Chapter 25-Mergers & Acquisitions

2 N D
Chapter
MERGERS & ACQUISITIONS
25
Copyright 2008, Dr Sudhindra Bhat
25 1
FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat
Excel Books
2 N D
Mergers, Acquisitions, and Takeovers: What are the Differences?
Merger
A strategy through which two firms agree to integrate their operations on a relatively co-equal basis
Acquisition
A strategy through which one firm buys a controlling, or 100% interest in another firm with the intent of making the acquired firm a subsidiary business within its portfolio
A special type of acquisition when the target firm did not solicit the acquiring firms bid for outright ownership
Takeover
25 2
Excel Books
2 N D
Adapted from Figure 7.1
Reasons for Acquisitions and Problems in Achieving Success
Cost new product development/increased speed to market
Acquisitions
Increased diversification
Increased market power
Avoiding excessive competition
Overcoming entry barriers
Lower risk compared to developing new products
Learning and developing new capabilities

25 3
Excel Books
2 N D
Market Power Acquisitions
Horizontal Acquisitions
Acquisition of a company in the same industry in
which the acquiring firm competes increases a

firms market power by exploiting: Cost-based synergies Revenue-based synergies
Acquisitions with similar characteristics result in

higher performance than those with dissimilar characteristics
25 4
Excel Books
2 N D
Market Power Acquisitions (contd)
Horizontal Acquisitions Vertical Acquisitions
Acquisition of a supplier or distributor of one or more of the firms goods or services Increases a firms market power by controlling additional parts of the value chain
25 5
Excel Books
2 N D
Market Power Acquisitions (contd)
Horizontal Acquisitions
Vertical Acquisitions Related Acquisitions
Acquisition of a company in a highly related industry
Because of the difficulty in implementing

synergy, related acquisitions are often difficult to implement
25 6
Excel Books
2 N D
Reasons for Acquisitions and Problems in Achieving Success
Too large
Acquisitions
Managers overly focused on acquisitions
Integration difficulties
Too much diversification
Inadequate evaluation of target
Large or extraordinary debt
Inability to achieve synergy

25 7
Excel Books
2 N D
Problems in Achieving Acquisition Success: Integration Difficulties

Integration challenges include: Melding two disparate corporate cultures Linking different financial and control systems Building effective working relationships (particularly when management styles differ) Resolving problems regarding the status of the newly acquired firms executives Loss of key personnel weakens the acquired firms capabilities and reduces its value
25 8
Excel Books
2 N D
Problems in Achieving Acquisition Success: Inadequate Evaluation of the Target

Due Diligence The process of evaluating a target firm for acquisition Ineffective due diligence may result in paying an excessive premium for the target company Evaluation requires examining: Financing of the intended transaction Differences in culture between the firms Tax consequences of the transaction Actions necessary to meld the two workforces
25 9
Excel Books
2 N D
Problems in Achieving Acquisition Success: Large or Extraordinary Debt

High debt can: Increase the likelihood of bankruptcy Lead to a downgrade of the firms credit rating Preclude investment in activities that contribute to the firms long-term success such as: Research and development Human resource training Marketing
25 10
Excel Books
2 N D
Problems in Achieving Acquisition Success: Inability to Achieve Synergy

Synergy exists when assets are worth more when used in conjunction with each other than when they are used separately Firms experience transaction costs when they use acquisition strategies
to create synergy
Firms tend to underestimate indirect costs when evaluating a potential acquisition
25 11
Excel Books
2 N D
Problems in Achieving Acquisition Success: Too Much Diversification

Diversified firms must process more information of greater diversity Scope created by diversification may cause managers to rely too much on financial rather than strategic controls to evaluate business units performances Acquisitions may become substitutes for innovation
25 12
Excel Books
2 N D
Problems in Achieving Acquisition Success: Managers Overly Focused on Acquisitions

Managers invest substantial time and energy in acquisition strategies in: Searching for viable acquisition candidates Completing effective due-diligence processes Preparing for negotiations Managing the integration process after the acquisition is completed
25 13
Excel Books
2 N D
Problems in Achieving Acquisition Success: Managers Overly Focused on Acquisitions

