The acquisition is a form of asset purchase and stocks of a company acquired. The methods employed in these two kinds are different in practices and solely based on shareholders’ positions.It is essential to determine that the growth rate should be for the transformation of the company and its corporate identity. Therefore, the targeted company identifies a new direction and adds some new capabilities.The management approaches define motives to work under mergers and acquisitions. This hypothesis is workable in many instances when a manager seeks to hire companies for their own interest and not for sole economic gain.
The increased competition in all financial sector develops motivation for customers to stay with that particular company.If a commercially viable strategy is not implemented, all the synergies of companies become worthless. In some cases, the cost of delivering a marketing strategy is better for the public. It is worthy to say that public institutions need to bring growth and harmony and manage high-risk assets. This report presents effective understanding of mergers and acquisitions, along with motives for success and failure from real life examples.
Table of Contents
The union of two or more companies that forms an entity or describes a pool of interest is a merger. It is not a consolidation, which is a combination of different companies/product lines or functional areas. The mergers correspond to no new entity, while in some particular cases, an entity is created. An accounting method that is used in merges as a part of the investment is known as purchase acquisition (Bick, Crook, Lynch & Walkup, 2017). The accounting method in which pooling of interest for the merger is combined when without considering the impact of the tax. Mergers and acquisitions are a vital tool to facilitate corporate expansion with the control of assets and shares. It also offers corporate power on the market through joint strategic opportunities.
Capital budgeting analysis is used to ensure the expected return rate, which will undertake specific considerations of financial issues and tax accounting. There is usually a significant hype about the impact of mergers and acquisitions, which is not favorable. They destroy the acquirer’s acquirer’s business value. The process of mergers and acquisitions incorporates the company’s valuation with the price that takes over its assets. This process highlights that price paid is higher than the actual price (Clarasys, 2020). The common failure of mergers and acquisitions is the difficulty of cultural integration. In common practice, the merger is an entity combined with two or more firms. It reflects different leadership styles, corporate cultures, and expectations of employees. The scope of functional differences is broad and based on employee’s expectations.
The corporate law defines a merger as the combination of different corporations and continues to exist when there is asset transfer. The mergers learn shareholders that exchange shares with shares for new firms. The acquisition highlights the target company as an entity that is involved in the business, and its shares are linked to shareholders for debt or cash (GERBAUD & YORK, 2007). The acquisition is based on buying all the assets or a part of the stock. Mergers and acquisitions are the different entities described under various researches. Research indicates that an alliance can be a formation of a holding company.
Corporate managers face increasing pressure to grow company size, mainly when there is a low demand for the product. The process involves managers looking to jump-start growth, and they have to make sure that this growth can provide returns for the shareholders (Ismail, Dbouk&Azouri, 2014). The concept of the merger is different from the acquisition is the sense of resource size. This field has grabbed extensive attention in recent times. Mergers highlight an interdisciplinary framework that enables companies to grow faster and also ensures that how weak companies are acquired. This pace is kicked up from 2001 to 2004 when at a global level, 30,000 acquisitions were completed. It is observed that an increased number of assets is attributable to certain key factors such as deregulation, low inflation, and a rising stock market. Disney and Pixar/Marvel is a successful example of mergers and acquisitions in the resource-based category. The increase in this activity is witnessed in industries like information technology, healthcare, infrastructure, and the development of software.
In South Africa, the Johannesburg Stock Exchange under the control of American corporations involved in market capitalization (Ghosal&Sokol, 2013). In 1984, the political transformation was established due to democracy. Big conglomerates faced unbundling, so their level of the stake was marginalized. Another example was the Emerging Economic Empowerment companies when they participated in the stock market that involved the unbundling of large consortiums. This acquisition by Anglo American Group, like Johnnic investment, led to the emerging business of blacks and companies acquired access to the public capital. This string of emerging acquisitions in previous years illustrates the control of market capitalization despite the widening of economic empowerment. America Online and Time Warner is an example of a merger and acquisition that managed acceptable returns. In some instances, management can experience acceptable returns determined by the size of the company. In some cases, the company has to contribute to the appropriate level of returns, so it selects aggressive growth by involving in mergers and acquisitions.
