Discuss about the Mergers and Acquisition In Accounting.
As discussed by El-Khatib, Fogel and Jandik (2015), the corporate mergers and acquisitions have received a lot of publicity in the academic as well as corporate world. In 2005, Thompson Financial reports were seen to announce a worldwide deal volume of US $ 2.7 trillion which is an increase of more than 38% from $ 2 trillion in 2004. In compared to this, the value of the deal increased by 33.3% to USD 1.1 trillion an announced in 2005. Additionally, the Europe deal volume also went up by 37% to US $ 1.2 trillion and additionally the Asian deal volume also experienced a surge of 64% to USD to 280 million. Several corporations around the world considered M&A strategies for realizing the cost synergies as for the increased competition, product mix, pricing pressures and concentration of the asset.
In the recent times, as the number of M&A transactions keeps on increasing, the advisory entities of M&A as those opposed to the global investment banking have been benefited from this trend. The global investment banking and brokerage industry is depicted to generate total revenue of USD 57.5 billion in 2005 in which USD 19 billion was as a result of M&A activities. Additionally, it is also not common for the company’s especially small and medium companies with insufficient expertise to manage thine house M&A activities. It is more common for the large corporations for establishing the in-house financial and corporate deployment departments for employing the advisory services and utilizing the valuable content network and efficient use of client personal close to monitor the transactions (Products 2015).
The main purpose of the study inside discussing the fact that shareholders in “target company gain more in the short-term and medium-term compared to the shareholders in the acquiring company”. This discussion is further supported with various types of assessments which are associated to the process of conducting is business combination activities. Additionally, the project’s success criteria are also measured from the merger and acquisition of advisory firms (Belleflamme, Lambert and Schwienbacher 2014).
The topic of merger and activity is gaining increasing importance in the last two decades with response to more and more merger and activities being increasingly complex in terms of transactions involved. In a broad sense, M&A activity implies the total number of different transactions which ranges from a number of purchase and sales activity is concentrated between the joint ventures, alliances and undertakings for ensuring independence of business. There are several explanations to this theory which leads to confusion and misunderstanding due to the strategic alliances. Merger is identified as a combination between two entities for creating a separate entity. Acquisition is the act of purchasing assets or shares of another company for achieving managerial influence which may not be or maybe in the mutual agreement (Kansal and Chandani 2014). The model of M&A has been depicted below as follows
In general, mergers are commonly denoted as merger by absorption or merger by establishment. In situation of absorption, the company buys all the stocks from a single or multiple companies and in case of apps of companies the establishment of merger refers to merging of two new entities into a single new entity. The merger by absorption can be viewed as de facto acquisition beside the term consolidation can be also implied for merger by establishment (Mas-Verdú, Ribeiro-Soriano and Roig-Tierno 2015).
During the acquisition of companies, the buying company may pursue a significant share of the stocks of a target company. Similarly, there are important forms of acquisition, namely share acquisition and asset acquisitions. In a share acquisition, the company is depicted to purchase certain percentage of stocks of the target company for influencing the management. Whereas, during asset acquisition the company buys all parts of the target company’s assets and the target sustains as a legal entity. Based on the significance of shares of stocks, the company acquisitions are further categorized into three types. This includes: “complete take over (100% of target’s issued shares)”, “majority (50-99%)”, and “minority (less than 50%)” (Yilmaz and Tanyeri 2016). In addition to this, the merger and acquisition are depicted as to separate from the actions which have several consequences based on the legal obligations, tax liabilities and procedure of acquisition. Despite of this, in general the final outcome of M&A transactions considered in which two or more companies are seen to combine their business affords and we do not make an effort to separate this merger transaction from acquisition ones. In such a situation, M&A is treated as a corporate finance service which provides M&A advice to the firms (Ferris, Houston and Javakhadze 2016).