Managers in target firms operate in a state of virtual suspended animation during an acquisition Executives may become hesitant to make decisions with long-term consequences until negotiations have been completed The acquisition process can create a short-term perspective and a greater aversion to risk among executives in the target firm
25 14
Excel Books
2 N D
Problems in Achieving Acquisition Success: Too Large

Additional costs of controls may exceed the benefits of the economies of scale and additional market power Larger size may lead to more bureaucratic controls Formalized controls often lead to relatively rigid and standardized managerial behavior Firm may produce less innovation
25 15
Excel Books
2 N D
Attributes of Successful Acquisitions
25 16
Excel Books
2 N D
Restructuring and Outcomes
25 17
Excel Books
2 N D

Explain why a company might decide to engage in corporate restructuring. Understand and calculate the impact on earnings and on market value of companies involved in mergers. Describe what benefits, if any, accrue to acquiring company shareholders and to selling company shareholders. Analyze a proposed merger as a capital budgeting problem.
Describe the merger process from its beginning to its conclusion.

Describe different ways to defend against an unwanted takeover. Discuss strategic alliances and understand how outsourcing has contributed to the formation of virtual corporations. Explain what divestiture is and how it may be accomplished. Understand what "going private" means and what factors may motivate management to take a company private. Explain what a leveraged buyout is and what risk it entails.
25 18
Excel Books
2 N D
Mergers and Other Forms of Corporate Restructuring
Sources of Value
Strategic Acquisitions Involving Common Stock Acquisitions and Capital Budgeting Closing the Deal
25 19
Excel Books
2 N D
Mergers and Other Forms of Corporate Restructuring
Takeovers, Tender Offers, and Defenses

Strategic Alliances Divestiture Ownership Restructuring
Leveraged Buyouts
25 20
Excel Books
2 N D
What is Corporate Restructuring?
Any change in a companys:
Capital structure,
Operations, or Ownership
that is outside its ordinary course of business.
So where is the value coming from (why restructure)?
25 21
Excel Books
2 N D
Sales enhancement and operating economies*
Why Engage in Corporate Restructuring?
Improved management
Information effect Wealth transfers Tax reasons
Leverage gains
Hubris hypothesis Managements personal agenda
* Will be discussed in more detail in the following two slides.
25 22
Excel Books
2 N D

Sales Enhancement and Operating Economies

Sales enhancement can occur because of market share gain, technological
advancements to the product table, and filling a gap in the product line.
Operating economies can be achieved because of the elimination of duplicate facilities or operations and personnel. Synergy -- Economies realized in a merger where the performance of the combined
firm exceeds that of its previously separate parts.
25 23
Excel Books
2 N D
Sales Enhancement and Operating Economies

Economies of Scale -- The benefits of size in which the average unit cost falls as
volume increases.
Horizontal merger: best chance for economies Vertical merger: may lead to economies
Conglomerate merger: few operating economies

Divestiture: reverse synergy may occur
25 24
Excel Books
2 N D
Strategic Acquisitions Involving Common Stock

Strategic Acquisition -- Occurs when one company acquires another as part of its overall business strategy.
When the acquisition is done for common stock, a ratio of exchange, which denotes the relative weighting of the two companies with regard to certain key
variables, results.
A financial acquisition occurs when a buyout firm is motivated to purchase the company (usually to sell assets, cut costs, and manage the remainder more efficiently), but keeps it as a stand-alone entity.
25 25
Excel Books
2 N D

Example -- Company A will acquire Company B with shares of common stock. Company A Present earnings $20,000,000 Company B $5,000,000
Shares outstanding
Earnings per share Price per share Price / earnings ratio
5,000,000
$4.00 $64.00 16
2,000,000
$2.50 $30.00 12
25 26
Excel Books
2 N D

Example -- Company B has agreed on an offer of $35 in common stock of Company A.
Surviving Company A
Total earnings Shares outstanding* Earnings per share
$25,000,000 6,093,750 $4.10
Exchange ratio = $35 / $64 = .546875 * New shares from exchange = .546875 x 2,000,000= 1,093,750
25 27
Excel Books
2 N D

