A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investment, June 2016 / This study examines long-term performance of publicly-listed South African acquiring firms that participated in Merger and Acquisition transactions. In an effort to close the gap in South African literature of long-term M&A performance, the study used key financial ratios in calculating the change of financial position before and after each M&A transaction or in other words, before and after the 2007 recession. The sample included 10 acquiring companies that performed 18 acquisitions during the period, 2007 and 2009. Subsequently, accounting performance in the form of Profitability, Efficiency, Liquidity, Leverage/Solvency and Investment ratios, were then analysed three years before and after each M&A transaction. Furthermore, the Paired Comparison Test was used to test for significant differences in ratios, between pre- and post-M&A performance of each acquirer. The results suggest that overall, Mergers and Acquisitions do not significantly improve financial performance of South African acquirers after each M&A transaction. / GR2018

Mergers and acquisitions (M&As) of private target firms is a common phenomenon and being acquired is the desired outcome for some private firms, as it is the path to wealth creation for these firm’s owners and investors. However, this M&A type has received limited attention in the literature, especially from the perspective of the target firm. Furthermore, neither a theoretical model to explain the phenomenon where the goal of the target firm is to be acquired in M&A, nor an indicator to gauge wealth creation for such firms were identified in the review of the literature. This paper established that, because being acquired in a M&A may be the goal, the wealth generated from the M&A is the outcome or performance indicator for such firms. The outcomes of M&As depend, among other factors, on the acquiring firm’s perception of the target firm’s value. Thus, this paper coined the term ‘private firm’s attractiveness as an acquisition target’, and built on the resource based view of the firm and signaling theory to identify factors that influence a private firm’s attractiveness to acquirers. Furthermore, private firm’s attractiveness as an acquisition target was used as the bridge between the acquiring firm perspective and target firm perspective in a M&A. The resource-based view of the firm and the signaling theory were used jointly in building the theoretical framework for hypotheses development. Hypotheses were tested using a sample of 222 acquisitions of US private target firms by US public acquiring firms. Hierarchical regression with inverse mills ratio, as well as two-step Heckman model were used to address the potential selection hazard. Results provided strong support for most hypotheses, and showed that investor involvement, target firm’s industry innovativeness, and target firm’s emphasis on growth in human capital were positively related to the private firm’s attractiveness as an acquisition target. Furthermore, the effects of emphasis on growth in human capital were stronger when the target firm’s growth in revenue was lower and when the target firm operated in a more innovative industry. The effects of emphasis on growth in revenue were stronger when the target firm operated in a less innovative industry. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection

by Sek Ngo Chi, Tam Kin Sang Samson. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaf 38). / Acknowledgment --- p.5 / Chapter I. --- Introduction --- p.6 / Chapter II. --- Long-term objectives for Mergers and Acquisitions --- p.15 / Chapter III. --- Data Source and Terms --- p.21 / Chapter IV. --- Statistical Summary and Characteristics of Deals --- p.22 / Chapter V. --- Literature Review on Stock Market Reactions --- p.29 / Chapter VI. --- Stock Market Reactions --- p.30 / Chapter VII. --- Effects of Payment methods on M&A transactions --- p.33 / Conclusion --- p.37 / References --- p.38 / Appendices --- p.39

Thesis. 1979. Ph.D.--Massachusetts Institute of Technology. Alfred P. Sloan School of Management. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Bibliography: leaves 271-278. / by Nicolas S. Majluf. / Ph.D.

This dissertation introduces a new method for evaluating mergers and acquisitions (M&As) and goodwill allocations associated with them. This method differs from Generally Accepted Accounting Principles (GAAP), which estimate the sum of the fair value of net identifiable assets by focusing on balance sheet information, and recognizes the remainder of the purchase price as goodwill. The new method utilizes both balance sheet and income statement information to estimate the value of a target as a business, and treats the remainder of the purchase price as the uncertain growth expectation. Using the new approach, I document that uncertain growth expectations in M&A prices (1) are negatively related to acquirer's long-term returns, (2) predict future goodwill impairments, and (3) are superior to event-date market reactions and premiums as a predictor of acquirers' future performance.

During the close approach of two galaxies in a merger, tidally induced gas inflows can trigger simultaneous black hole accretion which are observed as dual active galactic nuclei (dAGNs). Merger simulations predict that the resulting increased nuclear gas reservoirs will obscure the X-ray emissions from the AGNs. We investigate whether dAGNs in mergers are observed to be more obscured than their isolated counterparts by combining the results of previous radio and optical spectroscopy studies with new Chandra X-ray observations for a sample of 4 dAGN systems in the Stripe 82 field. For the 6 detected components, we find the rest-frame X-ray luminosities range between 39.8 < log LX /erg s-1 < 42.0. The sources have redshifts between 0.04 < z < 0.22 and projected separations between 4.3 and 9.2 kpc, as well as multi-wavelength properties most closely resembling low-luminosity AGNs. However, we determine that the X-ray emissions for 2 of the sources likely has strong contributions from hot interstellar medium, and star-formation and X-ray binaries may contribute to the X-ray luminosities of several sources. We do not find evidence of enhanced obscuration through our analysis of X-ray hardness ratios, optical [O III] emission line luminosities, and mid-infrared luminosities. Therefore, we suggest that the unobscured low-level accretion observed for the AGNs in this sample is driven through stochastic processes rather than the massive gas inflows predicted for a merger-driven scenario.

