The National Health Laboratory Service is a single national entity to provide laboratory services to the public sector in SA. The NHLS came into being by amalgamating five large independent pathology service providers. The research will provide insight on how to manage change and stakeholder relations during mergers.

As empresas familiares geralmente são conhecidas como empresas com propriedade detida e gestão exercida por pelo menos um membro de uma família empresária. Historicamente, essas empresas foram um objeto pouco estudado pela academia, apesar de sua importância. Esta dissertação tem como objetivo geral analisar os efeitos da propriedade familiar sobre os eventos de fusão e aquisição, por meio da investigação do efeito da propriedade familiar sobre a propensão a realizar fusões e aquisições, do efeito da participação percentual da família no capital sobre essa propensão e da comparação do retorno anormal acumulado de empresas familiares e não familiares após eventos de fusão e aquisição. Para testar as hipóteses de pesquisa foram utilizadas as técnicas estatísticas Probit e regressão linear simples. A população de estudo foi composta por companhias abertas brasileiras com registro em bolsa de valores. Com base nessa população construiu-se uma amostra de 216 empresas. O período de investigação incluiu os anos de 2007 a 2011. Os resultados encontrados confirmaram a hipótese de que as empresas familiares são menos propensas a realizar fusões e aquisições do que as empresas não familiares. Esses resultados são relevantes na medida em que confirmaram a única constatação equivalente disponível na literatura. Contudo, a participação percentual da família no capital não mostrou nenhuma relação com a propensão a realizar fusões e aquisições. Por fim, os resultados não mostraram evidências para suportar a hipótese de que o retorno anormal acumulado após eventos de fusão ou aquisição seja superior para as empresas familiares. / Family firms are generally known as companies whith property held and management exercised by at least one member of an entrepreneur family. Historically, these companies have been an object little studied by the academy, despite their importance. This work aims to analyze the effects of family ownership on merger and acquisition events, by investigating the effect of family ownership on the propensity to carry out mergers and acquisitions, the effect of family\'s percentual participation on this propensity and the comparison between the abnormal return of family firms and non-family firms after merger and acquisition events. To test the research hypotheses the statistics techniques Probit and simple linear regression were used. The study population was composed by Brazilian public companies listed in the stock exchange. Based on this population a sample of 216 companies was built. The research period included the years 2007 to 2011. The results confirmed the hypothesis that family firms are less likely to conduct mergers and acquisitions than non-family firms. These results are relevant to the extent that they confirmed the unique equivalent conclusion available in the literature. However, the family\'s percentual ownership had no relationship with the propensity to carry out mergers and acquisitions. Finally, the results showed no evidence that the cumulative abnormal return after merger or acquisition events is higher for family firms.

We evaluate the external effects of 183 large mergers at the market level by assessing the impact on the main competitors of the merging firms. Using synthetic control groups and difference in difference estimation, we find that the return on assets of rival firms increases significantly after a merger. The size of the effect varies strongly with market characteristics and the intensity of competition.

I study how the properties of management earnings forecasts change after a firm merges with or acquires another company. I find management is more likely to issue a forecast in a merger or an acquisition firm-year than in a non-M&A firm-year. Compared to forecasts issued by the firm in non-M&A periods, the first forecast issued after completing an M&A deal is less likely to be bundled with an earnings announcement and the forecast range is wider, although more likely to be optimistic than non-M&A forecasts. I find the increase in forecast range width and optimism persist in forecasts issued up to the end of the fiscal year but are not present in the initial forecast issued in the subsequent year. Finally, I find variation in M&A experience and M&A type influence management earnings forecast properties. Because prior studies of management forecasts often delete observations containing mergers and acquisitions or simply include the firm’s market-to-book, my study informs researchers about how the properties of management forecasts are impacted by the uncertainty from a merger or an acquisition.

