Mergers And Acquisitions Essays (Examples)

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Mergers and Acquisition Company Acquisition as a

Words: 1160 Length: 4 Pages Document Type: Essay Paper #: 81470686

ergers and Acquisition

Company Acquisition

As a CEO, you are trying to acquire a foreign firm. The size of your firm will double and it will become the largest in your industry. What does your firm do and what does the foreign firm you are trying to acquire do? Where are the firms based?

look company is a major company in Ohio Columbus in the U.S. And specializes is the sale of all types of spectacles both for the visually impaired or those with visual problems and sun glasses of all designs. This company has been in operation from 1998 and seeks to expand its operations into the African market by acquiring Yengo enterprises which operates in the major East African cities; that is, Nairobi, Kampala and Kinshasa. As the CEO of I-Look enterprises, I need to take into account the following issues discussed below.

There are many reasons why…… [Read More]

Most sellers are prone to number of mistakes and it is wise that they are enlightened in order to avoid making the same mistakes. These mistakes include being indecisive and impatient. If a seller appears to be too anxious, buyers tend to make use of this to push for a lower price whereas if the seller takes too long, the opportunity to sale may pass them by, therefore timing is very paramount. Moreover, the seller must be very careful to ensure that the details of the sale are made public at the opportune time. If the seller informs the employees of the sale too soon, some of the top management may decide to leave for fear of losing out. Creditors and suppliers may also be doubtful of the credibility of the business and put more pressure for outstanding debts or be reluctant to continue supplying (Sherman, 2010).

You are very enthusiastic about the opportunity to be a leading captain of industry and the associated power, prestige, and income. (You expect your salary, bonus, and stock option to double next year). However, you are troubled by the fact that 70% of mergers and acquisitions (M&As) reportedly fail. How would you proceed?

There are a number of reasons why acquisitions fail. In most cases, lack of the acquirer to fully analyze the commercial, financial or strategic implications may be the main reasons for the acquisition to collapse. It is important for the acquirer to find out if the management is running the business smoothly enough before adding more responsibilities. If the management team is experiencing hurdles in the business before acquisition, it becomes obvious that an acquisition will not fare well. Compaq's
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Mergers & Acquisitions Should a Firm Attempt

Words: 475 Length: 2 Pages Document Type: Essay Paper #: 76128504

Mergers & Acquisitions

Should a firm attempt to have fewer or more suppliers?

It depends on the situation the client is in terms of availability of materials and such as well as the number of vendors out there. A firm should balance between not putting all the proverbial eggs in one basket by using only one or two vendors and using too many and thus making administration and logistics more complicated (eSmallOffice, 2013)(Entrepreneur, 2013).

The "sweet spot" is probably 3 or 4 vendors although it can be more if more are required to reliably get all the materials but less may be needed can provide what is needed on time and in a reliable fashion and at a good cost. In short, there shouldn't be more vendors than needed while at the same time, there shouldn't be too few to protect against problems with vendors (eSmallOffice, 2013)(Entrepreneur, 2013)..

What are…… [Read More]

References

Entrepreneur. "How to Find and Work With Suppliers | Entrepreneur.com." Business

News & Strategy For Entrepreneurs | Entrepreneur.com. N.p., 4 Oct. 2013. Web.

4 Oct. 2013. .

eSmallOffice. (2013, October 4). Don't Let Suppliers Control Your Business. Small Business Owner Resource Center|Business Guide - eSmallOffice. Retrieved October 4, 2013, from http://www.esmalloffice.com/SBR_template.cfm?
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Merger or Acquisition and on

Words: 2685 Length: 6 Pages Document Type: Essay Paper #: 44525270

The conclusion whereat these researchers have arrived is that there is a negative mathematical relation between the probability of success of an M&a and the target company's leverage. An increasing leverage shows that equity is slowly substituted with debt, which reduces the fraction of voting right controlled by management and therefore affects the bidder's gain. Stultz finds that the probability of success of a takeover bid is decreasing as the debt-to-equity ratio increases.

Harris and aviv (1988) have studied the same phenomenon from a different point-of-view. They have examined the effects of capital structure change, when it is used and an anti-takeover defense. Substituting debt for equity increases the bargaining power of the target companies. These conclusions were also obtained by way of empirical research (aad and yan (1995), Assem and Titman (1999), and Schwert (2000)): the negative relation between the probability of takeover success and the target's leverage is…… [Read More]

Reference:

Angwin, D. (2001), "Mergers and acquisitions across European borders: national perspectives on pre-acquisition due diligence and the use of professional advisers," Journal of World Business, Vol. 36 No. 1, pp. 2-57.

Assem, S., and S. Titman, "Leverage and Corporate Performance: Evidence from Unsuccessful Takeovers," Journal of Finance, 54 (1999), pp. 547-580.

Branch, B., Yang, T."Predicting Successful Takeovers and Risk Arbitrage" Quarterly Journal of Business and Economics. Lincoln: Winter 2003.Vol.42, Iss. 1/2; pg. 3, ProQuest

Buono, a.F. And Bowditch, J.L. (1989), the Human Side of Mergers and Acquisitions, Jossey-Bass, San Francisco, CA.
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Merger and Acquisition M& a Activity

Words: 1530 Length: 5 Pages Document Type: Essay Paper #: 18746216

Vedanta believed that the company overall was undervalued; Hewitt was trying to avoid the loss of a major segment of business.

Overall, merger and acquisition activity has been relatively slow in recent years. However, firms are still trying to find ways to defend their position (GM, Hewitt) and other firms are attempting to creatively extract new value through their transactions (Exxon, a-B/InBev, Vedanta). As long as there are shifting environmental considerations and new opportunities to exploit, firms will continue to seek out merger and acquisition activities.

orks Cited:

McClure, B. (2010). Mergers and acquisitions. Investopedia. Retrieved March 14, 2010 from http://www.investopedia.com/university/mergers/default.asp

Espinoza, J. (2009). Merger pays off for AB InBev. Forbes. Retrieved March 14, 2010 from http://www.forbes.com/2009/03/05/inbev-quarter-profits-markets-equity_drinks.html

Daily, M. & Driver, a. (2009). Exxon Mobil to buy XTO Energy in big U.S. gas bet. Reuters. Retrieved March 14, 2010 from http://www.reuters.com/article/idUSTRE5BD28G20091214

Reuters. (2010). Vedanta eyes aluminum unit spinoff. The Economic…… [Read More]