The shareholders of Company A will experience an increase in earnings per share
because of the acquisition [$4.10 post-merger EPS versus $4.00 pre-merger EPS]. The shareholders of Company B will experience a decrease in earnings per share because of the acquisition [.546875 x $4.10 = $2.24 post-merger EPS versus $2.50
pre-merger EPS].
25 28
Excel Books
2 N D

Surviving firm EPS will increase any time the P/E ratio paid for a firm is less than
the pre-merger P/E ratio of the firm doing the acquiring. [Note: P/E ratio paid for Company B is $35/$2.50 = 14 versus pre-merger P/E ratio of 16 for Company A.]
25 29
Excel Books
2 N D

Example -- Company B has agreed on an offer of $45 in common stock of Company A.
Surviving Company A Total earnings Shares outstanding* Earnings per share $25,000,000 6,406,250 $3.90
Exchange ratio = $45 / $64 = .703125

* New shares from exchange = .703125 x 2,000,000 = 1,406,250
25 30
Excel Books
2 N D
The shareholders of Company A will experience a decrease in earnings per share

because of the acquisition [$3.90 post-merger EPS versus $4.00 pre-merger EPS]. The shareholders of Company B will experience an increase in earnings per share because of the acquisition [.703125 x $4.10 = $2.88 post-merger EPS versus $2.50
pre-merger EPS].
25 31
Excel Books
2 N D

Surviving firm EPS will decrease any time the P/E ratio paid for a firm is greater than the pre-merger P/E ratio of the firm doing the acquiring. [Note: P/E ratio paid for Company B is $45/$2.50 = 18 versus pre-merger P/E ratio of 16 for Company A.]
25 32
Excel Books
2 N D
What About Earnings Per Share (EPS)?
Merger decisions should not be long-term consequences. The possibility of future earnings growth may outweigh the immediate dilution of earnings.
Expected EPS ($)
With the merger
made without considering the
Equal
Without the merger
Time in the Future (years) Initially, EPS is less with the merger. Eventually, EPS is greater with the merger.
25 33
Excel Books
2 N D
Market Value Impact
Market price per share of the acquiring company
Number of shares offered by the acquiring company for each share of the acquired company
Market price per share of the acquired company
The above formula is the ratio of exchange of market price.

If the ratio is less than or nearly equal to 1, the shareholders of the acquired firm are not likely to have a monetary incentive to accept the merger offer from the acquiring firm.
25 34
Excel Books
2 N D
Market Value Impact
Example -- Acquiring Company offers to acquire Bought Company with shares of common stock at an exchange price of $40.
Acquiring Company
Present earnings Shares outstanding Earnings per share Price per share Price / earnings ratio $20,000,000 6,000,000 $3.33 $60.00 18
Bought Company
$6,000,000 2,000,000 $3.00 $30.00 10
25 35
Excel Books
2 N D
Market Value Impact
Exchange ratio Market price exchange ratio
= $40 / $60 = .667 = $60 x .667 / $30 = 1.33 Surviving Company
Total earnings Shares outstanding* Earnings per share Price / earnings ratio Market price per share
$26,000,000 7,333,333 $3.55 18 $63.90
* New shares from exchange = .666667 x 2,000,000 = 1,333,333

25 36
Excel Books
2 N D
Market Value Impact

Notice that both earnings per share and market price per share have risen because
of the acquisition. This is known as bootstrapping.

The market price per share = (P/E) x (Earnings). Therefore, the increase in the market price per share is a function of an expected increase in earnings per share and the P/E ratio NOT declining.
The apparent increase in the market price is driven by the assumption that the P/E
ratio will not change and that each dollar of earnings from the acquired firm will be priced the same as the acquiring firm before the acquisition (a P/E ratio of 18).
25 37
Excel Books
2 N D
Empirical Evidence on Mergers
Target firms in a takeover
receive an average premium of 30%. Evidence on buying firms is
CUMULATIVE AVERAGE ABNORMAL RETURN (%)
Selling companies
Buying companies
mixed. It is not clear that

acquiring firm shareholders gain. Some mergers do have synergistic benefits.
Announcement date TIME AROUND ANNOUNCEMENT (days)
25 38
Excel Books
2 N D
Developments in Mergers and Acquisitions

Roll-Up Transactions The combining of multiple small companies in the same industry
to create one larger company.
Idea is to rapidly build a larger and more valuable firm with the acquisition of small- and medium-sized firms (economies of scale).
Provide sellers cash, stock, or cash and stock.

