Submitted in partial fulfilment of the requirements for the Degree of Masters in Business Administration, Durban Institute of Technology, 2004. / This thesis describes and analyses the integration process of mergers and acquisitions, which is often blamed for the failure of such undertakings. It explains the status quo for internal branding in general and in the environment of mergers and acquisitions. The two aspects are integrated in such a manner as to develop an internal brand strategy that resolves many of the common integration problems. Since the traditional focus on branding is on the external environment rather than the internal environment, the objective of this thesis is to emphasise the employee rather than the customer. As the writer believes that through the development of internal brand awareness and loyalty, the net effect is that the overall effectiveness of the entire merged organisation will increase exponentially. In this thesis, a meta-analysis approach is utilised to develop theory, thus this study is exclusively a qualitative styled study. The strategy developed in this thesis is not a once off fix, but is a continuous process that must be maintained and implemented by the management and shareholders of the organisation to ensure the success of the brand and the new merged organisation. / M

This dissertation investigates the sources of growth which are available to conglomerate companies and draws some limited conclusions with regard to which are the major sources.

An impact of the recent economic crisis upon the control of mergers of competitors in the EU The purpose of this thesis is to analyse an impact of the recent economic crisis upon the control of mergers of competitors in the EU. It is established as an initial hypotheses that the economic crisis had considerable impact upon the EC merger control. The thesis is composed of six chapters, each of them dealing with different aspects of the above mentioned topic. Chapter One is introductory and defines basic terminology used in the thesis. The chapter is subdivided into two parts. Part One describes pre-crisis legal framework of EC merger control. Part Two deals with dominant pre-crisis theoretical approaches towards EC merger control. Chapter Two examines origin and development of the recent economic crisis, various regulatory responses to it, as well as the joint action of EU Member States towards dealing with consequences of the economic crisis. The chapter consists of seven parts, last one of them attempts to compare current situation in the EU with historical example of US antitrust enforcement during national crises. Chapter Three is focused on the impact of the recent economic crisis on EC merger control. It is subdivided into nine parts and provides an outline of the consistency on the principles...

A company development can be done by several ways. But a result should be always the same -- an increase of the value for owners. One of the possibilities is a merger of two or more companies. The main aim which should be achieved is attaining a synergy effect. The value of calculation is done by the difference between the price of companies efore the merger and after it. The final synergy is calculated after taking in account merger costs. Because of other development's possibilities it can help doing analysis to compare their effects. The conclusion brings a revision, whether the effect is achieved in particular example of merger.

This thesis describes subject of mergers and acquisitions with aim on information and communication technologies integration process. The first part contains general mergers and acquisitions classification and definition as well as its market development over time period extended with practical experiences. Second part is about ICT integration issues in M&A process including attitudes of various literature authors and experts. The goal of the thesis is to theoretically specify the subject of mergers and acquisitions including valuation. In addition my goal is to synthetize knowledge and best practices in the process of ICT integration as well as in the merger process itself. Main contribution is to synthetize experience from past contracts and research the role of ICT in integration process. Main reason for it was that despite information age we live in, technological aspect in M&A is often underestimated aside from crucial impact which it has on success of whole process.

In my work I will deal with mergers of companies in the Czech Republic in 2000-2008. I will concentrate on the share of foreign mergers and try to find out whether the year 2004, when the Czech Republic joined the EU, had an influence on the change of the number of foreign mergers. Then I will devide them according to the classification "OKEČ". In my analytical part I will use the date from the collection of statistics and decisions of "ÚOHS". I will describe the process of approving the mergers and the benefits that lead to business connections. I will mention the most important mergers, which have been realised in the Czech Republic in recent years.

Analysis of merger regulation and economical criteria Abstract: The United States of America has been the cradle of merger regulation. During the last century, the application of rules connected with merger assessment was evolving in connection with the then-prevalent economic schools (for example the University of Chicago, etc.) and in connection with the amount of regulation of American economy during certain periods. The Courts make decisions whether or not a merger leads or does not to a significant lessening of competition, whereas the petitioners can be persons affected by relevant merger, states or federal antitrust Agencies (FTC or DOJ). The notifications of the merging parties are being filed with the above Federal Antitrust Agencies according to the Hart-Scott-Rodino Antitrust Improvements Act. There are two possible anticompetitive effects of mergers - unilateral effects and coordinated effects. Both effects complement each other. These effects can be prevented by efficiency gains of the merged entity. The merger assessment in the European Union or the Czech Republic is relatively new in comparison with the US. In contrast to the US, the concentrations in the EU and the Czech Republic are cleared by the Antitrust Agencies (namely the European Commission or Czech Competition Office). The decisions...

