Acquisitions

Merger and acquisitions is defined as a strategic decision to increase a firm’s growth and enhance its operations (Saxena, 2012). Some proponents argue that mergers increase efficiency whereas opponents argue that they decrease consumer welfare by monopoly power (Coontz, 2004). There is a growing empirical literature documenting that mergers are efficient means for assets to be reallocated within the economy. In line with all these discussions Mergers and Acquisitions in the corporate world are achieving increasing importance and attention especially in the era of intense globalization. Grubb and Lamb (2000) states that only about 20 percent of all mergers really succeed. In 2014, there was a total of 130 deals with disclosed values totaling US$17.7 billion in Turkey. Of these, 4 of them were above one billion US dollars and accounted for 51% of total transaction volume. This paper analyzes the sources of value creation in mergers and acquisitions; focus on critical success factors ...

SABMiller plc (www.sabmiller.com), publicly listed on the London Stock Exchange (LSE:SAB) and
Johannesburg Stock Exchange (JSE:SAB), and available via the US OTC market (OTC:SBMRF), is a global brewing and bottling group. Founded in South Africa in 1895, SABMiller today is an international enterprise with a market value of £21 billion, producing a range of premium beers, including six numbering amongst the top 50 brands in the world: Pilsner Urquell, Peroni, Miller Genuine Draft, Miler Lite, Castle and Grolsch. The Grolsch brand, previously purveyed by 392-year-old Royal Grolsch NV,
was the target of a notable acquisition in the brewery industry in November of 2007, with SABMiller paying a premium €816 million ($1.2bn; £583m), an 84% premium over Grolsch’s then share price. A premium price for a premium band, the acquisition of Grolsch added a northern European product to
SABMiller’s portfolio and expanded its native and foreign market share. Riding a wave of merger mania in the brewing industry, hindsight and the global recession ask: was it worth it? This case study takes a close look at the fundamentals in addressing this question.

PT. Elang Mahkota Teknologi, Tbk. dan PT. Indosiar Karya Media, Tbk. UNIVERSITAS SURABAYA FAKULTAS BISNIS DAN EKONOMIKA 2013 Disusun Oleh : KP -F Michael Janitra Wihardjo 3122082 Yanita Apsari Dewi Alie 3123179 KATA PENGANTAR Puji dan syukur penulis panjatkan kepada Allah, Tuhan Yang Maha Esa karena berkat rahmat dan kasih-Nya, penulis dapat menyelesaikan pengerjaan makalah mata kuliah Manajemen Keuangan. Penulis juga bersyukur atas segala anugerah yang telah diberikan-Nya selama proses pembuatan berlangsung. Ucapan terima kasih penulis sampaikan kepada seluruh pihak yang mendukung keberhasilan penulisan makalah ini. Dosen mata kuliah Manajemen Keuangan yang telah membantu dan membimbing penulis dalam pengerjaan makalah mata kuliah ini. Pada saat makalah mata kuliah ini dibuat, penulis mengalami sedikit masalah terhadap pembahasan materi, karena perlunya pencarian sumber data yang tepat bagi pemenuhan kebutuhan data makalah ini. Penulis juga menyadari bahwa penulisan makalah ini jauh dari sempurna karena keterbatasan sarana dan prasarana serta kemampuan penulis. Oleh sebab itu, penulis menerima kritik dan saran dari berbagai pihak yang dapat mendukung penulisan makalah mata kuliah Manajemen Keuangan. Tema makalah ini adalah Mergers, Corporate Control, and Corporate Governance khususnya membahas Portofolio. Penulis berharap agar makalah ini dapat menjadi panduan bagi semua pihak yang membutuhkan data makalah ini.

This case focuses on one of the most successful entrepreneurs in the U.S. during the 1980s and 1990s, H. Wayne Huizenga. Huizenga amassed a fortune of $2.3 billion, but was still seeking out new ventures. Several questions are located at the end of the case. Students are expected to answer these questions based on the content in the case. However, at points, students may have to gather their own information when necessary, outside of the case.  This case can be best used either in the start-up or growth stage of entrepreneurship curriculum.

Motives for mergers are various, ranging from ones based on classic assumption of profit maximization to managers' self-interests and exogenous factors. It is assumed that merger usually occurs for a combination of reasons. Even so, it is worth pointing out that some factors have a greater impact on a certain type of mergers. Similarly, there are a number of reasons for frequent failure of mergers to create values for shareholders, especially, of acquiring firms. Companies who want to engage in a merger or acquisition should plan their steps carefully. First of all, they should try to find the best suitable target company. They should calculate the possible resulting synergies and risks. Furthermore, the acquiring company should calculate the highest possible premium to be paid. With the help of the different valuation methods, it should valuate the company worth. Finally, the acquirer should pay attention to the criteria mentioned in this paper and avoid the mentioned deadly sins as well as follow the suggested best practices.

