The M&A of Yageo and Philips¡¦s global passive components department in 2000 is a well-known failure case. This study investigates this 18.8 billion M&A case using business evaluation in order to explore its synergy and whether the offer price is reasonable. Contrary to media reports, this study found that the price was somehow high but reasonable during the period. Research shows taking out this M&A deal will erode shareholders¡¦ interest by NTD$31 billion. Yageo¡¦s current state of core business value is analyzed to find that Yageo¡¦s value increases at least NTD$40 billion. A decade after the M&A, Orion ¡V reinvested by Yageo Chairman Chen Taiming - announced to obtain 100% of Yageo¡¦s equity of NTD$16.1 per share in early April, 2011. Such action indicates Chairman Chen foresaw potential profitability in Yageo. In addition, the previous M&A of Philips Passive Components Division has a great influence in recent growth and points out that the M&A decision are not wrong. The findings of the study show that post-merger integration is implemented properly can gain positive benefits for shareholders through the M&A of Philips Passive Components Division.

Abstract Richard Strauss (1864-1949) was the one of excellent post-romancticism composers. He composed approximately 200 songs. This study mainly discusses Mädchenblumen, op. 22, accomplished in his middle composition period. For the purpose of this study with Strauss making use of lyric, expressive melodies and techniques of New German School, we can examine the kinship of vocal, poems, and accompaniment. The lecture-recital document contains three main sections: the biographical information about Richard Strauss, the musical characteristics of Richard Strauss¡¦ Lieder, and a performance analysis of Mädchenblumen. In these four songs, making a lot of tone colors by increasing chromatic techniques and paying much attention to the declamatory, lyric, continuous, leaping melodies, are all showed Strauss¡¦s achievement of Mädchenblumen.

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During the past five years, fourteen financial holding companies have been founded by stock for stock mergers corresponding to the policies and deregulations in Taiwan. Among these M&As transactions, the exchange ratio for each combination, which is determined by the reported earnings in both acquiring and acquired firms, affects the success of the merger most. Therefore, our research focuses on whether financial institutions manage their reported earnings in order to get more favorable price for maximizing their shareholders’ wealth. From empirical results in Taiwan’s banking industry, we find (1) that the degree of earnings management is much higher in the period prior to M&As announcements given financial institutions in Taiwan are used to manipulating earnings at usual times, (2) that those financial institutions with higher degree of earnings management indeed get more favorable exchange ratios within M&As transactions relative to those with lower degree of earnings management for both acquiring and acquired companies. We also make an investigation for investors’ reactions toward behaviors of earnings management. By focusing on the sample of Taiwan’s financial holding companies, empirical results show that market investors will not punish those financial institutions obtaining better exchange ratios by manipulating reported earnings in the market since they can’t see through managers’ tricks on reported earnings.

This study examines the effectiveness of Say on Pay (SoP) regulation as a corporate governance mechanism in the context of M&A deals. Using a large sample of U.S. firms over the 2005-2017 period, this study finds that, in the post-SoP period, overall CEO pay growth rate declines and CEO pay to acquisition performance sensitivity improves following M&A activities. This supports ‘SoP governance’ hypothesis, which proposes that SoP regulation will restrict CEOs self-fulfilling behaviour. In a macro-economic set-up, the introduction of SoP regulation was intended to discipline top managers by giving shareholders an opportunity to express their opinion on CEO compensation. It was therefore expected that, in the post SoP-era, CEOs will experience a lower growth in their pay package following M&A deals. On the other hand, the relation between SOP voting approval rates and CEO compensation following M&A activities is unidirectional. Irrespective of the performance of M&A deals, it is observed that CEOs with higher shareholder voting approval experience a significant positive change in their compensation level after an M&A deal. We term this as a ‘reliable CEO’ hypothesis. According to the ‘reliable CEO hypothesis, a very high voting percentage may legitimize CEOs action and embolden CEOs to carry out more risky ventures such as M&As. Since there is an established relation between risk and return, shareholders would like CEOs to take appropriate risks to increase firm value. A reliable CEO, who enjoys a high degree of shareholders’ support, should not be penalized for taking more risky ventures that are intended to increase shareholders’ wealth. Our results confirm this viewpoint.