This thesis contends that a corporate merger, on the scale of a global order, is a 'catastrophic change' and depends on 'killing off' parts of the former organisations for its success. The act of annihilating parts of the former organisations is experienced as disengaged and murderous by organisational members. This arouses persecutory anxiety of an unbearable intensity amongst members from which they defend themselves by emotionally disconnecting from the psychic reality of the organisation. Several contentions underpin the hypothesis: 1. that a merger involves a developmental process in the creation and growth of a new organisation; 2. the event of a merger causes disruptions to roles and relationships that are experienced as a loss of power, status and identity, and also as an emotional loss for what had been cherished and valued in the former organisation/s; 3. the emotional loss evokes the symbolic experience of the loss of a 'loved object', and an instinctual loss becomes attached thereby to the real losses; and thus, 4. the process of merger involves a symbolic destruction of the 'loved organisational object' of the former organisations, as held in the minds of organisational members. The thesis is based on case study research conducted on the topic of emotional connectedness in a network organisation over a three year period. Fieldwork began at the time when the participating firm had just formed from a global merger of two large global enterprises. The Australia-New Zealand regional operations were the focus of the study. The research discovered a significant degree of emotional disconnectedness due to: 1. the nature of the work that required staff to work on client sites, away from home and often alone; 2. a multiplicity of organisational structures that engendered fragmentary connections; 3. valuing individuals' self-reliance over and above the interdependence of organisational members; 4. the many external changes experienced by the firm from the effects of the merger and from market economics, political and business turmoil, and for the Australia- New Zealand operations, a shift in the location of their corporate head office from North America to Europe; 5. increasing uncertainty within the industry, and a commensurate increase in competitiveness; 6. a loss of profitability in the Asia-Pacific region in which the case study participants were located; 7. the turnover in the regional director's role, with three appointments in less than two years; 8. dramatic rises and falls in staff numbers, ranging from an initial 450, to a high of 750, and sudden decline to 120 people during the period of the study; 9. the reluctance of vice-presidents and directors to take up a corporate management role, preferring to work as 'project managers' on client assignments; and 10. all these factors contributing to an anxiety about the future of the Australia-New Zealand (A-NZ) operations which was expressed as a fear of survival. In response to these many factors, staff and management felt vulnerable and insecure, experiencing the merger as an annihilation of 'loved objects'. These included the loss of a partner's autonomy and ownership in the firm, familiar work procedures, and the loss of belonging to a partner's work group and associated long-term relationships. The emotional aspects of dealing with these losses and feelings were placed upon individuals to manage for themselves. The burden of ensuring the survival of the firm was displaced upon individuals, such that consultants became not only the 'container for work', but also the 'container for the organisation's survival'. As the merger progressed and more changes to the business were implemented with little to no containment of people's felt experiences, the psychic reality of the A-NZ operations became saturated with persecutory anxiety. In some parts of these operations, the anxiety became so great that group interactions (what there were of them) seemed psychotic. Those in management roles displayed a level of anxiety that appeared to be unbearable for the individuals concerned, and which resulted at times in manic responses to the human and commercial needs of the business. Bion's theories of catastrophic change and emotional links, and Klein's theories on persecutory and depressive anxieties are applied to understanding the systems psychodynamics of the effects of the merger upon the organisation. The case reveals the presence of persecutory anxiety in the immediate aftermath of the merger, lasting for nearly three years. Various social defence mechanisms are identified as being used by organisational members against this anxiety. They are: the co-existence of multiple organisational structures; a sentient sub-system of 'counselling families'; idealisation of autonomous individuals; plus, the mechanisms of projection, denial and regression. Four factors are identified as significant for containing destructive forces in a corporate merger: a) the role of emotional links to understanding the internal reality of a newly merged organisation; b) the containment of experiences of catastrophic change and projective processes; c) managing the realistic and neurotic anxieties of organisational members; and, d) identifying and managing the primary risk in a merger. A model is presented on the systems psychodynamics of a corporate merger. It identifies the change process that a merger entails, and the psychodynamics of this process using Bion's concept of container'contained. The thesis contributes to understanding the psychic reality of organisational mergers and offers a perspective that being alert to staff members' felt experiences and their emotional connectedness, as a normal part of business, provides 'leading data' on the health of the enterprise. Managers who are more 'wholly' informed about organisational realities, both external and psychic realities, can work more realistically on resolving problems, assessing risks, or making strategic business decisions.

Zugl.: Oestrich-Winkel, Europ. Business School, Diss., 2007.

<p>Syftet är att analysera integrationen i förvärvsprocessen mellan Pernod Ricard och Vin&Sprit genom att göra en fallstudie för att se vilka förutsättningar de har för att lyckas.</p><p>Undersökningen är en fallstudie och har en kvalitativ ansats. Metoden i denna uppsats kommer att bestå av intervjuer och skriftliga källor. Till största delen används primärdata men även sekundärdata kommer att förekomma.</p><p>Erfarenhet och tidigare kunskap om internationella förvärv spelar en stor roll vid internationella förvärvsprocesser. Kulturella skillnader verkar inte spela en så stor roll som det ofta sägs. En decentraliserad affärsmodell kan dock förhindra att de eventuella kulturella skillnader som finns inte påverkar förvärvsprocessen negativt. Andra viktiga faktorer vid ett internationellt förvärv är ledarskap, kommunikation och utformandet av en ny vision.</p> / <p>The purpose is to analyze the integration of the acquisition process between Pernod Ricard and Vin&Sprit by making a case study to see what conditions they have to succeed.<strong> </strong></p><p>This study is a case study with a qualitative approach. The method in this paper consists of interviews and written sources. For the most part primary data is used, but secondary data will also occur.</p><p>Experience and previous knowledge of international acquisitions play a major role in international acquisition processes. Cultural differences do not seem to play as large a role as it is often said. A decentralized business model can, however, prevent potential cultural differences from affecting the acquisition process in a negative way. Other important factors in an international acquisition process are leadership, communication and the creation of a new vision.</p>

<p><strong>Bakgrund: </strong>Globalisering ger förutsättningar för tillväxt av internationella fusioner och förvärv. Vad gäller att de svenska företagens framkant inom IT-branschen drar till sig amerikanernas intresse för förvärvning av det svenska för att komma åt egenskapen som det svenska företaget innehar.</p><p><strong>Problemformulering: </strong>Vilka kommunikations- och styrningsfaktorer är viktiga vid internationella fusioner och förvärv?</p><p><strong>Syftet: </strong>Att skapa förståelse för internationella fusioner och förvärv genom att analysera och utvärdera kommunikation och styrningsprocessen, samt kulturens gestalt före och efter ett amerikanskt förvärv av ett svenskt företag.</p><p><strong>Metod: </strong>Undersökningen är en fallstudie med kvalitativ ansats och består av intervjuer med ledningen som har varit inblandade före och efter det internationella fusion och förvärvet.</p><p><strong>Slutsats: </strong>Det är viktigt att ta hänsyn till följande styrningsfaktorer: företagets storlek och hemmamarknad, organisationsstruktur och kärngrupp/ledaren samt kommunikationsfaktorerna: extern kommunikation, intern kommunikation och kommunikationens riktning, då dessa har en avgörande roll i integrationsprocessen av en internationell fusion och förvärv.<strong> </strong></p><p><strong> </strong></p>

Thesis (M.A.)--Georgia State University, 2006. / Typescript. Includes bibliographical references (leaves 151-158). Also available via the World Wide Web.

Thesis (M.A.)--Georgia State University, 2006. / Typescript. Includes bibliographical references (leaves 151-158). Also available via the World Wide Web.