Owners of small firms likely stay on as managers. If privately owned, a way to more rapidly grow towards going through an initial public offering (see Slide 22).
25 39
Excel Books
2 N D
Developments in Mergers and Acquisitions

An Initial Public Offering (IPO) is a companys first offering of common stock to the general public.
IPO Roll-Up An IPO of independent companies in the same industry that merge into a single company concurrent with the stock offering.
IPO funds are used to finance the acquisitions.
25 40
Excel Books
2 N D
Acquisitions and Capital Budgeting

An acquisition can be treated as a capital budgeting project. This requires an
analysis of the free cash flows of the prospective acquisition.

Free cash flows are the cash flows that remain after we subtract from expected revenues any expected operating costs and the capital expenditures necessary to sustain, and hopefully improve, the cash flows.
Free cash flows should consider any synergistic effects but be before any financial
charges so that examination is made of marginal after-tax operating cash flows and net investment effects.
25 41
Excel Books
2 N D
Cash Acquisition and Capital Budgeting Example
AVERAGE FOR YEARS (in thousands) 1 - 5 6 - 10 11 - 15 Annual after-tax operating cash flows from acquisition Net investment Cash flow after taxes $2,000 $1,800 600 300 $1,400 $1,500 $1,400 --$1,400
16 - 20 21 - 25
Annual after-tax operating cash flows from acquisition Net investment Cash flow after taxes $ 800 $ 200 --$ 800 $ 200 ---
25 42
Excel Books
2 N D
Cash Acquisition and Capital Budgeting Example

The appropriate discount rate for our example free cash flows is the cost of capital for the acquired firm. Assume that this rate is 15% after taxes. The resulting present value of free cash flow is $8,724,000. This represents the maximum acquisition price that the acquiring firm should be willing to pay, if we do
not assume the acquired firms liabilities.

If the acquisition price is less than (exceeds) the present value of $8,724,000, then the acquisition is expected to enhance (reduce) shareholder wealth over the long run.
25 43
Excel Books
2 N D
Other Acquisition and Capital Budgeting Issues
Noncash payments and assumption of liabilities

Estimating cash flows Cash-flow approach versus earnings per share (EPS) approach Generally, the EPS approach examines the acquisition on a short-run basis, while the cash-flow approach takes a more long-run view.
25 44
Excel Books
2 N D
Closing the Deal
Consolidation -- The combination of two or more firms into an entirely new firm. The old firms cease to exist. Target is evaluated by the acquirer Terms are agreed upon Ratified by the respective boards
Approved by a majority (usually two-thirds) of shareholders from both firms