Works Cited:

McClure, B. (2010). Mergers and acquisitions. Investopedia. Retrieved March 14, 2010 from http://www.investopedia.com/university/mergers/default.asp

Espinoza, J. (2009). Merger pays off for AB InBev. Forbes. Retrieved March 14, 2010 from  http://www.forbes.com/2009/03/05/inbev-quarter-profits-markets-equity_drinks.html 

Daily, M. & Driver, a. (2009). Exxon Mobil to buy XTO Energy in big U.S. gas bet. Reuters. Retrieved March 14, 2010 from http://www.reuters.com/article/idUSTRE5BD28G20091214

Reuters. (2010). Vedanta eyes aluminum unit spinoff. The Economic Times. Retrieved March 14, 2010 from http://economictimes.indiatimes.com/news/international-business/Vedanta-eyes-aluminium-unit-spin-off-Report/articleshow/5683287.cms
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Mergers Acquisitions and Downsizing

Words: 1278 Length: 4 Pages Document Type: Essay Paper #: 78854901

Mergers, Acquisitions, And Downsizing

Difference between a merger, acquisition and a downsizing

All the three are management strategies dealing with the competitiveness of the companies in subject (Cassiman, 2006). The choice for either of the three depends on the interest of the subject company in their relationship with the other companies in the industry. The differences arise from the various components such as their concepts, size, application and the condition for their occurrence.

The concepts

Merger is a cooperate strategy involving the combination of many companies whereby the subject companies intend to expand their business operations. Acquisition involves the combination of the companies with only one company having most interest in the newly established company. Downsizing always applies to both the acquisition and merger whereby the newly established company realizes that the new operating structure is costly: consequently triggering the need to downscale the cost (Shook & oth, 2011). Downsizing…… [Read More]

References

Cash, Jr., J., Earl, M., & Morison, R. (Nov 2008). Teaming Up to Crack Innovation & Enterprise

Integration. Harvard Business Review, 86 (11), 90 -- 100.

Cassiman, B. (2006). Mergers & acquisitions: The innovation impact. Cheltenham [u.a.: Elgar.

Shook, L. & Roth, G. (2011). Downsizings, mergers and acquisitions: Perspectives of human resource development practitioners. Journal of European Industrial Training, 35 (2), 135-
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Merger Acquisition and International Strategies Mergers Acquisitions

Words: 2103 Length: 7 Pages Document Type: Essay Paper #: 1303004

Merger, Acquisition and International Strategies

Mergers, Acquisitions and International Strategies

A merger is a combination of two or more business entities with the aim of consolidating the resources that they have and creating a single entity with that. The process of merging is done through acquisition or direct pooling together of the resources available. Acquisition occurs when a firm buys a stake in another firm and assumes control of it. Acquisitions are part of growth strategies paid for in cash, payment through stock of the acquiring company or both. Mergers and Acquisitions commonly denoted by M & A work hand in hand and are in recent times seen as one. M & A is a strategy of finance and management dealing with the selling, buying, combination of, firms and entities to help grow a firm rapidly. M & A occur to help a firm create a new strategy, joint venture…… [Read More]

References

GM:New York Stock Quote - General Motors Co - Bloomberg. (n.d.). Bloomberg - Business, Financial & Economic News, Stock Quotes. Retrieved December 1, 2012, from http://www.bloomberg.com/quote/GM:U.S.

General Motors | GM.com. (n.d.). General Motors | GM.com. Retrieved December 1, 2012, from http://www.gm.com/

Tesla Motors | Premium Electric Vehicles. (n.d.). Tesla Motors | Premium Electric Vehicles. Retrieved December 1, 2012, from http://www.teslamotors.com/
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Mergers in 1998 Citicorp Acquired Traveler's Group

Words: 1264 Length: 4 Pages Document Type: Essay Paper #: 28882797

Mergers

In 1998, Citicorp acquired Traveler's Group in a merger of financial services giants. The combination created the world's largest financial services company at the time, combining banking, investments and insurance (Martin, 1998). Under terms of the deal, it was a stock swap, with Traveler's paying $70 billion for Citicorp's shares, though the deal was sold as a $140 billion deal (Ibid). The deal paved the way for expectations that future similar deals would be allowed (Carow, 2001). This paper will analyze the deal in retrospect, to see if the deal delivered value for the shareholders of the two firms. Since it was described as a merger, the shareholders of both firms were expected to benefit.

Background

In the late 1990s, there was tremendous excitement in the markets about the possibility that major mergers in the financial services industry would be allowed by Congress. Carow (2001) noted that market expectations…… [Read More]

Works Cited:

Carow, K. (2001). Citicorp-Travlers Group merger: Challenging barriers between banking and insurance. Journal of Banking and Finance. Vol. 25 (8) 1553-1571.

Elkind, P. (2010). Ex-Citigroup chief says bankers behaving wildly. CNN Money. Retrieved April 9, 2013 from http://money.cnn.com/2010/10/27/news/companies/john_reed_citigroup.fortune/index.htm

Martin, M. (1998). Citicorp and Travelers Plan to merge in record $70 billion deal: A new no. 1: Financial giants unite. New York Times. Retrieved April 9, 2013 from  http://www.nytimes.com/1998/04/07/news/07iht-citi.t.html
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Acquisition Merger Acquisition International Strategies Merger Acquisition

Words: 1903 Length: 6 Pages Document Type: Essay Paper #: 51334734

Acquisition

Merger Acquisition International Strategies

Merger, Acquisition, International Strategies

Merger, Acquisition, International Strategies

For the corporation that has acquired another company, merged with another company, or been acquired by another company, evaluate the strategy that led to the merger or acquisition to determine whether or not this merger or acquisition was a wise choice. Justify your opinion.

Corporation

With around 12,000 employees, Yahoo is a multinational corporation that offers internet-based services. The company offers search engine, web portal, dictionary, email, advertising, groups, answers, video sharing and many more. The company has long series of acquisitions including Social news business Snip-it, blogging site Tumblr, Maktoob etc. one such acquisition was the purchase of Flickr. Flickr is a site for hosting images and videos. Hosting photos was a problem when Flickr was born. Not every site would let upload photos for free. People from anywhere in the world can easy access, make…… [Read More]

References

Biggs, John, (2012), "Kurrenci Is Money For The Web… With A Twist," Retrieved from:

 http://techcrunch.com/2012/06/14/kurrenci-is-money-for-the-web-with-a-twist/ 

Hinan, M., (2012), "How Yahoo Killed Flickr and Lost the Internet," Retrieved from:

http://gizmodo.com/5910223/how-yahoo-killed-Flickr-and-lost-the-internet
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Mergers Can Fail for a

Words: 1162 Length: 4 Pages Document Type: Essay Paper #: 89133056

If the failure is sufficiently severe, the future of the company could be called into question, leading to customer and supplier flight, creating a death spiral.

