2839:
Thomas Straub (2007) "Reasons for frequent failure in
Mergers and Acquisitions" develops a comprehensive research framework that bridges different perspectives and promotes an understanding of factors underlying M&A performance in business research and scholarship. The study should help managers in the decision-making process. The first important step towards this objective is the development of a common frame of reference that spans conflicting theoretical assumptions from different perspectives. On this basis, a comprehensive framework is proposed with which to understand the origins of M&A performance better and address the problem of fragmentation by integrating the most important competing perspectives in respect of studies on M&A. Furthermore, according to the existing literature, relevant determinants of firm performance are derived from each dimension of the model. For the dimension strategic management, the six strategic variables: market similarity, market complementarities, production operation similarity, production operation complementarities, market power, and purchasing power were identified as having an important effect on M&A performance. For the dimension organizational behavior, the variables acquisition experience, relative size, and cultural differences were found to be important. Finally, relevant determinants of M&A performance from the financial field were acquisition premium, bidding process, and due diligence. Three different ways in order to best measure post M&A performance are recognized: synergy realization, absolute performance, and finally relative performance.
1640:
the bid (without considering an eventual earnout). The contingency of the share payment is indeed removed. Thus, a cash offer preempts competitors better than securities. Taxes are a second element to consider and should be evaluated with the counsel of competent tax and accounting advisers. Third, with a share deal the buyer's capital structure might be affected and the control of the buyer modified. If the issuance of shares is necessary, shareholders of the acquiring company might prevent such capital increase at the general meeting of shareholders. The risk is removed with a cash transaction. Then, the balance sheet of the buyer will be modified and the decision maker should take into account the effects on the reported financial results. For example, in a pure cash deal (financed from the company's current account), liquidity ratios might decrease. On the other hand, in a pure stock for stock transaction (financed from the issuance of new shares), the company might show lower profitability ratios (e.g. ROA). However, economic dilution must prevail towards accounting dilution when making the choice. The form of payment and financing options are tightly linked. If the buyer pays cash, there are three main financing options:
2774:
seven-fold during the 1990s. In 1997 alone, there were over 2,333 cross-border transactions, worth a total of approximately $ 298 billion. The vast literature on empirical studies over value creation in cross-border M&A is not conclusive, but points to higher returns in cross-border M&As compared to domestic ones when the acquirer firm has the capability to exploit resources and knowledge of the target's firm and of handling challenges. In China, for example, securing regulatory approval can be complex due to an extensive group of various stakeholders at each level of government. In the United
Kingdom, acquirers may face pension regulators with significant powers, in addition to an overall M&A environment that is generally more seller-friendly than the U.S. Nonetheless, the current surge in global cross-border M&A has been called the "New Era of Global Economic Discovery".
1912:″The two elements are complementary and not substitutes. The first element is important because the directors have the capability to act as effective and active bargaining agents, which disaggregated stockholders do not. But, because bargaining agents are not always effective or faithful, the second element is critical, because it gives the minority stockholders the opportunity to reject their agents' work. Therefore, when a merger with a controlling stockholder was: 1) negotiated and approved by a special committee of independent directors; and 2) conditioned on an affirmative vote of a majority of the minority stockholders, the business judgment standard of review should presumptively apply, and any plaintiff ought to have to plead particularized facts that, if true, support an inference that, despite the facially fair process, the merger was tainted because of fiduciary wrongdoing.″
2153:
mergers were capital-intensive. Due to high fixed costs, when demand fell, these newly merged companies had an incentive to maintain output and reduce prices. However more often than not mergers were "quick mergers". These "quick mergers" involved mergers of companies with unrelated technology and different management. As a result, the efficiency gains associated with mergers were not present. The new and bigger company would actually face higher costs than competitors because of these technological and managerial differences. Thus, the mergers were not done to see large efficiency gains, they were in fact done because that was the trend at the time. Companies which had specific fine products, like fine writing paper, earned their profits on high margin rather than volume and took no part in the Great Merger
Movement.
2187:. These cartels were thus able to raise prices right away, sometimes more than doubling prices. However, these prices set by cartels provided only a short-term solution because cartel members would cheat on each other by setting a lower price than the price set by the cartel. Also, the high price set by the cartel would encourage new firms to enter the industry and offer competitive pricing, causing prices to fall once again. As a result, these cartels did not succeed in maintaining high prices for a period of more than a few years. The most viable solution to this problem was for firms to merge, through
826:
relevant. Some agreements provide that if the representations and warranties by the seller prove to be false, the buyer may claim a refund of part of the purchase price, as is common in transactions involving privately held companies (although in most acquisition agreements involving public company targets, the representations and warranties of the seller do not survive the closing). Representations regarding a target company's net working capital are a common source of post-closing disputes.
60:
1756:. Double marginalization occurs when both the upstream and downstream firms have monopoly power and each firm reduces output from the competitive level to the monopoly level, creating two deadweight losses. After a merger, the vertically integrated firm can collect one deadweight loss by setting the downstream firm's output to the competitive level. This increases profits and consumer surplus. A merger that creates a vertically integrated firm can be profitable.
2804:
deals. Profitability expectations (e.g. shorter time horizon, no terminal value due to low visibility) and risk represented by a discount rate must both be properly adjusted. In a M&A perspective, differences between emerging and more mature economies include: i) a less developed system of property rights, ii) less reliable financial information, iii) cultural differences in negotiations, and iv) a higher degree of competition for the best targets.
2168:, which led to a major decline in demand for many homogeneous goods. For producers of homogeneous goods, when demand falls, these producers have more of an incentive to maintain output and cut prices, in order to spread out the high fixed costs these producers faced (i.e. lowering cost per unit) and the desire to exploit efficiencies of maximum volume production. However, during the Panic of 1893, the fall in demand led to a steep fall in prices.
1763:): some companies use acquisitions as an alternative to the normal hiring process. This is especially common when the target is a small private company or is in the startup phase. In this case, the acquiring company simply hires ("acquhires") the staff of the target private company, thereby acquiring its talent (if that is its main asset and appeal). The target private company simply dissolves and few legal issues are involved.
740:
one legal entity is combined into another entity by operation of the corporate law statute(s) of the jurisdiction of the merging entities. In a transaction structured as a merger or an equity purchase, the buyer acquires all of the assets and liabilities of the acquired entity. In a transaction structured as an asset purchase, the buyer and seller agree on which assets and liabilities the buyer will acquire from the seller.
2850:
the product is functional and whether there is an appetite in the market." But failed mergers and acquisitions are caused by "hasty purchases where information platforms between companies were incompatible and the product was not yet tested for release." A recommendation to resolve these failed mergers is to wait for the product to become established in the market and research has been completed.
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5633:
684:, if the buyer buys out the entire assets. A buyer often structures the transaction as an asset purchase to "cherry-pick" the assets that it wants and leave out the assets and liabilities that it does not. This can be particularly important where foreseeable liabilities may include future, unquantified damage awards such as those that could arise from litigation over defective products,
1028:
2180:
produced). To return to the quasi-monopoly model, in order for a firm to earn profit, firms would steal part of another firm's market share by dropping their price slightly and producing to the point where higher quantity and lower price exceeded their average total cost. As other firms joined this practice, prices began falling everywhere and a price war ensued.
748:
identifying the assets and liabilities that pertain solely to the unit being sold, determaining whether the unit relies on services from other parts of the seller's organization, transferring employees, moving permits and licenses, and safeguarding against potential competition from the seller in the same business sector after the transaction is completed.
832:, which govern the conduct of the parties, both before the closing (such as covenants that restrict the operations of the business between signing and closing) and after the closing (such as covenants regarding future income tax filings and tax liability or post-closing restrictions agreed to by the buyer and seller parties).
631:
13). The new forms of buy out created since the crisis are based on serial type acquisitions known as an ECO Buyout which is a co-community ownership buy out and the new generation buy outs of the MIBO (Management
Involved or Management & Institution Buy Out) and MEIBO (Management & Employee Involved Buy Out).
1731:: A profitable company can buy a loss maker to use the target's loss as their advantage by reducing their tax liability. In the United States and many other countries, rules are in place to limit the ability of profitable companies to "shop" for loss making companies, limiting the tax motive of an acquiring company.
1994:
ability for the right brand choices to drive preference and earn a price premium, the future success of a merger or acquisition depends on making wise brand choices. Brand decision-makers essentially can choose from four different approaches to dealing with naming issues, each with specific pros and cons:
635:"confidentiality bubble," wherein the flow of information is restricted pursuant to confidentiality agreements. In the case of a friendly transaction, the companies cooperate in negotiations; in the case of a hostile deal, the board and/or management of the target is unwilling to be bought or the target's
979:(LOV) when the business is being valued informally. Formal valuation reports generally get more detailed and expensive as the size of a company increases, but this is not always the case as the nature of the business and the industry it is operating in can influence the complexity of the valuation task.
2849:
Many M&A fail due to lack of planning or execution of the plan. An empirical research study conducted between 1988 and 2002 found that "Successful acquisitions, as defined by return on investment and time to market, are more likely to involve complex products but minimal uncertainty about whether
2820:
Competition: the race to acquire the best companies in an emerging economy can generate a high degree of competition and inflate transaction prices, as a consequence of limited available targets. This may push for poor management decisions; before investment, time is always needed to build a reliable
2812:
Information: documentation delivered to a buyer may be scarce with a limited level of reliability. As an example, double sets of accounting are common practice and blur the capacity to form a correct judgment. Running valuation on such basis bears the risk to lead to erroneous conclusions. Therefore,
2808:
Property rights: the capacity to transfer property rights and legally enforce the protection of such rights after payment may be questionable. Property transfer through the Stock
Purchase Agreement can be imperfect (e.g. no real warranties) and even reversible (e.g. one of the multiple administrative
2179:
hit, demand fell and along with demand, the firm's marginal revenue fell as well. Given high fixed costs, the new price was below average total cost, resulting in a loss. However, also being in a high fixed costs industry, these costs can be spread out through greater production (i.e. higher quantity
982:
Objectively evaluating the historical and prospective performance of a business is a challenge faced by many. Generally, parties rely on independent third parties to conduct due diligence studies or business assessments. To yield the most value from a business assessment, objectives should be clearly
848:
Following the closing of a deal, adjustments may be made to some of the provisions outlined in the purchase agreement, such as the purchase price. These adjustments are subject to enforceability issues in certain situations. Alternatively, certain transactions use the 'locked box' approach, where the
839:
Provisions relating to obtaining required shareholder approvals under state law and related SEC filings required under federal law, if applicable, and terms related to the mechanics of the legal transactions to be consummated at closing (such as the determination and allocation of the purchase price)
825:
by the seller with regard to the company, which are claimed to be true at both the time of signing and the time of closing. Sellers often attempt to craft their representations and warranties with knowledge qualifiers, dictating the level of knowledge applicable and which seller parties' knowledge is
704:
As per knowledge-based views, firms can generate greater values through the retention of knowledge-based resources which they generate and integrate. Extracting technological benefits during and after acquisition is an ever-challenging issue because of organizational differences. Based on the content
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If not properly dealt with, these factors will likely have adverse consequences on return-on-investment (ROI) and create difficulties in day-to-day business operations. It is advisable that M&A tools designed for mature economies are not directly used in emerging markets without some adjustment.
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Many companies are being bought for their patents, licenses, market share, name brand, research staff, methods, customer base, or culture. Soft capital, like this, is very perishable, fragile, and fluid. Integrating it usually takes more finesse and expertise than integrating machinery, real estate,
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recognized this in his 2005 essay "Hiring is
Obsolete", in which he theorizes that the free market is better at identifying talent, and that traditional hiring practices do not follow the principles of free market because they depend a lot upon credentials and university degrees. Graham was probably
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saw their market share decrease significantly by 1929 as smaller competitors joined forces with each other and provided much more competition. The companies that merged were mass producers of homogeneous goods that could exploit the efficiencies of large volume production. In addition, many of these
1734:
Geographical or other diversification: This is designed to smooth the earnings results of a company, which over the long term smoothens the stock price of a company, giving conservative investors more confidence in investing in the company. However, this does not always deliver value to shareholders
663:
The combined evidence suggests that the shareholders of acquired firms realize significant positive "abnormal returns," while shareholders of the acquiring company are most likely to experience a negative wealth effect. Most studies indicate that M&A transactions have a positive net effect, with
2876:
Any M&A transaction, no matter the size or structure, can have a significant impact on the acquiring company. Developing and implementing a robust due diligence process can lead to a much better assessment of the risks and potential benefits of a transaction, enable the renegotiation of pricing
2816:
Negotiation: "Yes" may not be synonym that the parties have reached an agreement. Getting immediately to the point may not be considered appropriate in some cultures and even considered rude. The negotiations may continue to the last minute, sometimes even after the deal has been officially closed,
2217:, the courts attacked large companies for strategizing with others or within their own companies to maximize profits. Price fixing with competitors created a greater incentive for companies to unite and merge under one name so that they were not competitors anymore and technically not price fixing.
