on shareholders' wealth and bidders’ takeover decisions. First and second chapters examine the effects of liberating leadership style and CEO leadership behavior on short-run and long-term M&As success. The first chapter provides evidence that liberating leaders granting autonomy and developing the confidence and skills of employees are more likely to produce short-term success. The second chapter shows that CEO people oriented leadership behavior exhibits an inverted relationship with long-term shareholders' wealth and that M&A failure can be explained by agency conflicts. The third chapter explores the effect of target’s country leadership style on the probability of being a potential target and on the takeover premium. The results of this chapter suggest that takeover likelihood and acquisition premiums are significantly related to the target's country leadership style. Specifically, firms located in countries embedded with higher charismatic, participative or human-oriented leadership style are more likely to receive higher premiums and to be potential targets

As the global markets are becoming increasingly competitive, companies need to find a way to maintain their relevance and competitiveness. Studies have found that companies engaging in Mergers and Acquisitions are more likely to remain competitive. (Choi & Chang, 2020) However, current literature focuses a lot more on other factors that motivate companies to engage in Mergers and Acquisitions, such as Synergy benefits, Increasing market shares, and expansions. Studies have found that there have been several historic waves of M&A activity. This thesis aims to expand further the understanding of how big European companies invest in new companies. What are the longitudinal patterns amongst the different acquisitions? What kinds of companies do they acquire and where the target companies are located? With the help of publications and annual reports provided by the five analyzed companies, the study found that there are some clear trends of what kinds of companies the acquiring firms are investing in. The regions are mostly the bigger markets and not the markets with the highest growth potential.(Radulescu et al., 2014)With this information, I conclude that the bigger companies are buying target companies in markets that they know and are familiar with. Companies are investing in companies that have a leading position in a desired market and invests into market shares and increasing their own product offering.

In the present diploma thesis named "Acquisition of Shares and Subsequent Merger in Logistics Company" is given a broad overview of difficult processes of mergers and acquisitions as a useful tool for establishing a leveraged buyout (LBO) in terms of Czech business practice. The goal of the thesis is to analyze the specific acquisition process of obtaining a 100% stake in the company and subsequent merger. The thesis also aims to give readers a comprehensive guide of each step of a complex business transformation process through merger and simultaneously propose the optimal structuring of an acquisition of shares from other shareholders, resulting in a 100% stake in the company. In the form of present thesis readers get a manual with specific instructions how to proceed in the case of strategic decisions about leveraged buyouts (LBO) and subsequent merger.

Univ., Diss--Bamberg, 2001.

This study investigates what impact mergers and acquisitions have on bank efficiency by examining both pre-merger and post-merger performance. Specifically, the research looks at the effect of bank efficiency on shareholder wealth creation upon bank merger announcement. The study finds supportive evidence that the market takes into account the pre-merger bidder bank’s efficiency in adjusting the bank stock’s price at the time of announcement. This suggests that bank efficiency has a significant positive effect on shareholder wealth creation when a merger is announced. Furthermore, in reacting to the announcement, the market also perceives the prospects for future enhancement of bank efficiency as a result of the current event. Thus, post-merger bank efficiency is found to also contribute to shareholder value creation on merger announcement. In particular, the study finds evidence suggesting that post-merger profit efficiency, rather than cost efficiency, has a positive effect on cumulative abnormal returns. The study investigates 56 commercial bank mergers that took place in 22 European countries between 2001 and 2007. The event study methodology is used to determine shareholder wealth creation, employing the market model in estimating expected returns. Efficiency is estimated using the parametric stochastic frontier approach. Performance improvement in the combined firm is obtained by comparing post-merger efficiency with pre-merger efficiency, which is the sum of bidder and target efficiencies after weighting them based on their pre-merger total assets. To find out whether efficiency has an effect on shareholder value creation, regression analyses are performed involving cumulative abnormal returns, a few efficiency variables, and a number of control variables. The main finding of this study is that pre-merger bank efficiency contributes to short-term shareholder value creation upon merger announcement. Some evidence is also found that post-merger bank efficiency has a positive effect on shareholder value creation at announcement time which is associated more with profit efficiency than with cost efficiency. Also, as the study finds statistically significant positive cumulative abnormal returns, the results of this study are supportive of the view that, increasingly, European merger studies that examine post-2000 data find that bank mergers are value-creating even for the bidding firms. Evidence that pre-merger bank efficiency has a positive effect on cumulative abnormal returns, and that the market takes into account perceived future bank efficiency on merger announcement, underscores the importance of efficiency as a performance measure. If how the market reacts to a merger announcement reflects future efficiency performance, shareholders, policy makers, and other stakeholders may be able to take that as one of the factors on which they can base their decisions regarding the yet uncompleted merger. They can also use previous efficiency records for predicting short-term and long-term performance of prospective parties to a merger before announcement.