These impacts can spread far and wide. For example, a company with a failed merger could ultimately lose market share as its weaknesses and its distracted management are exploited by competitors. Sometimes firms merge to acquire market share, but then fail to perform as well as the two individual entities did, resulting in market share declines. This can cause the firm's industry position to deteriorate in addition to its market share. The loss of prestige can actually impact the market share as well.

Goodwill is created on the balance sheet during a merger as the result of the difference between the cost paid for the acquired company and its book value. The goodwill is reflective of the expected synergies and gains that are expected…… [Read More]

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Mergers Managers Rationality

Words: 2382 Length: 6 Pages Document Type: Essay Paper #: 89367991

Mergers

The hypothesis is that "if managers are rational, mergers should always lead to an increase in shareholder value." In principle, this statement should hold, but there are a couple of pragmatic considerations that must be taken into account. Before examining the nuts and bolts of mergers, the statement needs to be corrected a little bit -- if managers are rational mergers should always lead to an expected increase in shareholder value. ationality does not imply omniscience, so managers can only make decisions based on what they expect will happen, not with perfect knowledge of the future. In other words, if a merger fails to increase shareholder value, that does not imply that the manager failed to act rationally. Now that we understand that, we can investigate the core principles behind the statement.

Agency Theory

The first underlying concept at work in this statement is agency theory. Agency theory lies…… [Read More]

References

Agrawal, A. & Jaffe, J. (1999). The post-merger performance puzzle. Advances in Mergers and Acquisitions. JAI Press, Stamford, CT.

Agrawal, A., Jaffe, J. & Mandelker, G. (1992). The post-merger performance of acquiring firms: A re-examination of an anomaly. The Journal of Finance. Vol. XLVIII (4) 1605-1621.

Arthur, W. (1994). Inductive reasoning and bounded rationality. The American Economic Review. Vol. 84 (2) 406-411.

Eisenhardt, K. (1989). Agency theory: An assessment and review. The Academy of Management Review. Vol. 14 (1) 57-74.
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Merger Analysis in July 2008

Words: 943 Length: 3 Pages Document Type: Essay Paper #: 16152152

The constituent company's presence in China is geographically complementary, so that their respective distribution networks can be used to build each other's brands in their respective strongholds. Further, cost synergies of $1.5 billion annually are expected to accrue (Anheuser-Busch, 2008).

These claims are reasonable. There is little geographical overlap between the different brands. In particular in China, A-B is strong in the northeast, while InBev is strong in the southeast. The two companies are also complementary, with A-B strong in North America and InBev strong in Europe and South America. The experience of InBev in its previous major move in North America (the acquisition of Labatt's in Canada) was that it was able to build market share for InBev global brands by using the existing Canadian distribution system. Therefore, their expectation of replicating this success in the U.S. is reasonable. The claim of cost synergies is, however, questionable. hile InBev…… [Read More]

Works Cited:

No author. (2009). InBev completes Budweiser merger. BBC. Retrieved November 27, 2009 from  http://news.bbc.co.uk/2/hi/7735953.stm 

No author. (2007). 2007 NAICS definition. NAICS. Retrieved November 27, 2009 from http://www.census.gov/cgi-bin/sssd/naics/naicsrch?code=312120&search=2007%20NAICS%20Search

Press Release. (2008). InBev and Anheuser Busch agree to combine. Anheuser-Busch. Retrieved November 27, 2009 from http://www.anheuser-busch.com/Press/PressImages/FINAL%20PRESS%20RELEASE.pdf

No author. (2009). Mergers and acquisitions: Definition. Investopedia. Retrieved November 27, 2009 from  http://www.investopedia.com/university/mergers/mergers1.asp
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Merger Financial Analysis of the

Words: 1648 Length: 5 Pages Document Type: Essay Paper #: 38711317

The leadership personnel of the companies were far more affected by this merger, and there is no evidence that this merger was viewed as anything but a positive move for both companies by these individuals (Coffee 2006; Taft & Musich 2006; Knorr 2006). The cash premium that was paid to Mercury Interactive shareholders and the ongoing increase in price for Hewlett Packard stock following the merger makes it likely that shareholder response to the merger was equally positive (Google Finance 2010; Hewlett Packard 2006a).

Conclusion

Many mergers, especially in the past decade of increased scrutiny of accounting methods and financial reports, are quite complex and time consuming. The merger between Hewlett Packard and Mercury Interactive, however, was accomplished with a great deal of simplicity and efficiency. Though the primary benefits to both companies were found in the boosted assets, market share, and operational scope of the merged entity, the efficiency…… [Read More]

References

Boardman, B. (2006). "Merging for muscle." Network Computing, 17(6), pp. 16.

Coffee, P. (2006). "HP-Mercury: Modules to monoliths." eWeek 23(3), pp. 18.

Google Finance. (2010). "HPQ." Accessed 27 October 2010. http://www.google.com/finance?client=ob&q=NYSE:HPQ

Harkiolakis, N. & Mourad, L. (2009). "Preserved Valuation Measurements in Mergers and Acquisitions of Similar Size Corporations." In Recent Advances in Management, Marketing, Finance. Penang, Malaysia: WSEAS Press. Accessed 27 October 2010. http://74.125.155.132/scholar?q=cache:kSabfbC1VpcJ:scholar.google.com/+hp+mercury+interactive+merger&hl=en&as_sdt=1
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Acquisition Safeway's Acquisition of Sobeys

Words: 1193 Length: 4 Pages Document Type: Essay Paper #: 14672719

The stores are dramatically redesigned with earth-toned decor, subdued lighting, custom flooring, unique display fixtures and other special features to create a warm, inviting ambience that Safeway believes significantly enhances the shopping experience, At year end 2010, 1,439 stores, or 85% of the store base, were Lifestyle stores." (Safeway, p. 12)

This suggests that some Sobeys stores -- likely contingent upon the demographic nature of communities serves -- would be candidates for remodeling according to the 'Lifestyle' design. Additionally, all Sobeys stores would carry Safeway's 2008 initiating branding campaign for its line of organic foods called Better Living Brands, which included O. Organics and Eating Right. (p. 34)

In addition to taking on the brands that currently distinguish the Safeway shopping experience, Sobeys would bring its own line of brand names under the Safeway umbrella. According to its own informational website, Sobeys is the owner of not just Sobeys markets…… [Read More]

Works Cited:

Safeway. (2011). 2011 Fact Book. Safeway Inc.

