Abstract Mergers and Acquisitions often happen in America and Europe, but in Taiwan they are just on the start stage. In the end of 1999, two of top ten securities firms-- Yuanta Securities Firm and Core Pacific Securities Firm merged. This M&A case triggered a series of M&A actions in the securities industry, and the rank and ecology of the industry changed a lot. My thesis focuses on the effects of industry structure and key success factors due to the series of M&A actions in securities industry. My four research objectives are : 1. to find out the motives of securities firms¡¦ M&A 2. to find out what happened to industry structure after the several M&A actions 3. If the industry structure changed, to find out the influences of key success factors of industry 4. Facing the changed industry environment, to give securities firms some suggestions The analysis methods of my thesis are literature reviewing and interviewing the securities firms. Porter¡¦s ¡§Five Forces Model¡¨ is the main analyzing theory. The research results find that the main motive of the securities firms¡¦ M&A is to expand the scale, in order to globalize and develop to be an investment bank. After several M&A actions, the most obvious changes are the decrease of securities firm numbers and the change of rank. The intensity of industry competition alleviates and the threat of substitute and potential entrant diminishes. The bargaining power of customers doesn¡¦t change. As to key successful factors, the importance of securities firms¡¦ size increases. Globalization, training of professional employees, innovation of products and information technology are required resources and capacities of securities firms.

Abstract Mergers and acquisitions (M&A) are important management tools of chief executive officers (CEOs.) The benefits of M&A include fast expanding production capacity, acquiring technical patents, overcoming the entry of obstacles, grasping markets, taking over talents, generating the synergy of operation and finance, adjusting product mix or reducing production capacity any time during the recession of markets. Steel industry itself has the character of benefits in economical scale. Therefore, Mittal Steel Company led to hand over its successful experience unceasingly in the recent year, causing an international tide of M&A. In the recent emerging China¡¦s economic system, China¡¦s steel industry was integrated under the guide of national policy. Lots of small steel plants became international leading steel producers. This is contributed to the M&A rendering the company¡¦s scale large, increasing international visibility and bringing people¡¦s notice to its talks and behaviors. Owing to quite high risks of M&A itself, steel industry must grasp the key success factor so as to reduce the risks of operation. Due to the difference of every industry, every company and outside environment, each of their positions in the industrial value chain is also different. Therefore, the successful factors of each company¡¦s M&A are somewhat different, too. This study aims at hoping to probe the successful factors of steel industry¡¦s M&A by case study, as well as to understand the follows: the status of Taiwan¡¦s steel industry, the difficulty of M&A in Taiwan¡¦s industry, the successful factors of steel industry and the generated effect of steel industry¡¦s M&A. The result of this study shows that the relationship between China and Taiwan has been closer and closer. Taiwan¡¦s steel producers have to grasp the trend of changes of China¡¦s steel plants so as to prevent error decision making. As for the successful factors of steel industry¡¦s M&A, the first priority of conditions is to obtain the top management support and to be executed by an experienced teamwork of M&A so that the M&A experience can be handed over by cumulative knowledge. Since the statistics shows that the percentage of M&A success is small, it has better to evaluate the worst situation prior to the job¡¦s execution as well as to set a bottom line of loss in order to flexibly dispose the changes of situation at any time and to make the M&A easier to success.

