Mergers & Acquisitions: Success Factors

This assignment examines the crucial elements contributing to successful mergers and acquisitions (M&A). It analyzes pre- and post-M&A connections, highlighting their impact on performance. The focus extends to international business strategies, particularly market entry modes and their role in M&A success. The provided readings offer insights into various aspects of M&A, including process evaluation, IT capability integration, and legal considerations.

Running head: MERGERS AND ACQUISITIONS
Mergers and acquisitions
Name of the student:
Name of the university:
Author note:

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MERGERS AND ACQUISITIONS
Table of contents
Insight into mergers and acquisitions..............................................................................................2
Conditions for mergers and acquisitions.........................................................................................2
Types of mergers and acquisitions..................................................................................................2
9 reasons why mergers and acquisitions take place.........................................................................3
Principles of merger and acquisition...............................................................................................3
Stages of mergers and acquisitions..................................................................................................4
Reasons for failure of merger and acquisition.................................................................................6
Chapter summaries..........................................................................................................................6
Chapter 16....................................................................................................................................6
Chapter 17....................................................................................................................................7
Chapter 18....................................................................................................................................8
Deeper insight into chapter 16.........................................................................................................8
Chapter: 17.....................................................................................................................................11
Critical analysis of the settlement theories................................................................................12
Court proceedings for settlement of bankruptcy.......................................................................13
Effectiveness of merging...........................................................................................................14
Chapter: 18.....................................................................................................................................15
Global market entry strategies...................................................................................................15

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Influencing factors for cross border merger and acquisition.....................................................16
Conclusion.....................................................................................................................................18
References......................................................................................................................................19

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Insight into mergers and acquisitions
Partnerships are needed by companies and organizations for enhancing the productivity.
These partnerships are of different types- mergers and acquisitions. When two companies merger
into one, it is tagged as mergers. On the other hand, when one company takes control of the
other, it is the acquisition activity of the company (Cartwright & Cooper, 2014). Mergers and
acquisitions are one of the major economic aspects, which helps in maximizing the business
profit value. The common perception is that acquisitions hold more importance than mergers, as
it strengthens the personnel’ stance towards the business goals and objectives. Along with this,
acquisitions is also assistance in terms of achieving business expansion and innovation. This
assignment peeks into the dynamics of mergers and acquisitions through the summarization of
the hapters from the book entitled, Mergers, Acquisitions, and Other Restructuring Activities: An
Integrated Approach to Process, Tools, Cases, and Solution.
Conditions for mergers and acquisitions
Mergers and acquisitions takes place on certain conditions, which are as follows:
 Purchase of assets
 Buying common shares
 Exchange of shares for possession of assets
 Exchanging shares in return of shares

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Types of mergers and acquisitions
Mainly there are two forms of mergers- merger through absorption and merger through
consolidation. Depending on the business combinations and commonality of industry, mergers
can either be horizontal, vertical or conglomerate (Bena & Li, 2014).
 Horizontal merger- the two merging firms are in the same industry
 Vertical mergers add value to the business through the maintenance of sequence between
the different production stages
 Conglomeration is an innovation, as it reflects the partnership between two different
industries
9 reasons why mergers and acquisitions take place
Mergers and acquisitions occur due to the following reasons:
 Financial instabilities- low investment capitals
 Need for pushing the company ot organizational growth
 Presence of diversified products in the market posing a challenge towards achieving
higher sales revenue (Kalinowski et al., 2016)
 Providing proper market access to the sellers for expanding the current market share
 Adopting strategic vision towards the adoption of latest technology
 Obligatory tax payments
 Improper target valuation
 Diversified risks adding vulnerability in the current market position

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Principles of merger and acquisition
Synergic value is considered in terms of valuing the consequences of mergers and
acquisitions. The two parameters of the synergic value is revenue, the graph of which needs
higher projection; expenses, which is usually taken low and the capital cost, which is always
noted in the lower level (Judd, 2016). Along with this, there are certain specifications, which
needs to be remembered while the companies and organizations indulge in mergers and
acquisitions. These are as follows:
 Willingness to undertake risks and consciousness towards making investments for
benefitting from the contemporart mergers
 Mitigating the intensity of the risks by taking into consideration the diversification
present in the workplace. Optimization of the perspectives is vital in this case, as it
enhances the clarity of the businessmen in terms of the appropriate risk mitigation
strategy (Galpin & Herndon, 2014)
 To adopt the appropriate change, the managers of the company needs to expose rational
attitude, which proves beneficial in aligning the performance with the identified and
specified goals and objectives. Apart from this, rational thinking assists the companies to
indulge in fair trades and transactions with the mergers for the achievement of large scale
customer satisfaction
Stages of mergers and acquisitions
According to Cooper & Finkelstein, (2014), every business activity is executed by
following certain steps, which yields positive results. The same is applicable for the mergers and
acquisitions, which a company or organization follows:

