Purpose: The main objective of this thesis is to study if acquiring companies’ shareholders on the Swedish market earn abnormal returns after an M&A and further to examine possible differences in the abnormal return depending on whether the M&A is announced during a period with high level of merger activity or low level of merger activity. Method: This thesis uses a quantitative research method and an event study to examine abnormal returns. The abnormal return is obtained by calculating the difference between the actual return and the normal return. Stock prices for the thirty companies in the sample have been collected; fifteen M&As from periods characterized by high merger activity and fifteen M&As from periods of low merger activity. The event window consists in total of eleven days, five days before the announcement day and five days after. Day minus six is used as an index. Finally, the results have been tested with t-statistics for further analyzing. Conclusion: Our findings regarding the Swedish market in this thesis is not consistent with most of the previous research. Earlier research claims negative abnormal returns for the acquiring companies’ shareholders. In our study we have found that the Swedish acquiring companies’ shareholders actually earn positive abnormal returns after an M&A. Moreover, the abnormal returns are higher for M&As announced during times with high level of merger activity on the market compared to the abnormal returns for M&As announced when the level activity of merger is low. / Syfte: Syftet med denna uppsats är att undersöka om förvärvande företags aktieägare på den svenska marknaden uppnår onormal avkastning efter ett företagsförvärv. Studien undersöker även skillnader i onormal avkastning till det förvärvande företaget beroende på om förvärvet genomförts under en tidsperiod med hög respektive låg aktivitet av företagsförvärv på marknaden. Metod: Denna uppsats använder sig av en kvantitativ forskningsmetod samt en eventstudie för att undersöka onormal avkastning. Den onormala avkastningen erhålles genom att beräkna skillnaden mellan den faktiska avkastningen efter ett företagsförvärv med den normala avkastningen om förvärvet inte genomförts. Aktiepriset för de trettio företagen i urvalet har samlats in, hälften av urvalet är hämtat från en period med hög förvärvsaktivitet och resterande från en period med låg förvärvsaktivitet. Händelsefönstret består av elva dagar, fem dagar före och fem dagar efter tillkännagivandet av företagsförvärvet. Dag minus sex används som index. Slutligen har resultatens testats med t-test för vidare analys. Slutsats: Våra resultat gällande den svenska marknaden är inte samstämmiga med de flesta av de presenterade tidigare forskningarna. Enligt mycket tidigare forskning erhåller förvärvande företagens aktieägare negativ onormal avkastning medan vår studie av svenska företag visar positiv onormal avkastning till följd av ett företagsförvärv. Dessutom är den onormala avkastningen högre för företagsförvärv som genomförs i perioder med hög aktivitet av förvärv på marknaden jämfört med den onormala avkastningen för företagsförvärv som genomförs när aktivitetsnivån på förvärv är låg.