The International Monetary Fund points out that four kinds of financial crisis in the world financial markets currency crisis, external debt crisis, bank crisis and systematic crisis . Taiwan could be happened in bank crisis and could have potentially impaired the economies of Taiwan. That was reason why Government protected banking industry avoiding collapse and bankruptcy. This paper details why Private Equity Fund M&A Taiwan domestic bank and the effects on financial markets. Since 2006 Carlyle Group one of a global private equity investment firm takeover bid for Advanced Semiconductor Engineering Inc (¤é¤ë¥ú¥b¾ÉÅé)--the world's top chip packager for US$5.45 billion- Private Equity Firm had known for Taiwan financial markets. The Government refused the plan due to that takeover bid may weakening the local capital market and leading to an outflow of investment into China. Foreign investment in Taiwan's banking industry is not new, but the acquisition of domestic banks has only become available to Private Equity Fund recently. The domestic banking industry has become a lucrative target for foreign investors not only of the Government has a policy of limiting the quantity of banking branches but also lower P/B in Asia region. Since 1997s, a striking feature in the development of Taiwan banking industry structure is the significant decline in the performance of banks while the steadily increase in the number of bank branches and caused by overbanking in Taiwan. As Taiwan slowly opens its banking industry after second round banking reformation in 2001, global M&A trends also had impacts on Taiwan, foreign financial institutions are increasingly looking to make strategic and financial investments. This paper gives a brief description of the development in the past 10 years, analyzes the driving forces on the merger of financial institutions From this research, we could come to the conclusions as follows: 1. A financial investment in domestic banks is a win-win for the various parties Private equity fund M&A of domestic commercial banks not only a very good source of capital in Taiwan, but also, through the competition of foreign banks, stimulates domestic financial institutions to upgrade operational skills and management, and improve operational efficiency and competitiveness, thus contributing to the upgrading of the financial system. 2. This paper using threshold regression model to find an adequate branch numbers of Commercial Banks industry in Taiwan. We found significant evidence good for the shareholders equity only when the branch numbers are larger than 88. 3. On the view of bank branch, the next target acquired company is Far Eastern International Bank(35 branches) ,Jih Sun Bank(36 branches) , King¡¥s Town Bank(62 branches) ,Taichung Commercial Bank(78 branches).ABN AMRO Bank(Taiwan)M&A Taitung Business Bank, the branches from 5 to 37, not to meet the bank's need for scale economics in Taiwan markets and should be M&A again 4. Private Equity Fund aims to pursue long term total return primarily through investment in equities and equity-related securities but had unique niche in resolving banking risk and corporate governance. also capitalized on the recovery of financial markets after the financial crisis in Taiwan banking indusdry According to experience of Private-Equity Firm to merge to banking industry in Korea Private Equity Fund exit their investments at last within 5-7 years after turned the bank successfully around 5. It's difference type of entering the Taiwan market through the acquisitions of banks, one is strategic investment (e.g.,Citigroup and Standard Chartered) and financial players (e.g., Newbridge Capital, The Carlyle Group).Strategic investment made a goal to construct a plateform to link Taiwan and China

<p>As one of the most important means of globalization for companies around the world, mergers and acquisitions (M&As) have been adopted as a core growth and expansion strategy. M&A integration involves combination in various areas, in which cultural integration has an important role. Nevertheless, the potential positive and negative impact of cultural dimensions on the success of M&A activity is somewhat less acknowledged in the business community.</p><p>The purpose of this paper is to explore problematic cultural issues in order to get an understanding of the characteristics and outcome of cultural integration as influenced by both national culture and organizational culture in M&A.</p><p>In order to fulfil the purpose a qualitative case study approach was chosen. Semi-structured phone interviews were made with the top managers who were responsible for the deal and employees that worked for both companies during the transition period. In addition, two survey were conducted among KPMG and Andesen members.</p><p>It could be summarized that KPMG and Andersen deal result in a great loss of ex-Andersen employees, due to the resistence from employees to the new culture after integration.</p>

The most recent wave of Merger and Acquisition (M&amp;A) sparked by the emergence of Internet and the growing importance of biotechnology, where firms use M&amp;A to integrate innovation capabilities of smaller entrepreneurial firms. This strategy is commonly seen within the medical technology industry, where most research has shown that M&amp;A often destroy those innovation capabilities that made the acquired firm attractive in the first place. This thesis investigates the organizational cultural changes due to an acquisition and its impact on the acquired firm’s creativity and product innovation. The research design of this essay is a qualitative case study based on interviews carried out at a medical technology company that was acquired in 2008. The results of this case study illustrated that the factors that affect creativity and product innovation in a post-acquisition are; communication, time, formalization, money, teamwork and risk-taking, where risk-taking affects product innovation the most.

abstract: Chief Executive Officers (CEOs) whose observed personal option-holding patterns are not consistent with theoretical predictions are variously described as overconfident or optimistic. Existing literature demonstrates that the investment and financing decisions of such CEOs differ from those of CEOs who do not exhibit such behavior and interprets the investment and financing decisions by overconfident or optimistic CEOs as inferior. This paper argues that it may be rational to exhibit behavior interpreted as optimistic and that the determinants of a CEO’s perceived optimism are important. Further, this paper shows that CEOs whose apparent optimism results from above average industry-adjusted CEO performance in prior years make investment and financing decisions which are actually similar, and sometimes superior to, those of unbiased CEOs. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