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 The first phase is the pre-acquisition review, where evaluation is done by the acquiring
company regarding the need for merging. As a sequential step, the evaluation is valued,
based on which plans are constructed for achieving the target and growing the current
business
 The second phase is to search out for targets and screening them in terms of the
identified and the specified objectives. In the stage of search, the potential investors or
mergers are looked out (Garzella & Fiorentino, 2014). Here, the process of market survey
seems apt in terms of selecting the most appropriate merger and acquisitor, possessing the
flexibility to take the company or organization to the peak of success
 The third stage of merger and acquisition is investigation and valuation of the identified
target. Diligent performance of the personnel enhances their awareness in terms of the
appropriateness and effectiveness of the target in terms of the identified goals and
objectives (Gomes et al., 2013).
Pre-acquisition review
Search and screen
targets
Investigate and
valuation of the targets
Acquiring the targets
through negotiation
Post merger
integration

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Figure: Stages of Merger and acquisition
 Achieving effective means of negotiation is the fourth step for mergers and acquisitions.
This intiates when the target merger is selected. Consideration of the different
negotiations enables the personnel to come to a negotiated conclusion, which is also
known as the “bear hug”. Dedication and commitment towards this negotiation reflects
the mutual understanding between the companies, which possesses flexibility towards
achieving long term profit in the efficient execution of the business operations (Ferreira
et al., 2014).
 The penultimate stage is post merger integration, where there is an official declaration
by the manager regarding the proper sequence of the merging activities. In this stage, the
participating companies and organizations agree to abide by the terms and conditions for
merger and acquisition.
Reasons for failure of merger and acquisition
Mergers and acquisitions can fail under the following situations:
 Discrepancies between the identified objectives and the undertaken strategies
 Lack of oriental approach towards the implementation of strategies
 Lackadaisical attitude towards the execution of the tasks (Fiorentino & Garzella, 2015)
 Optimistic attitude regarding the allocated duties and responsibilities
Deeper insight into chapter 16
The chapter starts with an insight into the achievement of Warner Music Group in 2011.
Annual revenue of $3 billion enlisted Warner Music Group among the big four music company

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dealing with recording. Adherence to the terms and conditions of the firms aligned with its
royalty in terms of the financial payments. Piracy and aggressive pricing compelled the company
to encounter severe financial loss in terms of the revenue. Along with this, bankruptcy was an
addition to this financial crisis. Music broadcasting has become popular in the latest trends, of
which the cellphone ringtone is a modern example. The subsequent paragraphs enhance the
knowledge of the readers about the dynamics of business operations of the music company.
The main propositions of the chapter is to look into the ways and means, through which
the companies and organizations can enhance the value of the investments made by the
shareholders. The solution for this is alteration of the current assets, liabilities, equity and
operations (Lebedev et al., 2015). Adopting a strategic attitude towards this alteration aligns with
the characteristics of the restructing strategies. Along with this, the chapter acts assistance for the
businessmen in terms of adopting the appropriate strategies for achieving business growth.
Countering this, instead of restructuring, the companies and organizations can reinnovate their
strategies, which possesses flexibility to maximize the value of the investments made by the
shareholders. This nullifies the questioning of exiting from the competition and brings into
discussion the myriad motives. Counter arguing, in some circumstances, the companies and
organizations need to exit from the scene, which necessitates the myriad motives- equity carve
out, spin off, divestitures and split offs (Tanriverdi & Uysal, 2015).
The following aspect undertaken by the chapter is the reason behind the firms’ decision
to exit. One of the primary reasons is to improve the focus of the firms. Here, focus relates to the
application of the limited resources for executing the allocated responsibilities. One of the other
reasons is the businessness, which is revealing poor performance in the market. Consistency in
this direction aggravates the regulatory concerns. This is the third reason, why the firms are