2204:
also increased firm size by two- to fourfold during the second half of the nineteenth century. In addition, technological changes prior to the merger movement within companies increased the efficient size of plants with capital intensive assembly lines allowing for economies of scale. Thus improved
1929:
The term "acqui-hire" is used to refer to acquisitions where the acquiring company seeks to obtain the target company's talent, rather than their products (which are often discontinued as part of the acquisition so the team can focus on projects for their new employer). In recent years, these types
810:
After due diligence is complete, the parties may proceed to draw up a definitive agreement, known as a "merger agreement", "share purchase agreement," or "asset purchase agreement" depending on the structure of the transaction. Such contracts are typically 80 to 100 pages long and focus on five key
747:
rights but does not want to acquire liabilities or other contractual relationships. An asset purchase structure may also be used when the buyer wishes to buy a particular division or unit of a company which is not a separate legal entity. Divestitures present a variety of unique challenges, such as
739:
A corporate acquisition can be structured legally as either an "asset purchase" in which the seller sells business assets and liabilities to the buyer, an "equity purchase" in which the buyer purchases equity interests in a target company from one or more selling shareholders or a "merger" in which
596:
of one business or company by another company or other business entity. Specific acquisition targets can be identified through myriad avenues, including market research, trade expos, sent up from internal business units, or supply chain analysis. Such purchase may be of 100%, or nearly 100%, of the
1801:
Diversification: While this may hedge a company against a downturn in an individual industry it fails to deliver value, since it is possible for individual shareholders to achieve the same hedge by diversifying their portfolios at a much lower cost than those associated with a merger. (In his book
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There are some elements to think about when choosing the form of payment. When submitting an offer, the acquiring firm should consider other potential bidders and think strategically. The form of payment might be decisive for the seller. With pure cash deals, there is no doubt on the real value of
634:
Whether a purchase is perceived as being "friendly" or "hostile" depends significantly on how the proposed acquisition is communicated to and perceived by the target company's board of directors, employees, and shareholders. It is normal for M&A deal communications to take place in a so-called
2803:
M&A practice in emerging countries differs from more mature economies, although transaction management and valuation tools (e.g. DCF, comparables) share a common basic methodology. In China, India or Brazil for example, differences affect the formation of asset price and on the structuring of
1920:
A Strategic merger usually refers to long-term strategic holding of target (Acquired) firm. This type of M&A process aims at creating synergies in the long run by increased market share, broad customer base, and corporate strength of business. A strategic acquirer may also be willing to pay a
688:
or terminations, or environmental damage. A disadvantage of this structure is the tax that many jurisdictions, particularly outside the United States, impose on transfers of the individual assets, whereas stock transactions can frequently be structured as like-kind exchanges or other arrangements
630:
Achieving acquisition success has proven to be very difficult, while various studies have shown that 50% of acquisitions were unsuccessful. "Serial acquirers" appear to be more successful with M&A than companies who make acquisitions only occasionally (see Douma & Schreuder, 2013, chapter
2880:
M&A can hinder innovation by mismanagement or cultural differences between companies. They can also create bottlenecks when they disrupt the flow of innovation with too many company policies and procedures. Market dominant companies can also be their own demise when presented with an M&A
1976:
An analysis of 1,600 companies across industries revealed the rewards for M&A activity were greater for consumer products companies than the average company. For the period 2000–2010, consumer products companies turned in an average annual TSR of 7.4%, while the average for all companies was
2838:
Despite the goal of performance improvement, results from mergers and acquisitions (M&A) are often disappointing compared with results predicted or expected. Numerous empirical studies show high failure rates of M&A deals. Studies are mostly focused on individual determinants. A book by
2794:
Even mergers of companies with headquarters in the same country can often be considered international in scale and require MAIC custodial services. For example, when Boeing acquired McDonnell
Douglas, the two American companies had to integrate operations in dozens of countries around the world
2773:
has exponentially increased the necessity for agencies such as the
Mergers and Acquisitions International Clearing (MAIC), trust accounts and securities clearing services for Like-Kind Exchanges for cross-border M&A. On a global basis, the value of cross-border mergers and acquisitions rose
1891:
A consolidated merger is a merger in which an entirely new legal company is formed through combining the acquiring and target company. The purpose of this merger is to create a new legal entity with the capital and assets of the merged acquirer and target company. Both the acquiring and target
1993:
Mergers and acquisitions often create brand problems, beginning with what to call the company after the transaction and going down into detail about what to do about overlapping and competing product brands. Decisions about what brand equity to write off are not inconsequential. And, given the
990:
plays a large role in the valuation of acquisitions, it is paramount to get the value of synergies right; as briefly alluded to re DCF valuations. Synergies are different from the "sales price" valuation of the firm, as they will accrue to the buyer. Hence, the analysis should be done from the
972:
referring to the company's share price and components on its balance sheet. The valuation methods described above represent ways to determine value of a company independently from how the market currently, or historically, has determined value based on the price of its outstanding securities.
2332:
In recent decades however, cross-sector convergence has become more common. For example, retail companies are buying tech or e-commerce firms to acquire new markets and revenue streams. It has been reported that convergence will remain a key trend in M&A activity through 2015 and onward.
971:
Professionals who value businesses generally do not use just one method, but a combination. Valuations implied using these methodologies can prove different to a company's current trading valuation. For public companies, the market based enterprise value and equity value can be calculated by
659:
to be publicly listed in a relatively short time frame. A reverse merger is a type of merger where a privately held company, typically one with promising prospects and a need for financing, acquires a publicly listed shell company that has few assets and no significant business operations.
1776:
Acquire innovative intellectual property. Nowadays, intellectual property has become one of the core competences for companies. Studies have shown that successful knowledge transfer and integration after a merger or acquisition has a positive impact to the firm's innovative capability and
647:"Acquisition" usually refers to a purchase of a smaller firm by a larger one. Sometimes, however, a smaller firm will acquire management control of a larger and/or longer-established company and retain the name of the latter for the post-acquisition combined entity. This is known as a
835:
Termination rights, which may be triggered by a breach of contract, a failure to satisfy certain conditions or the passage of a certain period of time without consummating the transaction, and fees and damages payable in case of a termination for certain events (also known as breakup
2324:
During the third merger wave (1965–1989), corporate marriages involved more diverse companies. Acquirers more frequently bought into different industries. Sometimes this was done to smooth out cyclical bumps, to diversify, the hope being that it would hedge an investment portfolio.
2790:
In 2017, the controverse trend which started in 2015, decreasing total value but rising total number of cross border deals, kept going. Compared on a year on year basis (2016–2017), the total number of cross border deals decreased by −4.2%, while cumulated value increased by 0.6%.
892:
valuation and is frequently a preferred way to compare value as it is not affected by a company's, or management's, strategic decision to fund the business either through debt, equity, or a portion of both. Five common ways to "triangulate" the enterprise value of a business are:
1980:
Given that the cost of replacing an executive can run over 100% of his or her annual salary, any investment of time and energy in re-recruitment will likely pay for itself many times over if it helps a business retain just a handful of key players that would have otherwise left.
1783:
Exit
Strategy: Some start-ups in technological and pharmaceutical industries explicitly cite a potential future acquisition as an "exit strategy" when seeking early VC funding. The potential for an acquisition therefore leads to higher levels of funding for risky or innovative
2199:
In the long run, due to desire to keep costs low, it was advantageous for firms to merge and reduce their transportation costs thus producing and transporting from one location rather than various sites of different companies as in the past. Low transport costs, coupled with
606:
occurs when two companies combine to form a new enterprise altogether, and neither of the previous companies remains independently owned. Acquisitions are divided into "private" and "public" acquisitions, depending on whether the acquiree or merging company (also termed a
4347:
Feng Chen, Ole-Kristian Hope, Qingyuan Li, Xin Wang. "The
Property Rights Paradigm."Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets, working paper, University of Toronto, Wuhan University Chinese University of Hong Kong, July 6,
1796:
On average and across the most commonly studied variables, acquiring firms' financial performance does not positively change as a function of their acquisition activity. Therefore, additional motives for merger and acquisition that may not add shareholder value include:
2205:
technology and transportation were forerunners to the Great Merger Movement. In part due to competitors as mentioned above, and in part due to the government, however, many of these initially successful mergers were eventually dismantled. The U.S. government passed the
2097:
The Great Merger Movement was a predominantly U.S. business phenomenon that happened from 1895 to 1905. During this time, small firms with little market share consolidated with similar firms to form large, powerful institutions that dominated their markets, such as the
1887:
A statutory merger is a merger in which the acquiring company survives and the target company dissolves. The purpose of this merger is to transfer the assets and capital of the target company into the acquiring company without having to maintain the target company as a
726:
An increase in acquisitions in the global business environment requires enterprises to evaluate the key stake holders of acquisitions very carefully before implementation. It is imperative for the acquirer to understand this relationship and apply it to its advantage.
664:
investors in both the buyer and target companies seeing positive returns. This suggests that M&A creates economic value, likely by transferring assets to more efficient management teams who can better utilize them. (See Douma & Schreuder, 2013, chapter 13).
1954:
Merger of equals is often a combination of companies of a similar size. Since 1990, there have been more than 625 M&A transactions announced as mergers of equals with a total value of US$ 2,164.4 bil. Some of the largest mergers of equals took place during the
791:, a forward triangular merger is taxed as if the target company sold its assets to the shell company and then liquidated, them whereas a reverse triangular merger is taxed as if the target company's shareholders sold their stock in the target company to the buyer.
840:
and post-closing adjustments (such as adjustments after the final determination of working capital at closing or earnout payments payable to the sellers), repayment of outstanding debt, and the treatment of outstanding shares, options and other equity interests).
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occurs when two firms combine across the value chain, such as when a firm buys a former supplier (backward integration) or a former customer (forward integration). When there is no strategic relatedness between an acquiring firm and its target, this is called a
2817:
if the seller keeps some leverage, like a minority stake, in the divested entity. Therefore, establishing a strong local business network before starting acquisitions is usually a prerequisite to get to know trustable parties to deal with and have allies.
843:
An indemnification provision, which provides that an indemnitor will indemnify, defend, and hold harmless the indemnitee(s) for losses incurred by the indemnitees as a result of the indemnitor's breach of its contractual obligations in the purchase
1622:
Payment in the form of the acquiring company's stock, issued to the shareholders of the acquired company at a given ratio proportional to the valuation of the latter. They receive stock in the company that is purchasing the smaller subsidiary. See
2845:
M&As involving small businesses are particularly problematic and have been found to take longer and cost more than expected with organisation cultural and effective communication with employees being key determinants of success and failure
2054:
Beyond the bigger issue of what to call the company after the transaction comes the ongoing detailed choices about what divisional, product and service brands to keep. The detailed decisions about the brand portfolio are covered under the topic
1865:
Conglomerate M&A is the third form of M&A process which deals the merger between two irrelevant companies. The relevant example of conglomerate M&A would be if a video game publisher purchases an animation studio, for instance, when
1613:
Payment by cash. Such transactions are usually termed acquisitions rather than mergers because the shareholders of the target company are removed from the picture and the target comes under the (indirect) control of the bidder's shareholders.
1853:
A vertical merger represents the buying of supplier of a business. In a similar example, if a video game publisher purchases a video game development company in order to retain the development studio's intellectual properties, for instance,
2780:
In 2014, Europe registered its highest levels of M&A deal activity since the financial crisis. Driven by U.S. and Asian acquirers, inbound M&A, at $ 320.6 billion, reached record highs by both deal value and deal count since 2001.
1688:: This refers to the fact that the combined company can often reduce its fixed costs by removing duplicate departments or operations, lowering the costs of the company relative to the same revenue stream, thus increasing profit margins.
671:
The buyer buys the shares, and therefore control, of the target company being purchased. Ownership control of the company in turn conveys effective control over the assets of the company, but since the company is acquired intact as a
2050:
The factors influencing brand decisions in a merger or acquisition transaction can range from political to tactical. Ego can drive choice just as well as rational factors such as brand value and costs involved with changing brands.
875:
The assets of a business are pledged to two categories of stakeholders: equity owners and owners of the business' outstanding debt. The core value of a business, which accrues to both categories of stakeholders, is called the
639:
has no prior knowledge of the offer. Hostile acquisitions can, and often do, ultimately become "friendly" as the acquirer secures endorsement of the transaction from the board of the acquiree company. This usually requires an
1812:: manager's overconfidence about expected synergies from M&A which results in overpayment for the target company. The effect of manager's overconfidence on M&A has been shown to hold both for CEOs and board directors.
2328:
Starting in the fifth merger wave (1992–1998) and continuing today, companies are more likely to acquire in the same business, or close to it, firms that complement and strengthen an acquirer's capacity to serve customers.
1984:
Organizations should move rapidly to re-recruit key managers. It's much easier to succeed with a team of quality players that one selects deliberately rather than try to win a game with those who randomly show up to play.
679:
The buyer buys the assets of the target company. The cash the target receives from the sell-off is paid back to its shareholders by dividend or through liquidation. This type of transaction leaves the target company as an
2765:
of the target corporation to appreciate by 1% relative to the acquirer's local currency. Until 2018, around 280,472 cross-border deals have been conducted, which cumulates to a total value of almost US$ 24,069 billion.
1680:
The dominant rationale used to explain M&A activity is that acquiring firms seek improved financial performance or reduce risk. The following motives are considered to improve financial performance or reduce risk:
803:. The letter of intent generally does not bind the parties to commit to a transaction, but may bind the parties to confidentiality and exclusivity obligations so that the transaction can be considered through a
721:
Transfer of technologies and capabilities are most difficult task to manage because of complications of acquisition implementation. The risk of losing implicit knowledge is always associated with the fast pace
5047:
2106:
industry. It is estimated that more than 1,800 of these firms disappeared into consolidations, many of which acquired substantial shares of the markets in which they operated. The vehicle used were so-called
1719:
could then sell its banking products to the stock broker's customers, while the broker can sign up the bank's customers for brokerage accounts. Or, a manufacturer can acquire and sell complementary products.
