Bachelor Thesis from the year 2013 in the subject Business
economics - Business Management, Corporate Governance, grade: -,
Management Center Innsbruck, language: English, abstract: Mergers
and acquisitions (M & A) are a form of corporate expansion and
growth. They are not the only means of growth for a company, but
they are an alternative to growth by internal or organic capital
investments. (Sudarsanam, (1995) p. 1) The first decade of the new
millennium was an era of global mega-mergers. Several factors like
readily available credit, low interest rates, technological change
and global competition fueled M & A activity and in 2007, M
& A transactions reached a new record dollar volume worldwide.
(DePamphilis, (2011) p. 13-14) Mergers and acquisitions are an
important means of removing underperforming managers or companies
and transferring resources to where they are most needed.
(DePamphilis, (2011) p. 124) However, there is considerable
evidence that many M & A activities remain unsuccessful.
Estimated failure rates are typically between 60 and 80 percent.
(Homburg and Bucerius, (2006) p. 347) Due to these high failure
rates, it seems unreasonable for a company to engage in an M &
A transaction, but still, more and more companies decide to do
exactly that. Given the high failure rates of mergers and
acquisitions, this topic is one that is of high significance and
has been extensively researched in the past. This paper aims to
collect the most important research that has been done on the topic
of M & A motive, structure it and emphasize crucial findings.
The first part of this paper introduces the reader to the world of
mergers and acquisitions. After defining mergers and acquisitions,
a brief overview of the various types and objectives is given. The
next part of the paper informs the reader about the different
motives, which may lead executives to engage in M & A
transactions. Because shareholder value is essential to almost all
firms, it is drawn upon as a f
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