In essay 1 (Investment bank role in acquisition of private targets), using a sample of private targets from January 1992 to December 2010, I find that special information asymmetry when bidders prusue private targets alters the factors used by bidders and targets to decide whether to hire an investment bank.... It appears that the investment bank has a significant impact on the outcome of the acquisition of a private target. In essay 2 (Investment bank role in asset sell-off transactions), I also find that special information asymmetry when a buyer pursues divested assets alters the factors used by the buyer and seller to decide whether to hire an investment bank. ...I find that when the seller empoloys an investment bank, the increase in unsystematic and total risk of the buyer is greater than in cases when the seller does not use an investment bank. / by Kien Cao. / Thesis (Ph.D.)--Florida Atlantic University, 2012. / Includes bibliography. / Mode of access: World Wide Web. / System requirements: Adobe Reader.

The purpose of the current manuscript was to examine acquirer and market behavior surrounding a sample of international mergers and acquisitions. The first essay examined the existence of a private company discount and its connections to liquidity. It found that unlisted targets sell for less than their public counterparts, confirming earlier findings. The examination of a connection between the discount and liquidity mostly contradicted earlier studies (Officer 2007), depending on which subsample was selected. The second essay examined the existence of a target price runup preceding acquisitions announcements, existence of a substitution effect between runup and premium, and whether investor protection influenced the two. It confirmed the earlier findings of a significant runup preceding acquisition announcements, with the runup being more pronounced in those targets from weaker investor protection countries. Contrary to Schwert (1996), the study found a significant substitution effect between runup and premium, with the effect stronger if the acquirers are from countries with weak investor protection. The third essay examined acquirer stock price reaction to the three different components of the offer price: target's stand-alone valuation, pre-announcement runup and the offer premium. Each component was found to have an overall insignificant effect on the acquirer stock price in the overall sample. When the targets were from the countries with the weakest investor protection, the study found that the reaction to both the runup and stand-alone target valuation depend on both target and acquirer country investor protection. The study also found that when the targets were from the countries with the weakest investor protection, and only from those countries, acquirer stock price reacted negatively to any individual component of the offer price being higher. / Overall, the three studies confirm that behavior of both acquirer management and their stock markets i affected by the variance in investor protection among countries. / by Jurica Susnjara. / Thesis (Ph.D.)--Florida Atlantic University, 2011. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2011. Mode of access: World Wide Web.

This essay focuses on firms that have publicly issued announcements that they were seeking a buyer. Managers of the firms in this unique sample display an idiosyncratic behavior by expressing a willingness to relinquish private benefits of control. The essay investigates the possible factors that may lead managers of these firms to issue such announcements, the effects of issuing "seeking buyer" announcements on shareholders' wealth, and the probability that such firms are later acquired. Results indicate that firms in poor financial condition, as well as larger and more homogeneous firms are more likely to issue a "seeking buyer" announcement. The interpretation of such results is that firms resort to issuing the announcement when a sale seems to be the means for survival, and when the sale is less likely without such an aggressive sale strategy. The announcements have a positive impact on shareholders' wealth, though they do not increase the probability of an acquisition. Essay 2: Shifts in risk as the result of corporate divestitures. The second essay investigates the effect of corporate divestitures on risk, while previous research focused exclusively on changes in shareholders' wealth. Specifically, this study explores changes in systematic, total and idiosyncratic risk as the result of spin-offs, carve-outs and asset sales. Additionally, I study factors that may explain the variation in risk changes as the result of the three types of divestitures. I document an increase in total and idiosyncratic risk for all types of divestitures, an increase in one of the measures of systematic risk for spin-offs and carve-outs and a reduction in systematic risk for asset sales. Change in risk is negatively correlated with the degree of focusing as the result of divestitures, and positively correlated with change in financial leverage. / by Marya Murdock. / Thesis (Ph.D.)--Florida Atlantic University, 2010. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2010. Mode of access: World Wide Web.