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compelled to exit. Lack of oriental approach aggravates the complexities of the firms in terms
of selecting the appropriate merger and acquisitor (Lebedev et al., 2015). This deprives the firms
from materializing the business, resulting in losses. Along with this, tax obligations act as an
obstacle in terms of setting the prices of the products and services, which results in the need for
raising funds in order to satisfy the needs, demands and requirements of the stakeholders and
shareholders.
Mitigation of the risks is of utmost importance in terms of ensuring the wellbeing of the
stakeholders and shareholders. Not using templates for mitigation of the risks compels the firms
of spin off from the competition. On the contrary, adopting oriental approach towards the risk
mitigation safeguards the firms from encountering conflicts with the customers (Cuypers,
Cuypers & Martin, 2017).
The following are some important concepts, which the chapter discusses:
 Divestitures- Cash infusion to the native company for selling the assets to an outsider ot
third party
 Spin offs- Payment of stock dividend by the firm to the shareholders, which consists of
the subsidiaries, which are either existing or are created newly
 Equity carve outs- It is similar to the spin-offs. This is in terms of the separate trading of
the subsidiary stocks from the parent firms individually (Rahman & Lambkin, 2015)
 Split off and split up- Upon the independence of a firm, generation of new cash is
nullified. This aspect reflects the similarity between split off and spin off. On the
contrary, split up reflects the segregation of a firm into two or more separate firms for
altering their strategy towards the expansion of business

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 Tracking stocks- Here, the firms collaborate with the shareholders to regulate the
performance of the subsidiary (Barney & Turk, 2016)
The chapter concludes with the evaluation phase, which is necessary for selecting the
appropriate strategy for the business expansion. This evaluation deals with reviewing the
outcomes of divestitures, carve out, spin off and split off. This evaluation helps the firms to plan
long term investment returns, which enhances the stability in the relationship between the
stakeholders and shareholders. Maintenance of consistency in this direction adds firmness in the
market position of the firms securing their stance within the competitive ambience (Brueller,
Carmeli & Drori, 2014).
Chapter: 17
One of the key aspects of mergers and acquisitions is the exit and restructuring strategies
being initiated by the business organizations. Though, it is true that merger and acquisitions are
being initiated by the business organizations in order to enter in a new market or new region
(Dong, 2012). However, the strategies of entering in the new market can get failed and in that
case, it is important for the business organizations to have the effective strategies for exit from
the particular business area. One of the key examples of the business failure given is the failure
of Kodak. They are the first organization to have invented digital camera and commercialized it
in the market. However, due to their incompetency of coping up with the competition and change
in the taste and preference pattern of the customers, they failed in their business activities and
ultimately went for exiting the business. One of the key issues being identified for Kodak in
failing to operate effectively in the market is the failure to adjust with the rapid digitization in the
market.

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However, in the later stage, Kodak tried to restructure their business activities by
diversifying in the business of producing inkjets. However, that business also came to a halt due
to increased competition in the market. Ultimately, they filed for insolvency in the US
bankruptcy court for being declared as bankrupt. This strategy helped them in having some time
for selling their patents to the potential buyers along with reducing their internal cost by
decreasing the amount in pension and other employee benefits. Thus, their average cost of
operation was reduced.
Critical analysis of the settlement theories
However, there are various options of liquidation being available to the business
organization other than going for bankruptcy. One of the prime options being available for the
business organizations other than bankruptcy is the voluntary settlements (Baird, 2014). This
option helps the organizations to settle their bankruptcy proceedings without the involvement of
the court. In this case, the creditors and the insolvent organizations came to an agreement about
their settlement outside of the court. Thus, it helps both the insolvent organizations and the
creditors to reduce the cost of court proceedings being involved in the case of the bankruptcy. It
enables the creditors in recovering more amount of investment being done by them in the
insolvent firm (Muscat, 2016). This due to the reason that, in the case of court proceedings, huge
amount is being involved which will be saved due to the settlements outside the court. In this
case, the creditors are being responsible in determining the financial condition of the insolvent
organization and will provide recommendations accordingly.
According to Elias and Bayer (2015), the concept and design of bankruptcy depends and
varies according to the situations being faced by different organizations. According to them, in a
few cases, court proceedings are required for settlements of the bankruptcy for the organizations.