The principal management theoretical lenses for examining leveraged buyouts have been the agency theory and information asymmetries. Occasionally a wider number of theories and concepts have been invoked, such as the parenting advantage, the resource-based view, and the market for corporate control. This paper reviews the fundamental literature connected with the theories and examines the applicability to the leveraged buyouts carried out by private equity firms.

Recent years have seen an explosion of interest in commercial litigation funding. Whereas the judicial, legislative and scholarly treatment of litigation finance has regarded litigation finance first and foremost as a form of champerty and sought to regulate it through rules of legal professional responsibility (hereinafter, the ‘legal ethics paradigm’) this Article suggests that the problems created by litigation finance are all facets of the classic problems created by ‘the separation of ownership and control’ that have been a focus of business law since the advent of the corporate form. Therefore, an ‘incorporation paradigm,’ offered here, is more appropriate. ‘Incorporating legal claims’ means conceiving of the claim as an asset with an existence wholly separate from the plaintiff. This can be done by issuing securities tied to litigation proceed rights. Such securities can be issued with or without the use of various business entities. The incorporation paradigm also opens up the possibility of applying practices of corporate governance to litigation governance.

Indeed, in certain previously–overlooked real life deals, creative lawyers used securities tied to litigation proceed rights as well as corporate governance mechanisms. The Article analyzes and then expands upon such instances of financial–legal innovation suggesting how various business entities can be used to deal with the core challenges presented by the separation of ownership of and control over legal claims, specifically, the problems of (1) extreme agency problems; (2) extreme information asymmetries; (3) extreme uncertainty; and (4) commodification.

This  study  examined  mergers  and  acquisitions  as  growth  strategy  in  business  organizations:  a  study  Nigeria banking sector. Three banks were used for the study. Secondary data were collected from the firms for ten years period,  2007-  2016. Bank  size,  gross  earnings  and  turnover  were  proxies  for  mergers  and  acquisitions.  Profit after Tax was the proxy for the growth. Data were analyzed using multiple regression analysis. Results indicate that mergers and acquisitions has positive and significant effect on banks’ growth. The study recommends that Mergers  and  Acquisition  should  not  be  done  out  of  desperation  or  necessity  as  was  the  case  during  the consolidation period but should be properly evaluated and carried out to ensure its success. The pros  and cons should be weighed and it should be determined if that is the best option for the organization. Banks should be
innovative  in  the  development  and  marketing  of  their  products  in  order  to  increase  their  market  share  and performance and also enhance the competitiveness of the banking industry. A strategically integrated acquisition programme should be put in place to ensure a successful merger/acquisition

Eğitim, bireyin hayata hazırlandığı süreç olarak görülebilir. Bu sürecin gidişatının ise izlenmesi ve değerlendirilmesi gerekir. Eğitimin izlenmesi ve değerlendirilmesini ölçme olarak nitelendirmek mümkündür. Ölçmeye bağlı olarak sahip olunması beklenen bilgi, beceri ve tutumların ne seviyede edinildiği ya da edinilmediği tespit edilebilir. Bu tespit işleminden sonra ise değerlendirme boyutuna geçilir ki burada geriye dönük olarak öğrencinin edinemediği bilgi, beceri ve tutumları edinmesi için öğretmenlerin iyileştirme çalışmaları yapmaya ihtiyacı olur. 
Bloom Taksonomisi ölçmenin sağlıklı bir şekilde yapılıp yapılmadığının düzeylere göre değerlendirilmesini sağlayabilir. Bloom Taksonomisinin yenilenmiş formuna göre hatırlama, anlama, uygulama, analiz etme, değerlendirme ve yaratma düzeyleri üzerinden değerlendirildiği zaman öğrencilerin öğrenip, öğrenmedikleri kontrol edilerek yapılacak çalışmalar buna göre yeniden düzenlenebilir.
Okullarda eğitim ve öğretim faaliyetleri bir program dâhilinde yapılmaktadır. Her öğretmenin görevi, derse girdiği sınıfın seviyesine uygun olarak hazırlanan programı zamanında uygulamaktır. Programların en can alıcı noktası ise kazanımlardır. Ölçme ve değerlendirme işlemlerinin kazanımlar baz alınarak hazırlanması öğrencilerin program dahilinde öğrenmelerinin değerlendirilmesini sağlayabilir.
Bu çalışmada Millî Eğitim Bakanlığı’na bağlı özel ve devlet liseleri 11. sınıf öğrencilerinin T.C. İnkılâp Tarihi ve Atatürkçülük ders kitabında bulunan ünite sonu değerlendirme soruları üzerinde durulacaktır. Ünite sonu soruları Bloom Taksonomisi ve kazanımlar açısından incelenecektir. Sorular, Bloom Taksonomisi’ne göre düzeylere ayrılacaktır. Ayrıca ünite sonu soruları Talim ve Terbiye Kurulu Başkanlığı tarafından 2012’de yayınlanan T.C. İnkılâp Tarihi ve Atatürkçülük programında bulunan kazanımlarla eşlenecektir. Doküman inceleme yöntemi ile yapılacak olan çalışma T.C. İnkılâp Tarihi ve Atatürkçülük ders kitabında bulunan 7 ünite sonu ölçme ve değerlendirme sorularıyla sınırlıdır. Çalışma sonunda elde edilen veriler soruların düzeyleri ve kazanımlarla uyumuna bakılarak eksik olan düzeylerle ilgili örnek sorular oluşturulacaktır.
Anahtar Kelimeler: Bloom Taksonomisi, T.C. İnkılâp Tarihi ve Atatürkçülük Ders Kitabı Soruları, Ölçme ve Değerlendirme, Kazanım, Program.