In context of classification of mergers and acquisitions, the main perspective of value chain for M&A is categorized as horizontal, vertical or conglomerate. In case of horizontal M&A, the target companies and the acquiring companies are depicted as competing in the same industry. In addition to this, in horizontal business combination process the restructuring in business occurs as a result of technological changes and liberalization. This particular trade is evident in industries related to petroleum, the mobile and pharmaceuticals (Y?lmaz and Tanyeri 2016). A similar example of this can be seen with the merger of two US giants namely Glaxo and SmithKline Beecham with a total value of USD 76 billion. Based on the statement of the former CEO of SmithKline Beecham the main aim of combination of two companies was depicted with research and development synergies to drive the revenues and explore enormous opportunities for revenue creation. The vertical merger and acquisition are common with firms in buyer and seller relationship and client supplier relationship. Many companies often seek to reduce uncertainties of the transaction costs by considering the downstream and upstream “linkages in the value chain” in order to benefit from economies of scope. Finally, several companies that tend to diversify the risk and attain economies of scope by engaging in conglomerate merger and acquisition transaction in which the business are operating as unrelated entities. For instance, the vertical merger and acquisition is clear with the business combination of General foods and Philip Morris in a deal of USD 5.6 billion (Porter and Heppelmann 2015).
The last category of merger and acquisition needs to be depicted with friendly and hostile mergers. In situations when the target company agrees to the transaction then it is known as friendly merger. On the other hand, if the board refuses an offer in several situations, the acquiring company offers wishes against the target company. Finally, M&A transaction can also take place either with cross-border or domestic transaction. In case of cross-border M&A activity, the two forms located in different economies are depicted to operate in a single economy but belong to two different countries.
Comprehensive discussion on the various benefits in acquiring the target firm is often seen with enjoying the result of employing M&A advisory firm. It needs to be further understood that there are two prominent advantages of the advisory M & A firms. Firstly, the intermediaries of M&A are able to deliver a certain level of anonymity to the target and acquiring forms which is of significant importance due to the initial discussions prior to the start of merger and acquisition negotiations. Secondly, the intermediaries may have certain specialized knowledge on the particular characteristics of a form which includes the information on the upmarket potential and financial potential with that wearers may not have. Additionally, the employment of M&A intermediaries has the scope of exploiting the various benefits as a result of comparative advantages (Mnih et al. 2015). Some of the lesser-known facts of engaging in business combination activities are any moderated as follows:
Efficiency Gains Based On Information Cost
In situations when the form is to not hire any intermediaries for merger and acquisition, they are particularly seen to see for potential partners by themselves. The information gathering process takes place with those partners will cause the cost of the firms. In case, there is any potential of failing to materialize information, it is considered as a waste from society’s point of view as the intermediaries would create an updated database for potential M&A partners and utilize the same with various types of engagements. Due to this, the intermediaries of M&A are often seen to provide the insurance for any scope of sampling error which may seek the firms to adopt merger and acquisition activities without any advisory assistance. Therefore, the intermediaries with merger and acquisition market have more efficiency than the ones which does not have (Ouyang and Hilsenrath 2017).
Efficiency gains as per searching of potential partners
In various situations the forms incline to search for information about the potential partners only when they are in need for M&A assistance. However, it is to be seen that the advisory firms continue the searching process of M&A on a continuous basis thereby enabling that writers for suggesting potential partners to their clients in several conditions thereby reducing sampling errors.
When it comes to M&A of the advisory firms, two important empirical studies have a significant role to play. A sample of acquisition collected from over a period of 1981-1992 shows the assessment of three hypotheses namely “transaction costs, asymmetric information, and contracting hypotheses”. These empirical researches have shown that the advisory firm of M&A in the banking industry have depicted several implications on investment bank -assisted transaction which is more often taken over by hostile means and less likely to be all-cash financed. In addition to this, when they acquirer is not seen as the first bidder then it is more likely that the investment bank will take its part. In terms of the contracting hypotheses there are several studies which showed that investment banks have it reducing tendency of the agency costs in terms of acquiring the firms which certifies the value of acquisition. Additionally, the acquiring forms are also more likely to use the investment bank while purchasing of publicly traded companies (Dimopoulos and Sacchetto 2017).
As stated by Kruglova and Zubkov (2017), some of the main critical success factors for the merger and acquisition activities needs to be taken into consideration with the description of project success standards for M&A projects from different viewpoints and advisory firms. The second aim of this section identifies the critical factors for merger and acquisition projects. Before stating the review of the literature it is important to note that terminologies namely critical success factors and project success criteria have control in determining the review the party “who gains” and “who loses” in the short, medium and longer terms and whether the gains, if they exist, are found in all cases (Piper and Schneider 2015).