Mergers and motivations work on the basis of motivations. These are particularly to increase the financial return and get national interest. The key motives in the expansion of mergers and acquisitions are to create wealth and to expand the market base. Acquisitions are the small role players that can significantly add to the benefits. Proper post-acquisition strategies are not prevalent normally. South Africans large banks acquired smaller banks only to acquire the opportunity of community arrival and reinvestment bill. The bill was managed by the government and help for the smaller banks to get housing finance.
In past South African firms understood the calculated financial risk through understanding the secured liabilities. In case, if some post-acquisition strategies lack focusing on proper management skills or on external environmental factors, the business confronts failures. Some examples from financial sector companies present a high level of competition when there is an increase in customer loyalty and a good brand image (JOHNSON & SIMON, 2009). A bank can face a high threat if no minimum liquidity threshold achieved. Banks focus on risk-free investment and deposits to cover all the extra costs as well as to maintain their capacity level. The research presents that companies have to merge to manage operations and to cut costs efficiently.
The improvement in financial performance is attributable to the increase in revenue or reduction in costs. Under a synergic strategy, this is accomplished to get operational motivation.
The financial improvement process undertakes firm features that explain income smoothing practices. It is based on general motivations that help managers to engage in the financial improvement process. Internal expansion by Hymer has faced by product diversification, vertical integration, and mergers & acquisitions. The motive for a firm’s expansion and profit generation is the pursuit of management (Ogada, Njuguna&Achoki, 2016). This context is well explained under proactive and defensive factors that operate effectively. Under geographic diversification, these factors ensure control due to power and competition in the markets. The market power perspective is defined under proactive factors that appear attractive to the industries. They are rendered more attractive due to the use of anti-competitive conventions such as mergers and acquisitions, barriers to entry, and collusion. Cross-selling success as pros for McKinsey & Company are in the form of efficient delivery of products to realize revenue synergies. Merging firms usually underestimate this potential, but the company has achieved its targeted cross-selling goals (Penrose &Pitelis, 2009).
The cons of cross-selling for the CitiCorp Group are difficulty with challenges related to revenue synergies. They involve multiple groups that are tough to estimate and measure their financial impact. Another con is the gap between end result and goal of targeted selling, i.e., estimated at 20% when measured for 3-5 years synergies.
The increase in market share of revenue is related to the cost rationalization under operational motivation. The economy of scale also plays a part in managing revenue. Cost rationalization is tax loss, staff, and plant matters. In this framework, market extension and product extension are categorized under horizontal form/ competitors. The market extension links to horizontal form and overseas, so the conglomerate M&A is involved. These mergers occur between two companies that deal with similar products, yet different markets. The market extension merger ensures that companies acquire success in a big market when they work on a large client base. The example of a market extension merger is the acquisition of Eagle Bancshares Inc. by RBC Centura (Renneboog&Vansteenkiste, 2019). The pros of this acquisition were a high growth rate in the North American Market and increased operations as being successful. Some little cons exist for Dow Chemical merger and acquisition in the form of intense competition that they are facing in the financial market. This needs diversification and operations in leading US markets.
The product extension merger occurs in two organizations in similar products and similar markets. This merger allows companies to access larger sets of consumers and group together, so they earn good profits. An example is Mobilink Telecom Inc. and its acquisition by Broadcom under the category of product extension merger. The pros of this type are certification and participation in the competition, as seen in the company’s success. The cons exist for Pfizer and Warner-Lambert for this form due to easily imitated business models and a variety of products in different markets.
An unrealistic belief about managers is managerial hubris that relates to bidding firms when assets are managed for a targeted firm. The conglomerate merger occurs when unrelated business activities located in diverse geographical areas unite and form a company. Its example is Walt Disney’s unification with the American Broadcasting Company. Its successes are pros like value creation, acquisition of assets, and diversification. The cons can be illustrated better for H. J. Heinz and Kraft Foods as tax implementation and financial vulnerability based on circumstances.
The mergers and acquisition-related to the human resource are key business tools that show a corporate entity acquires other. This acquisition relates to the professionals when they involve in identifying solutions and recognizing problems in management (WATCH, 2010). The example of resource acquisition is Exxon and Mobile, the success factors in resource acquisition are retentions of employees; good employee benefits program, and development of new policies. The cons are appropriate to discuss for AT&T/Bell South regarding uncertainty in employee performance, low participation, resistance, and high turnover because it can lead to failures.
