Thesis (Ph.D.)--York University, 2005. Graduate Programme in / Typescript. Includes bibliographical references (leaves 208-222). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNR11555

The present study attempted to merge classes of Islamic and Christian stimuli. Using a match-to-sample procedure, participants were trained on a series of conditional discriminations that resulted in the formation of one equivalence class containing Islamic stimuli and one class containing Christian stimuli. These classes shared two common members. After demonstrating equivalence, participants were tested for a merger of the two classes. If the classes fail to merge, participants viewed a video outlining the parallels between Islam and Christianity and were subsequently tested for a merger of classes again. For participants still failing to merge the classes, direct training was provided before a final test for a merger of classes was conducted. Accuracy and response latencies on tests for a merger of classes were examined to determine if a nodal distance effect is observed. Six participants merged the classes following conditional discrimination training. An additional five participants were exposed to video training and direct training after which four participants still failed to merge the classes.

Problematisering: Ungefär 70 procent av sammanslagningar och uppköp som genomförs runt om i världen lyckas inte nå sina uppsatta mål. Tidigare forskning har uppvisat en rad olika anledningar till detta, där förändringsarbetet har påvisats vara avgörande för tiden efter att sammanslagningen har ägt rum. Denna period benämns med begreppet PMI (post-merger integration) och syftar till att integrera tillgångar, arbetsuppgifter och personal från de verksamheter som omfattas av sammanslagningen. Problematiken som uppstår under dessa perioder har till stor del visat sig bero på mänskliga faktorer snarare än finansiella aspekter som företagsledningar kan visa ett större intresse för. Det är därför väsentligt att uppmärksamma hur både ledning och medarbetare upplever arbetssituationen, för att skapa förståelse av vad som kan vara avgörande inom förändringsarbete för en sammanslagnings efterföljande period. Syfte: Syftet med studien är att skapa förståelse av hur ledning och medarbetare upplever arbetssituationen, med avseende på förändringsarbete, efter en sammanslagning av två tidigare skilda verksamhetsgrenar inom samma koncern. Forskningsfrågor: Hur skiljer sig ledningens upplevelser från medarbetarnas? Vilka parametrar inom förändringsarbete kan vara avgörande för hur arbetssituationen upplevs av ledning och medarbetare efter en intern sammanslagning? Kunskapsbidrag: Efter studerandet av hur arbetssituationen upplevs i perioden efter en sammanslagning, kan studien ge en indikation på vilka aspekter som organisationer bör fokusera på under integrationsfasen för att lyckas sammanföra de involverade parterna. Slutsats: Studien har påvisat att upplevelser av arbetssituationen efter en sammanslagning skiljer sig mellan ledning och medarbetare. Detta har främst visat sig i synen på vad som anses vara möjligheter kontra utmaningar för organisationen samt synen på ansvarsfördelning. Gemensamma upplevelser har påvisats gällande  samarbete, behov av kontinuerligt förbättringsarbete och förståelse för att förändringar  tar tid. De parametrar som har fastställts vara avgörande inom förändringsarbete för hur arbetssituationen upplevs efter denna typ av organisatorisk förändring kan  sammanfattas i uppföljningsarbete, engagemang, kommunikationsförmåga, mottaglighet, förändringsbenägenhet samt samarbetsvillighet och delaktighet. / Problematisation: About 70 percent of all mergers and acquisitions do not reach their desired goals. Research has identified several reasons for this, and has shown that it is necessary to focus on the integration process after the merger. The time after the agreement has been closed between the two parties is referred to as post-merger integration (PMI), which includes the integration between assets, business activities and personnel. One reason why mergers fail in this context depends on human factors rather than financial aspects as the top management might focus on. Therefore, it can be crucial to observe how top managers and employees perceive their situation at work to create understanding of what factors within change management that can determine how the situation is perceived during the PMI-process. Purpose: The purpose of this study is to create understanding of how managers and employees perceive their situation at work during the post-merger integration process when two former differentiated business lines have been merged within the same group. Research questions: How do the perceptions differ between managers and employees? What factors within change management can determine how the situation at work is perceived by managers and employees after a merger? Contribution: To create understanding about change processes after a merger, this study can indicate what factors organisations should focus on in the post-merger integration process. Conclusion: This study shows that the perceptions of how the situation at work is perceived differs between managers and employees. The differentiated perceptions have principally been shown in the context of what can be considered as opportunities versus challenges and how responsibility is assigned within the organisation. Common perceptions have also been identified and these can be summarized in cooperation,  ongoing improvement work and understanding of the fact that organisational changes  take time. Regarding what factors within change management that can determine how the work situation is perceived, several have been revealed. These can be concluded in terms of follow-up, dedication, communication, susceptibility, willingness to change, cooperativeness and complicity.