Abstract
Training can be seen as a process in which individuals are prepared for life. The trajectory of this process must be monitored and evaluated. The evaluation and the monitoring of training could be called assessment. By means of assessment, it could be determined  what level of knowledge, skills, attitudes are gained or not gained. After the assessment process, the evaluation process begins in which teachers need to make improvement works retrospectively in order to make the student gain knowledge, skills and attitudes that he/she failed to learn before.
Bloom Taxonomy may evaluate according to levels whether the assessment was made properly. According to Bloom Taxonomy of rewised form recall, comprehension, application, analysis, evaluation, and when evaluated on creating levels students learn of work to be done by controlling their learning rearranged accordingly.
Education and educational activities in schools are conducted within a program. The task of each teacher is to implement the program on time prepared depending on the level of the classroom. The crucial point of programs are gains. The preparation of assessment and evaluation processes based on gains could ensure the evaluation of the learning processes of students within the program.
In this study, the assessment questions at the end of units of  Republic of Turkey and Atatürk Revolution History Textbook of 11th graders of private and public high schools connected to the Ministry of Education is going to be emphasised. Assessment question at the end of units are going to be examined in terms of  Bloom Taxonomy and gains. Questions will be divided into levels according to Bloom Taxonomy. Also the questions at the end of units are going to be matched with the gains of Republic of Turkey and Atatürk Revolution History program which was published by the Board of Education in 2012. The study which is going to be done by means of document analysing method is restricted with the assessment and evaluation questions at the end of seven units. Sample questions are going to be prepared on deficits which will be determined by obtained data at the end of the study.

Keywords: Bloom Taxonomy, The Republic of Turkey and Atatürk Revolution History Textbook’s Questions, Measurement and Evaluation, Acquisition Program,

This paper examined the relationship between earnings management and performance of acquiring firms in Malaysia during period of 2004-2010. Earnings management measured by discretionary accruals derived from modified Jones model and firm’s performance estimated by monthly Cumulative Abnormal Return. Firms are selected from both listed cash and share acquirers firms on Bursa Malaysia in the period of 2004-2010. The results indicated that share acquirer firms unlike cash acquirers manipulated their earnings preceding acquisition announcement date. Furthermore, the presented a negative relationship between earnings management preceding and performance of firms following the acquisition date for share acquirer firms.

ABSTRACT We examine the impact of international venture capital investors on private firm success spanning 69 countries over the years 1995-2010. The data examined indicate that, relative to deals in which the investor base is purely domestic, private firms that have an international venture capital syndicate have a higher probability of exiting via IPO and higher IPO proceeds, as well as higher total deal M&A values. These relationships, however, depend on the level of internationalization and hence imply a tradeoff between the strategic benefits associated with international investors and the costs associated with geographic, cultural and legal differences across countries.

This paper examines the impact of acquisitions on the subsequent innovation performance of acquiring firms in the chemicals industry. We distinguish between technological acquisitions, acquisitions in which technology is a component of the acquired firm's assets, and nontechnological acquisitions: acquisitions that do not involve a technological component. We develop a framework relating acquisitions to firm innovation performance and develop a set of measures for quantifying the technological inputs a firm obtains through acquisitions. We find that within technological acquisitions absolute size of the acquired knowledge base enhances innovation performance, while relative size of the acquired knowledge base reduces innovation output. The relatedness of acquired and acquiring knowledge bases has a nonlinear impact on innovation output. Nontechnological acquisitions do not have a significant effect on subsequent innovation output.