The vertical integration as a merger and acquisition illustrates the concept of manufacturing plants and store brands. The functional areas are creation, selling, and distribution of products that eliminate the need for external entities such as transportation and manufacturers. An example of vertical integration is the acquisition of Google of Motorola6 Ikea’s 2015. Its cons are the flow of the supply chain and increased relations with the partners (Renneboog&Vansteenkiste, 2019). The cons for vertical integration can be seen from Facebook and Instagram M&A face downstream on occasions and intense competition in technology.
All of these types discuss that some types of mergers and acquisitions are more likely to get success over others, considering the factors involved.
The exclusive motivation for mergers and acquisitions is used for national interests. This mainly includes natural resources and strategic resources.
In Africa, the natural resources mergers are made by developed world organizations, such as Europe and North America. Merger action in basic industries, like, petroleum, agriculture, mining, quarrying, hunting, forestry, and fishing, had continued pretty flat during 1988 and 2004, at times when mergers in manufacturing and services had increased and decreased many times by the percentages in hundreds. If something, natural resources mergers bear an inverse relationship with commodities prices.
In different aspects the national interests, these are really difficult to understand. As per researchers, the National interest of Australia is something that can only be described by the Australian people or Government of Australia. It is not stationary and cannot be described mechanically. The law does not offer mechanical guidelines or definitions for the national interest measurement. Due to the significance of natural resources, mergers are oriented on specific principles to get benefits. The accusations of firms under political expediency needs openness. Mergers, as national interests, show greater flexibility (Penrose &Pitelis, 2009).
Due to the large scale of production, products appear in a combined form that must avoid anti-trust issues. It is necessary to increase production to maintain the scale in the industry, so firms invest more in new products, and natural resources such as oil and gas are used to enhance benefits for the economy. In some cases, raw materials are acquired at low cost; for instance, Walmart is the main example that works on corporate expansion and has not faced shrinkage from entering into new markets or reducing prices.
Strategic resources are the leading format that works on mergers and acquisitions to expand know-how and enter into a competitive environment. The structural scope of the environment is linked to the enhanced mechanism of corporate governance. In the realm of the firm’s acquisition and resources, strategic initiatives play a crucial role. The corporate information security is an integral component to consider while working under acquisitions in the public interest. It helps organizations acquire a key advantage when organizations are facing threats to work. The role of corporate activity undertakes security concepts because it controls the organizational environment. It can be easy to overlook the security matters, but it may enter an insecure connection when the proper framework is installed. The diligence process is linked to the information of an organization where the cybersecurity aspect is recognized as fundamental terms.
The technology under strategic resources is updated with the need of time. Research indicates that 41% of companies focus on mobility and technology to work as a part of their growth strategies. Accenture strategy research states that with the pace of fast-changing communication, high tech industries develop. Established players focus on innovation and stay ahead. In mergers, mostly agile startups are implemented, but they appear complex to handle. The playing field of mergers and acquisitions has opened the door of a new transformation. Due to the implementation of technology, forward-thinking communication offers new paradigms (Ismail, Dbouk&Azouri, 2014). Mergers and acquisitions redefine the boundaries of the industry and generate improved performance.
Global mergers and acquisitions in Japan are experiencing rapid growth due to optimistic nature regarding globalization. The government of Japan has developed policies for mergers and acquisitions that support research activity. At the global level, the scope of transactions in firms remains robust due to prevailed harmony and technology. The activities of mergers and acquisitions in Japan in 2018 is estimated at $358.2 billion. The economic and demographic shifts are to cater to new opportunities. If a portfolio of companies is clarifying their acquisitions, it is likely that they aim for a sharp growth rate. Surge development costs in mergers and acquisitions are attributable to research and development expenses as well as new technologies.
Companies in Japan are focusing on capital market advantages because they are pursuing cross border transactions. In 2008, the financial crisis left these companies in solid shape in financial matters, yet they were characterized by the balance sheet cash (Ghosal&Sokol, 2013). Japan market and central banks faced a rise in interest rates, but they continue to maintain a zero level rate of interest, thus giving corporate operations access to the finance deals.