Syfte: Syftet med denna uppsats är att ta reda på om det var rätt eller fel av Adidas att genomföra sina M&A:s med hjälp av Tobins q och de bakomliggande strategiska motiven. Metod: Metodansatsen för den studien är en fallstudie. Data har samlats in via både kvantitativa och kvalitativa metoder. Vi har valt att undersöka fyra av Adidas nio olika M&A:s sedan mitten av 1990-talet. Datan har samlats in genom ett deduktivt angreppssätt. Den kvantitativa datan har samlats in via årsredovisningar och affärsdatabaser. Den kvalitativa datan genom semistrukturerade intervjuer och officiella pressmeddelanden. Resultat och slutsatser: I denna fallstudie av Adidas har vi kommit fram till att två av de fyra företagen som undersöktes var övervärderade och de två andra var undervärderade i samband med uppköpen enligt Tobins q modellen. I detta avseende borde Adidas inte ha köpt de övervärderade företagen. Vi har kommit fram till att det var fel av Adidas att köpa Salomon, medan de övriga tre förvärven var berättigade. Det mest centrala motivet som genomsyrade alla affärerna var tillväxt, skillnaden var på vilket sätt detta skulle uppnås.  Bland annat sökte de kompetensen, stärka sin befintliga verksamhet och diversifiera sig. Vi har i våra slutsatser kommit fram till att det var berättigat av Adidas att genomföra dessa affärer eftersom det har hjälpt dem att ta sig till den position som de befinner sig på idag – nämligen en av de mest dominerande aktörerna inom branschen. / Aim: The purpose of this essay is to examine whether it was right or wrong of Adidas to complete their M&A:s using Tobin’s q and the underlying strategic motives. Method: The method for this is essay is a case study. Data has been collected through both a quantitative a qualitative method. We have chosen to examine four of Adidas nine M&A:s since the mid-1990s. The data has been collected through a deductive approach. The quantitative data has been gathered via annual reports and business databases and the qualitative data through semi structured interviews and official press releases. Results and conclusions: We have in this case study concluded that two of the four companies, which we examined, were overvalued and the other two were undervalued in connection with the acquisitions according to Tobin’s q. Regarding to this Adidas shouldn’t have bought the overvalued companies. We concluded that it was wrong of Adidas to buy Salomon, while the other three M&A:s where entitled.  The most central aspect of the motives behind the acquisition was growth. The difference between the affairs was the way to achieve this. Among others were to search for competence, enhance its current business and to diversify themselves. However we have concluded that Adidas were entitled to go through with the affairs since it has helped them to get where they are today – as one of few dominant companies in the industry.

No description available.

<p>The problem areas of the 'human side' of mergers andacquisitions as well as post-merger integration are focusedupon in this study. An extensive review of merger-relatedliterature points to the problematic nature of this area oforganisation. Through the analysis of two international casemergers, their post-merger integration processes and theirproblem areas, the nature and causes of these problem areas areinvestigated. The results of the investigation indicate thatexpectations influence mergers and post-merger integration.What seems to be expected of mergers, post-merger integration,of the management of these processes as well as the involvedparties plays a role in the interpretation of and reaction tomerger-related occurrences. If expectations of a merger or anyof its specific features are not met, attitudes towards themerger can get increasingly negative. This evidentlynecessitates 'expectation management' within mergers and theirpost-merger integration processes.</p><p><b>KEY WORDS</b>: merger, acquisition, post-merger integration,'human side' of organisations, expectation, experience, casestudy, emergent theory</p>

Thesis (M.B.A.)--University of Hong Kong, 1985.

“All marriages are happy. It’s the living together afterwards that causes all the trouble.” - Raymond Hull, Canadian Playwright. Although Mergers and Acquisitions are common, no merger is termed as successful until post merger integration is successful. During M&A, two companies that function uniquely are fused together, and the Information Technology group is expected to consolidate two different systems efficiently. This integration should be well-executed, and without any disruption to business or customers. Every merger is different, and can have innumerable reasons for failure, ranging from poor implementation strategies to cultural or attitudinal problems. One of the reasons, many Post-Merger Integration activities fail, is due to the Information Technology complexity and inadequacy to address the issues, it brings to the table. This thesis aims at studying the importance of post-merger Information Technology (IT) integration and developing an IT strategy for the integration. There are no scientific guidelines laid out for a post-merger IT integration and each company employs its own methods. Hence the author has researched and developed a post-merger IT integration framework that can give definitive approach and assist in seamless integration. This framework includes practices that can be followed for a smooth IT transition and checklist to ensure successful integration. Lastly the author presents two cases of M&A that illustrate the importance of IT integration, namely, Sallie Mae- USA Group and HP-Compaq. Sallie Mae & USA Group was a huge success due to its successful IT integration implementation while HP-Compaq merger was a disappointment for the lack of understanding the importance of IT integration. From these two cases, the author has also derived the usefulness of the proposed framework. Author has also presented another case of Oracle-Sun merger, which does an analysis of the IT integration carried out by the two companies. It would not be unwise to say, that IT plays an ever increasing pervasive role in today’s organizations, hence a successful merger demands successful IT integration. / text

