本研究使用組織學習理論(Organizational learning theory)來解釋併購經驗與負責併購之單位(M&A function)對於併購動機與併購績表現的影響。研究結果顯示，有越多過去併購經驗的公司，特別是過去有相同產業併購經驗者，其併購意願越高。其次，過去併購經驗與併購之宣告效果與長期持有報酬存在U型之關係，而有負責併購職能部門的收購公司則有助於減緩過去併購經驗所帶來的負面影響。

Master of Agribusiness / Department of Agricultural Economics / Arlo Biere / In the world of fast paced competition with a focus on profits, small businesses are always looking for ways to stay ahead of their competition. One way to maintain the competitive advantage is to join forces with another small business that sells and services similar products. Mergers and acquisitions have been very common in agribusiness since the farm economy collapse in the early 1980s. Farms have been increasing in size, equipment has been growing in complexity with new technologies and size to keep up with growing farm size and equipment manufacturers are merging to create larger corporations that offer more solutions to the end user. Additionally, fewer machines are being purchased by growers and producers each year and the machines that are being purchased are able to do more than previous models. The new complexities require highly trained and skilled technicians to make repairs and service these machines. Farming practices continue to evolve with more limited- and no-till crop production. These factors are contributing to dealers forming larger multi-store operations with trade areas large enough to provide an adequate return on investment to attract the resources required to sell and support technologically advanced agricultural equipment. Large multi-store organizations support the requirement of customers by providing higher levels of customer service. As these large organizations increase in size they ensure a more sustainable business model with reduced fixed expenses leading to higher returns on sales and increased total sales. This study will examine two multi-store farm equipment farm equipment dealerships with a total of a total of eleven locations and make recommendations to create a merger of equals. The analysis will include a review of current sales data at each location and make recommendations for any new locations strategy using industry data as well. This information will help determine which locations should be eliminated or combined into single locations to reduce expenses. The study will also provide data to support implementing standard job pricing in the new organization. A new functional management structure will also be recommended to guide the new company towards increased sales revenues and position the organization for long term growth and sustainability.

The essence of this study is to capture the dynamics of decision-making. The context of this study is the engineering consultant industry consolidation in South Africa over the last five years. Decision-making is a complex phenomenon and highly influenced. To understand the dynamic nature of decision-making, it is important to understand the rationale or process that was followed to derive to the decision made. This can be simplified or better understood when evaluated at the hand of a context. In South Africa, consolidation activity was relatively high during the last five years when compared to previous years – engineering consulting companies – with international groups teaming up with well-established domestic entities to create new African-focused organisational platforms. The research questions are predominantly “how” and “why” questions and this is best answered through a qualitative research approach. The research design uses a multi-case study design in that participants in this research study are employed by different engineering consultant companies. It does not follow the traditional multi-case design which determines similarities and differences between the cases or similarities and differences in the same case, but rather a view gathered on the same context from different perspectives. The participants are defined as key role players with a responsibility to make strategic, financial and/or commercial decisions in a company and individuals who directly faced decision-making in the context of this study. Data collection is primarily by means of interviews. The key findings indicate that decision-making is highly influenced and that personal disposition is a prominent influencing factor. Another finding was that industry consolidation was a global trend that could no longer be ignored in South Africa and that companies had to strategically respond to a number of key issues that they have been facing. It is clear that decisions are made in context. The continuously changing environment in which the engineering consultant industry operates means that opportunities are never static and that decision making is always dynamic. It is important to have strategic objectives and a list of expected outcomes at the start of a decision making process and to monitor and control progress constantly against these as one advance through a life cycle of events, such as a consolidation transaction. This research study concludes in a sense that the engineering consultant industry is looking forward, some recommendations to the industry and recommendations for further research. / MBA, North-West University, Potchefstroom Campus, 2015