This thesis focuses on financial due diligence within M&A transactions. In the first part, due diligence is characterized as one of the main factors of M&A failure. Due diligence process and definition is described afterwards, as well as purpose of due diligence, various types of due diligence and position of due diligence within individual phases of M&A transaction. Furthermore, financial due diligence and its main principles are defined. Essential differences between financial due diligence, audit and financial analysis are also described. The diploma thesis analyzes the focus of financial due diligence on specific items of balance sheet, P&L account and cash flow statement. In the final part, an actual financial due diligence report from Czech M&A transaction is analyzed, including its individual parts.

The goal of this thesis is to create a basic overview that describes the main activities of the M&A process and areas that should be of interest to the buyer during due diligence, and on the other hand, what the buyer can expect from the due diligence. This thesis defines the role and importance of due diligence for the successful completion of the M&A process. Describes the due diligence method not only as a tool to detect inconsistencies in the target, but also looks into the possibilities of using due diligence to create an integration plan.

This study contributes to the mergers and acquisitions as well as the informational transparency literature – by examining the relationship between a firm’s analysts' forecast error/ informational uncertainty and M&A outcomes. Contrary to our conventional wisdom, we find that an acquiring firm with more forecast errors and informational uncertainty (firm risk, as expressed by stock return variation) tends to have more favorable abnormal market reactions. Whereas a target firm with more forecast errors and informational uncertainty tends to have less favorable abnormal market reactions. As the relation between acquirer forecast errors and informational uncertainty looks counter-intuitive, we further delve into this issue. We find that, in general, firms with higher analysts' forecast errors and informational uncertainty tend to make fewer acquisitions, which implies that firms with lower informational quality are more selective in their acquisitions. Further, we find that the positive relationship between forecast error/ informational uncertainty and CAR is primarily driven by non-public target acquisitions. In the sub-sample analyses - where we consider only public target firms, our results show that acquirers with higher forecast errors and uncertainty end up acquiring targets with higher forecast errors and weaker firm performance. These findings offer some plausible explanation for the non-significant relation between acquirer analysts' forecast errors/ informational uncertainty and M&A market reactions. It appears that market participants are less enthusiastic about public target acquisitions by acquirers with more inferior informational quality.

The internationalization process of firms has essentially been in two contexts, one focusing on those from the developed, and the other on those from the developing economies (Buckley et al.2008). According to (Panond, 2007), internationalization of Emerging Market Multinational Corporations (EMMNCs) has appeared in two waves, the first wave, which emerged in the late 1970s and early 1980s viewed the competitive advantages of EMMNCs as being derived from their ability in reducing costs through scale economies, often substituting machinery with human labour and replacing imported inputs with cheaper local ones, or improving performance through knowledge of operating in less developed markets.The objective of this research has been to understand the variables that drive the success of Mergers and Acquisitions as a mode of entry in Emerging Markets. The research looks at the application of these variables my multinational corporations from both emerging markets and those from developed markets; the aim is to ascertain if these variables are applied differently depending on the type of economy a multinational originates from.Given the saturation of developed markets multinationals have embarked on growth strategies into emerging markets where these markets are perceived as untapped, however most have failed to realise shareholder value as a result of the dynamics and challenges that these economies bring.Fukao et al. 2005 suggests that market share is one of the most useful means used in assessing the structure of the market and a particularly desirable characteristic of a target firm. This is usually couched in terms of having a ―good market position‖ in the relevant market. The specific target criterion is of special consideration in sectors which may show a high degree of stability of market structure (as compared to those which are characterized by technology intensity, low entry barriers and powerful competition, showing high volatility of market shares). As a result, it is expected that the market share variable will bear a positive coefficient in explaining the likelihood of foreign acquisition.The research proved successful that the application of the variables that determine success of an acquisition and merger between multinationals was similar and what drove this success was mainly based on experience in doing mergers and acquisitions. These led to further insights for current and future work on the topic. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted