Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well as the wider implications for the economy, the level of competition and employment. By drawing on classic research perspectives and placing them alongside more recent alternatives, this book provides readers with a focused yet far-reaching introduction to the study of M&As. Each paper is set in context by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands, not only how and why mergers and acquisitions occur, but also the broader implications for organizations. The book is structured clearly into sections concerned with the issues that arise before, during and after the mergers and acquisitions process including motives and planning, partner selection, integration, employee experiences and communication. A unique collection of selected readings and contextualising commentary, this volume will greatly appeal to MBA and graduate students as well as experienced practitioners.

Thoroughly discussing the problems of uniting two independent companies (problems which are commonly underestimated), this book covers a wide range of subjects such as: laws and regulations governing mergers; consideration of financial and material resources; tax views; research and development prospects, as well as the matching and augmenting of skills and equipment of both companies and the adjustments to be made to stock-holders and servicers. The issues of morale, retaining trained personnel and the rearrangement of employee benefits and pensions are also examined.

The separation of ownership and control in the modern cooperation had given rise to extensive theoretical and practical speculation about the economic efficiency and managerial effectiveness of today's large public cooperation. In the case of 10 UK buyouts, studied here a platform is presented to understand positive effect of reintegrating ownership and control and to examine what by contrast has accounted for the successful performance of these companies past buy-outs.

Effects of Mergers charts the history of six industries with a view to examining the effects of mergers. It deals both with the short- and long-term effects of changes in the structure of industry and looks at issues such as whether mergers are in the public interest. The industries covered are: cement, textile printing, soap, glass, motor and brewing, and some comparative material with industries in the USA is included.

As part of the new Routledge series on Global HRM, this new title considers the growing importance of cross-border alliances, in particular international joint ventures, mergers and acquisitions, which is currently a major business issue. Providing a detailed analysis of various aspects of alliances, including learning acquisition, the HR implications of mergers and the role of cooperation and trust in such alliances, this book fills a vital gap in current literature. Featuring case studies and other added value features, this is an essential text for students of HRM, international and strategic management, as well as for HR professionals.

Will the early years of the new century continue to witness the huge growth in merger and acquisition activity which marked the end of the last? The chances are that they will - witness the value of deals carried out by the top five investment banks in the first quarter of 2001 alone ($456.2 billion). The quest for the golden fleece is alive and well. Will the majority of M&As continue to fail to achieve their potential value? This book is about breaking out of the cycle of grand strategy, great prospects, poor implementation, lost opportunities. The authors believe that it is possible for M&As to realise their value - and more.
Bringing home the golden fleece involves more than just setting sail in quest for riches. It's about understanding the destination/end game, and working out the most appropriate route. This book has been written with the practitioner in mind, with the thirteen chapters split into three sections. The first section provides an overview of the merger process and outlining the key elements of success. Section Two focuses on the nuts & bolts of managing the integration process - from transition to full integration. Illustrated by a detailed case study of Articon Integralis AG, the leading supplier of IT Security Solutions and Services in Europe. The final section looks at the themes that can make or break mergers - creating the culture of the new organisation, communications, retention and the roles of line managers and HR. Each section is supported by checklists that should be helpful whether you are a novice at the merger game or an expert.
Contains tools, recommendations/checklists designed to help practitioners survive and thrive in a M&Asituation.
Supported by a wealth of acclaimed research & case studies conducted by Roffey Park. One core case study Articon Intergralis is followed throughout the book plus other examples from global companies including Citicorp, Deutsche Bank, BP Amoco and Siemens.
User-friendly guide to M&A's which will be helpful to not only the core audience of HR professionals but CEO's, transition teams, line managers and anyone who wants to understand how to make mergers work.

The societal benefits of takeovers - in the form of enhanced competition and productivity - have been well documented. Moreover, many scholars believe that the very possibility of a hostile takeover urges incumbent management to be more productive, thus ultimately enhancing shareholder welfare. Starting from such premises as these, Dr Forstinger offers an in-depth comparative analysis of takeover law as it exists in the United States and as it is currently developing in Europe. The latter emphasizes the failed takeover directive of 2001, as its content is already determining new proposals currently in preparation. Among the salient topics that arise in the course of the discussion are the following: the conflicting interests of the various stakeholders-shareholders, managers, employees, creditors, governments, "raiders", and others; the state competition question from the US perspective and the prospects of a market for incorporations in the EU; the tension between harmonization and regulatory competition in context with takeover laws; and the focus on current takeover regulation in the UK, Germany and Austria. The study concludes with recommendations for reflexive harmonization of takeover law in the European Union responding to the complex needs of the diverse corporate law systems of the member states. All company lawyers and corresponding regulators - especially but not exclusively in Europe - should appreciate the clear scholarship and thought that are apparent in this book.

This book reveals the complexity of mergers and acquisitions, and explains how to master it. From doing the deal to making it work, this comprehensive book discusses every aspect of successfully growing your business through mergers and acquisitions. Based on models of complexity, it book shows that complexity in business, as in nature, eventually falls into patterns. By recognizing and taking advantage of these patterns, business leaders can turn weaknesses into strengths, chaos into order, and separate, living organizations into a powerful alliance. This book provides a conceptual framework plus proven templates and real-life examples to guide readers through the twists and turns of forming and sustaining a business partnership. The authors' own experiences with companies such as Shell, Monsanto, and Lucent are the foundation for this thorough handbook. J. Garrett Ralls, Jr. is an international consultant specializing in managing complexity for effective partnering. He is a principal in an investment advisory firm guiding domestic and foreign joint ventures. His clients include many multinationals and governments. Kimberly A. Webb is a consulting associate for Ralls Associates. Her experience includes assignments with the US government, and other assignments in the US, Canada, and Europe. She recently participated in the war game for the President's Commission on Critical Infrastructure Protection and lectured at the US National Defense Center in Hawaii and the Monsanto Europe Technical Center.

Gives seasoned executives the tools they need to develop, plan, and execute a successful merger. More than half of all mergers and acquisitions fail to meet established objectives of value creation. This book is a practical guide to further ensure the successful outcome of business M&A activities. Gendron highlights the critical issues that have historically been the foundation of poorly executed business integration processes. How these key elements are handled can make or break the integration of an acquired company. They include understanding the purpose of the transaction, capturing the learning of preliminary due diligence review efforts, and managing the personal factors that affect all employees in the merger process, including those who work for the acquiring and acquired companies. Once these basic issues have been considered, the integration team should focus on culture, critical processes, and communications. This book provides executives involved with the integration process with the tools they need, including checklists and assessment tools to develop, plan, and execute a successful merger. Whether new to the M&A process or a seasoned pro, the executive charged with key M&A responsibilities will benefit from this book's straightforward examples and non-technical presentation of information.

Mergers, acquisitions, and alliances continue to be almost an everyday feature of the contemporary business scene, yet at least half prove to be unsuccessful. The authors show the contribution that psychology can make to our understanding of the merger phenomena - how it affects organizational performance, and how it affects the managers and employees involved. Mergers, Acquisitions and Strategic Alliances is intended as a guide to successful organizational marriage. Great emphasis is placed on the issue of cultural compatibility as it concerns partner selection, integration practices and venture outcomes. The book also focuses on cross-national mergers, acquisitions and joint ventures. With the increasing economic activity within the European Union and between the unions of other countries, there is a need to know more about the corporate and national cultures in these strategic alliances. The authors have drawn upon an extensive body of research based on recent cases in a wide cross section of industries across Europe.The book is unique in showing the actual effect mergers and acquisitions have on people, and consequently on the performance of the 'new' organization. It will be particularly relevant for decision makers - those who are involved in planning and implementing a large organizational change, and those responsible for ensuring successful integration afterwards. It would also be extremely useful for postgraduate management students, personnel executives and management consultants.

This title offers a comprehensive collection of very serious work on mergers and acquisitions. The selection of articles in this collection reflects the skill and experience of Harold Mulherin.

Companies of all sizes have been initiating international transactions--mergers and acquisitions, joint ventures, strategic alliances, and private placements--in record numbers. Targeted due diligence is crucial to effectively research, value, and complete these complex deals. With an evolving climate of uncertainty and new, unpredictable threats to business, it is more essential than ever before.

"Due Diligence for Global Deal Making" is an invaluable guidebook for companies trying to capitalize on the opportunities in both developed and emerging cross-border markets. All too often global transactions fail to meet the parties' expectations, and the leading culprit is inadequate due diligence. Especially when the target partner lacks a financial performance track record and significant assets, expanding businesses must answer difficult questions, such as: Why (if at all) do this deal? What are the rules going in, and what happens if things go wrong? Where are the tax, legal, financial, and operational traps, and what are the opportunities? This book provides what's needed to avoid devastating mistakes and to master the steps that ensure success: Expert analysis, insights, and strategies from experienced practitioners and leading authorities in cross-border mattersIn-depth coverage of critical topics decision makers need to understand in order to succeed in cross-border transactions--from corporate planning to operational, financial, legal, tax, accounting, and people/organizational considerationsBest practices of corporate investors and professional advisers in conducting critical due diligence

Noted experts discuss critical topics corporate executives--and all those involved with their company's legal, operational, accounting, and tax matters--need to know to successfully complete complex global transactions today.

This book provides the reader with an explanation of the market forces driving increased competition in the legal profession that has raised the overall interest in mergers and often precipitated law firm mergers. At the same time caution is given against merger being seen as a strategy, instead of a means by which a strategy can be implemented. A review of the development of a strategy and the reasons to merge and not to merge are also discussed in this context.

Mergers And Efficiency: Changes Across Time focuses on one aspect of the corporate finance revolution that restructured Corporate America and led to the longest expansion in U.S. history - changes in rates of merger efficiency. Demystifying this most controversial and dynamic period of U.S. economic history is key to understanding the business, financial and economic innovations that defined the last two decades of the 20th century. In addition, it is important to create a careful empirical understanding of the conditions under which merger activity increased or decreased firm efficiency, industrial productivity, and overall improvements in aggregate output and economic performance.

With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific 'lenses' - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be 'synthesized', it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.

The book explores "what are the societal interests that may be affected by a takeover, are these protected under the current regulatory frameworks of the U.K., Germany, and China, (and if so) how are they protected and what recommendations can be made for future reforms in the three jurisdictions?" The book adopts three main methods: law and economics analysis, doctrinal legal research, and comparative analysis. The content of this book is intended not only for the academia; it may also benefit the policy makers by providing an evaluation on the strengths and weaknesses of different protection mechanisms and recommendations for future reforms. Besides, companies which are (potentially) interested in conducting takeovers in the three countries may also find this book useful with its overall analysis of the regulatory frameworks and representative takeover cases in the jurisdictions.

The European Takeover Directive and Its Implementation describes the history and the political and economic objectives of the Directive. Paul Van Hooghten offers detailed commentary on the text of the Directive including a discussion and explanation of each article. He provides insight on national takeover legislation as amended by the Directive in a number of key jurisdictions.
This publication also addresses the optional agreements provided for in the Directive and all of the different provisions that may apply in the various member states. Particular attention is given to new provisions resulting from the Directive, with analysis from attorneys in each member state. Key issues covered include a discussion of the rights of employees under the Directive, a timetable for implementation, the sanctions for not implementing on schedule, and analysis of whether the Directive is compatible with the WTO obligations of the EU. Special attention in given to the Directive's impact on US companies bidding on companies established in the EU.

This best-selling classic provides a graduate-level, non-historical, modern introduction of quantum mechanical concepts. The author, J. J. Sakurai, was a renowned theorist in particle theory. This revision by Jim Napolitano retains the original material and adds topics that extend the text's usefulness into the 21st century. The introduction of new material, and modification of existing material, appears in a way that better prepares the student for the next course in quantum field theory. Students will still find such classic developments as neutron interferometer experiments, Feynman path integrals, correlation measurements, and Bell's inequality. The style and treatment of topics is now more consistent across chapters. The Second Edition has been updated for currency and consistency across all topics and has been checked for the right amount of mathematical rigor.

This highly topical book provides a multi-disciplinary perspective, ranging from finance to psychology, on the subject of mergers and acquisitions.
Each chapter introduces key frameworks that relate to a particular perspective and incorporates case studies where these frameworks can be used for interpretive and diagnostic purposes
Invites readers to apply the frameworks as maps or tools for analyzing their own organizational experiences via a series of general discussion questions.
Seeks to develop its perspective by offering analytical insights into actual experiences of mergers and acquisitions in different global contexts, successful and unsuccessful, presenting new empirically based evidence to support the arguments
Drawn from around the world, each author is a leading exponent in his or her perspective on mergers and acquisitions

Part of the "Images of Business Strategy Seri"es which interrogates conventional categories in today's fast-changing business world. By applying new perspectives, books in the series redefine established territories and extend our view of important business phenomena. Select international contributions to each volume are integrated by the Editor to provide a richer insight into the business landscape and open up new conceptual horizons.

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An engaging exploration of modern-day deals and deal-making

"Gods at War" details the recent deals and events that have forever changed the world of billion-dollar deal-making. This book is a whirlwind tour of the players determining the destiny of corporate America, including the government, private equity, strategic buyers, hedge funds, and sovereign wealth funds.

It not only examines many of the game-changing takeover events that have occurred in the past years, but also puts them into context and exposes what is really going on behind the scenes on Wall Street. "Gods at War" completely covers the strategic issues that guide the modern-day deal, and since they unfold under the shadow of the law, it also focuses on the legal aspects of deal-making and takeovers.Each chapter unfolds through the lens of a recent transaction, from the battle between Yahoo and Microsoft to the United Rental/Cerberus disputeProvides in-depth explanations and analysis of the events and actors that have shaped this fast-moving fieldExamines the federal government's regulation by deal approach to saving the financial system and explains the government's biggest "deals," including its bail-outs of AIG, Bank of America, and Citigroup

Filled with in-depth insights that will enhance your understanding of this field, "Gods at War" offers an engaging look at deals and deal-makers in the context of recent historical events. It's a book for those who want to understand deals, takeovers, and the people and institutions who shape our world.

Accounting expert Steven Bragg equips you with a working knowledge of the complete M&A process throughout "Mergers and Acquisitions: A Condensed Practitioner's Guide," with comprehensive, reader-friendly, and straightforward advice on principal business terms, as well as the due diligence process, the customary contractual provisions, legal background, and how-to's applicable to business acquisitions. Destined to become a well-thumbed addition to every manager's library, this essential guide addresses the entire acquisition process with pragmatic information that will serve you as an excellent reference whether you are a novice or expert acquirer.

Merger control in the United Kingdom has recently entered a new phase in its development. The advent of the relevant aspects of the Enterprise Act 2002 has been welcomed as a "depoliticisation" of the regime. The role of the Secretary of State has been all but excised, and the substantive criteria against which mergers are assessed have been revised to offer formally a competition-based standard. Together with guidance published subsequently, the reforms also prescribe a range of new procedural guarantees for those parties affected under the regime. In addition, the EC merger control regime and in particular the nature of its relationship with the competent authorities of the Member States has been significantly revised.
It is against this backdrop that the authors--leading experts with first rate regulatory, practical and academic experience--offer a comprehensive statement of the law, architecture, and procedure of merger control in the United Kingdom; explain the factors pertinent to the economic appraisal of mergers in a manner accessible to a legal audience; and give invaluable practical guidance on managing the transactional process and regulatory risk.

Mergers & acquisitions are an essential instrument of strategic corporate management for companies of all sizes. The success of an M&A project highly depends on an optimal transaction preparation, fast execution and the experience of all parties involved. Due to numerous endogenous and exogenous influences, no two M&A transactions are alike at the detailed level. This book is designed as a practical M&A guide for students and professionals alike. In addition to dealing with important basics of mergers & acquisitions, the focus is on a structured and in-depth examination of the individual process steps of a typical company sale. At various points in this book, specific differences between a company sale of medium-sized companies (mid-caps) and large companies (large-caps) are discussed in detail.