1725:: For example, managerial economies such as the increased opportunity of managerial specialization. Another example is purchasing economies due to increased order size and associated bulk-buying discounts.
1967:
and Glaxo Wellcome (US$ 75 bil.), Citicorp and Travelers Group (US$ 72 bil.). More recent examples this type of combinations are DuPont and Dow Chemical (US$ 62 bil.) and Praxair and Linde (US$ 35 bil.).
2127:
that merged during the Great Merger Movement were able to keep their dominance in their respective sectors through 1929, and in some cases today, due to growing technological advances of their products,
1841:
A horizontal merger is usually between two companies in the same business sector. An example of horizontal merger would be if a video game publisher purchases another video game publisher, for instance,
1818:
Manager's compensation: In the past, certain executive management teams had their payout based on the total amount of profit of the company, instead of the profit per share, which would give the team a
1604:
Mergers are generally differentiated from acquisitions partly by the way in which they are financed and partly by the relative size of the companies. Various methods of financing an M&A deal exist:
2873:
A considerable body of research suggests that many mergers fail due to human factors such as issues with trust between employees of the two organizations or trust between employees and their leaders.
676:, this form of transaction carries with it all of the liabilities accrued by that business over its past and all of the risks that company faces in its commercial environment and corporate environment
4299:
Ayisi-Cromwell, M. "The New Era of Global Economic Discovery: Opportunities and Challenges". Thomson Reuters Emerging Markets Investment Forum. New York, NY. 19 Sep. 2012. Chairman's Opening Remarks.
4060:
3179:
Rumyantseva, Maria, Grzegorz Gurgul, and Ellen Enkel. "Knowledge Integration after Mergers & Acquisitions." University of Mississippi Business Department. University of Mississippi, July 2002.
2809:
authorizations needed not granted after closing) leading to situations where costly remedial actions may be necessary. When the rule of law is not established, corruption can be a rampant problem.
2787:
For 2016, market uncertainties, including Brexit and the potential reform from a U.S. presidential election, contributed to cross-border M&A activity lagging roughly 20% behind 2015 activity.
4547:
Denison, Daniel, Hooijberg, Robert, Lane, Nancy, Lief, Colleen, (2012). Leading Culture Change in Global Organizations. "Creating One Culture Out of Many", chapter 4. San Francisco: Jossey-Bass.
1788:
Megadeals—deals of at least one $ 1 billion in size—tend to fall into four discrete categories: consolidation, capabilities extension, technology-driven market transformation, and going private.
701:" and "spin-out" are sometimes used to indicate a situation where one company splits into two, generating a second company which may or may not become separately listed on a stock exchange.
2020:
Keep both names and use them together. Some companies try to please everyone and keep the value of both brands by using them together. This can create an unwieldy name, as in the case of
1694:: This refers to the efficiencies primarily associated with demand-side changes, such as increasing or decreasing the scope of marketing and distribution, of different types of products.
1738:
Resource transfer: resources are unevenly distributed across firms (Barney, 1991) and the interaction of target and acquiring firm resources can create value through either overcoming
4416:
2161:
One of the major short run factors that sparked the Great Merger Movement was the desire to keep prices high. However, high prices attracted the entry of new firms into the industry.
5040:
4290:
United Nations Conference on Trade and Development, 2000, World Investment Report 2000: Cross-border Mergers and Acquisitions and Development (Overview), New York and Geneva, p. 10.
3889:"Notice Concerning Exchange of Shares to Convert Sammy NetWorks Co., Ltd., SEGA TOYS CO., LTD. and TMS ENTERTAINMENT, LTD. into Wholly Owned Subsidiaries of SEGA SAMMY HOLDINGS INC"
815:
Conditions, which must be satisfied before there is an obligation to complete the transaction. Conditions typically include matters such as regulatory approvals and the lack of any
575:
3311:
2136:
by their customers. There were also other companies that held the greatest market share in 1905 but at the same time did not have the competitive advantages of the companies like
1748:: Vertical integration occurs when an upstream and downstream firm merge (or one acquires the other). There are several reasons for this to occur. One reason is to internalise an
563:
3188:
Ranft, Annette L., and Michael D. Lord. "Acquiring new technologies and capabilities: A grounded model of acquisition implementation." Organization science 13.4 (2002): 420-441.
2813:
building a reliable knowledge base on observable facts and on the result of focused due diligences, such as recurring profitability measured by EBITDA, is a good starting point.
2842:
Employee turnover contributes to M&A failures. The turnover in target companies is double the turnover experienced in non-merged firms for the ten years after the merger.
2175:
in their respective markets. As quasi-monopolists, firms set quantity where marginal cost equals marginal revenue and price where this quantity intersects demand. When the
4460:
787:
Mergers, asset purchases and equity purchases are each taxed differently, and the most beneficial structure for tax purposes is highly situation-dependent. Under the U.S.
4836:
2073:
Most histories of M&A begin in the late 19th century United States. However, mergers coincide historically with the existence of companies. In 1708, for example, the
5033:
3260:
4610:
3221:
2795:(1997). This is just as true for other apparently "single-country" mergers, such as the $ 29-billion merger of Swiss drug makers Sandoz and Ciba-Geigy (now Novartis).
2214:
991:
acquiring firm's point of view. Synergy-creating investments are started by the choice of the acquirer, and therefore they are not obligatory, making them essentially
615:. Some public companies rely on acquisitions as an important value creation strategy. An additional dimension or categorization consists of whether an acquisition is
910:
historical earnings valuation: the price is such that the payment for the business (or return targeted by the investor), would have been supported by the business's
2009:
Keep one name and demote the other. The strongest name becomes the company name and the weaker one is demoted to a divisional brand or product brand. An example is
4443:
2961:
2336:
Buyers are not necessarily hungry for the target companies' hard assets. Some are more interested in acquiring thoughts, methodologies, people and relationships.
2183:
One strategy to keep prices high and to maintain profitability was for producers of the same good to collude with each other and form associations, also known as
3962:
3492:
Ng, Artie W.; Chatzkel, Jay; Lau, K.F.; Macbeth, Douglas (2012-07-20). "Dynamics of Chinese emerging multinationals in cross-border mergers and acquisitions".
504:
with another company or business organization. This could happen through direct absorption, a merger, a tender offer or a hostile takeover. As an aspect of
4864:
Reddy, Kotapati Srinivasa; Nangia, Vinay Kumar; Agrawal, Rajat (2014). "The 2007–2008 Global Financial Crisis, and Cross-border Mergers and Acquisitions".
4032:
1292:
472:
4329:
Donald R. Lessart. "Incorporating Country risk in the valuation of offshore projects", MIT, Journal of Applied Corporate Finance, volume 9, number 3, 1996
1780:
Killer Acquisitions: Incumbent firms may acquire innovative targets solely to discontinue the target's innovation projects and preempt future competition.
1705:: This assumes that the buyer will be absorbing a major competitor and thus increase its market power (by capturing increased market share) to set prices.
712:
For acquired firm symbolic and cultural independence which is the base of technology and capabilities are more important than administrative independence.
4064:
4935:
4893:
Reddy, K.S.; Nangia, V.K.; Agrawal, R. (2013). "Indian economic-policy reforms, bank mergers, and lawful proposals: The ex-ante and ex-post 'lookup'".
4415:
Mandel, Michael and Carew, Diana (2011, November 11). Innovation by Acquisition: New Dynamics of High-Tech Competition. Progressive Policy Institute.
2941:
4417:
https://www.progressivepolicy.org/wp-content/uploads/2011/11/11.2011-Mandel_Carew-Innovation_by_Acquisition-New_Dynamics_of_Hightech_Competition.pdf
2946:
1277:
718:
Management of executives from acquired firm is critical in terms of promotions and pay incentives to utilize their talent and value their expertise.
667:
There are also a variety of structures used in securing control over the assets of a company, which have different tax and regulatory implications:
4505:"Merger-specific trust cues in the development of trust in new supervisors during an organizational merger: A naturally occurring quasi-experiment"
4158:
1644:
Cash on hand: it consumes financial slack (excess cash or unused debt capacity) and may decrease debt rating. There are no major transaction costs.
756:
From an economic point of view, business combinations can also be classified as horizontal, vertical and conglomerate mergers (or acquisitions). A
1850:. This means that synergy can be obtained through many forms such as; increased market share, cost savings and exploring new market opportunities.
31:
2853:
Deloitte determines most companies do not do their due diligence in determining whether a M&A is the correct move due to these four reasons:
2881:
opportunity. Complacency and lack of due diligence may cause the market dominant company to miss the value of an innovative product or service.
4618:
Cartwright, Susan; Schoenberg, Richard (2006). "Thirty Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities".
1823:
to buy companies to increase the total profit while decreasing the profit per share (which hurts the owners of the company, the shareholders).
4983:
4955:
4794:
4771:
4594:
1282:
964:
960:
497:
194:
4659:
Bartram, Söhnke M.; Burns, Natasha; Helwege, Jean (June 2013). "Foreign Currency Exposure and Hedging: Evidence from Foreign Acquisitions".
1591:
1442:
1146:
1043:
995:. To include this real options aspect into analysis of acquisition targets is one interesting issue that has been studied lately. See also
3832:
3318:
4914:
Reddy, K.S.; Agrawal, R.; Nangia, V.K. (2013). "Reengineering, crafting and comparing business valuation models-the advisory exemplar".
1297:
1287:
1053:
571:
5682:
5004:
3833:"RECOMMENDED CASH OFFER FOR EIDOS PLC BY SQEX LTD. TO BE EFFECTED BY MEANS OF A SCHEME OF ARRANGEMENT UNDER THE UK COMPANIES ACT 2006"
2313:
Generic/balanced, horizontal mergers of Western companies acquiring emerging market resource producers. Reverse Mergers, Spac Mergers
1998:
Keep one name and discontinue the other. The strongest legacy brand with the best prospects for the future lives on. In the merger of
1349:
5667:
4804:
Harwood, I. A. (2006). "Confidentiality constraints within mergers and acquisitions: gaining insights through a 'bubble' metaphor".
4736:
4707:
4552:
3083:"Value creation in information-based industries through convergence: A study of U.S. mergers and acquisitions between 1993 and 2005"
2337:
1477:
1354:
3888:
3864:
3139:"How "Serial Acquirers" Create Value - Strategic Corporate Finance: Applications in Valuation and Capital Structure [Book]"
2830:
M&A teams need time to adapt and understand the key operating differences between their home environment and their new market.
2171:
Another economic model proposed by Naomi R. Lamoreaux for explaining the steep price falls is to view the involved firms acting as
3923:
3138:
3112:
5514:
1766:
Absorption of similar businesses under single management: similar portfolio invested by two different mutual funds namely united
1302:
1245:
536:
3052:
1656:
M&A advice is provided by full-service investment banks- who often advise and handle the biggest deals in the world (called
5672:
1770:
and united growth and income fund, caused the management to absorb united money market fund into united growth and income fund.
1386:
465:
2777:
In little more than a decade, M&A deals in China increased by a factor of 20, from 69 in 2000 to more than 1,300 in 2013.
535:. From a legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and
5427:
4362:
3764:
3267:
1339:
121:
76:
5573:
4580:
3435:
3403:"A Procedure for the Rapid Pre-acquisition Screening of Target Companies Using the Pay-off Method for Real Option Valuation"
2784:
Approximately 23 percent of the 416 M&A deals announced in the U.S. M&A market in 2014 involved non-U.S. acquirers.
3759:
807:
process involving lawyers, accountants, tax advisors, and other professionals, as well as business people from both sides.
4806:
4620:
1660:) - and specialist M&A firms, who provide M&A only advisory, generally to mid-market, select industries and SBEs.
555:
5367:
3805:
3001:
2191:, with other top firms in the market in order to control a large market share and thus successfully set a higher price.
849:
purchase price is fixed at signing and based on the seller's equity value at a pre-signing date and an interest charge.
42:
4338:
Alchian, Armen, and Harold Demsetz. "The Property Rights Paradigm." Journal of Economic History 33, no. 1 (1973): 16–27
5484:
4115:
955:(DCF): the price equates to the value of "all" future cash-flows - with synergies and tax given special attention -
705:
analysis of seven interviews, the authors concluded the following components for their grounded model of acquisition:
543:
784:
is similar except that the subsidiary merges into the target company, with the target company surviving the merger.
5677:
5447:
4061:"Caterpillar's New Legs—Acquiring the Bucyrus International Brand « Merriam Associates, Inc. Brand Strategies"
1883:
The M&A process results in the restructuring of a business's purpose, corporate governance and brand identity.
458:
320:
96:
4558:
Aharon, David Y.; Gavious, Ilanit; Yosef, Rami (2010). "Stock market bubble effects on mergers and acquisitions".
4105:
Lamoreaux, Naomi R. "The great merger movement in American business, 1895-1904." Cambridge University Press, 1985.
4055:
4053:
3344:
709:
Improper documentation and changing implicit knowledge makes it difficult to share information during acquisition.
5618:
5603:
5593:
5432:
5247:
4357:
as an illustration, Laurence J. Brahm. "The art of the deal in China." Tuttle Publishing, April 2007, 160 pages,
2369:
The top ten largest deals in M&A history cumulate to a total value of 1,118,963 mil. USD. (1.118 tril. USD).
2078:
943:
4036:
780:", the target company merges into the subsidiary, with the subsidiary as the surviving company of the merger; a
5636:
5613:
5551:
5377:
5302:
5242:
2956:
2896:
2027:
Discard both legacy names and adopt a totally new one. The classic example is the merger of Bell Atlantic with
1664:
1584:
1391:
715:
Detailed knowledge exchange and integrations are difficult when the acquired firm is large and high performing.
602:
567:
501:
3527:
Zhang, Yu; Wu, Xianming; Zhang, Hao; Lyu, Chan; Zhang, Yu; Wu, Xianming; Zhang, Hao; Lyu, Chan (2018-05-30).
5347:
5337:
5307:
5277:
5217:
4586:
3385:
Company Valuation in Mergers and Acquisitions: How is Discounted Cash Flow Applied by Leading Practitioners?
2936:
2901:
2082:
1225:
1101:
996:
947:
929:
816:
436:
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3082:
2137:
1517:
1452:
1027:
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5489:
5352:
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3202:
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2188:
2032:
1753:
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295:
142:
38:
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2077:
merged with an erstwhile competitor to restore its monopoly over the Indian trade. In 1784, the Italian
2014:
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1502:
1240:
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1048:
921:
885:
788:
744:
370:
235:
184:
172:
106:
983:
defined and the right resources should be chosen to conduct the assessment in the available timeframe.
743:
Asset purchases are common in technology transactions where the buyer is most interested in particular
4837:"Selling Acquisitions to Institutional Investors, Proxy Handlers, Regulators, and the Financial Media"
3800:
3436:"Performance implications of firm resource interactions in the acquisition of R&D-intensive firms"
900:: the price paid is the value of the "easily salable parts"; the main approaches to valuing these are
772:
The form of merger most often employed is a triangular merger, where the target company merges with a
5526:
5521:
4947:
2981:
2557:
2115:. In 1990 the value was only 3% and from 1998 to 2000 it was around 10–11% of GDP. Companies such as
2108:
2099:
2003:
1855:
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265:
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67:
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outlaws any merger or acquisition that may "substantially lessen competition" or "tend to create a
431:
401:
350:
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4270:
4246:
4008:
3027:
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3585:
3215:
2971:
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2201:
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of acquisitions have become common in the technology industry, where major web companies such as
1820:
1381:
1216:
1171:
939:
925:
866:
858:
728:
698:
636:
441:
270:
189:
162:
111:
4085:
1921:
premium offer to target firm in the outlook of the synergy value created after M&A process.
731:
is possible only when resources are exchanged and managed without affecting their independence.
4205:
3839:
3604:
1837:
The M&A process itself is a multifaceted which depends upon the type of merging companies.
1647:
Issue of debt: It consumes financial slack, may decrease debt rating and increase cost of debt.
5578:
5563:
5494:
5437:
5382:
5357:
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4703:
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1809:
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1111:
987:
905:
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685:
681:
426:
406:
330:
230:
215:
167:
126:
51:
3529:"Cross-Border M&A and the Acquirers' Innovation Performance: An Empirical Study in China"
5536:
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5397:
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3474:
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3414:
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2601:
2508:
2467:
2141:
2124:
2010:
1862:. The vertical buying is aimed at reducing overhead cost of operations and economy of scale.
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1685:
1344:
1230:
976:
881:
877:
800:
648:
623:
528:
421:
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147:
91:
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5598:
5509:
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5312:
5282:
5232:
5180:
5152:
5096:
4086:"Monte dei Paschi di Siena Bank | About us | History | The Lorraine reform"
4033:"NewsBeast And Other Merger Name Options « Merriam Associates, Inc. Brand Strategies"
3006:
2906:
2758:
2149:
2044:
1999:
1964:
1432:
1396:
1186:
1166:
1151:
1096:
1081:
1038:
897:
656:
547:
416:
411:
365:
355:
335:
250:
240:
3895:
5546:
5457:
3931:
3647:"Meta-analyses of Post-acquisition Performance: Indications of Unidentified Moderators"
2966:
2436:
2040:
1956:
1716:
1437:
1405:
1116:
933:
920:
future maintainable earnings valuation: similarly, but forward looking; see generally,
829:
652:
612:
275:
220:
210:
101:
4856:
3951:
In re Cox Communications, Inc. Shareholders Litig., 879 A.2d 604, 606 (Del. Ch. 2005).
1874:. The objective is often diversification of goods and services and capital investment.
5661:
5165:
4827:
4819:
4651:
4633:
4530:
4503:
Lipponen, Jukka; Kaltiainen, Janne; Van Der Werff, Lisa; Steffens, Niklas K. (2020).
4232:
3631:
3589:
2921:
2770:
2762:
2353:
were choosing to acquire startups instead of hiring new recruits, a process known as
2176:
2165:
2036:
1708:
1657:
1547:
1410:
1329:
1324:
1161:
956:
942:: the price paid per dollar of earnings or revenue is based on the same multiple for
804:
773:
689:
that are tax-free or tax-neutral, both to the buyer and to the seller's shareholders.
673:
551:
524:
385:
360:
245:
81:
17:
4885:
3785:
3685:
3670:
2870:
Transactions that undergo a due diligence process are more likely to be successful.
5404:
5252:
5237:
5111:
3366:
2589:
2354:
2210:
2103:
1859:
1702:
1482:
1221:
992:
325:
310:
290:
59:
4976:
Reasons for frequent failure in Mergers and Acquisitions: A comprehensive analysis
4906:
3818:
3777:
3646:
3465:
Maddigan, Ruth; Zaima, Janis (1985). "The Profitability of Vertical Integration".
4994:
4726:
4521:
4504:
4133:
5362:
5332:
5175:
5106:
4944:
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions
4927:
4786:
2916:
2662:
2448:
2206:
1943:
1843:
1749:
1368:
375:
345:
340:
305:
4978:. Wiesbaden: Deutscher Universitäts-Verlag (DUV), Gabler Edition Wissenschaft.
4571:
4224:
3963:"Attention Startups: Here's How To Get Acqui-Hired By Google, Yahoo Or Twitter"
3623:
1815:
Empire-building: Managers have larger companies to manage and hence more power.
5608:
5568:
5372:
5322:
5292:
5170:
5091:
4682:
3505:
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2877:
and other key terms, and smooth the way towards a more effective integration.
2726:
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2120:
1760:
1628:
1624:
1472:
1156:
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901:
641:
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3513:
3098:
3064:
5583:
5342:
5205:
2711:
2569:
2350:
4700:
A Giant Cow-tipping by Savages: The Boom, Bust, and Boom Culture of M&A
3478:
3451:
3419:
3402:
539:
under one entity, and the distinction between the two is not always clear.
4398:
4381:
3561:
3113:"Eight Key Differences: Public vs. Private Company Acquisitions in the US"
3051:
Stemler, Gregory; Welch, Shea; Johnson, Jeff; Mims, John; Davison, Brian.
1663:
Highly focused and specialized M&A advice investment banks are called
776:
wholly owned by the buyer, thus becoming a subsidiary of the buyer. In a
5392:
5287:
5272:
4461:"M&A: The Intersection of Due Diligence and Governance | Deloitte US"
3573:
2986:
1931:
822:
694:
617:
593:
588:
559:
519:
is the legal consolidation of two business entities into one, whereas an
86:
4996:
Agile M&A:Proven Techniques to Close Deals Faster and Maximize Value
4183:
2761:, it was found that, on average, large M&A deals cause the domestic
2035:. Not every merger with a new name is successful. By consolidating into
5222:
4430:
Can Innovation Be Bought: Managing Acquisitions in Dynamic Environments
3744:
3709:
3545:
3528:
2651:
2129:
2006:, the United brand will continue forward, while Continental is retired.
1935:
1722:
1698:
1255:
1235:
1141:
915:
493:
152:
3760:"Who makes acquisitions? CEO overconfidence and the market's reaction"
3723:
Roll, Richard (1986). "The Hubris Hypothesis of Corporate Takeovers".
4642:
4247:"M&A Statistics - Worldwide, Regions, Industries & Countries"
2346:
2342:
2184:
2116:
1939:
1401:
1076:
914:
earnings or cash-flow averaged over the previous 3–5 years; see also
509:
3701:
3662:
3296:
3865:"From Software acquired by Japanese publisher Kadokawa Corporation"
3736:
3028:"Mergers and Acquisitions (M&A): Types, Structures, Valuations"
2081:
and Monte Pio banks were united as the Monti Reuniti. In 1821, the
512:, and change the nature of their business or competitive position.
5121:
2692:
2681:
1424:
1206:
1071:
880:(EV), whereas the value which accrues just to shareholders is the
532:
2341:
the first to identify the trend in which large companies such as
4783:
Investment Banking explained: An insider's guide to the industry
3686:"Risk Reduction as a Managerial Motive for Conglomerate Mergers"
1712:
1211:
799:
The documentation of an M&A transaction often begins with a
5029:
3645:
King, D. R.; Dalton, D. R.; Daily, C. M.; Covin, J. G. (2004).
542:
Most countries require mergers and acquisitions to comply with
4206:"Horizontal Mergers and Innovation in Concentrated Industries"
3605:"Horizontal Mergers and Innovation in Concentrated Industries"
2112:
2028:
2021:
1960:
1728:
4835:
Locke, Bryan; Singh, Harsh; Chung, Joanna; Ferguson, John J.
3053:"Methods for Developing a Rigorous Pre-Deal M&A Strategy"
1773:
Access to hidden or nonperforming assets (land, real estate).
5020:
2111:. In 1900 the value of firms acquired in mergers was 20% of
888:
for publicly listed companies). Enterprise Value reflects a
930:
Sustainable growth rate § From a financial perspective
523:
occurs when one entity takes ownership of another entity's
4273:. Institute for Mergers, Acquisitions and Alliances (IMAA)
2164:
A major catalyst behind the Great Merger Movement was the
2102:, which at its height controlled nearly 90% of the global
1946:
to add expertise in particular areas to their workforces.
4758:
Mergers, Acquisitions, and Other Restructuring Activities
3894:. Sega Sammy Holdings Inc. 27 August 2010. Archived from
3170:
The Economist, 'The new rules of attraction', 15 Nov 2014
2302:
Globalisation, Shareholder Activism, Private Equity, LBO
2280:
Co-generic mergers; Hostile takeovers; Corporate Raiding
2224:
based on the merger activities in the business world as:
2213:
and monopolies. Starting in the 1890s with such cases as
871:
Corporate finance § Investment and project valuation
4251:
Institute for Mergers, Acquisitions and Alliances (IMAA)
578:
about all mergers and acquisitions over a certain size.
3560:
Cunningham, Colleen; Ederer, Florian; Ma, Song (2018).
3383:
W. Brotherson, K. Eades, R. Harris, R. Higgins (2014).
4159:"Corporate America's Dealmakers Are Cross-Pollinating"
3237:"Get acquired! An idiot's guide to technology M&A"
492:) are business transactions in which the ownership of
4386:
Australasian Accounting, Business and Finance Journal
4728:
Mergers & Acquisitions and Partnerships in China
1752:
problem. A common example of such an externality is
5475:
5413:
5261:
5151:
5140:
5067:
4484:"Post-Deal Success Starts at Due Diligence Stage".
3312:"Tax Aspects of Corporate Mergers and Acquisitions"
967:, which compares M&A DCF models to other cases.
760:is between two competitors in the same industry. A
597:assets or ownership equity of the acquired entity.
4755:
3988:
3801:"Board overconfidence in mergers and acquisitions"
3317:. Davis Malm & D'Agostine, P.C. Archived from
3261:"Mergers & Acquisitions Quick Reference Guide"
3081:Rhéaume, Louis; Bhabra, Harjeet S. (1 July 2008).
2039:, the company lost the considerable value of both
2024:, which has since changed its brand name to "PwC".
1972:Research and statistics for acquired organizations
4967:China Briefing: Mergers and Acquisitions in China
3297:"Economic approaches to mergers and acquisitions"
3266:. McKenna Long & Aldridge LLP. Archived from
500:, or their operating units are transferred to or
4916:International Journal of Commerce and Management
4380:Steen, Adam; Turpie, Keith; Ng, Gee Wan (2014).
3434:King, D. R.; Slotegraaf, R.; Kesner, I. (2008).
2215:Addyston Pipe and Steel Company v. United States
1676:Improving financial performance or reducing risk
3838:. Square Enix. 12 February 2009. Archived from
3345:"WSJ M&A 101: A Guide to Merger Agreements"
3290:
3288:
4762:. New York: Elsevier, Academic Press. p.
4009:"M&A by Transaction Type - IMAA-Institute"
2962:Mergers and acquisitions in United Kingdom law
1806:, Peter Lynch termed this "diworseification".)
961:§ Determine cash flow for each forecast period
5041:
4560:The Quarterly Review of Economics and Finance
1585:
863:Valuation (finance) § Business valuation
466:
8:
4731:. Singapore: World Scientific. p. 311.
4609:: CS1 maint: multiple names: authors list (
3220:: CS1 maint: multiple names: authors list (
4866:Global Journal of Emerging Market Economies
4486:Bureau of National Affairs Corporate Weekly
3990:"Start-Ups Get Snapped Up for Their Talent"
3758:Malmendier, Ulrike; Tate, Geoffrey (2008).
3201:Wachtell, Lipton, Rosen & Katz (2020).
2220:The economic history has been divided into
1293:International Financial Reporting Standards
867:Investment banking § Corporate finance
508:, M&A can allow enterprises to grow or
5642:
5632:
5148:
5048:
5034:
5026:
4442:: CS1 maint: location missing publisher (
3255:
3253:
2371:
1592:
1578:
1006:
473:
459:
47:
4934:Reifenberger, Sabine (28 December 2012).
4725:Coispeau, Olivier; Luo, Stephane (2015).
4672:
4641:
4520:
4397:
4116:"Principles of Economics(10.2 Oligopoly)"
3987:Sarah E. Needleman (September 12, 2012).
3544:
3418:
2942:List of bank mergers in the United States
644:of the offer and/or through negotiation.
4999:. United States: Dealroom Incorporated.
4942:Rosenbaum, Joshua; Joshua Pearl (2009).
4859:. Firmex & Divestopedia. 2017-10-11.
4382:"Microcap M&A: An Exploratory Study"
3799:Twardawski, Torsten; Kind, Axel (2023).
3128:Investment banking explained pp. 223-224
2947:List of largest mergers and acquisitions
2226:
1959:of the late 1990s and in the year 2000:
4120:UH Pressbooks The University of Hawaiʻi
4063:. Merriamassociates.com. Archived from
4035:. Merriamassociates.com. Archived from
3019:
1908:approved by disinterested stockholders:
1905:approved by disinterested directors and
1018:
655:, a form of transaction that enables a
393:
202:
134:
66:
50:
32:Mergers and Acquisitions (The Sopranos)
4602:
4435:
3924:"Merger & consolidation: overview"
3401:Collan, Mikael; Kinnunen Jani (2011).
3213:
2320:Objectives in more recent merger waves
4455:
4453:
4411:
4409:
3918:
3916:
3196:
3194:
2866:Do not see the value in due diligence
1901:An arm's length merger is a merger:
1892:company are dissolved in the process.
1283:Generally-accepted auditing standards
965:Valuation using discounted cash flows
651:. Another type of acquisition is the
195:Valuation using discounted cash flows
7:
4582:Valuations, Mergers and Acquisitions
4213:Quantitative Marketing and Economics
3612:Quantitative Marketing and Economics
3407:Journal of Real Options and Strategy
3367:"How to Value a Business - SMERGERS"
2093:The Great Merger Movement: 1895–1905
3684:Amihud, Yakov; Baruch, Lev (1981).
2291:Cross-border mergers, mega-mergers
1298:International Standards on Auditing
975:Most often value is expressed in a
4579:Beech, G. and Thayser, D. (2015).
2863:Existing knowledge of the industry
25:
3467:Managerial and Decision Economics
2442:Internet Software & Services
2269:Diversified conglomerate mergers
1742:or by combining scarce resources.
1355:Notes to the financial statements
566:requires companies to notify the
5641:
5631:
4820:10.1111/j.1467-8551.2005.00440.x
4634:10.1111/j.1467-8551.2006.00475.x
3295:Schreuder, Hein (January 2013).
2757:In a study conducted in 2000 by
2069:Corporate finance § History
1963:and Time Warner (US$ 164 bil.),
1303:Management Accounting Principles
1026:
58:
4702:. New York: Palgrave Macmilla.
4698:Close, John Weir (2013-10-15).
3494:Journal of Intellectual Capital
2453:Motion Pictures / Audio Visual
2361:inventory and other tangibles.
2209:in 1890, setting rules against
769:(Douma & Schreuder, 2013).
5428:Debtor-in-possession financing
4936:M&A Market: The New Normal
3765:Journal of Financial Economics
3343:Barusch, Ronald (2010-11-09).
1896:
953:discounted cash flow valuation
823:Representations and warranties
122:Strategic financial management
77:Asset and liability management
30:For The Sopranos episode, see
1:
4907:10.1016/j.jpolmod.2012.12.001
4807:British Journal of Management
4621:British Journal of Management
4310:"M&A by Transaction Type"
4271:"M&A by Transaction Type"
3819:10.1016/j.jbusres.2023.114026
3778:10.1016/j.jfineco.2007.07.002
3690:The Bell Journal of Economics
2396:Value of transaction ($ mil)
1833:By functional roles in market
1278:Generally-accepted principles
27:Type of corporate transaction
5368:Staggered board of directors
4857:"The 2017 M&A Fee Guide"
4754:DePamphilis, Donald (2008).
4661:Quarterly Journal of Finance
4522:10.1016/j.leaqua.2019.101365
3928:Sam Houston State University
3806:Journal of Business Research
3651:Strategic Management Journal
3087:Information & Management
3002:Transformational acquisition
2502:Telecommunications Services
928:, and re "maintainability",
5485:Accretion/dilution analysis
4928:10.1108/IJCoMA-07-2011-0018
782:"reverse triangular merger"
611:) is or is not listed on a
5699:
5448:Leveraged recapitalization
4895:Journal of Policy Modeling
4572:10.1016/j.qref.2010.05.002
4432:. Harvard Business School.
4428:Chaudhuri, Saikat (2004).
4225:10.1007/S11129-019-09218-2
4204:Hollenbeck, Brett (2020).
3624:10.1007/S11129-019-09218-2
3603:Hollenbeck, Brett (2020).
3389:Journal of Applied Finance
2821:set of information on the
2144:. These companies such as
2066:
977:Letter of Opinion of Value
856:
778:"forward triangular merger
603:consolidation/amalgamation
572:U.S. Department of Justice
97:Enterprise risk management
36:
29:
5683:Human resource management
5627:
5619:Valuation using multiples
5604:Sum-of-the-parts analysis
5574:Modigliani–Miller theorem
5433:Dividend recapitalization
5248:Secondary market offering
4781:Fleuriet, Michel (2008).
4683:10.1142/S2010139213500109
3506:10.1108/14691931211248963
3235:Moore, Jim (2012-12-26).
3204:Takeover Law and Practice
1665:boutique investment banks
1652:Specialist advisory firms
1147:Constant purchasing power
1044:Constant purchasing power
890:capital structure neutral
819:in the target's business.
5668:Mergers and acquisitions
5637:List of investment banks
5552:Free cash flow to equity
5378:Super-majority amendment
5303:Management due diligence
5243:Seasoned equity offering
5021:Mergers and Acquisitions
4878:10.1177/0974910114540720
4509:The Leadership Quarterly
3099:10.1016/j.im.2008.03.002
3070:(Subscription required.)
2957:Management due diligence
2897:Consolidation (business)
2365:Largest deals in history
1478:Accounting organizations
1466:People and organizations
642:improvement in the terms
568:Federal Trade Commission
486:Mergers and acquisitions
117:Mergers and acquisitions
5348:Shareholder rights plan
5338:Post-merger integration
5308:Managerial entrenchment
5278:Contingent value rights
5218:Initial public offering
4974:Straub, Thomas (2007).
4587:Oxford University Press
3725:The Journal of Business
3566:SSRN Electronic Journal
2937:Initial public offering
2902:Contingent value rights
1226:Amortization (business)
997:contingent value rights
948:comparable transactions
817:material adverse change
437:Stress test (financial)
5673:Accounting terminology
5490:Adjusted present value
5353:Special-purpose entity
5191:Direct public offering
5161:At-the-market offering
4465:Deloitte United States
4134:"Insights | KPMG | ZA"
3479:10.1002/mde.4090060310
3452:10.1287/orsc.1070.0313
3420:10.12949/realopn.4.117
2723:Blizzard Entertainment
2497:Verizon Communications
2381:Acquiror mid-industry
2189:horizontal integration
2085:merged with the rival
2033:Verizon Communications
2022:PricewaterhouseCoopers
1754:double marginalization
498:business organizations
296:Investment performance
143:Balance sheet analysis
5505:Conglomerate discount
4993:Patel, Kison (2019).
4948:John Wiley & Sons
4399:10.14453/aabfj.v8i2.5
3562:"Killer Acquisitions"
2892:Competition regulator
2823:competitive landscape
2799:In emerging countries
2729:under parent company
2015:Bucyrus International
1942:have frequently used
1804:One Up on Wall Street
1740:information asymmetry
1350:Management discussion
922:Cash flow forecasting
886:market capitalization
857:Further information:
789:Internal Revenue Code
745:intellectual property
564:Hart–Scott–Rodino Act
371:Too connected to fail
236:Cash conversion cycle
185:Management accounting
107:Investment management
18:Corporate acquisition
5527:Economic value added
5522:Discounted cash flow
4965:Scott, Andy (2008).
4841:Transaction Advisors
4184:"Hiring is Obsolete"
3574:10.2139/ssrn.3241707
3440:Organization Science
3310:Griffin, William F.
3057:Transaction Advisors
2982:Second request (law)
2558:Anheuser-Busch InBev
2390:Target mid-industry
2100:Standard Oil Company
2083:Hudson's Bay Company
2004:Continental Airlines
1989:Brand considerations
1897:Arm's length mergers
1856:Kadokawa Corporation
1746:Vertical integration
1317:Financial statements
1270:Accounting standards
944:comparable companies
589:acquisition/takeover
506:strategic management
447:Supply chain finance
381:Volatility (finance)
266:Exchange traded fund
256:Economic value added
226:Capital appreciation
180:Fundamental analysis
68:Financial management
37:For other uses, see
5112:Senior secured debt
3995:Wall Street Journal
2927:Factoring (finance)
2731:Activision Blizzard
2247:Horizontal mergers
2146:International Paper
1944:talent acquisitions
1879:By business outcome
1868:Sega Sammy Holdings
1543:Earnings management
1513:Positive accounting
1387:Double-entry system
1377:Bank reconciliation
1182:Revenue recognition
767:conglomerate merger
613:public stock market
554:, for example, the
432:Statistical finance
402:Factoring (finance)
351:Sustainable finance
5647:Outline of finance
5559:Market value added
5542:Financial modeling
5500:Business valuation
5423:Debt restructuring
5201:Follow-on offering
5186:Corporate spin-off
5144:(terms/conditions)
5061:investment banking
3901:on 12 October 2013
3546:10.3390/su10061796
3347:. WSJ Deal Journal
2972:Merger integration
2952:Management control
2912:Corporate advisory
2575:Food and Beverage
2563:Food and Beverage
2538:Philip Morris Intl
2202:economies of scale
2087:North West Company
2075:East India Company
2057:brand architecture
1965:SmithKline Beecham
1821:perverse incentive
1518:Sarbanes–Oxley Act
1453:Sarbanes–Oxley Act
1382:Debits and credits
1217:Cost of goods sold
1172:Matching principle
940:relative valuation
926:Financial forecast
859:Business valuation
853:Business valuation
729:Employee retention
576:Antitrust Division
442:Structured product
271:Financial analysis
190:Structured finance
112:Managerial finance
5678:Corporate finance
5655:
5654:
5579:Net present value
5564:Minority interest
5495:Associate company
5471:
5470:
5438:Financial sponsor
5358:Special situation
5328:Pre-emption right
5318:Minority discount
5228:Private placement
5127:Subordinated debt
5082:Exchangeable debt
5069:Capital structure
5057:Corporate finance
4985:978-3-8350-0844-1
4957:978-0-470-44220-3
4796:978-0-07-149733-6
4773:978-0-12-374012-0
4596:978-0-585-13223-5
2992:Successor company
2977:Merger simulation
2745:
2744:
2633:Warner-Lambert Co
2595:Other Financials
2531:Other Financials
2405:Vodafone AirTouch
2317:
2316:
2258:Vertical mergers
2157:Short-run factors
2134:brand recognition
1916:Strategic mergers
1872:TMS Entertainment
1848:Eidos Interactive
1768:money market fund
1711:: For example, a
1635:Financing options
1602:
1601:
1563:Two sets of books
1558:Off-balance-sheet
1200:Selected accounts
1137:Accounting period
906:liquidation value
758:horizontal merger
686:employee benefits
483:
482:
427:Position of trust
407:Financial analyst
331:Return on capital
231:Capital structure
127:Wealth management
52:Corporate finance
16:(Redirected from
5690:
5645:
5644:
5635:
5634:
5537:Fairness opinion
5532:Enterprise value
5515:Weighted average
5443:Leveraged buyout
5298:Drag-along right
5196:Equity carve-out
5153:Equity offerings
5149:
5145:
5117:Shareholder loan
5102:Second lien debt
5097:Preferred equity
5077:Convertible debt
5050:
5043:
5036:
5027:
5010:
4989:
4970:
4961:
4931:
4910:
4889:
4860:
4852:
4831:
4800:
4785:. New York, NY:
4777:
4761:
4750:
4721:
4694:
4676:
4655:
4645:
4614:
4608:
4600:
4575:
4535:
4534:
4524:
4500:
4494:
4493:
4481:
4475:
4474:
4472:
4471:
4457:
4448:
4447:
4441:
4433:
4425:
4419:
4413:
4404:
4403:
4401:
4377:
4371:
4365:
4355:
4349:
4345:
4339:
4336:
4330:
4327:
4321:
4320:
4318:
4317:
4312:. IMAA-Institute
4306:
4300:
4297:
4291:
4288:
4282:
4281:
4279:
4278:
4267:
4261:
4260:
4258:
4257:
4243:
4237:
4236:
4210:
4201:
4195:
4194:
4192:
4190:
4180:
4174:
4173:
4171:
4170:
4165:. 2 January 2018
4155:
4149:
4148:
4146:
4145:
4130:
4124:
4123:
4112:
4106:
4103:
4097:
4096:
4094:
4093:
4082:
4076:
4075:
4073:
4072:
4057:
4048:
4047:
4045:
4044:
4029:
4023:
4022:
4020:
4019:
4005:
3999:
3998:
3992:
3984:
3978:
3977:
3975:
3973:
3958:
3952:
3949:
3943:
3942:
3940:
3939:
3930:. Archived from
3920:
3911:
3910:
3908:
3906:
3900:
3893:
3885:
3879:
3878:
3876:
3875:
3861:
3855:
3854:
3852:
3850:
3845:on 23 March 2015
3844:
3837:
3829:
3823:
3822:
3796:
3790:
3789:
3755:
3749:
3748:
3720:
3714:
3713:
3681:
3675:
3674:
3642:
3636:
3635:
3609:
3600:
3594:
3593:
3557:
3551:
3550:
3548:
3524:
3518:
3517:
3489:
3483:
3482:
3462:
3456:
3455:
3431:
3425:
3424:
3422:
3398:
3392:
3381:
3375:
3374:
3363:
3357:
3356:
3354:
3352:
3340:
3334:
3333:
3331:
3329:
3323:
3316:
3307:
3301:
3300:
3292:
3283:
3282:
3280:
3278:
3272:
3265:
3257:
3248:
3247:
3245:
3243:
3232:
3226:
3225:
3219:
3211:
3209:
3198:
3189:
3186:
3180:
3177:
3171:
3168:
3162:
3159:
3153:
3152:
3150:
3149:
3135:
3129:
3126:
3120:
3119:
3117:
3109:
3103:
3102:
3078:
3072:
3071:
3068:
3048:
3042:
3041:
3039:
3038:
3024:
2932:Fairness opinion
2637:Pharmaceuticals
2626:Pharmaceuticals
2602:ABN-AMRO Holding
2509:Verizon Wireless
2384:Acquiror nation
2372:
2227:
2195:Long-run factors
2142:General Electric
2125:General Electric
2079:Monte dei Paschi
2011:Caterpillar Inc.