Sobeys. (2011). Homepage. Sobeys Inc.
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Mergers Acquisitions and International Strategies

Words: 1923 Length: 6 Pages Document Type: Essay Paper #: 60902437

Mergers, Acquisitions, and International Strategies

A well crafted strategy is crucial for business success in the both the local and the international market. Firms achieve this success by using business-level strategies or corporate-level strategies, or both. Business level strategies (such as cost leadership and differentiation) influence a firm's competitive advantage in its products and markets, while corporate-level strategies (such as mergers and acquisitions) affect the firm as a whole (Hill & Jones, 2012). Firms operating in the global market must also choose effective international business-level strategies and international corporate-level strategies. This paper compares an international company, Samsung, with a history of mergers and/or acquisitions, and a US-based company, Hibbert Sports, Inc., which is based solely in the US and does not have a history of any mergers or acquisitions. The paper specifically evaluates Samsung's acquisition strategy as well as its international business-level strategies and international corporate-level strategies. Also, the paper…… [Read More]

References

Frainshmidt, S., Smith, A., & Judge, W. (2016). National competitiveness and Porter's diamond model: the role of MNE penetration and governance quality. Global Strategy Journal, 6(2), 81-104.

Hibbett Sports Inc. (2017). Investor relations. Retrieved from http://phx.corporate- ir.net/phoenix.zhtml?c=78137&p=irol-irhome

Hill, C., & Jones, G. (2012). Essentials of strategic management. 3rd edition. Boston: Cengage Learning.

Johnson, G., Scholes, K., & Whittington, R. (2010). Exploring corporate strategy. London: Prentice Hall.
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International Strategies Merger and Acquisition

Words: 2207 Length: 6 Pages Document Type: Essay Paper #: 54691739

Merger, Acquisition, And International Strategies

Google, Inc.:

From a humble beginning in 1998 of responding to about 10,000 queries by offering search engine services, Google, Inc. has grown to a gigantic multinational corporation providing immense and widely used, actually over 30, services with a search engine capacity that responds to more than 200 million queries daily.

Using a combination of personal logging information and other information gathered from its spectrum of services and Google cookies, it is capable of building large dossiers of pertinent information of its individual users. In this essay I wish to examine Google's three most popular and innovative services namely: Ad Sense, Gmail and Google Search in order to show how the huge amount of data gathered from these three services are used to create incredibly big profiles of all its individual users. I will not, however, underestimate the important role its other services like Google…… [Read More]

Bibliography

Bhatia, A., Deep, G., & Sachdeva, A. (2012). Strategic analysis of search engine giant: A case study of googleinc. International Journal of Computing and Business Research. Retrieved from http://www.researchmanuscripts.com/isociety2012/55.pdf

Delichatsios, S.A., & Sonuyi, T. (2005). Get to know Google, because they know you. Retrieved from http://groups.csail.mit.edu/mac/classes/6.805/student-papers/fall05-papers/google.pdf

Dess, L.E.(2012). Corporate level strategy. Retrieved from International Strategic Management: http://brianhenderschiedtbsad428.blogspot.ca/2012/03/walmart-corporate-level-strategy.html

Digication.(2014). Google's corporate level strategy. Retrieved from https://stonybrook.digication.com/calvins_google/Corporate_level_strategy
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Merger Activity Due in Large

Words: 7696 Length: 27 Pages Document Type: Essay Paper #: 57391917

Finance-dominated proponents also maintain that boom economic periods generate a more varied divergence of valuations that fuel merger activity (Medlen 2007). In this regard, Medlen concludes that, "Taken collectively, these understandings may explain some of the merger activity in booms, but they involve certain asymmetries that undercut their explanatory power. High stock valuations allow stock to be utilized as currency and collateral for takeovers; yet stock booms also make targets expensive" (p. 202). Moreover, despite the commonly held perception that mergers are a "quick and dirty" way to grow a business and achieve organizational goals, there remains a lack of convincing empirical evidence in support of this perception (Medlen 2007). As Medlen points out, an "anomalous fact about mergers concerns the lack of evidence that mergers are profitable. This fact begs the question: why then are mergers carried out with such frequency and with such large levels of capitalization?" (p.…… [Read More]

References

Ahern, K.A. & Weston, J.F. (2007). 'M&as: the Good, the Bad, and the Ugly.' Journal

of Applied Finance, vol. 17, no. 1, pp. 5-7.

Babbie, E. (1990). Survey Research Methods (2nd ed.). Belmont, CA: Wadsworth

Publishing Company.
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Mergers in the Oil Industry

Words: 2052 Length: 6 Pages Document Type: Essay Paper #: 40772693

Oil Industry

For the corporation that has acquired another company, merged with another company, or been acquired by another company, evaluate the strategy that led to the merger or acquisition to determine whether or not this merger or acquisition was a wise choice. Justify your opinion.

The oil and gas industry is extremely important in how the world operates and sustains its living. The ability to capture the nature resources provided to us by the environment has proven to be a very lucrative and profit rich industry that had demonstrated its worth over the long run. Within this industry, there are many large and powerful companies that have built strong organizations across the globe. Exxon -- Mobil is one such company that has experienced mergers and has benefited greatly off of their benefits.

The joining between Exxon and Mobil in 1999 created shockwaves around the industry as a new global…… [Read More]

References

Coll, S. (2012). Private empire: ExxonMobil and American power. Penguin.