Several factors are responsible for the success and failure of mergers and acquisitions. The success factors are economies of scale, synergies, cost-saving, and rationalization of channel distribution. It explains different ways that companies adopt to focus on potential capital returns. The common reasons for buying acquisition are also discussed under it.
The critical factors that impede conditions to influence the outcome of the project are the key terms that are viewed by stakeholders. Researchers view some critical factors as the measurements that are assessed by project success. These issues are project management, project success criteria, and cultural differences. The criteria of project research are fulfilled by budget and quality, according to some authors. These criteria do not necessarily measure project outcomes. To that end, project management is only considered for its operational value, not strategic (Alhenawi& Stilwell, 2017). Project success development is based on internal aspects, while external aspects can be complicated. This measurement is important for success estimation. Researchers also focused on the complex criteria of project management factors that contribute to the success of the project during the handover phase.
Assessing project success is attributable to the stakeholder community benefits, satisfaction, purpose achievement, and organizational benefit (Canback, 2004). In merger and acquisitions, the project management team focus on different perspectives required to get success within the estimated timescale(Warf, 2003). Cultural differences are key factors that may contribute or hinder in project development(Worthington, 2001). The strategic fit can be complimentary when two companies interact with different plans or identify merger strategy (Gupta, Kumar &Upadhyayula, 2012).
Mergers and acquisitions face intuitive target when the acquired firm become more successful(Vestal, 2007). The knowledge of the industry, along with the learning curve, describes the chances of success (Cowin& Moore, 1996). The strategic failure for mergers can be poor strategic rationales, poor integration, difficulty in leading, and communication of the organization. The poor execution and increased costs provide clear evidence of failure and important issues to consider. Slow post-integration of mergers, lack of risk management strategies, and cultural clashes are some key concerns that occur during implementation, for instance, in Altria/Philip Morris(Souply-Pierard and Robert, 2017). The strategic planning policy is important to implement because it is crucial to focus on an effective alignment tool that can follow the due diligence process.
Due diligence is about the assessment of the targets under M&A, where all parties learn how to eradicate misunderstanding(Roengpitya, 2011). The process is critical because of it and comprehensive analysis of the merger, such as their financial stability and cash flow (De Noble, Gustafson &Hergert, 1988). It is found out that the complexity of mergers and acquisitions is increased, i.e., Anheuser-Busch InBev and SABMiller. This endeavor offers an experience to focus on new opportunities. Firms, in this way, face losses and stimulate experience to boost their performance(Peltier, 2004). Firms face success when it learns from past experiences. Some mergers experience consistent purchasing that contributes to the chances of success(Papadakis, 2005). The acquisition experience is not a superior factor, but quick succession allows learning of new experiences for management. The management capabilities of the team effectively implement operational excellence. McKinsey & Company have shown a good implementation of strategy fit to contribute to the merger future.
Mergers and acquisitions are the main sources of organizational growth that achieve diversity, profitability, and growth rate(Friberg, Norback and Persson, 2012). These activities are inclined to attain corporate objectives such as market share and get diversified operations(Greco, 1996). Eagle Bancshares Inc. by RBC Centura, has focused on the market cycle by visualizing the growth pattern and competition. Analysts focus on the successful mergers and acquisitions that their success factors are based on marketing and targeting the right opportunities (Okafor, 2019). For instance, Glaxo/smith Kline is a successful merger and acquisition and has experience in guiding organizations to implement strategic direction. From the marketing perspective, the scope of functioning is based on certain strategies to target the right demographics and to acquire functional planning as well as execution. Due to the structural significance of M& A, the role of the market cycle is to focus on the time frame necessary to implement strategy fit that, in turn, gain advantages(Chibuzor, 2016).