This study analyses the impact of M&As on acquiring company shareholder wealth and market risk through empirical evidence based on event study methods and cross-sectional regressions. The hypotheses investigated relate to the relevance of target status, method of payment, acquirers‘ bidding experience, and diversification motives. The evidence is based on a comprehensive sample of M&A transactions comprising 46,758 initial bids announced in 180 countries over the period 1977-2012, covering 88 industries. The study also investigates the relevance of deal and firm-specific factors affecting the likelihood of the success or failure of a deal once announced. The results of the event study indicate that acquirers‘ abnormal returns are not influenced by uncertainty about whether the announced deals will succeed or fail, which is consistent with the efficient market hypothesis. The event study evidence also confirms that acquirers‘ gains are most significant in cross-border M&As with acquirers located in developed countries and targets in developing countries. Further evidence from cross-sectional regressions confirms that cross-border and cross-industry diversification yields significant announcement gains for acquirers, although in comparison with domestic and focussed deals, such deals carry a greater risk of failure. Diversification has no significant impact on acquirers‘ market or systematic risk. In addition, the evidence with regard to the impact of target status and method of payment suggests that acquirers‘ gains are most significant in stock payment deals involving private or subsidiary targets, while stock payment deals involving publicly-listed targets yield lower returns. In general, cash payment for acquisitions serves to reduce the negative impact of acquiring public targets, while stock payment enhances the positive impact of acquiring private or subsidiary targets. Correspondingly, acquirers‘ market increases with the acquisition of non-public targets, while using cash payment reduces this risk. The overall findings in this regard are robust across various samples and are generally associated with the existence of information asymmetry between acquirers and targets. Finally, the findings reveal that acquirers‘ prior experience of bidding in M&A deals is associated with significantly lower shareholder returns for acquirers, and this also increases their risk. This finding, however, is specific to serial acquirers and generally supports the hubris motive.

Mergers and Acquisitions can be very exciting events for organizations. The promise of top and bottom line growth through synergy with another company can excite executives. Unfortunately, research has shown, this promise very seldom realizes as acquisitions are complex process that require understanding and commitment from all parties, both from the acquiring firm and the acquired firm. The study will start off reviewing the processes that define, in general terms, implementation of mergers and acquisitions. This will be following by a review of the experience of the SASOL Oil acquisition of EXEL Petroleum. A detail investigation of the actual process adopted by the latter organizations will be investigated through empirical research. And finally, the focus of this review is to identify gaps, a lack of certain process and their implementation and statements and actions of ambiguities and ambiguous situations. The resultant outcome of this investigation will assist the researcher, in establishing whether the acquisition of EXEL Petroleum by SASOL Oil provided synergistic value, and whether the implementation of the integration process was thorough and successful. / Prof. A. Boessenkool

Mergers and acquisitions remain a popular means of corporate growth but the role played by organizational culture remains poorly understood. Badly executed cultural integration is a leading cause of post-merger performance not meeting stakeholder expectations (Cartwright&Schoenberg, 2006). This paper reviews the literature on cultural integration in the context of mergers and acquisitions and provides insight into cultural assessment and integration.The study takes the form of exploratory research with findings from twelve semi-structured interviews collated and tested against five propositions that together build a reference point for cultural integration. Five cultural assessment tools are incorporated into a single view to provide the reader with a clear framework against which to assess organizational culture.The study validates the proposition that cultural integration plays a key role in post-merger performance and provides key elements towards a successful integration. The study goes on to find that cultural integration is necessary for post-merger performance, an integration plan should be built early in the pre-merger process, top management has an integral role to play in the post-merger integration of culture, large cultural differences can be an opportunity and that the level of learning and knowledge application in mergers and acquisitions is poor. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

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Includes bibliographical references (leaves 32-34). / According to the Competition Act of South Africa, proposed mergers, if rejected on the grounds of anti-competitive effects as well as the efficiency considerations, may be passed on certain public interest grounds. The fourth public interest clause potentially allows mergers to be passed should the merged firm become more able to compete in international markets. This paper interprets the clause to refer to a relationship between firm size and exports, and investigates this supposed relationship and, in so doing, the validity of the clause. It is found that firm size is positively related to export propensity, the likelihood of exporting any output. However, firm size is found to be unrelated to the intensity of exporting, the proportion of output that is exported by the firm. This paper covers new areas of research, and its conclusions call into question the inclusion of the relevant public interest clause in the Competition Act.

Mergers and acquisitions remain a constant feature of both the local and international markets, but little is definitely know about what determinants of aggregate merger activityThe aim of this research report is to evaluate the dynamic relationship between a selected number of determinants and aggregate merger activity. We limited our selection of determinants to either macroeconomic or market factors, and limited our acquirers listed on the Johannesburg Stock Exchange.We defined aggregate merger activity using three measures, namely, quarterly deal frequency, quarterly deal value and a relative measure, which took the ratio of deal value over the JSE All Share Index. We utilised Gross Domestic Product, the Repurchase Rate, Consumer Price Index (CPI) and Producer Price Index (PPI) as our macroeconomic variables. Our market variables were the JSE All Share Index, the All Bond Index and the USD/ZAR Foreign Exchange Rate. Employing the appropriate data transformations, unit root, regression analysis and cointegration tests we were able to statistically test for the hypothesized relationships.Results indicated that only the Repurchase Rate was applicable in explaining the variation in the deal frequency variable, while none of the chosen determinants were significant in explaining the variation in the deal value and relative deal value measures. Overall, we found in all three cases that the fitted regression model did not explain the variation in our aggregate merger measure well.On a long-term equilibrium basis, we found that the All Bond Index and CPI were cointegrated with the deal frequency measure. The deal value measure had a long-term equilibrium relationship with the JSE All Share Index, while the relative deal value measure had a long term equilibrium relationship with the All Bond Index, CPI and PPI / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

An acquisition bid is like any other proposal for risky investment. The difference arises due to additional source of risk arising from two different sources of information asymmetry due to private knowledge held by the bidder and target. We hypothesize that the bidding process evolves in a manner to optimize bidder's investment in the target through a process of joint signalling. Medium of exchange and bid premium are used as the two signal elements simultaneously by the bidder. We develop a multiple signalling model of the bidding process which is fully revealing in equilibrium.