One of the key processes that business leaders are using to grow their organizations is mergers and acquisitions (M&A). As such, the M&As are considered as a critical process with considerable implications for the company's profitability and growth. Still, between 70 to 90 percent of the M&As deals fail to deliver the expected value to the acquirers. The purpose of this qualitative study was to explore strategies that industry leaders used to conduct successful M&A processes. The conceptual framework of this study is based on Sarasvathy's effectuation theory. Eight face-to-face interviews were conducted with participants from a global healthcare company who acted as the company's presidents or executives and had experience conducting M&As. The data were coded, and themes were emerged using Microsoft Office and NVivo 10 software. Six themes were emerged through data analysis: leadership focus, value creation, integration strategy, the review process, relationship development, and organizational governance. The results of this study could be used to improve leadership strategies when conducting the process of M&A. The implications for positive social change might enhance the stability of the healthcare industry and the individuals who consume healthcare products. Also, this will bring to improved health outcomes, well-being, longevity, and quality of life.

This article, through a qualitative and quantitative analysis, focuses on strategies that CEMEX has carried out to determine how they influence their dominance index or market power. The qualitative analysis is based on mergers and acquisitions; meanwhile, quantitative analysis is performed by means of calculations Herfindahl Hirschman Index and the Index of Dominance. Currently Cementos Mexicanos is the industry leader in building's materials with global presence as it produces markets and distributes cement in approximately 50 countries, maintaining business relationships with approximately 108 nations. Its main strategies are based on the expansion and acquisition of companies in the cement industry..

One must see through various masks to understand the true nature of defense acquisitions. Managing acquisition risk through governance provides a cost effective solution to many identified vulnerabilities within the acquisition system. Governance, defined as a comprehensive defense-in-depth plan, should provide simple, clear, concise, understandable, time-tested principles directing how acquisitions are managed. “The overall approach to building a [defense] program, as with any endeavor, should begin with describing what is needed and why, and to proceed to define how it will be implemented, when, and using which particular methods” (Rhodes-Ousley 2013). Governance includes the development of standard operating procedures, which outline access control, information control, maintenance plans, equipment replacement, training requirements, incident response, and evaluations in addition to providing leadership guidance, resource focus, and establishing a tone within the acquisitions community. Furthermore, governance provides the framework for incident response.

La obra, renunciando a una definición precisa de arte, reconoce que hay objetos de arte y objetos culturales, que, propiamente en esa capacidad, son relevantes también en términos legales, y trata de avanzar algunas reflexiones sobre la relevancia del arte en relación con la disciplina europea de contratos públicos y, en particular, con lo que puede deducirse de la Directiva 2014/24/UE, que puede entenderse como una especie de signo cultural capaz de ofrecer indicaciones sobre cómo se percibe el arte en Europa, también en términos políticos, en esta fase histórica. Por lo tanto, el documento examina el uso de procedimientos negociados sin publicación previa de un aviso de contrato, para la «creación o adquisición de una única obra de arte o realización artística», y para hacerlo enfrenta el problema del objeto de adquisición por «autoridades de contratación» que trata de cosas o realizaciones (obras, suministros o servicios) relacionadas con productos artísticos, examinando las necesidades que una administración pública puede tener en relación con la obtención de la disponibilidad de una obra de arte, y los diferentes modos de este tipo de adquisición. Finalmente, el estudio examina el tema de las «exposiciones de arte», tratando de demostrar que son objetos autónomos, que están representados en la directiva europea bajo la dicción «actuación artística única».

The work, renouncing to a precise definition of art, acknowledges that there are art objects and cultural objects, which, in this way, are relevant also in legal terms, and try to advance some reflections on the relevance of art in relation to the European discipline of public contracts and, in particular, what can be deduced from Directive 2014/24 / EU, which can well be understood as a sort of cultural sign that can provide insights into how art is perceived in Europe, even in political terms, in this historical phase. The paper therefore examines the use of negotiated procedures without prior publication of a contract notice, for the «creation or acquisition of a unique work of art or artistic performance», and to do so faces the problem of the object of the procurement by “contracting authorities” which deals with things or performances (works, supplies or services) relating to artistic products, by examining the needs which a public administration may have in relation to obtaining the availability of a work of art, and the different modes of this type of acquisition. Finally, the study examines the theme of «art exhibitions», trying to prove that they are autonomous objects, which are represented in the European directive under the diction «artistic performance».

This article starts by examining why a Chrome Extension was desired and how we saw it making the workflow for requesting new items both easier and more accurate. We then go on to outline how we constructed our extension, looking at the folder structure, third party scripts and services that combine to make this achievable. Finally, the article looks at how the extension is regulated and plans for future development.

This article, through a qualitative and quantitative analysis, focuses on strategies that CEMEX has carried out to determine how they influence their dominance index or market power. The qualitative analysis is based on mergers and acquisitions; meanwhile, quantitative analysis is performed by means of calculations Herfindahl Hirschman Index and the Index of Dominance. Currently Cementos Mexicanos is the industry leader in building’s materials with global presence as it produces markets and distributes cement in approximately 50 countries, maintaining business relationships with approximately 108 nations. Its main strategies are based on the expansion and acquisition of companies in the cement industry.and distributes cement in approximately 50 countries, maintaining business relationships with approximately 108 nations. Its main strategies are based on the expansion and acquisition of companies in the cement industry.

The difficulties of managing and coordinating operations as firms expand are expected to increase disproportionately with firm size. If firms face such diseconomies of managing, then acquisitions should make the combined entity more difficult to manage than the two entities operating independently. To document the existence of diseconomies of managing in acquisitions, we examine the change in civil lawsuit judgments involving acquired firms pre and post acquisition. Civil lawsuit judgments can capture breakdowns in management oversight that cause firms to take actions that a prudent firm would not take or fail to take actions that a prudent firm would take. We find that acquired entities face a significant increase in lawsuit judgments post acquisition. We describe why our findings provide evidence of diseconomies of managing versus alternative explanations and highlight why managerial diseconomies should be an important consideration when managing or examining acquisition strategies.

The Islamic manuscript collection has been acquired by Cambridge University Library from many sources over the period of the past four centuries. Most of these have been acquired from private donations and were originally closely allied with the start of Arabic teaching in the early seventeenth century. Many other collections followed and a chronology of significant donations is described with details of each donor and something of the contents of each collection. Major collections such as those of Erpenius, George Lewis, J.L. Burckhardt, E.H. Palmer and E.G. Browne are dealt with in more detail. Some important individual manuscripts are also described and examples are given of manuscripts with interesting codicology or illumination. A description of the collection's management within the Library and a history of its cataloguing is also given.

We investigate the acquisition motive for initial public offerings. Specifically, we adopt survival analysis technique in order to examine both the likelihood of the M&A event and its timing relative to the initial public offering of the acquirer firm. Further, we explore why some IPO firms engage in only one acquisition while some others carry out frequent acquisitions over the few years following their IPO. We find that IPO firms with greater underpricing conduct significantly more stockfinanced acquisitions in the five years following the IPO. However, if the extent of information asymmetry faced by the target in evaluating the acquirer is high, the underpricing effect loses its significance. Our results also show that IPOs with lower post-IPO insider ownership and venture backed IPOs are more likely to make acquisitions than their counterparts. Further, we find that IPO firms with higher underpricing and proceeds and those with past acquisition activity are more likely to be fre...

Ghana’s economy has experienced a windfall of merger and acquisition activity recently. This has necessitated several structural changes in the operations of the companies involved. One of the acquisitions that occurred in Ghana was between Guinness Ghana Limited (GGL) and Ghana Breweries Limited (GBL) in 2004. Using the pre and post-acquisition performance of the acquirer from financial statement information running from 1999 to 2009, the impact of the merger on the profitability and financial performance on the acquirer is examined. The growth rate implications for the merged firm are also examined by considering both the sustainable and internal growth rates. The results indicate a general downward trend in profitability after the acquisition. Generally, liquidity ratios increased during the post-acquisition period but plummeted in the last two years post-acquisition. Earnings per share and dividend per share increased continuously except in one year, where it fell marginally.

Firms exit through the mutually precluding events of bankruptcy and acquisition. We use a competing risks hazard regression model to identify the characteristics leading to each of these two outcomes using over thirty years of data on US and UK quoted firms. We find evidence about the way in which macroeconomic factors affect firm survival in these two economies, in addition to firm and industry-specific factors. Further, there are significant differences in the way in which firms in the US and the UK react to changes in the macroeconomic environment and, particularly to macroeconomic instability. We argue that these differences in response may be attributable to differences in bankruptcy codes in the US and the UK.

Roberts and Berry (1985) argued that as firms move away from their technology base, they should shift their R&D efforts from internally generated R&D to external forms of development, especially through what they termed „educational acquisitions‟. In the global pharmaceutical industry, competition has traditionally been based on firms creating blockbuster