Corcoran, G. (2010). Exxon-Mobil 12 Years Later: Archetype of a Successful Deal. The Wall Street Journal, 30 Nov 2010. Retrieved from  http://blogs.wsj.com/deals/2010/11/30/exxon-mobil-12-years-later-archetype-of-a-successful-deal/ 

DCP Midstream Partners (nd). Competitive Strengths. Viewed 29 May 2014. Retrieved from  http://www.dcppartners.com/company/competitive-strengths 

Exxon Mobil (nd). Our History. Viewed 29 May 2014. Retrieved from http://corporate.exxonmobil.com/en/company/about-us/history/overview
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Acquisition or Merger

Words: 697 Length: 2 Pages Document Type: Essay Paper #: 68829326

merger usually occurs when both companies are of relatively equal strength. The ideal behind this is that a merger would benefit both companies equally, merging the best elements of both companies in order to form a single company that is stronger than either on its own. The new company can then benefit in a variety of ways. taff reductions for example means job losses, but for the overall revenue of the company, this is a benefit in salary savings. A merged company, being larger in scale than either of the companies before the merge, can also save on goods and equipment purchases. Orders in such cases become larger and can thus be negotiated with the seller. Another benefit is technological advances that become part of the newly merged company. A competitive edge can easily be established by merging the technological elements of both companies, and using the combined brainpower of…… [Read More]

Sources

Business Link. (2005). "Mergers and Acquisitions: How your business can benefit." Cranfield School of Management. http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES& itemId=1074409301

Investopedia.com (2005). "Defining Mergers and Acquisitions." Investopedia, Inc.  http://www.investopedia.com/university/mergers/mergers1.asp 

Sherman, Andrew J. (2005) "Mergers and Acquisitions -- An Introduction." Kansas City, MO: Ewing Marion Kauffman Foundation. http://www.entreworld.org/Content/TopAdvise.cfm?ColumnID=220
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Merger Wave There Are Many Factors That

Words: 930 Length: 3 Pages Document Type: Essay Paper #: 590830

Merger ave

There are many factors that contribute to today's economic global status. Economic evolution did not happen over night and one can look to history to analyze trends and practices as proof. It is unfair of historians to try to pinpoint one deciding moment in history that influences today's business world. One should see today's market as a reflection of past trends and business practices, a build up of many moments of time full of mistakes and successes. It is fair to say that much of where we are today has much to do with what has been learned already but also what has yet to be learned. It is the notion of possibility that makes the present economy rich and multifaceted. It is the ability to think outside what is already known and break down barriers that makes the future of business very exciting. This type of attitude…… [Read More]

Work Cited

O'Brien, Patrick Anthony. "Factory Size, Economies of Scale, and the Great Merger Wave of

1898-1902." The Journal of Economic History Vol. 48, No. 3 (1988): 639-649.
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Merger Along With Acquisition and International Strategies

Words: 2054 Length: 7 Pages Document Type: Essay Paper #: 93796357

Merger, Acquisition, And International Strategies

Ford Corporation: The Volvo takeover

It's imperative for the automotive companies to attain benefits of scale whilst developing latest products which is costing exceedingly high in the present business environment. Compared to the 90's the chances of attaining benefits of scale while saving costs has altered quite a bit. Model volumes have declined which creates difficulties for companies to attain economies of scale, while saving costs. Hence, as a last resort, companies merge with each other, acquire and form alliances with each other to save rising costs while developing new technology and products (Lundback, 2002).

Ford Motor Company

The Ford Motor Company is the second leading profitable automaker in the world. Ford has recently acquired the Swedish-based Volvo for $6.45 billion. Fords profits last year were a bit more than that with $6.57 billion. It's yet another quick acquisition among many others. Ford at present…… [Read More]

Bibliography

AECOM. (2014, July 13). Retrieved October 13, 2014, from http://www.aecom.com/News/Press+Releases/_carousel/AECOM+to+acquire+URS+Corporation+for+U.S.$56.31+per+share+in+cash+and+stock

AECOM Capital. (n.d.). Retrieved October 13, 2014, from http://www.aecom.com/About/AECOM+Capital

Asongu, J. (2007). Innovation as an Argument for Corporate Social Responsibility. Journal of Business and Public Policy.

Fairholm, M. (2009). Leadership and Organizational Strategy. The Innovation Journal: The Public Sector Innovation Journal, 2-15.
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Acquisition of Exxon Mobil Technical Report Acquisition

Words: 2843 Length: 9 Pages Document Type: Essay Paper #: 86815858

Acquisition of Exxon Mobil

Technical report

Acquisition of Exxon Mobil by EIG

Embry Investment Group is an investment company, which deals in investment, primarily through acquisition of other companies. However, before they acquire an organization, they will require evaluating its overall performance to ensure that their investment will attract many investors in the globe. The suggested company to acquire is Exxon Mobil, a renowned public traded organization, which suits the investor's preference. The suggested company conducts its business in over 200 nations in the globe. In addition, Exxon Mobil has upstream activities in numerous countries. Most importantly, Exxon Mobil deals in gas, oil, coal and chemicals, and its portfolio comprises of discovered oil and gas resources equivalent to 70 billion barrels of oil.

Executive Summary

Currently, business in every sector has become competitive, an aspect, which has seen many companies declining without hope of revival. Therefore, many organizations have put…… [Read More]

References

Estrada, J., Tangen, K. And Bergesen, H.O. (1997). Environmental Challenges Confronting the Oil Industry. Chichester, John Wiley & Sons.

ExxonMobil. (n.d.). ExxonMobil Brands: Mobil 1™, Mobil Super ™ & Delvac™. Retrieved

November 22, 2013, from  http://www.exxonmobil.com/Lubes/products_brands.aspx 

ExxonMobil. (n.d.). ExxonMobil Aviation Lubricants. Retrieved November 22, 2013, from http://www.exxonmobil.com/lubes/exxonmobil/emal/pages/commercial/products.html
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Merger One of the Greatest Mergers in

Words: 2315 Length: 6 Pages Document Type: Essay Paper #: 63033401

Merger

One of the greatest mergers in the history of computers was recently organized between Hewlett Packard and Compaq Computers. This was a great victory organized by the chief executive of Hewlett Packard, Carleton S. Fiorina. The direct proof has come within one year of the purchase of Compaq computers at a cost of $19 billion. There was a savings of $3.5 billion and this was achieved in one year, when the promise was to save a billion dollars less and that too, by the end of two years. The company has had the classical result of mergers with a decrease of 17,000 jobs but there was a gain of market share, over 3,000 new patents and launching of 367 new products. It was also very successful in gaining new contracts and got $3 billion contract from Proctor and Gamble that is spread out over ten years. The success has…… [Read More]

Bibliography

Hardy, Quentin. We Did It, 11 August, 2003. Retrieved at http://www.forbes.com/forbes/2003/0811/076_print.html. Accessed on 29 June, 2004

Rupley, Sebastian. HP and Compaq Get Down to Brass Tacks, May 10, 2002 Retrieved at http://www.pcmag.com/article2/0,1759,50028,00.asp. Accessed on 29 June, 2004