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This is due to the reason that, according to the authors, various organizations face situation of
having issue with their creditors. Thus, in that case, it is not possible for the organizations to deal
or settle the issue with their creditors outside of the court. In this case, it is important for the
court to involve in the matter and continue the settlement process. However, the chapter 17 in
this book has not discussed about the shortcoming of this concept.
Court proceedings for settlement of bankruptcy
In the court settlements of bankruptcy, there are two types of situation that can be
generated for the organizations as well as for the creditors. One of the situations is the voluntary
process of bankruptcy. In this case, the debtor firm files the petition for bankruptcy to the court.
On the other hand, involuntary process of bankruptcy occurs when the creditors are doing the
filing for the court proceedings in the case of bankruptcy (Paik, 2013). The key advantage being
discussed here in this chapter about the court proceeding of bankruptcy is the legal protection or
immunity of the debtor. This is due to the reason that, in the case of filing the petition in the
court, the debtor is protected from any legal proceedings against them until the time of the
ending of the proceedings.
In few cases, reorganizations are being initiated by the insolvent organizations. In the
case of reorganization, the insolvent organization has the options of file the reorganization plan
to the creditors. In this case, the insolvent organizations will have the maximum 20 months of
time to convince the creditors in accepting the reorganization plan. The acceptance of the
reorganization plan will help them to prevent the chance of bankruptcy and to start the
operational process again (Adler, Baird & Jackson, 2017). However, it is up to the creditors to
accept the proposal of reorganization for the insolvent organization. In addition, in the case of

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any fraud or scam in the organization, the creditors may apply to the court for appointment of
trustee to look after the particular organization during the time period of reorganization.
According to Fisher & Martel (2012), reorganization proposal is the most effective form
of preventing the emergence of bankruptcy. According to the authors, proposal for
reorganization helps the insolvent organization and the creditors in determining the effective and
beneficial ways of preventing the issue of insolvency by reorganizing the operational activities.
In addition, they have also stated that, the proposal of reorganization has beneficial factors for
the creditors also. This is due to the reason that, in the case of bankruptcy, there is very less
chance of recovering the entire investment of them from the insolvent organization. This is due
to the reason that, according to the law of bankruptcy, the amount to be repaid will only get
valued to the valuation of the organization and not to the personal valuation of the stakeholders.
Thus, it is unlike that the creditors can have their entire investment back from the insolvent
organization. In this case, reorganization will be beneficial due to the reason that in the case of
successful implementation of the reorganization, there is a chance of recovering the entire
amount of the investment of the creditors.
Effectiveness of merging
The most effective strategy of preventing the effect of insolvency is to merge the
insolvent firm with another firm having favorable operational status in the market. However, in
this case, one factor to be considered is the merging of the firms in the similar business line. This
is due to the reason that, the merging will get successful only when the organizations having the
expertise and experience in the particular market segment similar to the insolvent firm (Brakman
et al., 2013). This will help the insolvent organization in gaining the required expertise, strategy
and capital to regain the lost market presence. On the other hand, the expertise organization will

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also have the benefits from merger. This is due to the fact that, the merging organization will
have the access of the expertise of the insolvent organization along with their resources. The
patent possessed by them can also be accessed by the expertise organization. This will in turn
enhance the competitive advantages of the organization.
According to Bena & Li (2014), there are various benefits of mergers between the
organizations. This is due to the reason that, merger between the organizations will help both the
organization in gaining the competitive advantages in the market. In addition, merging of both
organizations will help to increase the market share and market presence in the market. Another
key advantage of merger of the organizations is the enhancement of the generation of
innovations. This is due to the reason that, merging of both the organizations will accumulate the
technologies and competitive advantages and this in turn will enhance the process of generation
of innovative ideas.
Chapter: 18
In the case of mergers and acquisitions, various organizations consider different factors in
order to initiate their process of merger and acquisition. However, in the recent years, one of the
key trends being noticed is the cross border merger and acquisition (Erel, Liao & Weisbach,
2012). Organizations from different countries are entering in the foreign market by merging or
acquiring a domestic organization. This helps them in effective initiation of the international
business strategy along with effective penetration in the foreign market.
Global market entry strategies
There are various market entry strategies being available for the organizations in entering
the international business. One of the key market entry strategies is direct investment in the host