The essence of this study is to capture the dynamics of decision-making. The context of this study is the engineering consultant industry consolidation in South Africa over the last five years. Decision-making is a complex phenomenon and highly influenced. To understand the dynamic nature of decision-making, it is important to understand the rationale or process that was followed to derive to the decision made. This can be simplified or better understood when evaluated at the hand of a context. In South Africa, consolidation activity was relatively high during the last five years when compared to previous years – engineering consulting companies – with international groups teaming up with well-established domestic entities to create new African-focused organisational platforms. The research questions are predominantly “how” and “why” questions and this is best answered through a qualitative research approach. The research design uses a multi-case study design in that participants in this research study are employed by different engineering consultant companies. It does not follow the traditional multi-case design which determines similarities and differences between the cases or similarities and differences in the same case, but rather a view gathered on the same context from different perspectives. The participants are defined as key role players with a responsibility to make strategic, financial and/or commercial decisions in a company and individuals who directly faced decision-making in the context of this study. Data collection is primarily by means of interviews. The key findings indicate that decision-making is highly influenced and that personal disposition is a prominent influencing factor. Another finding was that industry consolidation was a global trend that could no longer be ignored in South Africa and that companies had to strategically respond to a number of key issues that they have been facing. It is clear that decisions are made in context. The continuously changing environment in which the engineering consultant industry operates means that opportunities are never static and that decision making is always dynamic. It is important to have strategic objectives and a list of expected outcomes at the start of a decision making process and to monitor and control progress constantly against these as one advance through a life cycle of events, such as a consolidation transaction. This research study concludes in a sense that the engineering consultant industry is looking forward, some recommendations to the industry and recommendations for further research. / MBA, North-West University, Potchefstroom Campus, 2015

ENGLISH ABSTRACT: On 27 September 2010, the much anticipated entry of Walmart to the South African retail sector was announced. Walmart Stores Incorporated publicised that they would make a non-binding offer of R148 per share for the entire number of Massmart Holding’s outstanding shares. The offer presented a premium of 19.2 percent and valued Massmart at R31 billion rand. Walmart later altered the offer to purchase 51 percent of the outstanding shares at the same offer price which Massmart consequently accepted. This concluded the largest investment by an American company, the tenth largest corporate transaction in South Africa and the fifth largest acquisition by Walmart. From a Massmart shareholders’ perspective, was it the correct decision to accept Walmart’s offer? Academic literature suggests that most mergers and acquisitions fail to live up to their expectations and ultimately fail to create shareholder value. Some of the most common reasons listed are the failure to determine the fair market value of an acquisition and engaging in mergers and acquisitions for the wrong reasons. Another common pitfall is that valuation methods in general do not link the company’s strategy to the valuation process, to assess the potential impact of the merger or acquisition on company performance. This case study based research report analyses the Walmart-Massmart acquisition to review Walmart’s offer price. The analysis links both companies’ business model and strategy to the valuation process, to determine the outcome on shareholder value within Massmart following the acquisition.

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / abstract / toc / Transport Policy and Planning / Master / Master of Arts in Transport Policy and Planning

By the end of 20th century many industries including automotive supply industry have undergone significant merger and acquisition activity. Mergers and acquisitions have led to geographical expansions of OEM’s (Origininal Equipment Manufacturer) across country borders and across continents. This tendency can be explained by the pressure to manufacture better equipments and less expensive vehicles which lead to specialization and internationalization of the truck industry. Plus, these consolidation trends are still actual phenomena in truck industry and can bring structural and strategic changes in the supply chain. Apparently. these trends bring a challenge for automotive suppliers, which is how to sustain competitive market position after the merger of important customers. By using the example of Scania and MAN consolidation, this research adopts case-study method with qualitative approach. The intent is to clarify how the buyer–supplier re-lationship is influenced by post-merger sourcing strategy in the automotive industry, with the purpose to investigate and analyze supplier strategic response mechanisms against pos-sible impacts of post-merger sourcing strategy in truck industry. The findings emphasize the importance of sourcing strategy changes in achieving the motives of the merger. We also identify a set of specific supplier selection criteria that appear to cause changes in the sourcing strategy of merged OEMs which, ultimately, influ-ence their purchase decisions.Then it is observed that dimensions like interaction, power-balance, and collaboration in buyer-supplier relationships vary with regards to sourcing strategy changes. Together, the findings contribute to our understanding of the strategic reponse mechanisms like business reengineering and restructuring through which suppliers can improve their market-related performance and better postion themselves in front of the merging customers.

<p>Mergers have become an increasingly important and interesting option for companies to expand. Research, however, shows that more than 50% of mergers fail. The reason for the high failure rate, according to many researchers, is that most mergers are too focused on business and financial conditions instead of the human factors. Executive Committees often do not put enough attention on core values, beliefs and attitudes. The purpose of this thesis is to gain a deeper understanding of the importance of the cultural integration process during a merger. A model has been constructed to explain the process of “leading the integration of organizational cultures”. With the empirical research based on a main case study and a complementary literature study, the aim is to see if the model can be applied to real corporate life. Our findings are that it is hard for the Executive Committees to focus on the cultural aspects to the extent that we argue is needed, but that mergers become more successful when cultural aspects are really taken into account.</p>