1950:Merger of equals
1810:Manager's hubris
1692:Economy of scope
1686:Economy of scale
1594:
1587:
1580:
1030:
1007:
946:and / or recent
878:Enterprise Value
811:types of terms:
801:letter of intent
752:Types of mergers
735:Legal structures
649:reverse takeover
529:equity interests
475:
468:
461:
422:Investor profile
321:Over-the-counter
301:Investor profile
286:Growth investing
281:Financial system
261:Equity (finance)
148:Enterprise value
92:Corporate action
62:
48:
21:
5698:
5697:
5693:
5692:
5691:
5689:
5688:
5687:
5658:
5657:
5656:
5651:
5623:
5599:Stock valuation
5594:Residual income
5510:Cost of capital
5467:
5463:Project finance
5453:High-yield debt
5409:
5388:Tag-along right
5313:Mandatory offer
5283:Control premium
5264:
5257:
5233:Public offering
5181:Bought out deal
5143:
5142:
5136:
5063:
5054:
5017:
5007:
4992:
4986:
4973:
4969:(2nd ed.).
4964:
4958:
4946:. Hoboken, NJ:
4941:
4913:
4892:
4863:
4855:
4834:
4803:
4797:
4780:
4774:
4753:
4739:
4724:
4710:
4697:
4674:10.1.1.580.8086
4658:
4617:
4601:
4597:
4578:
4557:
4544:
4542:Further reading
4539:
4538:
4502:
4501:
4497:
4483:
4482:
4478:
4469:
4467:
4459:
4458:
4451:
4434:
4427:
4426:
4422:
4414:
4407:
4379:
4378:
4374:
4368:
4356:
4352:
4346:
4342:
4337:
4333:
4328:
4324:
4315:
4313:
4308:
4307:
4303:
4298:
4294:
4289:
4285:
4276:
4274:
4269:
4268:
4264:
4255:
4253:
4245:
4244:
4240:
4208:
4203:
4202:
4198:
4188:
4186:
4182:
4181:
4177:
4168:
4166:
4157:
4156:
4152:
4143:
4141:
4132:
4131:
4127:
4114:
4113:
4109:
4104:
4100:
4091:
4089:
4084:
4083:
4079:
4070:
4068:
4059:
4058:
4051:
4042:
4040:
4031:
4030:
4026:
4017:
4015:
4007:
4006:
4002:
3986:
3985:
3981:
3971:
3969:
3960:
3959:
3955:
3950:
3946:
3937:
3935:
3934:on Dec 29, 2017
3922:
3921:
3914:
3904:
3902:
3898:
3891:
3887:
3886:
3882:
3873:
3871:
3863:
3862:
3858:
3848:
3846:
3842:
3835:
3831:
3830:
3826:
3798:
3797:
3793:
3757:
3756:
3752:
3722:
3721:
3717:
3702:10.2307/3003575
3683:
3682:
3678:
3663:10.1002/smj.371
3644:
3643:
3639:
3607:
3602:
3601:
3597:
3559:
3558:
3554:
3526:
3525:
3521:
3491:
3490:
3486:
3464:
3463:
3459:
3433:
3432:
3428:
3400:
3399:
3395:
3382:
3378:
3365:
3364:
3360:
3350:
3348:
3342:
3341:
3337:
3327:
3325:
3321:
3314:
3309:
3308:
3304:
3294:
3293:
3286:
3276:
3274:
3273:on 3 March 2012
3270:
3263:
3259:
3258:
3251:
3241:
3239:
3234:
3233:
3229:
3212:
3207:
3200:
3199:
3192:
3187:
3183:
3178:
3174:
3169:
3165:
3160:
3156:
3147:
3145:
3143:www.oreilly.com
3137:
3136:
3132:
3127:
3123:
3115:
3111:
3110:
3106:
3080:
3079:
3075:
3069:
3050:
3049:
3045:
3036:
3034:
3026:
3025:
3021:
3016:
3011:
3007:Venture capital
2907:Control premium
2887:
2836:
2801:
2759:Lehman Brothers
2755:
2750:
2578:United Kingdom
2413:United Kingdom
2375:Date announced
2367:
2322:
2197:
2159:
2150:American Chicle
2095:
2071:
2065:
2031:, which became
2000:United Airlines
1991:
1974:
1952:
1927:
1918:
1899:
1881:
1835:
1830:
1828:Different types
1794:
1678:
1673:
1654:
1637:
1620:
1611:
1598:
1569:
1568:
1567:
1532:
1524:
1523:
1522:
1497:
1489:
1488:
1487:
1467:
1459:
1458:
1457:
1427:
1417:
1416:
1415:
1371:
1361:
1360:
1359:
1319:
1309:
1308:
1307:
1272:
1262:
1261:
1260:
1201:
1193:
1192:
1191:
1187:Unit of account
1167:Historical cost
1152:Economic entity
1131:
1123:
1122:
1121:
1066:
1058:
1039:Historical cost
1005:
898:asset valuation
873:
855:
797:
762:vertical merger
754:
737:
657:private company
584:
548:competition law
515:Technically, a
479:
412:Financial asset
366:Too big to fail
356:Systematic risk
251:Economic bubble
241:Cost of capital
46:
35:
28:
23:
22:
15:
12:
11:
5:
5696:
5694:
5686:
5685:
5680:
5675:
5670:
5660:
5659:
5653:
5652:
5650:
5649:
5639:
5628:
5625:
5624:
5622:
5621:
5616:
5614:Terminal value
5611:
5606:
5601:
5596:
5591:
5586:
5581:
5576:
5571:
5566:
5561:
5556:
5555:
5554:
5547:Free cash flow
5544:
5539:
5534:
5529:
5524:
5519:
5518:
5517:
5507:
5502:
5497:
5492:
5487:
5481:
5479:
5473:
5472:
5469:
5468:
5466:
5465:
5460:
5458:Private equity
5455:
5450:
5445:
5440:
5435:
5430:
5425:
5419:
5417:
5411:
5410:
5408:
5407:
5402:
5401:
5400:
5390:
5385:
5380:
5375:
5370:
5365:
5360:
5355:
5350:
5345:
5340:
5335:
5330:
5325:
5320:
5315:
5310:
5305:
5300:
5295:
5290:
5285:
5280:
5275:
5269:
5267:
5259:
5258:
5256:
5255:
5250:
5245:
5240:
5235:
5230:
5225:
5220:
5215:
5214:
5213:
5203:
5198:
5193:
5188:
5183:
5178:
5173:
5168:
5163:
5157:
5155:
5146:
5138:
5137:
5135:
5134:
5129:
5124:
5119:
5114:
5109:
5104:
5099:
5094:
5089:
5087:Mezzanine debt
5084:
5079:
5073:
5071:
5065:
5064:
5055:
5053:
5052:
5045:
5038:
5030:
5024:
5023:
5016:
5015:External links
5013:
5012:
5011:
5006:978-1733474511
5005:
4990:
4984:
4971:
4962:
4956:
4939:
4932:
4922:(3): 216–241.
4911:
4901:(4): 601–622.
4890:
4872:(3): 257–281.
4861:
4853:
4832:
4814:(4): 347–359.
4801:
4795:
4778:
4772:
4751:
4737:
4722:
4708:
4695:
4656:
4615:
4595:
4576:
4566:(4): 456–470.
4555:
4543:
4540:
4537:
4536:
4495:
4476:
4449:
4420:
4405:
4372:
4366:
4350:
4340:
4331:
4322:
4301:
4292:
4283:
4262:
4238:
4196:
4175:
4150:
4125:
4107:
4098:
4077:
4049:
4024:
4013:IMAA-Institute
4000:
3979:
3953:
3944:
3912:
3880:
3856:
3824:
3791:
3750:
3737:10.1086/296325
3731:(2): 197–216.
3715:
3676:
3657:(2): 187–200.
3637:
3595:
3552:
3533:Sustainability
3519:
3500:(3): 416–438.
3484:
3473:(3): 178–179.
3457:
3446:(2): 327–340.
3426:
3413:(1): 117–141.
3393:
3376:
3358:
3335:
3324:on 11 May 2013
3302:
3284:
3249:
3227:
3190:
3181:
3172:
3163:
3154:
3130:
3121:
3104:
3093:(5): 304–311.
