Mergers & Acquisitions: Analysis & Performance

This assignment delves into the complexities of mergers and acquisitions (M&A). Students are tasked with analyzing various aspects of the M&A process, including pre- and post-merger connections that contribute to improved performance. The assignment encourages critical evaluation of successful M&A strategies and explores the factors influencing their outcomes.

Running head: MERGER AND ACQUISITION
Merger and acquisition
Name of the student:
Name of the university:
Author note:

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MERGER AND ACQUISITION
Brakman, S., Garretsen, H., Van Marrewijk, C., & Van Witteloostuijn, A. (2013). Cross
‐
Border Merger & Acquisition Activity and Revealed Comparative Advantage in
Manufacturing Industries. Journal of Economics & Management Strategy, 22(1), 28-
57.
Introduction
Partnerships are needed by companies and organizations for enhancing the productivity.
Partnerships can be between two companies or organizations from the same firm. It can also be
between the companies and organizations from the different industries and firms. Sometime
corporate partnerships take place between two different countries, which are merge into one for
tyaking the company or organization to the peak of success. Herein lays the correlation with the
term “cross boarder”, as in the name of the article (Brakman et al., 2013). In economics, these
partnerships are defined as mergers and acquisitions.
Problem statement
This article talks about the aspect of enjoying competitive advantage, which is impossible
if the companies and organizations, especially the manufacturing industries, expose a
lackadaisical attitude towards the regulation of the financial cost. Inability in this direction adds
vulnerability to the market position of the industry, nullifying the aspect of competitive
advantage. Attaching the aspect of cultural diversity in this context, carelessness compels the
personnel to lose track of cash flows from the internal environment to the external ones. This
makes the whole management chaotic. Chaotic management aggravates the complexities of the
management of the manufacturing industries in terms of making plans for indulging in merger
and acquisitions (Brakman et al., 2013). In some times, due to the financial instabilities, the

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implementation of the proposed plans is delayed, which destroys the balance between the
execution of the business activities.
Critical conclusive approach to the article
This article emerges successful in enhancing the preconceoved knowledge of the
readers in terms of indulging in overseas partnerships for completion of the projects at hand. The
focus of the article is on the oligopolistic market trades and transactions, where there are limited
numbers of sellers. This limitation makes it easier for the business critiques to estimate the
required partnerships for producing lucrative products for achieving customer satisfaction. Here,
the focus on the manufacturing industries seems justified.
Viewing it from the other perspective, limited number of sellers reduces the intensity of
competition to a large extent (Brakman et al., 2013). Countering this, the inter competition is
aggravated, which reflects the attempts of the sellers to indulge into mergers and acquisitions,
which would seem profitable for them in terms of enjoying competitive advantage over the
contemporary brands. Within this, the article sheds light on the cross cultural differences, which
generates conflicts between the personnel. These conflicts destroy the purpose of indulging into
contracts, trades and transactions, which brings illegal aspect into the discussion. This sometimes
goes to the extent of life risk and property losses, which contradicts the inner essence of mergers
and acquisitions. Under such situation, the sellers are compelled to exit from the market field,
which adds vulnerable to their market position (Brakman et al., 2013). Here, there is a need for
restructing strategies, which proves beneficial in terms of restoring the hard earned market
position.

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Even in the introduction of alternative strategies, conflicts can be generated. Here
example can be taken of the Warner Music Group, for which the phrase, “rags to riches” is
appropriate. The major drive behind this is the story, how the music group restored their
popularity amoung the public domain. Annual revenue of $3 billion enlisted Warner Music
Group among the big four music company 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.
Similarly, the start ups, under such crisis phase needs alternative strategies to restructure
their business. One of the ways can be the achievement of negotiation, which possesses
flexibility to maintain the stability in the relationship between the buyers and sellers. Firmness in
the means of negotiation enables the personnel to regulate the bidders and the prices, which they
set for the products and services in the auctions (Brakman et al., 2013). The process of auction
gains an important position in this chapter. It is viewed as one of the effective means of setting
the highest price for selling the business. Countering this, setting high price deprives the
businessmen of the middle class investors, who lack the needed affordability. Herein lays the
appropriateness of the characteristics of auction as chaotic and time consuming. However, with
the help of auctions, the businessmen can enhance the marketing activities, which are intangible
and difficult for appraisals (Brakman et al., 2013).

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Recommendation for solving the problem
Auction might seem an interplay with the traditionalism of the companies and
organizations, but viewing it from the other perspective, it is an attempt towards providing the
start ups with an opportunity to add firmness in their business. Delving deep into the aspects, it is
the start ups, which needs mergers and acquisitions to slowly and gradually stabilize their
position in the market. Theoretical, rational and conscious approach towards this stabilization is
an added advantage for the companies and organizations, especially the manufacturing industries
in terms of securing the market position and enjoying lucrative competive advantage. However,
the path to success is not so easy and is full of hurdles, which attack the start ups in the form of
bankruptcy, reorganization and liquidation. These financial aspects are the last options for the
firms, which have failed to satisfy the needs, demands and requirements of the stakeholders and
shareholders. These options are enough to adopt the exit procedures. Strategic vision towards
this method proves beneficial in terms of restructuring the business scenario through alternative
means (Brakman et al., 2013).
Valuation of the steps undertaken is needed in terms of exposing rational behavior
towards the execution of the marketing activities. Theoretical approach towards these aspects
enhances the clarity of the businessmen in terms of predicting situations like bankruptcy.
Carrying out in-depth studies about this theoretical approach reflects the approach of the
businessmen towards mitigating the stress of the personnel, due to the incapability to live up to
the expectations of the stakeholders and shareholders. Study Guides are an inspiration for the
aspiring start ups to develop their knowledge about how to deal with the situations like
bankruptcy. The websites possess flexibility for establishing contacts with the experienced
personnel for solving the doubts regarding the financial issues.