Globalization has had two major implications for national merger control regimes: national competition authorities are called more and more to examine transactions with cross-border dimensions and secondly, domestic business practices may be scrutinized by foreign nations. In light of this, divergent substantive standards have become a source of international friction, notably between the two most mature merger control regimes, the European Union and the United States. / Facing this new reality, it has become clear that some sort of international arrangement will be needed in order to reduce the inefficiencies created by multijurisdictional review. Various proposals have been made, ranging from ambitious ones that would include the creation of an international competition code and enforcement agency, to more realistic proposals of achieving international coordination of merger control regimes through bilateral and multilateral cooperation amongst antitrust agencies. / This thesis argues that the path of large-scale cooperation is the most appropriate way to cope with the problems raised by globalization. As such, cooperation does not imply the harmonization of merger control regimes. The future lies in the hands of the International Competition Network which, despite considerable achievements, must evolve in the near future.

The Zimbabwean economy had reached historically low levels in terms of its performance. Coupled with this, the country's volatile political environment saw many once prosperous business ventures struggling for survival. One of the immediate options followed by many organisations was the undertaking of mergers with similar or related companies in a bid to ensure continued growth. Among the hardest hit industries by the economic decline was the advertising industry. In order to maintain its market dominance, the Ogilvy and Mather group of Zimbabwe (comprising Barker McCormark and CM & A) embarked on discussion with a smaller rival, Carroll O'Donovan Hardy TBWA. The discussions would culminate in a merger of the three agencies in September 2001. From the onset the merger was characterised by a series of staff resignation particularly from Carroll O'Donovan Hardy and CM & A. In addition, existing clients began to complain about the handling of their business. The study will examine the causes for these grievances and assess the impact of the group's post merger strategies aimed at consolidating the merger. It will examine the group's capability at maintaining the sustainable growth that was envisaged at the time of merger. An assessment of whether post merger strategies at Ogilvy and Mather Zimbabwe are successful in terms of their impact on employee and customer retention will be conducted. Based on the findings, a best case scenario will be mapped out so as to ensure Ogilvy and Mather maintain their market dominance of the advertising industry in Zimbabwe The next chapter will develop a theoretical framework for strategies aimed at successful post merger management. This framework will be used to analyse the effect of the merger at Ogilvy and Mather and provide guidelines on the best way possible in a post merger environment of its nature. / Thesis (MBA)-University of Natal, 2003.

Mergers and acquisitions (M&A) are an important part of many companies’ strategic plans, yet they often fail to meet expectations. Part of this failure may be due to a lack of understanding of the risks present during the important period after the initial agreement to merge has been struck and the failure to apply a practical framework for managing these risks. The literature outlines many of the risks managers face and explains risk resolution techniques that can be used to mitigate these risks. Risk management techniques or frameworks have been developed for use in projects involving mergers and acquisitions (M&A), construction, strategic alliances, software requirements development, distributed software projects, and post-merger implementation of information systems. However, to our knowledge, no integrated framework has been developed to manage risks during the post-selection phase of mergers and acquisitions. In this dissertation we identify risks present and the risk resolutions available at this stage of the M&A process via a review of the literature and interviews with experienced managers of mergers and acquisitions. We then develop a practical framework for managing post-selection phase risks in M&A. We analyzed published case studies to evaluate the framework and confirm issues raised in the literature review. Hence, this research contributes to the M&A and risk management literature by identifying and classifying the risks in the post-selection phase of the M&A process, identifying and developing a classification of risk resolution actions linked to those risks, and providing a practical framework that can be used to more comprehensively identify risks and potential risk management strategies.

Univ., Diss.--Frankfurt (Main), 2004. / Literaturverz. S. 459 - 485.