Appropriate filing of paperwork Possible consideration by The Antitrust Division of the Department of Justice or the Federal Trade Commission
25 45
Excel Books
2 N D
Taxable or Tax-Free Transaction
At the time of acquisition, for the selling firm or its shareholders, the transaction is: Taxable -- if payment is made by cash or with a debt instrument. Tax-Free -- if payment made with voting preferred or common stock and the transaction has a business purpose. (Note: to be a tax-free transaction a few
more technical requirements must be met that depend on whether the purchase is
for assets or the common stock of the acquired firm.)
25 46
Excel Books
2 N D
Accounting Treatments
Purchase (method) -- A method of accounting treatment for a merger based on the market price paid for the acquired company.
Pooling of Interests (method) -- A method of accounting treatment for a merger based on the net book value of the acquired companys assets. The balance sheets of the two companies were simply combined.
25 47
Excel Books
2 N D
Accounting Treatment of Goodwill
Goodwill -- The intangible assets of the acquired firm arising from the acquiring firm paying more for them than their book value.
AS eliminated mandatory periodic amortization of goodwill for financial accounting purposes, but requires an impairment test (at least annually) to goodwill. Goodwill charges are generally deductible for tax purposes over 15 years for acquisitions occurring after August 10, 1993. An impairment to earnings is recognized when the book value of goodwill exceeds its market value by an amount that equals the difference.
25 48
Excel Books
2 N D
Tender Offers
Tender Offer -- An offer to buy current shareholders stock at a specified price, often with
the objective of gaining control of the company. The offer is often made by another
company and usually for more than the present market price. Allows the acquiring company to bypass the management of the company it wishes to acquire.
25 49
Excel Books
2 N D
Tender Offers
It is not possible to surprise another company with its acquisition because the SEC requires extensive disclosure.
The tender offer is usually communicated through financial newspapers and direct mailings if shareholder lists can be obtained in a timely manner.
A two-tier offer (next slide) may be made with the first tier receiving more favorable
terms. This reduces the free-rider problem.
25 50
Excel Books
2 N D
Two-Tier Tender Offer
Two-tier Tender Offer Occurs when the bidder offers a superior first-tier price (e.g., higher amount or all cash) for a specified maximum number (or percent) of shares and simultaneously offers to acquire the remaining shares at a second-tier price.
Increases the likelihood of success in gaining control of the target firm. Benefits those who tender early.
25 51
Excel Books
2 N D
Defensive Tactics
The company being bid for may use a number of defensive tactics including:
(1) persuasion by management that the offer is not in their best interests,
(2) taking legal actions, (3) increasing the cash dividend or declaring a stock split to gain shareholder support, and (4) as a last resort, looking for a friendly company (i.e., white knight) to purchase them.
White Knight -- A friendly acquirer who, at the invitation of a target company, purchases shares from the hostile bidder(s) or launches a friendly counter-bid in order to frustrate the initial, unfriendly bidder(s).
25 52
Excel Books
2 N D
Motivation Theories:
Managerial Entrenchment Hypothesis
Antitakeover Amendments and Other Devices
This theory suggests that barriers are erected to protect management jobs and that such actions work to the detriment of shareholders.
Shareholders Interest Hypothesis This theory implies that contests for corporate control are dysfunctional and take management time away from profit-making activities.
25 53
Excel Books
2 N D
Antitakeover Amendments and Other Devices

Shark Repellent -- Defenses employed by a company to ward off potential takeover bidders -- the sharks. Stagger the terms of the board of directors Change the state of incorporation Supermajority merger approval provision
Fair merger price provision

Leveraged recapitalization Poison pill Standstill agreement
Premium buy-back offer
25 54
Excel Books
2 N D

Empirical Evidence on Antitakeover Devices

Empirical results are mixed in determining if antitakeover devices are in the best
interests of shareholders.
Standstill agreements and stock repurchases by a company from the owner of a large block of stocks (i.e., greenmail) appears to have a negative effect on shareholder wealth. For the most part, empirical evidence supports the management entrenchment hypothesis because of the negative share price effect.
25 55
Excel Books
2 N D
Strategic Alliance
Strategic Alliance -- An agreement between two or more independent firms to cooperate in order to achieve some specific commercial objective.
Strategic alliances usually occur between (1) suppliers and their customers, (2) competitors in the same business, (3) non-competitors with complementary strengths.
A joint venture is a business jointly owned and controlled by two or more independent firms. Each venture partner continues to exist as a separate firm, and the joint venture represents a new business enterprise.
25 56
Excel Books
2 N D
Divestiture
Divestiture -- The divestment of a portion of the enterprise or the firm as a whole.
Liquidation -- The sale of assets of a firm, either voluntarily or in bankruptcy. Sell-off -- The sale of a division of a company, known as a partial sell-off, or
the company as a whole, known as a voluntary liquidation.
25 57
Excel Books
2 N D
Divestiture
Spin-off -- A form of divestiture resulting in a subsidiary or division becoming an
independent company. Ordinarily, shares in the new company are distributed to

the parent companys shareholders on a pro rata basis. Equity Carve-out -- The public sale of stock in a subsidiary in which the parent usually retains majority control.
25 58
Excel Books
2 N D
Empirical Evidence on Divestitures

For liquidation of the entire company, shareholders of the liquidating company realize
a +12 to +20% return.