Popovich, Ken. HP Releases First Earnings Reflecting Merger; August 27, 2002 Retrieved at http://www.eweek.com/article2/0,3959,489290,00.asp. Accessed on 29 June, 2004

Popovich, Ken. Fiorina: Compaq Acquisition Paying Dividends; October 23, 2002 Retrieved at http://www.eweek.com/article2/0,3959,645785,00.asp. Accessed on 29 June, 2004
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Acquisition American Life Insurance Company and Metlife

Words: 678 Length: 2 Pages Document Type: Essay Paper #: 84631053

Acquisition

American life insurance company and Metlife Inc. merger

Acquisition refers to when a company takes over another company and the taken over company loses its identity to the acquiring company. It can either be vertical or horizontal, forceful or friendly. American Life Insurance Company (ALICO) is a member of the American Insurance Group according to business Global Times (2011). ALICO has been one of the largest and most diversified international life and health insurance companies in the world. It was founded in 1921 and has been a leading life insurer operating in more than 50 countries dealing in life insurance, retirement and wealth management issues.

Metlife inc. is the largest life insurer in the United States and Mexico. It is a leading insurance; annuities and employees benefit programs serving in over 60 countries with a customer base of over 90 million. It hoped to strengthen its presence in Europe…… [Read More]

References.

Andrew Ross Sorkin, (2010). A.I.G. To Sell a Major Life Insurance Unit to Metlife. Retrieved August 10, 2011 from http://dealbook.nytimes.com/2010/03/07/a-i-g-is-set-to-sell-a-life-insurance-unit-to-metlife/

Find Discount Insurance, (2011). AIG Sells American Life Insurance to MetLife. Retrieved August 10, 2011 from http://www.finddiscountinsurance.com/news/life/aig-sells-american-life-insurance-metlife

Global Times, (2011). Metlife to Acquire Life Insurance Unit from AIG For $15.5 Billion.

Retrieved August 10, 2011 from http://business.globaltimes.cn/world/2011-04/511059.html
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Acquisition of Assets Financial Terms 2011 -

Words: 1109 Length: 3 Pages Document Type: Essay Paper #: 95977073

Acquisition of assets ("Financial Terms," 2011) - which is a merger or consolidation in which an acquirer purchases the selling firm's assets. This is seen in the reading when it discussed about how the different companies are being acquired by other bigger companies, or even in some instances merging. This can be seen quite often in instances akin to the reading to keep a company from going out of business and help it stay in business. All in cost- total cost, explicit and implicit. The reading discusses that in the beginning Guillermo was able to charge a premium for his furniture, because his cost were so low and he did not have to pay much for labor; Asset pricing model ("Financial Terms," 2011) -- a model that determines the required rate of return on a particular asset; Asset- a firm's productive resources. This term deals with the beginning of the…… [Read More]

References

Glossary of Financial Terms. (2011, ). The New York Times. Retrieved from  http://www.nytimes.com/library/financial/glossary/bfglose.htm
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Moral Hazard in Acquisitions

Words: 1568 Length: 5 Pages Document Type: Essay Paper #: 74454015

moral hazard in mergers, acquisitions and takeovers. The essay discusses the definition of moral hazard as well as related agency theory and the role of asymmetrical information in transactions. The essay also reviews insider trading from the perspective of insider trading.

In the context of economic theory, moral hazard describes the tendency of a party to take excessive risks because the costs associated with the unreasonable risk are not incurred by the party taking the risks. That is, when the behavior of one party to a transaction may result in detriment to another party after the transaction has taken place, moral hazard may be said to be present. Moral hazard occurs because an institution or individual does not bear the full responsibility or consequences of its actions, and as a result, there is a tendency to act less carefully than otherwise would be the case; this irresponsible behavior leaves the…… [Read More]

Works Cited

Carlton, Dennis W. And Daniel R. Fischel. "The Regulation of Insider Trading." Stanford Law Review. (1983) 35: 857 -- 895. Web. .

Heakal, Reem. "Defining Illegal Insider Trading." (September 25, 2010) n. pag. Web. .

Kleiman, Robert T. "Agency Theory." (2012): n. pag. Web. .

Stein, Jeremy C. "Takeover Threats and Managerial Myopia." Journal of Political Economy. (1988) 96.1: 61- 80. Web. .
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Managing International Acquisitions

Words: 878 Length: 3 Pages Document Type: Essay Paper #: 8866144

Financial Analysis of Mergers and Acquisitions

In the past few years, the amount of mergers and acquisitions have dramatically increased, raising the importance of the strategies and financial analyses performed before the merger or acquisition is expected to occur. Financial, operational, and technical due diligence have become routine undertakings before companies consummate a merger or acquisition. A review of the literature indicates that the strategies employed have a significant impact on whether the merger or acquisition is a success. An example of a very successful strategy that has been implemented several times in the acquisition or merger of companies is the strategy employed by Pfizer. A strategy that did not work out as well is portrayed by Matsushita in its' failed acquisition with MCA. This paper will illustrate and analyze the strategies employed in such transactions in addition to the financial outcomes of the deals.

Pfizer's overall business philosophy has…… [Read More]

Bibliography

Mcgarvey, R. (1997). Due Diligence. Entrepreneur Magazine, October.

Recklies, O. (2003). Vision as Key Factor in Merger Processes. Retrieved July 28, 2005 from  http://www.themanager.org .

Tsao, Amy. (2004). Pfizer's Show of Strength. Business Week, December.

Wood, Mackenzie. (2004). Pharmaceutical Overview. Executives Guide, 15-18.
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Ralcorp Holdings Inc 's Proposed an Acquisition of

Words: 1554 Length: 5 Pages Document Type: Essay Paper #: 88208238

alcorp Holdings, Inc.'s proposed an acquisition of Sara Lee Corp on its stock price. This paper is done with a buy decision for alcorp Holdings stock in mind. The sell recommendation in relation to the content of the news article titled "alcorp Holdings to Purchase Sara Lee's Private Brand efrigerated Dough Business." This is done with the necessary theories of mergers and acquisition in mind as well as with relevant calculations and support documentation. The goal is to determine what the content of the news article means for the investment merits of the stock by evaluating how the event covered in the article have a positive, negative or neutral effect on the stock price. This paper also explains how this affects my investment recommendation.

Introduction

Some time back, alcorp Holdings, Inc. indicated that it had acquired the Sara Lee Corp., a North American private brand refrigerated dough business at close…… [Read More]

References

Andrade, G. Mitchell, M. And Stafford, E. (2001) 'New evidence and perspectives on acquisitions'.Journal of Economic Perspectives, vol. 15, pp. 103-120

Comtex News Network (2012). Shares of RAH Down 15.1% Since Downtrend Call on Shares.

http://funds.usatoday.com/news/story.idms-ID_NEWS=30346688&ID_SUPPLIER_CATEGORY=18614,18686,45864,18689

Feltham, G, and Ohlson, J.A. (1995) 'Valuation and Clean Surplus Accounting for Operating and Financial Activities', Contemporary Accounting Research, vol. 11, pp. 689-731.
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Fox Acquisition of Sky

Words: 431 Length: 2 Pages Document Type: Essay Paper #: 22871054

21st Century Fox's Takeover Of Sky

21st Century Fox has been planning to acquire or takeover of Sky, which has dominated news reports in the recent past. While the plan for the deal has been ongoing for sometime, it has faced several challenges that have caused delays. The delays in the conclusion of the deal have particularly been centered on sexual and racial harassment allegations surrounding Fox News. The acquisition of Sky by 21st Century Fox has looked more vulnerable in the aftermath of the General Election because of investigations into these allegations by Ofcom (Turvill, 2017). Ofcom has been investigating whether 21st Century Fox would be deemed as a fit and proper owner test in light of the claims of racial and sexual harassment. The investigations would also look into whether the takeover would hurt the media plurality in the United Kingdom, which is considered as an important component…… [Read More]

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Cisco Began Its Acquisition Spree in 1993

Words: 1478 Length: 5 Pages Document Type: Essay Paper #: 15332436

Cisco began its acquisition spree in 1993 with the purchase of Crescendo Communications Inc. (Cisco, 1993). The purpose of this acquisition was to acquire a product that Cisco's customers wanted, but that Cisco did not at the time provide. Over the rest of the 1990s, Cisco focused on that type of expansion, totaling 71 acquisitions and a massive growth in the size of the company both in terms of revenue and employees (Ibid).

The company was driven to make these acquisitions because it wanted to serve its major customers better. Cisco was selling to firms like Ford and Boeing, and it was under pressure to add new products to its lineup in order to meet their needs. Acquiring companies that already had those products was seen by Cisco management as the quickest way to meet this market need to hold competitors at bay. The initial acquisitions were made in this…… [Read More]

Works Cited:

Cartwright, S. & Cooper, C. (1993). The role of culture compatibility in successful organizational marriage. Academy of Management Executive. Vol. 7 (2) 57-70.

Cisco (1993). Cisco Systems Corporate Timeline. Cisco Systems press release. Retrieved December 14, 2008 from http://newsroom.cisco.com/dlls/timeline/1993_index.shtml

Singh, H. & Chaudhuri, S. (2008). Cisco's acquisition strategy (1993 to 2000): Value growth through buying early-stage companies. Wharton School, University of Pennsylvania. In possession of the author.

Weber, Y., Shenkar, O. & Raveh, A. (1996). National and corporate cultural fit in mergers/acquisitions: An exploratory study. Management Science. Vol. 42 (8) 1215-1227.
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Cquay Technologies Corp Mergers and

Words: 597 Length: 2 Pages Document Type: Essay Paper #: 79215161



Thus, the company did not manage to the fullest extent to capitalize on achieved competitive advantages and did not manage to cover all the risks

Before the merger, the HP managers expected their market growth rate between the years of 2002 to 2004 to annual increase by 12%, for the PCs business segment to grow by 8% annually, for services segment by 12% and to increase imaging and printing segment by 10% annually. The company projected the highest profit margin growth in the servicing sector as this was Compaq competitive advantage before the merger. After 3 years of the merger, the actual earned revenues were not equal to the predicted ones in any sector: the enterprise revenues fell by 20% in 2002 compared with their 2001 rates, and by 5% from 2003 to 2002; the same happened with PCs segment, while services segment also decreased considerably by 11% in revenues…… [Read More]

Nguyen, H., Kleiner, B. The Effective Management of Mergers, Leadership & Organization Development Journal, Volume 24 (8), 2003, pp. 447-454.

Jackson, J. HP-Compaq Merger Could Aid Resellers, available at http://www.washingtontechnology.com/news/16_13/business/17177-1.html

CQUAY Technologies Corp
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Aquisition Proposal Acquisition Analysis Financial

Words: 2127 Length: 8 Pages Document Type: Essay Paper #: 51597405

Fastpack has an impressive, solid position on the uritanian courier market. The company does not necessarily need to be acquired by TNT. In my opinion, Fastpack would have more to gain if it were not acquired by TNT. Fastpack has a market share base on the international market that the company can further exploit and expand, leading to overall growth for the company, both locally and internationally.

TNT however, needs to acquire Fastpack. As mentioned above, it is quite difficult for foreign companies to enter the uritanian courier market. The best way of succeeding would be to acquire a well-known local company. Therefore, it might be a better solution for both companies, and especially for Fastpack, to decide upon a merger between the two companies rather than on an acquisition of Fastpack by TNT.

Initial Valuation of the Company Acquired by TNT

Objective: the purpose of the acquisition of Fastpack…… [Read More]

Reference List

Summary Balance Sheets (2008). Retrieved January 22, 2009.

Executive Summary (2008). Retrieved January 23, 2009.

Platt, Gordon (2004). Cross-Border Mergers Show Rising Trend as Global Economy Expands. Global Finance. Retrieved January 23, 2009 at http://findarticles.com/p/articles/mi_qa3715/is_200412/ai_n9466795.

Finkelstein, Sydney (2008). Cross Border Mergers and Acquisitions. Dartmouth College. Retrieved January 23, 2009 at http://mba.tuck.dartmouth.edu/pages/faculty/syd.finkelstein/articles/Cross_Border.pdf.
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Sprint Nextel Merger History of

Words: 4904 Length: 18 Pages Document Type: Essay Paper #: 30902784

The transaction was all-cash and was estimated at approximately $4.3 billion, including the assumption of approximately $900 million of net debt. Before acquiring Alamosa, Sprint Nextel Corporation was involved in some litigation issue with one of Alamosa Holdings' subsidiaries, AirGate PCS Inc. Therefore, completing the Alamosa acquisition brought final resolution in this matter. Alamosa was one of Sprint's most important affiliates before the merger with Nextel and the acquisition of this wireless affiliate. Texas based Alamosa Holdings provides Sprint PCS services in 19 states across the United States, and it has about 1.5 million direct wireless subscribers. The affiliate has approximately 1,300 employees. In 2005, Alamosa Holdings' revenues reached $1.32 billion. The most important outcome of acquiring Alamosa Holdings was the fact that the acquisition extended Sprint Nextel Corporation's direct service territory to an additional 20 million people in 19 states.

Another wireless affiliate that was acquired by Sprint Nextel…… [Read More]

Reference List

The Sprint Tradition (2007). Sprint Nextel. Retrieved June 12, 2007 at  http://www.sprint.com/companyinfo/history/ .

Sprint Corporation 1899-2005 (2007). Wikipedia, the free encyclopedia. Retrieved June 12, 2007 at http://en.wikipedia.org/wiki/Sprint_Corporation_%%29.

Nextel Communications (2007). Wikipedia, the free encyclopedia. Retrieved June 12, 2007 at http://en.wikipedia.org/wiki/NEXTEL_Communications_%%29.

Sprint Nextel (2007). Wikipedia, the free encyclopedia. Retrieved June 13, 2007 at http://en.wikipedia.org/wiki/Sprint_Nextel#Merger_of_Sprint_and_NEXTEL.
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Failure of Mergers

Words: 2225 Length: 8 Pages Document Type: Essay Paper #: 23409073

Failures of Merger

Failure of Mergers

The objective of this study is to examine why it is that most mergers fail and will provide real-life examples of the failure of mergers. Toward this end, this work will examine relevant literature in this area of study and specifically academic and professional literature and publications that are peer-reviewed in nature. The work of Weber and Camerer (2003 ) entitled "Cultural Conflict and Merger Failure: An Experimental Approach" reports that most mergers fail and that failure occur "on average in every sense: acquiring firm stock prices tend to slightly fail when mergers are announced; many acquired companies are later sold off; and profitability of the acquired firm is lower after the merger." (Weber and Camerer, 2003) There is a great deal of conflict reported during the process of a merger that results in a high rate of turnover." Disappointment was expressed by participants…… [Read More]

References

Chiriac, Irina Sandu case (2011) Mergers -- Success or Failure? CES Working Papers, III [1] 2001. Retrieved from: http://www.cse.uaic.ro/WorkingPapers/articles/CESWP2011_III1_SAN.pdf

Cross-Border Mergers & Acquisitions: Reducing the Risk of Failure (nd) Communicaid,. Retrieved from: http://www.communicaid.com/access/pdf/library/culture/Cross-Border%20Mergers%20&%20Acquisitions_Reducing%20the%20Risk%20of%20Failure.pdf

Dumon, Marv (2008) Biggest Merger and Acquisition Disasters. Investopedia. Retrieved from:  http://www.investopedia.com/articles/financial-theory/08/merger-acquisition-disasters.asp 

Elwin, Toby (2010) Mergers and Acquisitions Failures are Project Management Failures. 30 November, 2010. Retrieved from: http://www.amajorc.com/blog/mergers-and-acquisitions-failures-are-project-management-failures
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Intrastrate Acquisition of People's Natural

Words: 2288 Length: 8 Pages Document Type: Essay Paper #: 52966006

" (Schlossberg, 2004)

FERC analyzed while making a review of the electric utility mergers proposition, the transaction being proposed "likely effect" on (1) competition;

(2) rates; and (3) regulation. (Schlossberg, 2004)

There are stated to be "no antitrust exemptions for transactions subject to FERC review and such mergers are regularly reviewed by either the Federal Trade Commission (FTC) or the Division." (Schlossberg, 2004) The Securities and Exchange Commission had previously held jurisdiction for reviewing acquisitions of stock of electric utility companies however, the authority provided under the Public Utilities Holding Company Act of 1935 was repealed in 2005.

III. FORESEEAILITY DOCTRINE REHAILITATION

The work of Trujillo (2006) entitled: "State Action Antitrust Exemption Collides with Deregulation: Rehabilitating the Foreeseability Doctrine" states that a capitalist society that has policies which were established for the purpose of regulating "the promotion of competition in traditionally regulated industries such as the electrical market seems counterintuitive.…… [Read More]

BIBLIOGRAPHY

Ewing, Saul (2007) FTC Complaint May Seek to Erode 'State Action' Immunity of Utilities. Staying Ahead Bulletin April 2007. Utility Law. Online available at: http://www.saul.com/common/publications/pdf_1285.pdf

Schlossberg, Robert S. (2004) Mergers and Acquisitions: Understanding the Antitrust Issues. American Bar Association 2004. Google, Books Online available at: http://books.google.com/books?id=JmcoRxfB1OsC

Trujillo, Elizabeth (2006) State Action Antitrust Exemption Collides with Deregulation: Rehabilitating the foreseeability Doctrine. Fordham Journal of Corporate & Financial Law. Online available at: http://findarticles.com/p/articles/mi_qa4048/is_200601/ai_n16410098/
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Effects of Company Mergers on Employees

Words: 554 Length: 2 Pages Document Type: Essay Paper #: 55258436

Company Mergers on Employees

The end of the twentieth century saw a wave of domestic and cross-border corporate mergers and acquisitions. Worldwide M&As grew at an average of 42% per annum between 1980 and 1999, reaching U.S.$2.3 trillion in 1999, according to the United Nations World Investment eport 2000. The report also suggested that the merger trend was evidence of an emerging globalized market (Cheng). While the globalization of markets is one important driving factor behind cross-border mergers since this allows for easier access to new markets through acquisition of strong local players, there are several other reasons why companies may choose to merge. Objectives range from the need to reduce competition, lower cost of production, eliminate excess capacity, increase market share through the acquisition of strong, established brands to the desire to acquire new technology and realize economies of scale in production, distribution, and purchase. Further, weak financial positions…… [Read More]

References

Cheng, E. What's driving the wave of corporate mergers. Green Left Online Edition.

Retrieved from the World Wide Web: http://www.greenleft.org.au/back/2001/438/438p16.htm

Gharib, S. (Feb. 24, 2004). Commentary: The Merger Mania Failure Factor. Quote.com.

Retrieved Mar. 2, 2004 from the World Wide Web: http://finance.lycos.com/qc/news/story.aspx?story=200402250300_NBR_NBR-20040224-STORY4&symbols=NBR:100