Merger

This study analyzed the post-merger performance of commercial banks listed in the Nairobi Securities exchange using secondary data over the period 2001 to 2014 using both trend and ‘paired t ’ t test analysis. The empirical results of the trend analysis showed that both the return on assets (ROA) and return on equity (ROE) had dropped below the industry average in the first three years, after which they rose above it. Hence, consistent with past studies, the results showed that mergers increase the value of the firm only in the long run, implying that merged firms outperform the industry with a time lag of about three years in terms of both ROA and ROE. Consequently, it was recommended that merger decisions should integrate time lag structure on the expected benefits. The results of the “paired t ” tests on ROA and ROE show that, at both 0.01 and 0.05 levels of significance, we could not reject the null hypothesis that the merged commercial banks do not outperform the banking indust...

The objective of the present study is to analyse the merger and acquisition’s impact during the announcement on stocks return of acquirer banks which are listed in National Stock Exchange. This study is conducted across Indian banking sector consisting of 4 major banks merger in the year of 2019. The event study methodology has been applied for the event window of 11 days, 21 days and 61 days, i.e. -5 to +5 days stock returns, -10 to +10 days stock return and -30 to +30 days stock returns respectively. The shareholders return of acquiring banks and abnormal returns due to announcement of merger and acquisition have been examined. Findings of the present paper suggests that M&A announcement in banking sector in India leads price to downgrade for acquirer bank though the pattern was not consistent. The results are in consistent with the findings by Kumar et al. (2011), Onikoyi et al. (2014) and Mall & Gupta (2019).

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 ...

In this special issue of the European Journal of Higher Education, a number of experienced scholars provide a broad picture of the most recent round of mergers involving higher education institutions in Europe and beyond. In doing so, they address issues pertaining to the different phases described above and from various theoretical perspectives and in the light of particular historical trajectories and institutional conditions. The primary aim is to provide both an empirical account of recent developments as well as an initial foundation for more sophisticated and robust conceptual models used to illuminate on the complex phenomenon surrounding mergers in higher education, and, in turn, critically assess the implications when it comes to change patterns and future directions at the national and supranational (Europe) levels

Strategy researchers believe that the better the strategic fit or relatedness between the bidding and acquired firms, the greater should be the economic gain from the merger. Although merger performance has been widely researched we recognized that empirical results on merger performance are inconclusive and that there are research gaps related to geographical settings, time frame and methodological approach. Thus, the research question examined in our study was to find out if acquisition strategy or relatedness of merging companies increases performance of the bidding company. Also we considered moderating effect of premerger bidder profitability on the performance of the merger. Our study predicts that relatedness between merging companies has a positive impact on the merger's performance. Results of 49 mergers completed in 2008 in EU member countries and Switzerland show that related mergers have better merger scores than unrelated mergers. We also predict that the impact of the related acquisition strategy becomes more positive as bidder premerger performance decreases.

he main purpose of this research project is to analyze the effect of merger on the portfolio performance of organizations in Rwanda. In Rwanda companies are facing a lot of challenges due 21 st century competition in that comparing to the internal capacity and the level of investment both inside and outside the country. The insufficient investment capital causes a great barrier to their regional and global integration and the level of risk is still another issue and this lead to slow growth under performance. Even companies which have merged, some of them have split for example ELECTROGAZ was split into Rwanda Electricity Corporation (RECO) and Rwanda Water and Sanitation Corporation in the year 2008. These two companies was again re-marged and given the name Energy, Water and Sanitation Authoriy(EWSA) in 2010, in 2014 the EWSA was again spit into two (Energy, Water and Sanitation Authority,2014). The researcher used descriptive method of study based on qualitative and quantitative approach in order to get analysis of the study. Researcher used both primary and secondary data collection tools with their relevant tools like questionnaire and documentary analysis in order to come up with required data. In the finding it was established that merging CSR and RAMA has a great impact on RSSB performance because it has increased profitability, customer's satisfaction, management quality, organizational assets, and organizational equity. Final analysis provides the relationship between effect of merging and portfolio performance of RSSB whereby the respondents N is 52 and the significant level is 0.01, the results indicate that independent variable has positive high correlation to dependent variable equal to .660 ** and the p-value is .000 which is less than 0.01 and when p-value is less than significant level, therefore researchers conclude that variables are correlated. As conclusion, merging contributes positively on portfolio performance of government institutions of Rwanda as witnessed by RSSB.

We have been learning about the companies coming together to form another company and companies taking over the existing companies to expand their business. In this context, it would be essential for us to understand what corporate restructuring is about. Corporate Restructuring is a fundamental change in direction and strategy for an organization, which affects the way in which the organization is structured. Corporate restructuring may involve increasing or decreasing the layers of personnel between the top and the bottom of an organization, or reassigning roles and responsibilities. It includes mergers, takeovers, acquisitions, demergers etc. On the Indian scene, corporates are seriously looking at restructuring which has indeed become the bandwagon. The pace of corporate restructuring has increased since the beginning of the liberalization era, due to greater competitive pressures and a more permissive environment. The aim of this paper is to study the impact of merger and acquisition on corporate performance.

The primary objective of present study is to examine the impact of merger and acquisition announcements during 2000–2018 on stock returns and intraday volatility of banks listed on National Stock Exchange in India. The sample of 383 mergers and acquisitions events has been analyzed with the help of event study methodology. Findings suggest that consolidation in Indian banking sector leads to positive average abnormal returns and wealth creation for acquirer bank’s shareholders. These findings are in agreement with Onikoyi et al. (2014), Kumar et al. (2011), and Anand and Singh (2008), and contrary to the evidence provided by Sim (2015), Asimakopoulos and Athanasoglou (2012), and Cybo-Ottone and Murgia, (2000). Further, results show that merger and acquisition in banking sector lead to curvy jumps in volatility around announcement date, which implies that disclosure of restructuring events in the banking sector affects return variability. These results confirm the observations by Pessanha et al. (2016), Kamau (2016), and Louhichi (2008).

AUTOSAR XML (.arxml) is a format introduced by the Automotive Open System Architecture consortium to contain the data used in and required by Electric Control Units which is based on Automotive Open System Architecture. Electric Control Unit development is done by 3 groups i.e. OEM like BMW, Tier1like Bosch, and Tier2 like a vector. Each one has its own data that is required for Software development. OEM shares the information with Tier1.Tier1 shares the same with Tier2 for implementing into Electric Control Unit. The DataBase Container (DBC) describes the properties of the Controller Area Network (CAN) / Controllable Area Network Flexible Data Rate (CAN FD). Data analysis in ECU Extract ARXML is very difficult due to the complex structure of data. Performing two-way and three-way comparisons/merges of XML files is difficult. To handle the mentioned challenges manually is a big task that requires huge manual efforts and time which may even result in a manual error. In this paper, we are presenting a newly developed Python-based tool that overcomes the above-mentioned drawbacks.

The European Commission issued two proposals for Directives as regards the use of digital tools and processes in company law and cross-border conversions, mergers and divisions of companies amending Directive (EU) 2017/1132. This article presents the new legislative package and takes a critical approach to the provisions thereof.

The main objective of this work was to catalogue and bring to the fore, the various driving forces or motives that push leaders of Telecom companies to enter into mergers and acquisitions. The aim was to do a comprehensive review of literature on motives for mergers and acquisitions in the Telecommunications industry, to help researchers in this particular area, and also managers of Telecommunications companies, to understand better the dynamics of mergers and acquisitions worldwide. The work was purely a review of literature on motives for mergers and acquisitions. After a comprehensive review, the motives which stood out were Synergy, Growth, Improving market standing, creating wealth for shareholders, and Empire building for managers, in that order.

The present chapter aims at bringing about a change of perspective regarding French NPM-inspired reforms by paying attention to ‘small’ evolutions and subtle changes. By investigating more extensively the reform process of a merger in French high civil service, this chapter will explore change which occurs out of the blue, in the discretion of administrative offices and the privacy which characterizes negotiations between mandarins. By shedding light on the part played by top bureaucrats in public administration reforms and by paying attention to the setting up of such a reform, this chapter will question the widespread and oversimplified idea of French administrative inertia and resistance to change. But rather than focusing on an extensive empirical description per se, I aim at highlighting the links between specific configurations and wider institutional features. Even though this case study is undoubtedly micro-focused and pertains to an empirical description, it allows analyzing the effects of globalizing forces and external pressures on specific configurations and the ways and means in which they interact with administrative legacies.
This chapter will proceed in four steps: first, clarifying the jigsaw puzzle of the public management reform concerned given the peculiar historical structure of French senior civil service; second, analyzing its managerial phrasing before; third, going behind the scenes of the reform in order to weigh up the ins and outs at stake in the mounting of the merger’s narratives. Fourth, attention will be paid to the results of the reform and its effects on the reproduction of senior civil servants’ power.

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.

Industri media, seperti juga industri-industri lain, mengalami proses bisnis serupa. Pengembangan dan perluasan bisnis bisa terjadi lewat berbagai macam proses, seperti integrasi, merger, dan akuisisi. Tulisan ini mencoba memberi pemahaman umum tentang proses-proses bisnis tersebut dengan mengambil contoh-contoh dalam industri media.

Penggabungan usaha atau merger adalah satu perusahaan atau lebih bergabung dengan perusahaan lainnya dimana perusahaan yang bergabung akan bubar secara hukum dengan segala nama dan kekayannya dimasukkan ke dalam yang tetap berdiri. Sama halnya apabila perseroan tersebut adalah bank, perseroan bank yang bubar seketika saat penggabungan usaha / merger tidak melakukan tindakan likuidasi terlebih dahulu dan tindakan bagi-bagi asset perusahaan. Maka merger pada bank hanyalah bersifat administratif karena tanpa adanya tindakan likuidasi setelah merger maka pemegang saham yang melakukan merger menjadi pemegang saham hasil merger dan aktiva serta pasiva bank yang melakukan merger beralih karena hukum kepada bank hasil merger. Hal tersebut dinyatakan dalam Pasal 1 ayat 1 Peraturan Pemerintah Nomor 28 Tahun 1999 tentang Merger, Konsolidasi dan Akuisisi Bank. Adapun pendapat M. Yahya Harahap mengenai akibat hukum dari merger, yaitu: 2 a. Akibat hukum terhadap aktiva dan pasiva, dimana aktiva dan pasiva perseroan yang menggabungkan diri, karena hukum eralih sepenuhnya kepada perseroan yang menerima penggabungan b. Akibat hukum kepada pemegang saham dimana seteah terjadinya penggabungan, pemegang saham yang menggabungkan diri demi hukum menjadi [emegang saham pada perseroan yang menjadi perusahaan target dalam merger c. Akibat hukum kepada perseorang yang menggabungkan diri adalah mengenai status badan hukum perseroan yang menggabungkan diri. Perseroan yang menggabungkan diri berakhir statsunya sebagai badan hukum dan berakhirnya status tersebut terhitung sejak tanggal merger mulai berlaku. Dalam hal terjadinya merger, perbuatan hukum merger wajib memperhatikan perseroan dan pemegang saham publik alias pemegang saham minoritas. 3 Namun kedudukan pemegang saham minoritas dengan prinsip one share one vote sangat lemah 1

There is little research about the potential effects of large-scale institutional changes. Mergers and demergers of educational ministries provide an example of such changes, with their impact on the detailed workings of the organizational mechanics of education systems. The case study reported here is based on the perceptions of the frontline actors concerned by mergers/demergers, none of whom expressed enthusiasm for the merger. Overall, the Malaysian merger, and the demerger two years later, had little overall effect. The short time of the merger was a factor, as well as the existence of autonomous agencies assuring key functions

This study aims to determine whether there are differences in financial performance before and after the merger of financial sector companies in 2018. The analytical tool used in this study is the changes that occur in the Current Ratio (CR), Return on Assets (ROA) and Debt to Equity Ratio (DER) between before and after the merger in 2018. To test the hypothesis, the T-Test sample was used. Based on the results of the research conducted, it was found that (1) Current Ratio (CR) in the company experienced changes in financial performance between before and after the merger in 2018, (2) Return on Assets (ROA) experienced changes in financial performance between before and after the merger. in 2018, (3) the Debt to Equity Ratio (DER) experienced changes in financial performance between before and after the merger in 2018.

This paper analyzes the recent process of mergers and acquisitions in Mexico, which has become increasingly important in business competitiveness. In particular, the paper addresses tax and commercial reforms to determine the requirements of a merger and/or acquisition he field of mergers and acquisitions in Mexico in 2015, 2016 and the first quarter of 2017 in order to
understand which sectors are of greater importance.
Keywords: Acquisition, merger, partnership, corporate restructuring, transfer.

New evidence from acquisition decisions suggests that antitakeover provisions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provisions, are better ac-quirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They lead managers to engage more often in value-creating long-term and innovative investing, and increase a firm's sensitivity to investment opportunities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.

ΠΡΟΣΚΛΗΣΗ

Διεθνές Συνέδριο Εταιρικού Δικαίου στο Πανεπιστήμιο Κύπρου
“Η Οδηγία για τις Διασυνοριακές Συγχωνεύσεις Εταιριών: Ενωσιακές Προοπτικές και Εθνικές Εμπειρίες”\“Cross-border Mergers Directive: EU perspectives and national experiences”

The objective of the present study is to analyse the merger and acquisition’s impact during the announcement on stocks return of acquirer banks which are listed in National Stock Exchange. This study is conducted across Indian banking sector consisting of 4 major banks merger in the year of 2019. The event study methodology has been applied for the event window of 11 days, 21 days and 61 days, i.e. -5 to +5 days stock returns, -10 to +10 days stock return and -30 to +30 days stock returns respectively. The shareholders return of acquiring banks and abnormal returns due to announcement of merger and acquisition have been examined. Findings of the present paper suggests that M&A announcement in banking sector in India leads price to downgrade for acquirer bank though the pattern was not consistent. The results are in consistent with the findings by Kumar et al. (2011), Onikoyi et al. (2014) and Mall & Gupta (2019).

This article discusses the theory of corporate restructuring and its importance in the country. It discusses how the different avenues of business restructuring exercises such as mergers, acquisitions, amalgamations, compromises, and arrangement are processed with in respect to the process and avenues provided under the Insolvency and Bankruptcy Code 2016. It also discusses how an IP performs the function of reengineering with respect to sick companies that fall under the rigours of IBC.

Streszczenie: Autor artykułu opisuje najważniejsze momenty związane z kilkunastoletnią obecnością dwóch zagranicznych koncernów (Passauer Neue Presse i Orkla) na polskim rynku regionalnej prasy codziennej. Począwszy od pierwszych inicjatyw wydawniczych, poprzez fazę ostrej konkurencji między obu spółkami i kształtowanie się duopolu, a na spluralizowanym monopolu skończywszy. Autor podsumowuje dokonania Orkli i Passauera w poszczególnych regionach Polski. W artykule jest także mowa o ekspansji kapitału zagranicznego na rynki lokalne oraz o konsolidowaniu spółek wydawniczych i fuzjach tytułów należących do obu koncernów. Zakończenie aktywności Norwegów (Orkli) w Polsce, wykupienie ich gazet przez brytyjski fundusz Mecom i utworzenie dziennika ogólnopolskiego przez Passauera, zdaniem autora, wyznacza nowy etap na rynku prasowym w Polsce. Może się on zakończyć monopolizacją regionalnej prasy codziennej.

Knowledge Absorption is most worth looking during times of instability. The following thesis is a case study on Knowledge Absorption in the setting of instability, looking specifically into the case of a bank merger through absorption between two Greek multinational banks, starting in 2013. In the aftermath of the Greek financial crisis of 2008, two different Bank IT departments have to get integrated into one, with strikingly different corporate philosophies.

The subsequent closing down of bank offices and branches as a result of the merger, as well as the willingness of the banking sector to proceed with extensive staff dismissals, cost cuts and recapitalization, has further created a dubious environment for the employees that were merged.

Six years after the merger of Bank B into Bank A, we get to have a careful look at a sample of Bank B IT employees that were merged, trying to get an insight of how possible it is to learn and absorb knowledge in the new company, Bank A.

We concluded that Knowledge Absorption has been adversely affected amongst the merged employees. This is attributed to the merger itself as well as the financial crisis. A strong cultural clash persists among the employees and Bank A, while the crisis has fostered uncertainty. Bank A is characterized by a strong task focus, that together with its internal hierarchy’s results to waste of knowledge potential the interviewed employees have. There is limited Knowledge Absorption taking place, and no apparent active pursuit for its improvement.

The Malaysian government is rushing banks to merge. The Central Bank has decided that there must be only 10 banks instead of a current total of 20. As a result, the local banks were being forced to merge with other banks. The problem lies in the non-existence of a systematic means of identifying potential merger partner(s). This study thus, proposes to use the concept of the Transportation Algorithm to select potential merger partners for Malaysian banks, which would maximize the net worth of the merged entity. The methodology employed in this paper may not yield the best merger partner(s) but it should at least narrow down the choices to a select few where together with other rigorous financial, technical, strategic and even qualitative analysis may be used to determine the ultimate merger partner(s).

The purpose of this study was to obtain empirical evidence of whether the acquirer conduct earnings management prior to the implementation of mergers and acquisitions. Also aims to determine changes in the acquirer's financial performance before and after mergers and acquisitions.

Authors: Douglas Miller and Cynthia Golembeski.

The combination of the University of Medicine and Dentistry of New Jersey (UMDNJ) and Rutgers University in 2013 is the largest higher education merger in U.S. history. Based on extensive interviews with participants and archival research, we analyze factors that accelerated or decelerated the integration of the two universities over the period 2012-2018. This integration highlights the importance of balancing standardization with recognition of the distinctions between units, and helping people to form a shared identity in the combined organization.

Authors: Douglas Miller and Cynthia Golembeski.

The major universities offering health sciences education in New Jersey were restructured in a 2012 legislative act. The plan evolved from a limited transfer of one medical school to a complete integration of two large entities. We describe how this evolution occurred and how leaders of the combined organization implemented the plan, especially considering an unexpected deficit in one of the largest operating units. This case study is a companion to an article analyzing the integration, and illustrates common means to achieve performance improvements in any merger.

Viewed from the perspective of the players on the economic markets, mergers and acquisitions, known as M&As, are external growth strategies that enable entities to develop their businesses by leveraging the financial, human, or economic resources of other companies. The purpose of this article is to provide a quantitative description of the merger operations that took place in Romania in 2016, by presenting their main characteristics. Although few as number, the cross-border mergers between Romanian and European companies were taken into account. For the purpose of this research, the merger projects, published in the Official Gazette of Romania, part IV, were analyzed. Data on mergers were extracted, processed and then interpreted, taking into account economic, legal, geographical criteria, etc.

Cross-border acquisitions lead to significant improvements in shareholder rights and more dispersed ownership structures in a large sample of intra-European takeovers. This is evidence of corporate gov-ernance convergence toward the Anglo-Saxon system through cross-border takeovers. However, we find no support for the corporate governance motive hypothesis in cross-border acquisitions even after accounting for potential sample selectivity. Although acquirers have significantly better shareholder rights than their targets, there are no robust and significant marginal bidder wealth effects for firms that acquire either weaker or stronger governance foreign targets. Instead, bidder wealth effects in cross-border acquisitions are better explained by acculturation costs.

The purpose of this study is to identify and evaluate effective ways to maintain or create
school identity, culture and climate in the event of a school merger. Although students and the
community play a large role in school identity, this study looks specifically at building a
cohesive staff. It is designed to be a roadmap for school leaders to successfully navigate their
staff through the merger to produce a successful, new school. This study plans to address the
following questions:
1. What are the effects of committees on overall staff engagement in school initiatives
during a school merger?
2. What are the dominant causes of positive or negative staff climate and culture during
a school merger as measured by climate surveys and individual interviews?
3. What are the effects of using professional development time on teacher engagement in
school initiatives during a school merger?

Distress in banking industry has been worrisome right from the colonial period when banking institutions were less regulated as anybody who had money can establish a bank. As development and competitions became rampant, the focus of successive administrations has been to regulate the industry so as to safeguard the interest of the savings populace. This is part of what prompted the immediate past governor of Central Bank of Nigeria, Professor Charles Chukwuma Soludo, to borrow a leave from the success recorded in M&A in the banking industry embarked upon by the government of Malaysia. As at the last count he was able to prune the industry from the original 89 to 25 banks by January 1 st 2006 after given 18 months ultimatum for the then existing banks to merge or be forced to wind up, if they eventually fail to recapitalise to the tune of N25bn. As beautiful as the programme was, there are some lapses; these lapses were addressed by this study. Promises made as stimulant for efficient result of the program was used as reference points. Questionnaires were distributed and 3 hypotheses were tested using Chisquare and t-test statistics for the relationship between the consolidation exercise and the lending rates; between the new policy and family bank in Nigeria and between the exercise and corporate governance existing in the consolidated bank. Based on the findings, it was recommended that CBN should: (i) Enforce a lower lending rate regime especially for the manufacturing sector; (ii) Dilute the ownership structure of the banks to check abuses; (iii) Undertake corporate governance audit in all the banks.

European Journal of Economics, Finance and Administrative Sciences ISSN 1450-2275 Issue 18 (2010) © EuroJournals, Inc. 2010 http://www.eurojournals.com ... Accounting for Merger: The Case of HM Revenue and Customs ... Haider Shah Department of Accounting, ...

The aims of this paper is to analyze the recent process of mergers and acquisitions in Mexico, which has become an increasingly important factor in business competitiveness; Tax and commercial reforms are addressed in particular to determine the requirements of a merger and / or acquisition. This descriptive research is carried out through a comparison of what happened in the field of mergers and acquisitions in Mexico between 2015, 2016 and the first quarter of 2017 to know which sectors are of greater importance.