Prompted by an increasing number of mergers and acquisitions (M&As), Denise Dahlhoff investigates the role of marketing-related motives in M&As in the U.S. food industry.
Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail – and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes – e.g., culture clashes, valuation methods, or CEO overconfidence – rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies. The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not.
Looking back over the last decade it can be said with some justification that sig nificant progress has been achieved on the way towards fully integrated financial markets in Europe. The 1993 Internal Market initiative and the Euro introduction in 1999/2002 constitute important milestones. The integration process has further been intensified by market developments like the surge in mergers and acquisi tions and by technological innovations like internet based distribution. As a result, some market segments today do no longer have a national character. Nevertheless, this success should not obscure the fact that integration of financial services markets is still a long way from the level of integration that exists within national markets. Particularly for retail financial services national borders still constitute a considerable de facto barrier. The absence of frequent direct cross border links between financial service providers and retail consumers holds true despite the fact that the Euro has made product comparisons easier and that the internet has reduced information costs to a considerable extent.
This book investigates cross-border mergers and acquisitions (M&A) conducted by Chinese enterprises seeking to evaluate the pivotal factors that influence the results of this dominant form of China’s outbound direct investment. In contrast to previous studies, the author places a particular focus on the provenance of the supply side as a determinant of overseas M&A, comparing acquisitions where target companies originate from developed and developing countries. Other major indices identified include cultural and industrial differences between targets and buyers, enterprise ownership, deal payment forms, types of consolidation and the market environment. Based on investment theories, quantitative analyses and several in-depth case studies, the book elucidates how these factors synergistically determine the success or failure of an acquisition attempt and the short- and long-term performance of Chinese companies’ M&A undertakings. This work will be a practical reference for M&A practitioners as well as academics interested in transnational corporations and mergers, capital market and international investment.
Helps scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic. This book focuses on all three characteristics that make up this research field - studies from scholars in different countries, with different research questions, and relying on different theoretical perspectives.
This book makes a timely and highly stimulating contribution to the discourse on emerging-market multinationals, (EMNCs), as Foreign Direct Investment (FDI) in Europe from emerging countries (especially from the BRICs - Brazil, Russia, India, China) continues to grow in significance. Unsurprisingly, the emergence of EMNCs from emerging economies raises a wide range of challenges and opportunities for scholars, business professionals, and policymakers alike. While explaining the sudden rise of these companies has become a major concern among scholars, we have very limited knowledge on drivers, motivations, strategies, and impact of these EMNCs in Europe and their policy implications. This volume provides fresh insights into EMNCs activities and their impact in Europe. The contributors argue that EMNCs combine various country specific advantages, existing firm-specific advantages (exploitation), and/or new FSAs (exploration) in their FDI, and that there is considerable heterogeneity across EMNCs, even those from the same southern economy. Highlighting the importance of considering this divergent behaviour when implementing future European FDI policies, this book will be of interest to students and scholars of European Politics, International Political Economy, International Business and European Integration.
The most comprehensive and up-to-date guide to modern corporate restructuring techniques Mergers and acquisitions are two of today's most important competitive tools used by corporations in a rapidly changing global business landscape. In this new updated and revised Third Edition of his groundbreaking book-winner of the Book of the Year Award in its category from the Association of American Publishers-author, business valuations expert, and professor Patrick Gaughan illustrates how mergers, acquisitions, and other vital forms of restructuring can work for corporations. This University Edition includes review questions specifically designed for finance students and those studying for the MBA degree. Packed with helpful advice and proven strategies, this book: * Explains virtually every type of corporate restructuring, including mergers and acquisitions, divestitures, reorganizations, joint ventures, leveraged buyouts, and more * Details the latest trends and delivers a modern, international perspective on the field * Integrates the latest relevant research in the field of mergers into the book's pragmatic treatment of the subject * Offers comprehensive coverage of the latest methods and techniques for business valuations of both public and closely held companies * Looks at the key strategies and motivating factors that arise during the course of restructurings * Analyzes and incorporates necessary legal, economic, and corporate finance considerations * Offers the best offensive and defensive tactics for hostile takeovers
The Covid–19 pandemic-induced downturn and subsequent Russia-Ukraine war have triggered unprecedented financial shock and disruption to the business world. Challenges are unique to each corporation. The forward-looking corporate leaders are fighting now to rebalance risk, profitability and liquidity while looking for new growth opportunities and gaining resilience to come out of the crisis as fast as possible. Mergers and Acquisitions (M&A) being one of the most powerful tools is set to play a bigger role in this direction. It is time now that M&As move at speed and help overcome the present downturn in the economy. Business leaders will have good reasons to leverage M&A as a holistic response to the business and economic crisis. It is in this context that a thoroughly revised edition of the comprehensive book on M&As by Professor Kamal Ghosh Ray becomes so well-timed and significant. The book is an “A to Z” of M&A, ranging from strategy, valuation, legal aspects to integration. The new edition incorporates various new concepts, ideas and thoughts with appropriate discussion in detail. Business valuation has a substantial coverage in the book as the subject, “Valuation” is offered in many academic programmes in universities and business schools. The text is profusely illustrated with many examples and case studies and contains huge number of numerical problems and solutions. Primarily intended as a text for postgraduate students of management and law, the book in its second edition will be of immense value to students of CA, CMA, CFA, CS, etc. and professionals ranging from strategic planners, CFOs, CEOs, COOs, financial analysts, bankers, to venture capitalists, corporate lawyers and business owners. Click on 'Endorsements' tab to check 'What the reviewers say' NEW TO THIS EDITION • Thoroughly revised and updated with the latest trends and relevant regulatory developments in M&A • A dedicated chapter on Numerical Problems and Solutions for easy understanding of complex M&A concepts • Topics like Corporate Restructuring, Disinvestment policy of the government, valuation of startup companies, SPAC (special purpose acquisition companies), Platform Acquisitions, deeper aspects of cross–border M&A and hostile takeover make the new edition contemporary. TARGET AUDIENCE • Postgraduate students of management and law. • Students of CA, CMA, CFA, CS, etc. • Professionals ranging from strategic planners, CFOs, CEOs, COOs, financial analysts, bankers, to venture capitalists, corporate lawyers and business owners.
This edited collection brings into focus the meanings, interpretations and the process of value creation in international business. Exploring value creation in the context of emerging and developed economies, Volume 1 takes the perspective of multinational firms and examines various modes of foreign market servicing varying from exporting to joint venture, mergers and acquisition and strategic alliances. Providing theoretical and practical insights, the authors open an intellectual debate into what value is, and how it is created through the internationalization activities of firms. Value Creation in International Business is a pioneering two volume work intended to provoke theoretical and empirical development in International Business research. Moreover, it is intended as a bridge between concepts derived from general business firm-level research agendas such as value creation and business model, and internationalization approaches and activities of firms.