3073:
3043:
3018:
3017:
3015:
3012:
3010:
3009:
3004:
2999:
2994:
2989:
2984:
2979:
2974:
2969:
2967:Merger control
2964:
2959:
2954:
2949:
2944:
2939:
2934:
2929:
2924:
2919:
2914:
2909:
2904:
2899:
2894:
2888:
2886:
2883:
2868:
2867:
2864:
2861:
2858:
2835:
2832:
2827:
2826:
2818:
2814:
2810:
2800:
2797:
2754:
2751:
2749:
2746:
2743:
2742:
2739:
2738:United States
2736:
2733:
2720:
2719:United States
2717:
2714:
2709:
2705:
2704:
2701:
2700:United States
2698:
2697:Oil & Gas
2695:
2690:
2689:United States
2687:
2686:Oil & Gas
2684:
2679:
2675:
2674:
2671:
2670:United States
2668:
2665:
2660:
2659:United States
2657:
2654:
2649:
2645:
2644:
2641:
2640:United States
2638:
2635:
2630:
2629:United States
2627:
2624:
2619:
2615:
2614:
2611:
2608:
2605:
2599:
2596:
2593:
2587:
2583:
2582:
2579:
2576:
2573:
2567:
2564:
2561:
2555:
2551:
2550:
2547:
2544:
2541:
2535:
2532:
2529:
2526:
2522:
2521:
2518:
2517:United States
2515:
2512:
2506:
2505:United States
2503:
2500:
2494:
2490:
2489:
2486:
2483:
2480:
2477:
2474:
2471:
2465:
2461:
2460:
2457:
2456:United States
2454:
2451:
2446:
2445:United States
2443:
2440:
2437:America Online
2434:
2430:
2429:
2426:
2423:
2420:
2414:
2411:
2408:
2402:
2398:
2397:
2394:
2393:Target nation
2391:
2388:
2385:
2382:
2379:
2378:Acquiror name
2376:
2366:
2363:
2321:
2318:
2315:
2314:
2311:
2308:
2304:
2303:
2300:
2297:
2293:
2292:
2289:
2286:
2282:
2281:
2278:
2275:
2271:
2270:
2267:
2264:
2260:
2259:
2256:
2253:
2249:
2248:
2245:
2242:
2238:
2237:
2234:
2231:
2196:
2193:
2158:
2155:
2094:
2091:
2064:
2061:
2048:
2047:
2041:Yellow Freight
2025:
2018:
2007:
1990:
1987:
1973:
1970:
1957:dot-com bubble
1951:
1948:
1926:
1923:
1917:
1914:
1910:
1909:
1906:
1898:
1895:
1894:
1893:
1889:
1880:
1877:
1876:
1875:
1863:
1851:
1834:
1831:
1829:
1826:
1825:
1824:
1816:
1813:
1807:
1793:
1790:
1786:
1785:
1781:
1778:
1774:
1771:
1764:
1757:
1743:
1736:
1732:
1726:
1720:
1706:
1695:
1689:
1677:
1674:
1672:
1669:
1653:
1650:
1649:
1648:
1645:
1636:
1633:
1619:
1616:
1610:
1607:
1600:
1599:
1597:
1596:
1589:
1582:
1574:
1571:
1570:
1566:
1565:
1560:
1555:
1550:
1545:
1540:
1534:
1533:
1530:
1529:
1526:
1525:
1521:
1520:
1515:
1510:
1505:
1499:
1498:
1495:
1494:
1491:
1490:
1486:
1485:
1480:
1475:
1469:
1468:
1465:
1464:
1461:
1460:
1456:
1455:
1450:
1445:
1440:
1435:
1429:
1428:
1423:
1422:
1419:
1418:
1414:
1413:
1408:
1406:General ledger
1399:
1394:
1389:
1384:
1379:
1373:
1372:
1367:
1366:
1363:
1362:
1358:
1357:
1352:
1347:
1342:
1337:
1332:
1327:
1321:
1320:
1315:
1314:
1311:
1310:
1306:
1305:
1300:
1295:
1290:
1285:
1280:
1274:
1273:
1268:
1267:
1264:
1263:
1259:
1258:
1253:
1248:
1243:
1238:
1233:
1228:
1219:
1214:
1209:
1203:
1202:
1199:
1198:
1195:
1194:
1190:
1189:
1184:
1179:
1174:
1169:
1164:
1159:
1154:
1149:
1144:
1139:
1133:
1132:
1129:
1128:
1125:
1124:
1120:
1119:
1114:
1109:
1104:
1099:
1094:
1089:
1084:
1079:
1074:
1068:
1067:
1064:
1063:
1060:
1059:
1057:
1056:
1051:
1046:
1041:
1035:
1032:
1031:
1023:
1022:
1016:
1015:
1004:
1001:
969:
968:
959:to today; see
950:
937:
934:Owner earnings
918:
908:
854:
851:
846:
845:
841:
837:
833:
827:
820:
796:
793:
753:
750:
736:
733:
724:
723:
719:
716:
713:
710:
691:
690:
677:
653:reverse merger
583:
580:
522:
518:
481:
480:
478:
477:
470:
463:
455:
452:
451:
450:
449:
444:
439:
434:
429:
424:
419:
414:
409:
404:
396:
395:
394:Related topics
391:
390:
389:
388:
383:
378:
373:
368:
363:
358:
353:
348:
343:
338:
333:
328:
323:
318:
313:
308:
303:
298:
293:
288:
283:
278:
276:Financial risk
273:
268:
263:
258:
253:
248:
243:
238:
233:
228:
223:
221:Bond (finance)
218:
213:
211:Angel investor
205:
204:
200:
199:
198:
197:
192:
187:
182:
177:
176:
175:
170:
165:
160:
150:
145:
137:
136:
132:
131:
130:
129:
124:
119:
114:
109:
104:
102:Financial plan
99:
94:
89:
84:
79:
71:
70:
64:
63:
55:
54:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
5695:
5684:
5681:
5679:
5676:
5674:
5671:
5669:
5666:
5665:
5663:
5648:
5640:
5638:
5630:
5629:
5626:
5620:
5617:
5615:
5612:
5610:
5607:
5605:
5602:
5600:
5597:
5595:
5592:
5590:
5587:
5585:
5582:
5580:
5577:
5575:
5572:
5570:
5567:
5565:
5562:
5560:
5557:
5553:
5550:
5549:
5548:
5545:
5543:
5540:
5538:
5535:
5533:
5530:
5528:
5525:
5523:
5520:
5516:
5513:
5512:
5511:
5508:
5506:
5503:
5501:
5498:
5496:
5493:
5491:
5488:
5486:
5483:
5482:
5480:
5478:
5474:
5464:
5461:
5459:
5456:
5454:
5451:
5449:
5446:
5444:
5441:
5439:
5436:
5434:
5431:
5429:
5426:
5424:
5421:
5420:
5418:
5416:
5412:
5406:
5403:
5399:
5396:
5395:
5394:
5391:
5389:
5386:
5384:
5381:
5379:
5376:
5374:
5371:
5369:
5366:
5364:
5361:
5359:
5356:
5354:
5351:
5349:
5346:
5344:
5341:
5339:
5336:
5334:
5331:
5329:
5326:
5324:
5321:
5319:
5316:
5314:
5311:
5309:
5306:
5304:
5301:
5299:
5296:
5294:
5291:
5289:
5286:
5284:
5281:
5279:
5276:
5274:
5271:
5270:
5268:
5266:
5260:
5254:
5251:
5249:
5246:
5244:
5241:
5239:
5236:
5234:
5231:
5229:
5226:
5224:
5221:
5219:
5216:
5212:
5209:
5208:
5207:
5204:
5202:
5199:
5197:
5194:
5192:
5189:
5187:
5184:
5182:
5179:
5177:
5174:
5172:
5169:
5167:
5166:Book building
5164:
5162:
5159:
5158:
5156:
5154:
5150:
5147:
5139:
5133:
5130:
5128:
5125:
5123:
5120:
5118:
5115:
5113:
5110:
5108:
5105:
5103:
5100:
5098:
5095:
5093:
5090:
5088:
5085:
5083:
5080:
5078:
5075:
5074:
5072:
5070:
5066:
5062:
5058:
5051:
5046:
5044:
5039:
5037:
5032:
5031:
5028:
5022:
5019:
5018:
5014:
5008:
5002:
4998:
4997:
4991:
4987:
4981:
4977:
4972:
4968:
4963:
4959:
4953:
4949:
4945:
4940:
4938:. CFO Insight
4937:
4933:
4929:
4925:
4921:
4917:
4912:
4908:
4904:
4900:
4896:
4891:
4887:
4883:
4879:
4875:
4871:
4867:
4862:
4858:
4854:
4850:
4846:
4842:
4838:
4833:
4829:
4825:
4821:
4817:
4813:
4809:
4808:
4802:
4798:
4792:
4788:
4784:
4779:
4775:
4769:
4765:
4760:
4759:
4752:
4748:
4744:
4740:
4738:9789814641029
4734:
4730:
4729:
4723:
4719:
4715:
4711:
4709:9780230341814
4705:
4701:
4696:
4692:
4688:
4684:
4680:
4675:
4670:
4666:
4662:
4657:
4653:
4649:
4644:
4639:
4635:
4631:
4628:(S1): S1–S5.
4627:
4623:
4622:
4616:
4612:
4606:
4598:
4592:
4588:
4584:
4583:
4577:
4573:
4569:
4565:
4561:
4556:
4554:
4553:9780470908846
4550:
4546:
4545:
4541:
4532:
4528:
4523:
4518:
4515:(4): 101365.
4514:
4510:
4506:
4499:
4496:
4491:
4487:
4480:
4477:
4466:
4462:
4456:
4454:
4450:
4445:
4439:
4431:
4424:
4421:
4418:
4412:
4410:
4406:
4400:
4395:
4391:
4387:
4383:
4376:
4373:
4370:
4367:
4364:
4360:
4354:
4351:
4344:
4341:
4335:
4332:
4326:
4323:
4311:
4305:
4302:
4296:
4293:
4287:
4284:
4272:
4266:
4263:
4252:
4248:
4242:
4239:
4234:
4230:
4226:
4222:
4218:
4214:
4207:
4200:
4197:
4185:
4179:
4176:
4164:
4163:Bloomberg.com
4160:
4154:
4151:
4139:
4135:
4129:
4126:
4121:
4117:
4111:
4108:
4102:
4099:
4087:
4081:
4078:
4067:on 2012-10-30
4066:
4062:
4056:
4054:
4050:
4039:on 2012-11-06
4038:
4034:
4028:
4025:
4014:
4010:
4004:
4001:
3996:
3991:
3983:
3980:
3968:
3964:
3961:Hof, Robert.
3957:
3954:
3948:
3945:
3933:
3929:
3925:
3919:
3917:
3913:
3897:
3890:
3884:
3881:
3870:
3866:
3860:
3857:
3841:
3834:
3828:
3825:
3820:
3816:
3812:
3808:
3807:
3802:
3795:
3792:
3787:
3783:
3779:
3775:
3771:
3767:
3766:
3761:
3754:
3751:
3746:
3742:
3738:
3734:
3730:
3726:
3719:
3716:
3711:
3707:
3703:
3699:
3695:
3691:
3687:
3680:
3677:
3672:
3668:
3664:
3660:
3656:
3652:
3648:
3641:
3638:
3633:
3629:
3625:
3621:
3617:
3613:
3606:
3599:
3596:
3591:
3587:
3583:
3579:
3575:
3571:
3567:
3563:
3556:
3553:
3547:
3542:
3538:
3534:
3530:
3523:
3520:
3515:
3511:
3507:
3503:
3499:
3495:
3488:
3485:
3480:
3476:
3472:
3468:
3461:
3458:
3453:
3449:
3445:
3441:
3437:
3430:
3427:
3421:
3416:
3412:
3408:
3404:
3397:
3394:
3390:
3386:
3380:
3377:
3372:
3368:
3362:
3359:
3346:
3339:
3336:
3320:
3313:
3306:
3303:
3298:
3291:
3289:
3285:
3269:
3262:
3256:
3254:
3250:
3238:
3231:
3228:
3223:
3217:
3210:. p. 77.
3206:
3205:
3197:
3195:
3191:
3185:
3182:
3176:
3173:
3167:
3164:
3161:Harwood, 2005
3158:
3155:
3144:
3140:
3134:
3131:
3125:
3122:
3114:
3108:
3105:
3100:
3096:
3092:
3088:
3084:
3077:
3074:
3066:
3062:
3058:
3054:
3047:
3044:
3033:
3029:
3023:
3020:
3013:
3008:
3005:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
2973:
2970:
2968:
2965:
2963:
2960:
2958:
2955:
2953:
2950:
2948:
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2923:
2922:Due diligence
2920:
2918:
2915:
2913:
2910:
2908:
2905:
2903:
2900:
2898:
2895:
2893:
2890:
2889:
2884:
2882:
2878:
2874:
2871:
2865:
2862:
2859:
2856:
2855:
2854:
2851:
2847:
2843:
2840:
2833:
2831:
2824:
2819:
2815:
2811:
2807:
2806:
2805:
2798:
2796:
2792:
2788:
2785:
2782:
2778:
2775:
2772:
2771:globalization
2767:
2764:
2760:
2752:
2747:
2740:
2737:
2734:
2732:
2728:
2724:
2721:
2718:
2715:
2713:
2710:
2707:
2706:
2702:
2699:
2696:
2694:
2691:
2688:
2685:
2683:
2680:
2677:
2676:
2672:
2669:
2666:
2664:
2661:
2658:
2655:
2653:
2650:
2647:
2646:
2642:
2639:
2636:
2634:
2631:
2628:
2625:
2623:
2620:
2617:
2616:
2612:
2609:
2606:
2603:
2600:
2597:
2594:
2591:
2588:
2585:
2584:
2580:
2577:
2574:
2571:
2568:
2565:
2562:
2559:
2556:
2553:
2552:
2548:
2545:
2542:
2539:
2536:
2533:
2530:
2528:Shareholders
2527:
2524:
2523:
2519:
2516:
2513:
2510:
2507:
2504:
2501:
2498:
2495:
2492:
2491:
2487:
2484:
2481:
2478:
2475:
2472:
2469:
2466:
2463:
2462:
2458:
2455:
2452:
2450:
2447:
2444:
2441:
2438:
2435:
2432:
2431:
2427:
2424:
2421:
2418:
2415:
2412:
2409:
2406:
2403:
2400:
2399:
2395:
2392:
2389:
2386:
2383:
2380:
2377:
2374:
2373:
2370:
2364:
2362:
2358:
2356:
2352:
2348:
2344:
2339:
2334:
2330:
2326:
2319:
2312:
2310:Seventh Wave
2309:
2306:
2305:
2301:
2298:
2295:
2294:
2290:
2287:
2284:
2283:
2279:
2276:
2273:
2272:
2268:
2265:
2262:
2261:
2257:
2254:
2251:
2250:
2246:
2243:
2240:
2239:
2235:
2232:
2229:
2228:
2225:
2223:
2218:
2216:
2212:
2208:
2203:
2194:
2192:
2190:
2186:
2181:
2178:
2177:Panic of 1893
2174:
2169:
2167:
2166:Panic of 1893
2162:
2156:
2154:
2151:
2147:
2143:
2139:
2135:
2131:
2126:
2122:
2118:
2114:
2110:
2105:
2101:
2092:
2090:
2088:
2084:
2080:
2076:
2070:
2062:
2060:
2058:
2052:
2046:
2045:Roadway Corp.