Critical accomplishment factors are identified as “the set of circumstances, facts, or influences which contribute to the project outcomes”. Secondly, the success criteria of a project is set out with the standards of principles through which success in the project can be brought. The various types of critical factors can be also perceived as a result of impeding conditions which effect the project result whereas the project success criteria are viewed as a result of measurement agreed among the stakeholders for assessment of project outcomes. In addition to this, there are several researchers who have observed the critical success factors in the recent times to be categorized as dependent variables. In other words, the critical success factors can significantly have a positive impact on the project outcomes which will be conducive for assessment of measurement factors as specified in the project success criteria (Abbott et al. 2016). Moreover, the issues associated to project success criteria are stated as follows:
in the past, several early researchers have identified the success criteria is such as “iron triangle of time, budget and required quality”. However, in the recent corporate environment these measures are unlikely to fetch the desired outcome. There have been several claims made that if a project is measured with variables of the time, scope and cost, it suggests that project management is only serving in a tactical way and not in a strategic way. Based on several types of literature review it has been explained that the development of criteria leading the success of the project is based on internal aspects since the external aspects are particularly complicated and generally included in the handover phase (Bowers, Hall and Srinivasan 2017). Nevertheless, the recent researchers have included several external aspects which are critical in including stakeholder community benefits, organizational benefits and achievement of business goals. This is viewed with in a modern merger acquisition transaction of “Qantas Holidays, Qantas Business Travel” and the “Jetset Travelworld Retail Group”, merging with “Stella Travel Services PTY. LTD” (Airline Business 2015).
Some of the other successful mergers and acquisition activities in the country has been depicted with Hanesbrands Inc. acquisition of Pacific Brand Ltd. in a deal of $ 1.1 billion. “HBI Australian Acquisition Co. Pty Ltd” was identified a fully subsidiary under Hanesbrands Inc. Some of the main form of proceeding of the deal can be identified with the offering of an all cash bid of $ 1.15 per share for 100% of the company. The price was further depicted to be segregated into a purchase of $ 1.056 and a $ 0.0094 fully franked special dividend per share. The total transaction has been depicted to be equated with an overall price of $ 1.1 billion.
The Genesee & Wyoming acquisition of Glencore Plc is identified as another important M&A activity which is worth $1.14 billion. The Glencore involved an asset for the sale program to reduce the pile of the overall debt. The M&A activity was conducive for the reducing the $ 50 billion debt. The program further led to several types of the issues which are seen to be associated to the right to transport 40 million of the coal to the Port of Newcastle in each year. In their complex deal RBC capital ran the Glencore’s auction and Glencore was able to obtain the legal advice by the “Bank of America Merrill Lynch, and Allens” who was responsible for their legal work.
The M&A activity of Baring Private Equity and SAI Global Ltd took place in 2016 is also considered to be significantly important. The $ 1billion was considered as an all cash offer which was accepted in September for $ 4.75 per share and 34% of the premium was adjusted as per the weight of the average price at the time of acquisition (The Typewriter 2016).
This merger can directly be viewed as a short-term and medium-term gains for Qantas group as the main intention of entering into M&A activity was depicted with including stakeholder community benefits, organizational benefits and fulfilment of business goals of Qantas. Additionally, there are several other measurements to assess the outcomes of project which includes different perspectives of viewing the project manager’s opinion and public opinion in general. These explain why the same project is perceived as a success by a one group and failure by other. For instance, one project might be identified as successful as per the client, on the other hand the same project may not be finished within timeframe and be considered unsuccessful in the aspect of project management (Obokata et al. 2014).
With particular relevance to M&A projects, the advisory Council of the firms often take control of the Central advisory role on client’s behalf. In several situations, the project team forms its own member of personal with varying nature of expertise is and the stakeholders either in the target form or acquiring form. In other situations, the key stakeholders are considered as its clients either in the target form or acquiring firm. In situations, then there is requirement for several advisers, the M&A advisory firm especially the investment banks take his role is as a coordinator.
On the other hand, there are several understandings from other excerpts states that forms engage in different types of M&A activities which can bring successful fulfilment of the firm’s motives. In case, the merger and acquisition deal is initiated the manager toward their own individual benefits are allowed to maximize the same. In majority of the cases, the motives can be realized once the deal is closed. In general, M&A advisory firm are normally seen to be engaged in several stages towards the closure. In these cases, a major concern is seen with the significant influence. This points to the concurrence of one finding from an empirical study stated that the benefit of choosing high-quality investment banker using a sample of 114 U.S.-based deals of M&A obtained out of the 600 completed deals reported by Mergers & Acquisitions. The study showed that the investment bank acted as an intermediary and did not create wealth which underlies the main motives of M&A advisor choice. The main findings of the study further revealed that the absolute and relative wealth were not related to each other and there was a possibility of negative correlation with the reputation of the advisor and bidder. This has raised several questions about the doubts concerned with merger and acquisition projects.