Its role in breaking monopolies and raking control of industries is linked to a marketing perspective that undertakes predatory tendencies of business to seek diversification. This framework is built on the new market entry decisions, establishing market players, and to smooth the cash flows(Boen et al., 2006). Mergers and acquisitions are playing a strong role in increasing the capital flow, leverage buyers, and to create opportunities(Majumdar, Moussawi and Yaylacicegi, 2013). This method is significant for corporate restructuring since it makes companies focus on their operational excellence (Suniram& J, 2019). Asian and European firms seek healthy investment opportunities and time frames through M & A. Timing ensures discipline and productive capacity(Boen, Vanbeselaere and Millet, 2005).
The role of mergers and acquisitions in an industry is significant to enhance opportunities in the market and develop organizational benefits. Better operations and increased production capacity are significant to generate investment opportunities. When Mobilink Telecom Inc. and its acquisition by Broadcom was executed, the plan undertook functional expertise and managerial implications (Okafor, 2019). Mergers and acquisition projects are crucial for companies to grow rapidly and execute their corporate strategies, i.e., Mylan acquisition of Meda (drug maker). This is witnessed in well-developed studies as 50-70% acquisitions increase costs or revenue and can destroy the shareholder value. Some mergers fail and confront challenges to integrate. The example of Exxon and Mobile highlights the involvement of shareholders and the execution of plans by focusing on the client’s success(ABEDIN and DAVIES, 2007). The outdated strategic plan is linked to inadequate execution and planning. In some instances, if executive leadership is not experienced, the mismatch in integration planning occurs.
M&A projects identify significant execution factors that can contribute to success and failures. Planning and execution are key steps for mergers to take over a crucial development stage and maximize their potential for success (Souply-Pierard& Robert, 2017). Researchers have found out that through mergers and acquisitions, capabilities are improved, and a smoother integration is acquired. These success factors for firms are significant to classify in two stages, first is the front end, and the second is integration. Execution, in this way, gives rise to corporate leadership, planning and facilitates stakeholder team through learning mechanisms.
Mergers and acquisitions significantly impact organizations and bring changes in ideology and ownership. Strategic activities and cultural cohesion play a significant role in bringing harmony in the organization. The forward-thinking approach in M&A captures core competencies, organizational skills, and knowledge base. The strategic assets enhance collaborative leadership and talent retention for the organization. Cultural values and traits are important to analyze in different workplaces. The cultural traits are easy to identify due to social group diversity. The depth of cultural influences defines discipline, beliefs, and innovation. Cultural cohesion acts as the strategic asset for M& A that provides the internal weight of the organizational structure. This process develops cultural traits. These processes are linked to maintaining the integrity of the organization, so managers are required to be equipped to meet all organizational needs.
Mergers and acquisitions can be financial or strategic. The former allows expanding finance and bringing in the planning of the financial organization as well as product diversification. The expansion into new facilities defines new horizons and product development perspectives. Through offering credibility to the organization, it appears with the power balance in the market. This report about mergers and acquisitions discussed the extensive scope of their benefits, success, and motives for profit.
The report described key successes and failures of mergers and acquisitions with the appropriate motivations. Companies are engaged in M&A under a broader scope of activities that acquire success possibility. With the discussion of profit-based motives, the acquisitions work on the basis of different objectives. Motivations are illustrated in this paper that provides success criteria for the firms under two main objectives. This aspect is explained in this paper by improvement in financial performance and the maintenance of national interest. This report has examined market revenue, operational motivation, the economy of scale, and rationalization of cost. The diversification, resource acquisition, and vertical integration are discussed under extensive real-life examples. In light of significant evidence, it is discussed that motivation is not only significant to determine the success and failure of M&A. This report has discussed the strategic plan, its implementation, timing & execution under certain dimensions such as vertical/horizontal, relatedness, and APP pricing. The extensive review of different literary studies provided that M&A works more significantly under significant managerial experience with due diligence. The discussion of M&A has also yielded a broader scope of success factors such as strategy, expertise, and diligence. Cost and revenue synergies are focused on M&A strategies to improve functionality. In the realm of advanced technology, successful strategic rationales are considered appropriate to generate good ideas.
The current discussion in this paper has fulfilled the objective of this research, and it is inferred that reducing costs, improving organizational structure, and acquiring expertise for any organization is important to understand. Today, the growth of mergers and acquisitions is also associated with negative consequences. Companies invest a huge amount in acquiring expertise, and understanding of key factors play a stronger role in the success of mergers.
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