In an ever increasing competitive environment, pharmaceutical companies keep on expanding. Mergers&Acquisitions (M&A’s) seems to be one of the preferred means of acquiring critical mass and economies of scale. Research has suggested that human resource capability in the post-acquisition implementation is critical. This study intended to explore whether the role of culture in M&A’s are acknowledged at subsidiary level and if so, to establish an applicable framework for managing it. Twelve semi-structured interviews were conducted in order to gain a deeper understanding of the effect of cultural integration on the M&A process. The data was coded, analysed and collapsed into themes in order to establish the applicability of the framework proposed by Lodorfos&Boateng (2006) and possible amendments to it. Rank order tables were used to measure the relative importance of constructs. Only two thirds of senior management at subsidiary level acknowledged the importance of culture at the time of the M&A, management strategies or plans for dealing with it was found to be inadequate with only fifty percent of interviewees being aware of it. The Lodorfos&Boateng (2006) framework is supported by the data generated in this study, but needs to be amended in terms of leadership role, people orientation and communication. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Companies use merger and acquisitions, M&A, as a strategic choice to boost the firm. But even though M&As are a common way to boost the company, the failure rate is 70-90%, indicating the need to explore success factors. The objective of this study is therefore to establish a deeper understanding about how a Swedish firm conducts an acquisition, to give insights about essential elements during the acquisition process. This is achieved by answering the research questions: what are the success factors influencing the performance of an acquisition in Sweden, as well as how is the acquisition process successfully managed in a Swedish firm. By investigating these questions, the study will give insights about essential elements during the acquisition process, with the aim to increase the success rate. By analysing the management team within one single company, we were able to investigate a single case deeply and acquire their opinions and ideas. Due to the fact the managers are the ones steering and controlling the firm, it was necessary for us to comprehend their opinions. The study has taken a qualitative research approach, and six semi-structured interviews were held with the management team of our analysed firm. The empirical material has been analysed and compared with previous research within the subject. The theoretical framework discusse dM&As by covering the subjects, management, organisational change, culture, and success factors. Based on the empirical findings along with previous scientific articles, the research questions have been analysed and answered in the conclusion. Conclusively, we found eleven different success factors influencing the performance of an acquisition in Sweden, whereas seven of them have been found earlier in various studies and the additional four comes from our empirical findings. The additional four success factors are to be flexible, to be present, stand on common ground, and establish fellowship with the employees. The conclusion of adding these four comes from the greatest obstacle an organisation can face during an acquisition, getting the staff on board. Our second research question was about how the acquisition process is successfully managed in a Swedish firm. Where the conclusion is that the analysed firm endeavours to be honest and open with the employees, as well as being present and on site. Furthermore, the senior managers surround themselves with people they believe in. This to achieve the capacity to acquire another company. When looking at a potential firm the analysed firm believes it can be beneficial to have a sceptical mindset, to minimise the risk of making wrong estimation of the synergies. When the firm has acquired another firm, the senior managers strive to be flexible, and have the ability to adjust their leadership style depending on the situation.

Problem: Despite much attention from researchers and practitioners, the reason(s) for why M&A’s tend to fail remain a topic of investigation. Within this investigation there is reason to believe this problem is connected to not prioritizing communicating with multiple stakeholders a during post-M&A integration. Purpose: The purpose of this study is to explore the specific context of communicating with multiple stakeholders during post-M&A integration. Method: A qualitative, abductive and exploratory study with semi-structured interviews providing primary data from stakeholders (respondents) with different experiences of communicating during in post-M&A integration. Results: The results of this study contribute with new insights within the scope of communicating with multiple stakeholders during post-M&A integration. These insights are analyzed and collected in a revised conceptual framework along with reflecting on theory and discussing practical implications. Recommendations for future studies are offered along with discussing the limitations of this study. / Problem: Trots mycket uppmärksamhet från forskare och praktiker så undersökts det fortfarande varför M&A brukar misslyckas. Inom denna undersökning finns det anledning att tro att problemet är kopplat till att inte priortiera kommunikation med flera intressenter under post-M&A integration. Syfte: Syftet med denna studie är att undersöka den specifika kontexten att kommunicera med flera intressenter under post-M&A integration. Metod: En kvalitativ, abduktiv och exploratoriv studie med semi-strukturerade intervjuer som bidrar med primärdata från intressenter (respondenter) med olika erfarenheter av kommunikation under post-M&A integration. Resultat: Studiens resultat bidrar med nya insikter inom ramen för att kommunicera med flera intressenter under post-M&A integration. Dessa insikter har analyserats och samlats i ett reviderat konceptuelt ramverk tillsammas med en reflektion över teory samt en disksussion av studiens praktiska implikationer. Rekomendationer fram framtida studier presenteras samt så diskuteras studiens begränsningar.

This thesis investigates the role of financial advisors and their impact on their clients' short-term M&A deal performance. The examination of the extant literature on M&A advisors reveals a lack of focus on the target side of the equation. Therefore, the first topic is dedicated to the examination of the effects of target financial advisors' involvement and quality on their clients' short-term M&A deal outcomes. The findings reveal that targets that opt to hire an advisor are able to achieve better short-term deal performance, and that highly reputable target advisors are associated with higher premiums in all-cash deals. To add more clarity on the mechanisms through which target advisors contribute to the performance of M&A deals, I leverage a hand-collected dataset, from public targets' SEC filings, that covers the actual activities conducted by target advisors. The results of the analyses conducted show that target advisors add value through the provision of services relating to the evaluation of deals from a financial perspective, however, assigning them to the search/matching activities is associated with a negative effect on the premium achieved. Despite the abundant literature on the role of acquirers' financial advisors in M&A deals, findings on the impact of their involvement in such deals are rather inconclusive, and the bulk of research in this area is quite dated. Using the different ranking schemes developed, I re-examine this topic using a most recent dataset (2001 to 2017). I find that acquirers' financial advisors with stronger past performance are able to secure better short-term deal outcomes to their clients, and in line with Golubov et al. (2012), highly reputable acquirers' advisors deliver higher returns to their clients in public deals. The presence of an advisor (on the target or on the acquirer side) allows completing deals in a shorter period of time. This thesis covers, as well, the determinants of advisor hiring-related decisions regarding the reputation of the advisor selected. The findings reveal that, on the target side, there is a higher propensity to hire a highly-ranked financial advisor when the firm is being served by a Big-4 accounting firm, and in the presence of a larger institutional ownership base. On the acquirer side, firms are found to be more likely to hire a highly-ranked financial advisor if they face a higher litigation risk, if they are served by a Big-4 accounting company, and if they involve a higher institutional ownership base. The findings of this research project hold important implications both for businesses involved, through guiding their choice of advisor to assist them with their M&A deals, and for the academic research by offering a comprehensive analysis that incorporates a range of existing and newly developed proxies of quality, thus reconciling the inconclusive findings reached in the extant literature.

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