Despite of the existence of possible conflicts of the merger and acquisition motives and interests of advisory firms saw the other significant alignments can be depicted with contingent contracts. The contingent contract motivates the various types of advisory firms such as investment banks to satisfy the objectives of the client. In addition to this, the increasing competition in the merger and acquisition consultancy forces have added to the share of client’s value. In this situation, the banker must consider it to be worthwhile to proceed with the acquisitions as gains will be realized in case actual deal took place. Moreover, the advisory firms have been for the ribbon to state that identifying the combination of results brought a greater synergy among the firms.
There have been several other discussions which points out to the win factors as a result of merger and acquisition activities based on recent corporate environment. Based on this understanding, it can be stated that a merger and acquisition project is successful then the objectives of the client are fulfilled to that extent when the merger and acquisition advisory firm is in control of influencing the outcomes of client’s objectives. Additionally, the advisory firms generally aim that closing the deal and taking significant compensation benefits including contingent fee payments. This is seen as a major success when it comes to short-term and long-term success for the acquiring company. Therefore, it is discerned that the success may come from highest possible fee amount that the merger and acquisition advisory firm can gain from the deal.
The critical success factors are defined as the limited scope of area which ensure successful competitive performance for any company. The CSF are further discerned as the informational requirements influencing management’s involvement in generating the desired outcomes. The critical success factors can be further depicted as framework for the project management which shows the factors responsible for successful outcomes. Despite of any situation critical factors can fail due to uncontrollable factors. Nevertheless, these factors are recognized as controllable and have a chance of successful project. These factors are also responsible for establishing performance indicators which are conducive in assessing the project management scope. The following review of the short-term and long-term benefits of merger and act activities along with the CSF are listed in some of the next sections of this report (Obokata et al. 2014).
The development of CSF was seen in the early 1970s to 1980s as many literatures took an approach of responding to the indicators associated the success of project and consideration of quality, cost and time influencing the stakeholder satisfaction. In the first attempt, the development of collective CSF is depicted to be based on the implementation of empirical study conducted in 1986. These studies are relied on profile model (PIP) which is responsible for identifying the various aspects of factors which determine success of the project and also provides access to the managers. Based on these several types of success factors 10 CSF which affect the short-term and medium-term gains in a merger and acquisition activity have been considered with factors such as schedule, communication, project mission, top management, client consultation, monitoring, feedback and client acceptance.
It needs to be discerned that the goal of monitoring the salient characteristics for improving the achievements of the business has a long history for its implementation in business and finance. During the second decade of the 20th century, the efficiency experts have sought to identify and measure the combination of actions which have resulted in optimal situations. There are top leaders were being frequently asked for the critical differences which segregates underperforming pack of directors with the performing ones. Even due to the fact that many parties may claim merger and acquisition success accurately, there may be several instance of conflicts which may distort the outcome especially in intermediaries such as investment banks they are the advisers tend to view the Mergers with close transactions volume only. The true relatedness refers to the concept of systematic objective assessment of individual transaction success or failure of an independent basis. There are several identification and examination of application of positive and negative attributes which shows that the leaders of Mergers and acquisitions deals and arguably in the field related to marketing. In terms of marketing field, there are continuous insight about features which offers several profitable deals to the customers. This seemingly creates endless details for gathering the necessary factors for disposable income and proclivity of spending price versus demand elasticity (Zhang et al. 2015).
Therefore, it needs to be seen that the six key merger success is depicted with strategic vision and feet, structure of the deal, due diligence, premerger planning, planning of forced merger and external factors. The strategic vision and fit concerns are related to focus on long-term competitive advantage and designing for various synergies, geography, people, size or services. The deal structure is associated with the type of financing option which is most beneficial as for the price paid. The due diligence factor is associated with conducting formal review of revenues, assets, liabilities and evaluation of cultural organizational fit based on other financial elements. The premerger planning consists of the combination process is associated to the decisions of communication factors. The post-modern division suffered the relevant with the human resource, customer relationships, technical operations and careful blend of all the important decisions taken during the merger and acquisition process. The external factors are depicted with the long-term merger value which are distinguished with the short-term perception.