For partial sell-offs, shareholders selling the company realize a slight return (+2%). Shareholders buying also experience a slight gain. Shareholders gain around 5% for spin-offs.
Shareholders receive a modest +2% return for equity carve-outs.

Divestiture results are consistent with the informational effect as shown by the positive market responses to the divestiture announcements.
25 59
Excel Books
2 N D
Ownership Restructuring
Going Private -- Making a public company private through the repurchase of stock by current management and/or outside private investors.
The most common transaction is paying shareholders cash and merging the company
into a shell corporation owned by a private investor management group.

Treated as an asset sale rather than a merger.
25 60
Excel Books
2 N D
Motivation and Empirical Evidence for Going Private

Motivations:
Elimination of costs associated with being a publicly held firm (e.g., registration, servicing of shareholders, and legal and administrative costs related to SEC regulations and reports).
Reduces the focus of management on short-term numbers to long-term wealth

building. Allows the realignment and improvement of management incentives to enhance wealth building by directly linking compensation to performance without having to answer to the public.
25 61
Excel Books
2 N D
Motivation and Empirical Evidence for Going Private

Motivations (Offsetting Arguments):
Large transaction costs to investment bankers. Little liquidity to its owners. A large portion of management wealth is tied up in a single investment. Empirical Evidence: Shareholders realize gains (+12 to +22%) for cash offers in these transactions.
25 62
Excel Books
2 N D
Ownership Restructuring
Leverage Buyout (LBO) -- A primarily debt financed purchase of all the stock or assets
of a company, subsidiary, or division by an investor group.
The debt is secured by the assets of the enterprise involved. Thus, this method is generally used with capital-intensive businesses. A management buyout is an LBO in which the pre-buyout management ends up with a substantial equity position.
25 63
Excel Books
2 N D
Common characteristics (not all necessary):
The company has gone through a program of heavy capital expenditures (i.e.,
modern plant).
There are subsidiary assets that can be sold without adversely impacting the core business, and the proceeds can be used to service the debt burden.
Stable and predictable cash flows.

A proven and established market position. Less cyclical product sales. Experienced and quality management.
25 64
Excel Books

Chapter 25-Mergers &amp; Acquisitions

Caricato da

Informazioni sul documento

Descrizione originale:

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Chapter 25-Mergers &amp; Acquisitions

Caricato da

Copyright:

Formati disponibili

2 N D

MERGERS & ACQUISITIONS

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

Adapted from Figure 7.1

MERGERS & ACQUISITIONS

Reasons for Acquisitions and Problems in Achieving Success

Cost new product development/increased speed to market

Increased market power

Avoiding excessive competition

Overcoming entry barriers

Lower risk compared to developing new products

Learning and developing new capabilities

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Acquisition of a company in the same industry in

which the acquiring firm competes increases a

Acquisitions with similar characteristics result in

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Horizontal Acquisitions Vertical Acquisitions

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Acquisition of a company in a highly related industry

Because of the difficulty in implementing

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

Adapted from Figure 7.1

MERGERS & ACQUISITIONS

Managers overly focused on acquisitions

Too much diversification

Inadequate evaluation of target

Large or extraordinary debt

Inability to achieve synergy

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Problems in Achieving Acquisition Success: Integration Difficulties

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Problems in Achieving Acquisition Success: Inadequate Evaluation of the Target

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Problems in Achieving Acquisition Success: Large or Extraordinary Debt

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Problems in Achieving Acquisition Success: Inability to Achieve Synergy

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Problems in Achieving Acquisition Success: Too Much Diversification

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

MERGERS & ACQUISITIONS

Problems in Achieving Acquisition Success: Managers Overly Focused on Acquisitions

Copyright 2008, Dr Sudhindra Bhat

FINANCIAL MANAGEMENT, Dr. Sudhindra Bhat

Chapter 25-Mergers & Acquisitions

Chapter 25-Mergers & Acquisitions