The success of an acquisition is not measured solely through market reaction or the ability to integrate the target, but also by the ability of acquiring firms to conclude the transaction at a price that does not fully erode the net present value benefits of the transaction. The aim of this research is to identify factors that result in and influence the premiums that are paid in acquisitions. The research then aims to analyse these independent variables in terms of their influence on acquisition premiums. Out of 11,927 transactions by JSE listed companies during the years 2000 – 2009, only 30 transactions met the defined sample criteria. Target firm characteristics, acquiring firm characteristics, and transaction characteristics were investigated to assess the predictive power of the independent variables as individual factors and as components of a multivariate framework that explain the premiums paid in corporate acquisitions on the JSE. Only two independent variables, namely managerial performance and acquiring firm leverage, were identified as significantly predictive variables for either market value or book value premiums through the use of more than one analytical technique. Results were not consistent across both book value premiums and market value premiums, and it was found that conflicting results materialised when different techniques were used to analyse the data. The conclusion of the study is that the variables analysed had limited predictive ability; there was a high incidence of outlying data, which significantly influenced the results of the study; and that the sample was smaller than ideal, and it would be advisable for further studies to get a larger sample by either changing the sample criteria, or by looking at data over a longer time period. / Dissertation (MBA)--University of Pretoria, 2011. / Gordon Institute of Business Science (GIBS) / unrestricted

The mid 1980s and the mid 1990s both saw an incredible amount of merger activity, however, the characteristics of both were very different. Research seems to inidcate that the 1980s merger wave was primarily stimulated by the desire to eliminate corporate inefficiencies. Acquirers of this time period were highly leveraged and encountered a great deal of hostility from target management. After a short decrease in merger activity the mid 1990s intensified to number comparable to those of the 1980s. Noticeable absent was the hostility, leverage and inefficiency that was so prevalent in the 1980s. Instead the 1990s mergers were friendlier and were not as leveraged. In order to determine the origin of these differences the characteristics of targets from both time periods are examined and further research was conducted into the macroeconomic conditions. The results indicate the beneficial affects of the 1980s merger wave indirectly affected the stimulus and the characteristics of the 1990s.

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Thesis advisor: Amy Hutton / I investigate the effects of private information acquisition from M&A due diligence on bidders’ subsequent actions. Using a sample of negotiated and announced M&A deals that fail to close, I find that, following the failed transactions, bidders achieve higher investment efficiency and higher innovation outputs. Cross-sectional cuts demonstrate that the effects are more pronounced when a bidder has greater opportunities to learn from the target firms’ proprietary information. While bidders benefit through M&A negotiations, target firms bear costs from sharing proprietary information, as shown by a modest decline in their innovation and product outcomes. Overall, my study contributes to the understanding of the real effects of learning from peers’ proprietary information. / Thesis (PhD) — Boston College, 2022. / Submitted to: Boston College. Carroll School of Management. / Discipline: Accounting.

No description available.

by Lung Tak-chung, Ng Chau-leung. / Abstract also in Chinese / Bibliography : leaves 48-49 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1982

by Pun Kam Wai, Peter. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1990. / Bibliography: leaves 45-47. / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.3 / Chapter III. --- RESEARCH METHODOLOGY --- p.9 / Selection of Target Companies --- p.9 / Selection of Control Companies --- p.10 / Time Span of Study and Data Collection --- p.10 / Computation of Financial Ratios --- p.12 / Empirical Methods --- p.12 / Multiple Discriminant Analysis --- p.16 / Factor Analysis --- p.18 / Splitting Data by Year --- p.19 / Chapter IV. --- RESULTS OF EMPIRICAL STUDY --- p.21 / Discriminant Analysis on Whole Data Set --- p.21 / Factorization and Further Analysis on Whole Data Set --- p.23 / Discriminant Analysis on Split Data Set --- p.27 / Chapter V. --- ANALYSIS AND DISCUSSION --- p.36 / Chapter VI. --- CONCLUSION --- p.40 / Conclusion of Study --- p.40 / Limitations of Study and Recommendations for Further Study --- p.40 / APPENDIX --- p.44 / BIBLIOGRAPHY --- p.45

Thesis (Ph. D.)--University of Hong Kong, 2006. / Title proper from title frame. Also available in printed format.

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This paper discusses the necessity for consolidation and the related problems of the securities industry in Taiwan as it increases its economies of scale. The logistical planning for consolidations in the industry is profiled within the context of the theoretical motivations and legal issues underlying the changes to this industry. The necessity for consolidation and expansion in order to achieve economies of scale is illustrated by drawing upon the past history of the Taiwan securities industry in the last 40 years as well as the present circumstances as the industry is threatened by the multi-industry structure of foreign conglomerates and the internationalized competitive environment. The combination of industry characteristics and market trends is presented to provide some suggestions for further development. In the past ten years (from 1990 to 2000), the securities industry in Taiwan grew at a very fast pace, with the number of firms increasing from 199 to 531, 2.66 times. The market capitalization grew 6.86 times, increasing to NTD 3.7 trillion from NTD 533 billion. The amount of corporate bonds and savings trusts issued in the foreign market increased to USD 9.6 billion in 2000 from USD 74 million in 1990. At the same time, as the Taiwanese economy took off and grew at an amazing pace, the trade surplus and balance-of-payments surplus brought wealth and prosperity to the people of this country. The money supply grew from NTD 5.78 trillion to NTD 19.46 trillion, giving Taiwan new potential as a place to underwrite and issue new securities. The market in Taiwan has expanded tremendously in order to meet the spectacular growth in demand for these services. The market expansion took place at a time when mergers were the dominant trend around the world, and the securities industry increased not only its economies of scale but also its economies of scope in order to face the tougher world competition in the coming years. In November 1999, the securities industry witnessed a dramatic change in the market. Yuanta Securities and Core pacific Securities announced their merger plans and this lit a spark that led to the consolidation of large firms with sizes of a such magnitude that they have not been linked to firms active in the consolidation arena. In the future, Taiwan will ride the international merger wave that originates from the economies of scale and scope and many more mergers in the industry will take place to form companies that will combine the capital and foreign exchange markets in its operations. Through cross industry mergers and the establishment of holding companies, large scale securities and financial conglomerates will be formed. Securities and financial institutions in the domestic market and abroad will develop towards enlarging its size, increasing its lines of businesses, and expanding in the international market. This paper looks at the development trends in the securities industry and discusses the necessity for consolidation and its related problems. Having worked in the industry for over ten years, the author has a keen awareness of the market characteristics and its trends, as well as intuition about what motivates the market. Throughout this research, the author has found that the market forces on a theoretical level that drive the need for consolidation have originated from a need to increase the economies of scale to deal with the increased competition in the international marketplace and have made consolidation a necessity so that the industry can remain competitive as internationalization unfolds. As a whole, this research has found ten conclusions with regard to the consolidation of the securities industry and makes ten recommendations to guide future developments as the industry seeks to increase its economies of scale.