Therefore, based on the significant findings of the secondary studies it can be stated that research has been able to contribute to valuable knowledge in the field of both merger and acquisition and achievement of successful merger and acquisition projects. Based on the findings it can be further stated that the individuals who gains and the individuals who loose are seen to be existent in all the different cases selected for the assessment of study. In addition to this as stated before the critical success factors are defined as the limited scope of area which ensure successful competitive performance for any company. The CSF are further discerned as the informational requirements influencing management’s involvement in generating the desired outcomes. The critical success factors can be further depicted as framework for the project management which shows the factors responsible for successful outcomes. Despite of any situation critical factors can fail due to uncontrollable factors. Nevertheless, these factors are recognized as controllable and have a chance of successful project.
Conclusion
The various discourse of the study is able to depict that in general, mergers are commonly referred as merger by absorption or merger by establishment. In situation of absorption, the company buys all the stocks from a single or multiple companies and in case of apps of companies the establishment of merger refers to merging of two new entities into a single new entity. Based on the significance of shares of stocks, the company acquisitions are further categorized into three types. This includes: “complete take over (100% of target’s issued shares)”, “majority (50-99%)”, and “minority (less than 50%)”. In addition to this, the merger and acquisition are depicted as to separate from the actions which have several consequences based on the legal obligations, tax liabilities and procedure of acquisition. The vertical merger and acquisition are common with firms in buyer and seller relationship and client supplier relationship. Many companies often seek to reduce uncertainties of the transaction costs by considering the downstream and upstream linkages in the value chain in order to benefit from economies of scope. Some of the main critical success factors for the merger and acquisition activities needs to be taken into consideration with the success factors. The second aim of this section identifies the critical factors for merger and acquisition projects. Before stating the review of the literature, it is important to note that terminologies namely critical success factors and project success criteria have control in determining the review the party “who gains” and “who loses” in the short, medium and longer terms and whether the gains, if they exist, are found in all cases.
As for the depictions of different types of literature review it has been explained that the development of criteria leading the success of the project is based on internal aspects since the external aspects are particularly complicated and generally included in the handover phase. Nevertheless, the recent researchers have included several external aspects which are critical in including stakeholder community benefits, organizational benefits and achievement of business goals. This is viewed with in a modern merger acquisition transaction of “Qantas Holidays, Qantas Business Travel” and the “Jetset Travelworld Retail Group”, merging with “Stella Travel Services PTY. LTD.”
The two important teams discussed in the reflective exercise has been directly related to the present issues of international merger and acquisition activities. The first discussion has been included with my understanding of merger and acquisition cycles especially in consideration of the most recent merger wave along with stating the timing as success factor for the deal which indirectly influences the M&A activities. The second most important concept in my reflective view has been stated with that assessment of how the merger success progressed in the global merger acquisitions theme (Broten 2017).
The study has been conducive in understanding the recent trends of global merger and acquisition activities with significant impact on countries such as US and Australia. The various learning objectives of the study have provided me with the opportunity to know about the various types of classification of Mergers and acquisitions. Based on the assessment of the report I have been able to know about the process of merger and acquisition in a global environment. In addition to this, I have been able to explore in topics such as what is the main rationale for the forms in engaging in the merger and acquisition activities and also know about the development of merger and acquisitions. Some of the other important aspects of the study have provided the opportunity of getting accustomed with the terminologies used by advisory firms involved in the merger and acquisition activities (Bowers, Hall and Srinivasan 2017). I have been able to know about various types of factors which influence the merger and acquisition activities based on advisory choices. Some of the other elements of the reporting aspects has been conducive in knowing about the critical success factors associated with the project. In this section of the study I was able to learn about the project success criteria and critical success factors which is able to state about the main rationale for “who gains” and “who loses” in the short, medium and longer terms and whether the gains, if they exist, are found in all cases (Van den Akker 2014).
In order to prove this notion, I have been able to implement several understanding of merger and acquisition cycles especially in consideration of the most recent merger along with stating the timing as success factor which indirectly influences the M&A activities. In order to include the most relevant examples of state the rationale of my findings I have shown how companies such as Qantas Airways has used the concept of acquisition cycle to meet the critical success factors in both short-term and long-term M&A activity. The various interpretations made in the study have allowed me to explore some of the other dimensions which have been conducive in providing me the overview of merger and acquisition of the advisory firms and the various types of services offered by them. This has been considered with various types of product pictures of merger and acquisition process along with the representation of seller process, buyer process and the factors affecting the win or lose situation (Brodahl and Hansen 2014).
In most of the cases I have been able to found that the margin and acquisition process is either welcomed by the target company or the result of compulsion by the acquiring entity. The important consideration of the second most important concept in my reflective view has been stated with that assessment of how the merger success progressed in the global merger acquisitions theme. This aspect has been taken into consideration with investigating the importance of merger and acquisition activity both in the recent times and at the end of 19th century. The various concepts and that this area have provided me with the opportunity to depict the main role of critical success factors in perspectives of M&A firms. The literature of the study has been further able to guide me with the significant nature of quantitative and qualitative theories which is able to adjust about the validity of global merger acquisitions. Based on the conduction of the main study I have gained a significant knowledge of assisting the advisory firms in suggesting is success factors of merger and acquisition activities. In the meantime, I have been able to acknowledge that the research is also consisting some limitations which have been clearly debated in the literature of the project. Firstly, I have found that the research was not a clear attempt of integrating the knowledge needed on the now criteria with the factors associated to the scope of the study (Ossa Parra, Gutié;rrez and Aldana 2015).
Furthermore, the critical success factors were needed to be considered with the much more considerable attention towards the success of projects on behalf of the client. However, in this particular project I have only considered the company’s approach of viewing the success. Subsequently, the various steps of other questions take into consideration in this study have also helped me to gain a significant knowledge about future scope of research in this topic. The project has given me the opportunity to learn about time performance measurement, cost performance measurement and the critical factors which I associated to an individual project. Some of the important subtopics these have provided me the opportunity to gain adequate knowledge of updated risk management plan, allowing the changes for scope through which mature scope change process may take place. The description of the main benefits to the bidder’s shareholders during a merger and acquisition activity have provided me to relate with the theories such as efficiency theory, monopoly theory, valuation theory and process theory. These restrictions have been conducive for me in understanding the planning and inclusion of that cheap synergies of various types of managerial, operation and financial functions. The outcomes of the merger and acquisition activity have provided me the scope of process which are governed by organizational routines, political games and individual limits for information processing capabilities. In addition to this, the merger and acquisition activities have been able to provide me to get a general idea of the mega deals and friends across the world based on the recent financial environment (Tsai 2015). Some of the major trends I have been able to relate with the past are associated to the merger and activities took place between E.on AG and Endesa SA.
I have been able to get the idea of classification of mergers and acquisitions based on the main perspective of value chain for M&A which are categorized as horizontal, vertical or conglomerate. In case of horizontal M&A, the target companies and the acquiring companies are depicted as competing in the same industry. In addition to this, I have been also able to know that, in horizontal business combination process the restructuring in business occurs as a result of technological changes and liberalization. This particular trade is evident in industries related to petroleum, the mobile and pharmaceuticals (Hébert 2015).
Therefore the project has assisted me in the opportunity to learn about time performance measurement, cost performance measurement and the critical factors which I associated to an individual project. Some of the important subtopics these have provided me the opportunity to gain adequate knowledge of updated risk management plan, allowing the changes for scope through which mature scope change process may take place. The description of the main benefits to the bidder’s shareholders during a merger and acquisition activity have provided me to relate with the theories such as efficiency theory, monopoly theory, valuation theory and process theory. These restrictions have been conducive for me in understanding the planning and inclusion of that cheap synergies of various types of managerial, operation and financial functions.
The various learning objectives of the study have provided me with the opportunity to know about the various types of classification of Mergers and acquisitions. Based on the assessment of the report I have been able to know about the process of merger and acquisition in a global environment. I have further able to understand the study has been conducive in understanding the recent trends of global merger and acquisition activities with significant impact on countries such as US and Australia. The various learning objectives of the study have provided me with the opportunity to know about the various types of classification of Mergers and acquisitions. Based on the assessment of the report I have been able to know about the process of merger and acquisition in a global environment. In addition to this, I have been able to explore in topics such as what is the main rationale for the forms in engaging in the merger and acquisition activities and also know about the development of merger and acquisitions. Some of the other important aspects of the study have provided the opportunity of getting accustomed with the terminologies used by advisory firms involved in the merger and acquisition activities.
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