Mergers and acquisitions (M&A) are a growing phenomenon in the business world as companies are expanding their market share to compete globally. At some point, 1 out of 3 workers will be involved in an M&A. Guided by the social exchange theory, the purpose of this descriptive case study was to explore the satisfaction and engagement strategies of 8 health care leaders who had successfully implemented an M&A. The study population consisted of 4 leader and 4 nonleader employees employed at a healthcare facility in the North Central United States. All employees had been employed at the facility prior to and after the M&A and were current employees at the time of the study. Data were collected though audio-recorded, semistructured interviews as well as document review of company materials such as the employee handbook, mission, and vision. Once data were transcribed, the transcript review was completed by the participants to ensure accuracy. Data were coded and analyzed to reveal 5 themes or strategies: more frequent and transparent communication, intentional and structured leadership, increased trust and emotional engagement, increased focus on human resources, and positive corporate culture. Postmerger, these leaders had implemented changes regarding the corporate belief structure, advocated increased communication and teamwork, and promoted open and direct communication among staff and leadership. These findings may promote positive social change by increasing satisfaction and engagement in the healthcare employees at this facility, who may in turn provide better care to patients.

There are substantial bodies of literature that advance theory about why Merger and Acquisition (M and A) candidates are found to be unattractive, why negotiations aren???t concluded and why the benefits of companies that are acquired are not realized. Little, if any, research identifies why M and A opportunities are not pursued in the period after candidates are analysed and found to be attractive but before negotiations begin. This study addresses this period by developing a theoretical framework of the variables that intervene to reverse decisions to pursue apparently attractive candidates before negotiations begin and which, in doing so, result in missed opportunities. The study is informed primarily by the Strategic Management content literature (Ansoff, 1965, Porter, 1980) but draws from the strategy process literature (Huff and Reger, 1987) including streams in Strategic Decision Making (SDM) (Papadakis and Barwise, 1998, Schwenck, 1995). The framework is developed using a multiple-case study method. This choice was dictated by the study???s theory building objective, the nature of the research questions ??? that is, what variables influence decisions and how? ??? and the lack of an existing theoretical foundation on which to build. The sample consisted of 37 decisions reversals made by 27 firms in Australia, Europe and the USA. The results suggest that there are three major categories of variables that stop acquirers from pursuing potentially attractive acquisition candidates. These are related to the acquirers???: ??? Strategy and objectives: For example, whether there is a change in strategy or objectives, or either or both are poorly understood and agreed between organizational levels or units; ??? Organizational functional resources: For example, whether constraints on appropriate knowledge and skill sets develop or are perceived to be likely to develop during the post-evaluation period; ??? Other financial factors: For example, whether a shortage of funds develops. Twelve individual variables are identified. Ten of these appear to be consistent with factors that Ansoff and colleagues (1971) associate with post-acquisition failure although variable definitions are not always comparable. Poor management of the variables thus appears to have the potential to expose acquirers to two different but important vulnerabilities. First, potentially attractive M and A opportunities may be forgone if the variables are operative in the post-evaluation ??? pre-negotiation period; second, if they don???t become operative until after the acquisition is consummated, the benefits of attractive companies that are acquired may not be realized. This study???s most important contribution is to the theoretically diverse base of acquisition performance literature which, to-date, tends to examine phases in the M and A decision making process before or after the focal period of this study. It also illustrates the use of a general multi-theoretic model of Strategic Decision Making (Rajagopolan, et al., 1993, 1998) exclusively in the M and A domain, a domain whose decisions are worthy of study in their own right. Finally, it provides insights into a new set of factors subject to control that managers may take into account in their acquisition planning.

<p>In the last decade, there has been a great increase in the number of mergers and</p><p>acquisitions all over the world. This enhancement of the number of transactions is</p><p>included in the most of the previous studies but moreover, many of these studies show</p><p>that the majority of the mergers and acquisitions fail in the objective of creating value</p><p>for the shareholders. This failure ratio is the reason which leads us to the next research</p><p>question: why do the majority of mergers and acquisitions fail?</p><p>In this study, we introduce the basic concepts that must be known before answering the</p><p>research question and the reasons that other authors have pointed out for explaining this</p><p>failure ratio.</p><p>After this theoretical background, we conduct a comparative research of four cases,</p><p>some of them with a successful result and some others with a failure one, in order to</p><p>determine the key factors that explain the reasons why some of the mergers and</p><p>acquisitions fail or success.</p><p>The study shows that there is a wide range of features when determining this failure or</p><p>success. The analysis of the four case studies indicates that most of the reasons for this</p><p>failure or success were previously considered by other authors, but some new reasons</p><p>will be presented.</p>

<p>The following is the presentation of our master thesis study which intended to studied from a Human Resources perspective the M&A process. “What defines the integration achievement in a M&A process from a organizational level perspective?” This represents the main issue to answer and discuss about. It was conducted by the analysis of New Wave Group and Orrefors Kosta Boda acquisition process as the case study, representing the reality field and source of practical implications. To answer this research question, it was selected some of the most important elements of the Human Resources Strategies like Leadership and communication, motivation and commitment. Moreover, two main stages made up the attention of our study; the pre stage negotiation, and the post acquisition phase. The principal outcome constitutes the analysis in practical and theoretical terms, of the special condition of acquisitions with one dominant part constituting the “big saviour” and how this change is traduced into the integration process.</p>