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Reflection
This
assignment emerges successful in providing an insight into the dynamics of mergers and
acquisitions. I think critical apprisal of the article is apt in terms of enhancing the clarity of the
businessmen regarding the efficient and effective means of securing their market position.
However, I feel that emphasizing on the manufacturing industry individually deprives the other
industries from hiring the appropriate mergers and acquisitors for fulfilling the identified and the
specified goals and objectives. Countering this, in terms of the time and the financial constraints,
referring to one particular industry acts as a lesson for the other industries in terms of applying
rational thinking for indulging into merger and acquisitions.
One of the aspects, which drew my attention is the aspect of cultural diversity. This is due
to the aspect of “cross boarder” in the title of the article. Cultural diversification is an agent of
business expansion, appropriate calculation and evaluation of which enables the business
personnel in adding maximum value to the profit margin add enjoying lucrative competitive
margin as compared to the contemporary brands (Brakman et al., 2013). Here, mention of the
importance of mergers and acquisitions enhances the awareness of the readers. Within this, the
inclusion of challenges, integrated structures of the deals, financing and valuation and execution,
enables the businessmen in terms of its usage in the developing and developed countries. Usage
of the term “local country” projects the approach of the native country towards mergers and
acquisitions.
I think organizing frequent group discussions, involving the personnel from different
cultural backgrounds would be beneficial in terms of mitigating the workplace conflicts.

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However, it needs to be ensured that the steps undertaken does not hurt the individual sentiments
of the employees. Evaluation would be an effective step for assessing the effectiveness and
feasibility of the plans in terms of the identified and the specified goals.
I also feel that looking into investments made by the shareholders can enhance the
mergers and acquisitions for the companies and organizations. The solution for this is alteration
of the current assets, liabilities, equity and operations. 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 (Brakman et al., 2013). 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.
Before going further, I think pondering upon why the firms decide to exit is more
important. 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 compelled to exit. I think Lack of oriental approach aggravates the complexities of
the firms in terms of selecting the appropriate merger and acquisitor (Brakman et al., 2013). 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

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results in the need for raising funds in order to satisfy the needs, demands and requirements of
the stakeholders and shareholders.
According to me, 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.
I feel an insight into the following aspects would help the readers to relate with the proposed
points:
 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 (Brakman et al., 2013)
 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
 Tracking stocks- Here, the firms collaborate with the shareholders to regulate the
performance of the subsidiary
Apart from this, I would like to draw the attention of the readers towards exit and
restructuring strategies being initiated by the business organizations, especially the

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manufacturing industries. 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 (Brakman et al.,
2013). 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. Here, I can give the example of 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.
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.
I feel immensely proud at the 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 (Brakman et al.,
2013). 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

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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 (Brakman et al., 2013). 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.
I affirm with the fact that 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.
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 (Brakman et al., 2013).
It gives me immense pleasure to point out that 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 (Brakman et al., 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.

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My concern goes with the manufacturing industry personnel in pointing out that 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
(Brakman et al., 2013). However, it is up to the creditors to accept the proposal of reorganization
for the insolvent organization. In addition, in the case of 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.
To help the manufacturing personnel, I can point out that 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 (Brakman et al., 2013). 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.

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It gives me immense pleasure to point out that 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 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.
I am surprised at the 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 (Brakman et al., 2013).
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.
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, which I have noticed is the cross border merger and acquisition. Organizations from

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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.
There are various market entry strategies, which I think are available for the
organizations in entering the international business. One of the key market entry strategies is
direct investment in the host country (Brakman et al., 2013). 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 (Brakman et al., 2013).
One of the key influencing factors, which I think is important here 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 (Brakman et al., 2013). 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.
I also think that geographical diversification helps the organizations, especially
manufacturing industries, 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

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different regions. Thus, the business risk associated with operating with a single product will be
reduced for the organization.
One of the other factors, which I think is 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 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 (Brakman et al., 2013). 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 my opinions, 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 (Brakman et al., 2013).
I think 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 (Brakman et al., 2013). 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.

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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.
I feel that 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 due to the reason that, merger and acquisition helps the organizations to reduce their
associated risk in the international business (Brakman 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.
I think 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 (Brakman et al., 2013).
Thus, the market area of operation for the business organization in their international business
will get increased. I would conclude with an insight into 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

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direction adds firmness in the market position of the firms securing their stance within the
competitive ambience (Brakman et al., 2013).

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