2042:
2038:
2037:YRC Worldwide
2034:
2030:
2026:
2023:
2019:
2016:
2012:
2008:
2005:
2001:
1997:
1996:
1995:
1988:
1986:
1982:
1978:
1971:
1969:
1966:
1962:
1958:
1949:
1947:
1945:
1941:
1937:
1933:
1924:
1922:
1915:
1913:
1907:
1904:
1903:
1902:
1890:
1886:
1885:
1884:
1878:
1873:
1869:
1864:
1861:
1857:
1852:
1849:
1845:
1840:
1839:
1838:
1832:
1827:
1822:
1817:
1814:
1811:
1808:
1805:
1800:
1799:
1798:
1791:
1789:
1782:
1779:
1775:
1772:
1769:
1765:
1762:
1758:
1755:
1751:
1747:
1744:
1741:
1737:
1733:
1730:
1727:
1724:
1721:
1718:
1714:
1710:
1709:Cross-selling
1707:
1704:
1700:
1696:
1693:
1690:
1687:
1684:
1683:
1682:
1675:
1670:
1668:
1666:
1661:
1659:
1658:bulge bracket
1651:
1646:
1643:
1642:
1641:
1634:
1632:
1630:
1626:
1617:
1615:
1608:
1606:
1595:
1590:
1588:
1583:
1581:
1576:
1575:
1573:
1572:
1564:
1561:
1559:
1556:
1554:
1551:
1549:
1548:Error account
1546:
1544:
1541:
1539:
1536:
1535:
1528:
1527:
1519:
1516:
1514:
1511:
1509:
1506:
1504:
1501:
1500:
1493:
1492:
1484:
1481:
1479:
1476:
1474:
1471:
1470:
1463:
1462:
1454:
1451:
1449:
1446:
1444:
1441:
1439:
1436:
1434:
1431:
1430:
1426:
1421:
1420:
1412:
1411:Trial balance
1409:
1407:
1403:
1400:
1398:
1395:
1393:
1392:FIFO and LIFO
1390:
1388:
1385:
1383:
1380:
1378:
1375:
1374:
1370:
1365:
1364:
1356:
1353:
1351:
1348:
1346:
1343:
1341:
1338:
1336:
1333:
1331:
1330:Balance sheet
1328:
1326:
1325:Annual report
1323:
1322:
1318:
1313:
1312:
1304:
1301:
1299:
1296:
1294:
1291:
1289:
1286:
1284:
1281:
1279:
1276:
1275:
1271:
1266:
1265:
1257:
1254:
1252:
1249:
1247:
1244:
1242:
1239:
1237:
1234:
1232:
1229:
1227:
1223:
1220:
1218:
1215:
1213:
1210:
1208:
1205:
1204:
1197:
1196:
1188:
1185:
1183:
1180:
1178:
1175:
1173:
1170:
1168:
1165:
1163:
1162:Going concern
1160:
1158:
1155:
1153:
1150:
1148:
1145:
1143:
1140:
1138:
1135:
1134:
1127:
1126:
1118:
1115:
1113:
1110:
1108:
1105:
1103:
1100:
1098:
1095:
1093:
1090:
1088:
1085:
1083:
1080:
1078:
1075:
1073:
1070:
1069:
1062:
1061:
1055:
1052:
1050:
1047:
1045:
1042:
1040:
1037:
1036:
1034:
1033:
1029:
1025:
1024:
1021:
1017:
1013:
1009:
1008:
1002:
1000:
998:
994:
989:
984:
980:
978:
973:
966:
962:
958:
957:as discounted
954:
951:
949:
945:
941:
938:
935:
931:
927:
923:
919:
917:
913:
909:
907:
903:
899:
896:
895:
894:
891:
887:
884:(also called
883:
879:
872:
868:
864:
860:
852:
850:
842:
838:
834:
831:
828:
824:
821:
818:
814:
813:
812:
808:
806:
805:due diligence
802:
795:Documentation
794:
792:
790:
785:
783:
779:
775:
774:shell company
770:
768:
763:
759:
751:
749:
746:
741:
734:
732:
730:
720:
717:
714:
711:
708:
707:
706:
702:
700:
696:
687:
683:
678:
675:
674:going concern
670:
669:
668:
665:
661:
658:
654:
650:
645:
643:
638:
632:
628:
626:
625:
620:
619:
614:
610:
605:
604:
598:
595:
591:
590:
581:
579:
577:
573:
569:
565:
561:
557:
553:
552:United States
549:
545:
540:
538:
534:
530:
526:
525:share capital
520:
516:
513:
511:
507:
503:
499:
495:
491:
487:
476:
471:
469:
464:
462:
457:
456:
454:
453:
448:
445:
443:
440:
438:
435:
433:
430:
428:
425:
423:
420:
418:
415:
413:
410:
408:
405:
403:
400:
399:
398:
397:
392:
387:
386:Watered stock
384:
382:
379:
377:
374:
372:
369:
367:
364:
362:
361:Systemic risk
359:
357:
354:
352:
349:
347:
344:
342:
339:
337:
334:
332:
329:
327:
324:
322:
319:
317:
314:
312:
309:
307:
304:
302:
299:
297:
294:
292:
289:
287:
284:
282:
279:
277:
274:
272:
269:
267:
264:
262:
259:
257:
254:
252:
249:
247:
246:Eco-investing
244:
242:
239:
237:
234:
232:
229:
227:
224:
222:
219:
217:
214:
212:
209:
208:
207:
206:
201:
196:
193:
191:
188:
186:
183:
181:
178:
174:
171:
169:
166:
164:
161:
159:
156:
155:
154:
151:
149:
146:
144:
141:
140:
139:
138:
133:
128:
125:
123:
120:
118:
115:
113:
110:
108:
105:
103:
100:
98:
95:
93:
90:
88:
85:
83:
82:Business plan
80:
78:
75:
74:
73:
72:
69:
65:
61:
57:
56:
53:
49:
44:
40:
33:
19:
5589:Real options
5405:Tender offer
5265:acquisitions
5262:
5253:Underwriting
5238:Rights issue
5141:Transactions
4995:
4975:
4966:
4943:
4919:
4915:
4898:
4894:
4869:
4865:
4840:
4811:
4805:
4782:
4757:
4727:
4699:
4664:
4660:
4625:
4619:
4581:
4563:
4559:
4512:
4508:
4498:
4489:
4485:
4479:
4468:. Retrieved
4464:
4429:
4423:
4392:(2): 52–70.
4389:
4385:
4375:
4369:
4353:
4343:
4334:
4325:
4314:. Retrieved
4304:
4295:
4286:
4275:. Retrieved
4265:
4254:. Retrieved
4250:
4241:
4216:
4212:
4199:
4187:. Retrieved
4178:
4167:. Retrieved
4162:
4153:
4142:. Retrieved
4140:. 2016-11-15
4137:
4128:
4119:
4110:
4101:
4090:. Retrieved
4088:. 2009-03-17
4080:
4069:. Retrieved
4065:the original
4041:. Retrieved
4037:the original
4027:
4016:. Retrieved
4012:
4003:
3994:
3982:
3970:. Retrieved
3966:
3956:
3947:
3936:. Retrieved
3932:the original
3927:
3903:. Retrieved
3896:the original
3883:
3872:. Retrieved
3868:
3859:
3847:. Retrieved
3840:the original
3827:
3810:
3804:
3794:
3772:(1): 20–43.
3769:
3763:
3753:
3728:
3724:
3718:
3693:
3689:
3679:
3654:
3650:
3640:
3615:
3611:
3598:
3565:
3555:
3536:
3532:
3522:
3497:
3493:
3487:
3470:
3466:
3460:
3443:
3439:
3429:
3410:
3406:
3396:
3391:, Vol. 24;2.
3388:
3379:
3370:
3361:
3349:. Retrieved
3338:
3326:. Retrieved
3319:the original
3305:
3275:. Retrieved
3268:the original
3240:. Retrieved
3230:
3203:
3184:
3175:
3166:
3157:
3146:. Retrieved
3142:
3133:
3124:
3107:
3090:
3086:
3076:
3056:
3046:
3035:. Retrieved
3032:Investopedia
3031:
3022:
2879:
2875:
2872:
2869:
2852:
2848:
2844:
2841:
2837:
2828:
2802:
2793:
2789:
2786:
2783:
2779:
2776:
2769:The rise of
2768:
2756:
2753:Introduction
2748:Cross-border
2735:Video games
2610:Netherlands
2598:Netherlands
2590:RFS Holdings
2546:Switzerland
2534:Switzerland
2387:Target name
2368:
2359:
2355:acqui-hiring
2335:
2331:
2327:
2323:
2277:Fourth Wave
2255:Second Wave
2222:Merger Waves
2221:
2219:
2211:price fixing
2198:
2182:
2170:
2163:
2160:
2104:oil refinery
2096:
2072:
2053:
2049:
2013:keeping the
1992:
1983:
1979:
1975:
1953:
1928:
1919:
1911:
1900:
1882:
1860:FromSoftware
1836:
1803:
1795:
1787:
1777:performance.
1735:(see below).
1717:stock broker
1703:market share
1679:
1662:
1655:
1638:
1621:
1612:
1603:
1483:Luca Pacioli
1404: /
1224: /
1222:Depreciation
1130:Key concepts
1102:Governmental
993:real options
985:
981:
974:
970:
911:
882:Equity Value
874:
847:
809:
798:
786:
781:
777:
771:
766:
761:
757:
755:
742:
738:
725:
722:acquisition.
703:
692:
666:
662:
646:
633:
629:
622:
616:
608:
601:
599:
587:
585:
541:
514:
502:consolidated
489:
485:
484:
326:Pension fund
311:Market trend
291:Growth stock
116:
5363:Squeeze-out
5333:Proxy fight
5263:Mergers and
5176:Bought deal
5107:Senior debt
4787:McGraw Hill
4667:(2): 1–20.
4189:18 February
3849:16 February
3539:(6): 1796.
2917:Divestiture
2716:Technology
2708:01/18/2022
2678:12/01/1998
2663:Time Warner
2648:10/22/2016
2618:11/04/1999
2586:04/25/2007
2581:101,475.79
2554:09/16/2015
2549:107,649.95
2525:08/29/2007
2520:130,298.32
2493:09/02/2013
2488:145,709.25
2485:Luxembourg
2476:Luxembourg
2464:06/26/2015
2459:164,746.86
2449:Time Warner
2433:01/10/2000
2428:202,785.13
2401:11/14/1999
2338:Paul Graham
2299:Sixth Wave
2288:Fifth Wave
2266:Third Wave
2244:First Wave
2207:Sherman Act
1888:subsidiary.
1870:subsidized
1844:Square Enix
1792:Other types
1750:externality
1496:Development
1473:Accountants
1369:Bookkeeping
1288:Convergence
1246:Liabilities
1177:Materiality
1065:Major types
693:The terms "
682:empty shell
582:Acquisition
562:", and the
556:Clayton Act
537:liabilities
521:acquisition
376:Toxic asset
346:Super angel
341:Speculation
306:Market risk
173:engineering
43:Acquisition
5662:Categories
5609:Tax shield
5569:Mismarking
5373:Stock swap
5323:Pitch book
5293:Divestment
5171:Bookrunner
5092:Pari passu
4585:. Oxford:
4470:2021-04-27
4363:0804839026
4316:2018-02-22
4277:2018-02-27
4256:2018-02-28
4169:2018-10-18
4144:2017-12-11
4092:2012-12-18
4071:2012-12-18
4043:2012-12-18
4018:2016-12-22
3938:2017-12-10
3874:2017-12-10
3696:(2): 605.
3148:2023-04-04
3037:2024-04-12
3014:References
2997:Swap ratio
2727:Activision
2703:78,945.79
2643:89,167.72
2622:Pfizer Inc
2613:98,189.19
2479:Altice Sa
2417:Mannesmann
2296:2003–2008
2285:1993–2000
2274:1974–1989
2263:1955–1970
2252:1919–1929
2241:1893–1904
2173:monopolies
2121:U.S. Steel
2067:See also:
1925:Acqui-hire
1858:acquiring
1846:acquiring
1761:acqui-hire
1697:Increased
1671:Motivation
1629:Swap ratio
1625:Stock swap
1531:Misconduct
1157:Fair value
1107:Management
1049:Management
1020:Accounting
902:book value
203:Investment
158:accounting
135:Accounting
5584:Pure play
5477:Valuation
5343:Sell side
5206:Greenshoe
4849:2329-9134
4828:154600685
4747:898052215
4718:828246072
4669:CiteSeerX
4652:154230290
4643:1826/3570
4605:cite book
4531:212957211
4438:cite book
4233:219125831
3972:9 January
3905:9 January
3632:219125831
3590:219391535
3582:1556-5068
3514:1469-1930
3351:19 August
3328:19 August
3277:19 August
3242:19 August
3216:cite book
3065:2329-9134
2712:Microsoft
2570:SABMiller
2514:Wireless
2422:Wireless
2410:Wireless
2351:Microsoft
1784:projects.
1715:buying a
1553:Hollywood
1433:Financial
1335:Cash-flow
1092:Financial
1003:Financing
844:agreement
830:Covenants
550:. In the
544:antitrust
494:companies
153:Financial
5415:Leverage
5393:Takeover
5288:Demerger
5273:Buy side
4886:59268938
4219:: 1–37.
3869:Engadget
3786:12354773
3671:36682294
3618:: 1–37.
3371:SMERGERS
2987:Shakeout
2885:See also
2763:currency
2652:AT&T
2566:Belgium
2543:Tobacco
2425:Germany
1932:Facebook
1759:Hiring (
1729:Taxation
1538:Creative
1508:Research
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