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country (Raff, Ryan & Stahler, 2012). This strategy enable the organization in investing by own
in the host country and with the help of this, the whole control of manufacturing, operating and
marketing of their products and services will be with them. However, there are few shortcomings
are associated with this strategy which includes high risks and huge investment cost. Another
strategy is exporting which reduce the business risk but do not enable the organization in having
market presence in the host market (Grunig & Morschett, 2012).
Influencing factors for cross border merger and acquisition
One of the key influencing factors being identified for enhancing the rate of cross border
merger and acquisition is the need of geographical and industrial diversification. This is due to
the reason that, expanding in the international market helps the organizations in gaining foothold
in different market (Cieslik, Kaciak & Welsh, 2012). Thus, their brand identity and brand
exposure is enhanced in the global market. Moreover, it is also been seen that organizations are
operating in different sectors in the host market compared to their home market. Thus, the
geographical diversification gets accomplished, which in turn reduce the business risk associated
with them.
According to Schmid & Walter (2012), geographical diversification helps the
organizations in enhancing their financial value. This is due to the reason that, geographical
diversification enable the organizations in catering to different set of customers in different
regions. Thus, the business risk associated with operating with a single product will be reduced
for the organization.
Another important influencing factor for international expansion of the organizations is
the optimal utilization of resources. This is due to the reason that, employee cost is much lower

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in the developing countries compared to the developed countries. Thus, it is beneficial for the
organizations to have their manufacturing unit in the developing countries, which will reduce
their cost of production as well as cost of human resources (Gunther & Launav, 2012).
Moreover, various regions around the world are having abundance of natural and other
resources, which are inadequate in the home country of the particular organization. Thus,
international expansion will help the organizations to have access of resources required for them.
According to Kontinen & Ojala (2012), international expansion helps the organization in
gaining competitive advantage in the market. This is due to the reason that, according to the
authors, effective utilization of the resources helps the organizations in having the abundance of
raw materials for their manufacturing process. In addition, international expansion helps them in
reducing the cost of production, which in turn helps them to gain more profit margin from the
market as well as providing cost effectiveness to their customers.
In this chapter, there are various challenges being identified that to faced by the
organizations opting for international expansion. One of the key challenges to be faced is the
political and economic challenges (Caprar et al., 2015). This is due to the reason that, in the
entering and operating in the new market, the organizations have to adhere with the local rules
and regulations. In addition, the rules and regulations in different countries are different and
varied. Thus, it will be difficult for the organizations to adhere with different rules and
regulations. Moreover, the excessive regulations by the government and emergence of political
instability may pose threat for the organizations in international expansion.
Various measures can be used in reducing the effectively determining the risk in the
international expansion. One of the key strategies is initiation of merger and acquisition. This is

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due to the reason that, merger and acquisition helps the organizations to reduce their associated
risk in the international business (La Rosa et al., 2013). Merging with another domestic firm in
the host country helps the foreign organization in effectively targeting the host market along with
gaining the required brand identity. Another tool that can be used by the organization in
determining the risk of the host country is with the help of scenario planning. With the help of
the scenario planning, the economy of the host country can be effectively determined along with
their growth rate and cash flow. Thus, it will be beneficial for the organizations to have the
economic details of the host country prior to their entry in the selected market.
According to Prikazyuk (2014), insurance plays an important role in effecting the
business organization in minimizing their associate business risk. This is due to the reason that,
insurance helps the organizations in taking risks of transporting the good around the world. Thus,
the market area of operation for the business organization in their international business will get
increased.
Conclusion
This assignment emerges successful in providing an insight into the dynamics of mergers
and acquisitions. In-depth discussion of some of the chapters enhancing the clarity of the
businessmen regarding the efficient and effective means of securing their market position. The
assignment is divided into two portions, which makes the readers understand the main points
covered by the assignment. The first segment is a detailed introduction enhances the knowledge
of the businessmen in terms of the basic concepts, principles and reasons of failure regarding the
merger and acquisitions. The second part of the assignment projects the chapter overview of the
suggested source. This generates questions within the minds of the audience regarding the

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assumptions made, which is answered in the subsection of the second part, where the
propositions and assumptions are discussed in details.

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