<p>Based on Hofstede's findings, this study breaks down Kogut and Singh's index of cultural distance, examining implications for acquisition performance of each individual dimension. Hypotheses are formulated, and based on deal data covering 488 acquisitions with American companies as acquirers, tested through linear regression. We find support for a positive relationship between cultural distance of power distance and performance, and an inverse relationship between cultural distance of masculinity and performance. Significant results are not obtained for the remaining dimensions.</p>

I have lived through nineteen mergers and acquisitions and without moving companies, have signed eight employment contracts, all following M&As. Only two of the eight companies still trade, the others went bankrupt or shut down. My roles have been in engineering, sales, middle management and more recently a contributor at meetings where M&As were discussed and advisors attended. Despite professional advice, these M&As rarely turned out as planned including the envisaged growth and improvements. Often matters got worse, even for top executives. Yet, in both the literature and the way that people talk, businesses and individuals are portrayed as separate entities, M&As are aimed at changing only the businesses and are routinely associated with growth and improvements. My experience of M&As includes confusion about power and powerlessness, a sense of loss of valued relationships, identity issues and idealization of merged businesses. Using a narrative methodology and taking my experience seriously (Stacey and Griffin, 2005), I explore change and continuity through M&As and the experiencing of organizational upheavals. I also explore change in the idea of M&As and how we think of them. Drawing on complex responsive processes theory, I argue that we can enhance our understanding of change and continuity through M&As by exploring our experience of local interaction. Combined organizations as patterns of local interactions between people where these patterns emerge and evolve in the interplay of intentions, plans, actions and choices of all involved includes those between members of the merged organizations and between them and advisors, mediators, shareholders, competitors, customers, regulators and the media. To say that combined businesses emerge in this interplay is to understand change and continuity in terms of these evolving patterns of local interaction. These patterns include interpretations and conversations reflecting our ideologies, power relations, identities, idealizations and expectations about M&As. My expectations and reflections were influenced by and influence the discourse about M&As which I argue as social object evolves through our complex responsive processes of relating. Idealization of merged businesses, professional advice, the mainstream view of M&As as growth and improvement which amounts to ‘putting thought before action’ (Griffin, 2002: 25), all emerge and evolve through local interaction validating reflexive exploration of experience to enhance our understanding of change and continuity through M&As.

L'introduction de la dimension comportementale dans l'explication des phénomènes de fusions-acquisitions a permis de remplacer les suppositions traditionnelles de rationalité des acteurs par des suppositions comportementales potentiellement plus réalistes. La finance d'entreprise comportementale permet de traiter le phénomène de fusion-acquisition dans un cadre élargi en intégrant dans l'analyse l'hypothèse de l' irrationalité des acteurs notamment les dirigeants des acquéreurs. Le présent travail porte sur l'étude de la relation qui existe entre les biais comportementaux des dirigeants des acquéreurs tels que le biais d'excès de confiance, et les opérations d'acquisitions. Nous développons, dans un premier temps, plusieurs mesures d'excès de confiance des dirigeants. Dans un second temps, les différentes mesures développées seront mobilisées pour étudier l'effet de l'excès de confiance sur les politiques d'acquisition. Sur un échantillon d'entreprises françaises engagées dans des opérations d'acquisition durant la période 1999-2007, nous montrons que les dirigeants surconfiants des acquéreurs ont tendance à réaliser plus d'acquisition et à les effectuer avec une prime d'offre plus élevée. Cependant, ces acquisitions ne sont pas rentables pour les actionnaires des acquéreurs étant donné que les rentabilités réalisées sont négatives autour de la date d'annonce. / The introduction of the behavioral dimension in the explanation of the phenomena of mergers and acquisitions has allowed to replace the traditional assumptions of rationality of the participants by potentially more realistic behavioral assumptions. Behavioral corporate finance allows to treat the phenomenon of mergers and acquisitions in a framework widened, incorporating into the analysis the hypothesis of the irrationality of participants in particular the managers of bidders. The present work focuses on studying the relationship between the behavioural bias of managers of bidders such as overconfidence bias, and the operations of acquisition. Firstly, we develop several measures of CEO overconfidence. Secondly, these measures are used to study the effect of overconfidence on acquisitions policies. From a sample of French firms involved in operations of acquisitions during the period 1999-2007, we show that the overconfident CEO tend to make more acquisitions and to make them with a higher acquisition premium. However, these acquisitions are unprofitable for the shareholders of the bidders since the returns realized are negative around the date of announcement.