Factors Influencing Merger and Acquisition: A Study on Walmart

This research project aims to determine the factors that influence merger and acquisition in the business world, with a focus on Walmart. The study explores the importance of M&A and its impact on business performance and efficiency. It examines various factors that can influence the decision to merge or acquire another company. The research methodology includes both qualitative and quantitative analysis, using primary and secondary data sources. The findings and data analysis provide insights into the success and failure of merger and acquisition strategies. The conclusion and recommendation section offers a summary of the research findings and suggests appropriate strategies for businesses looking to engage in M&A.

Research project

Executive Summary
The present study initiates to determine the factors that influence the merger and
acquisition of the business, thus, this is a wide area of writing which is imperative in
exploring individual’s recognition in regards to the area of merger and acquisition. Therefore,
the M&A is considered to be the wider aspect which is mainly influenced by the assorted
aspects like cost management, higher competition, resources availability, suitable business
strategy, product range and so on. In this existing evaluation of overall study is relay upon the
analysis of Walmart, thus it is a largest American multinational retail corporation which
mainly operates through its chain of hypermarkets, discount department stores. Therefore, the
study states that, the key motive of each small as well as large enterprises is to attaining
higher growth and for that merger and acquisition is recognised to be the best way to explore
operations within wider area. In this existing exploration the study is based on both
qualitative and quantitative aspects as this supports the work via accumulation of detailed
evaluation. Furthermore, primary as well as both secondary tools are applied in the manner of
gathering valuable data. Thus, primary investigation is being executed via conducting
analysis through develop SPSS with the support of gathering information through
questionnaire. On the other side, secondary sources like books, journals, articles and so on are
effective in generating effective theoretical framework which explores understating. In
addition to this, conclusion and recommendation are drawn over the findings of the research
which provides summary over the outcome and appropriate suggestions that will be
significantly beneficial for the business in gaining success.

Table of Contents
Executive Summary...................................................................................................................2
Title:...........................................................................................................................................4
INTRODUCTION......................................................................................................................4
Overview of the Research......................................................................................................4
Background of the Research..................................................................................................5
Rationale of the Research.......................................................................................................5
Research Aim.........................................................................................................................6
Research Objective.................................................................................................................6
Research Questions................................................................................................................6
Structure of the Project...........................................................................................................6
LITERATURE REVIEW...........................................................................................................8
Introduction............................................................................................................................8
Industry and Sector Overview................................................................................................8
Theory relating to the concept under investigation..............................................................10
CONCEPTUAL DEVELOPMENT.........................................................................................11
RESEARCH METHODOLOGY.............................................................................................14
FINDINGS & DATA ANALYSIS..........................................................................................17
CONCLUSION & RECOMMENDATION............................................................................38
Conclusion............................................................................................................................38
Recommendation..................................................................................................................39
REFERENCES.........................................................................................................................41
Appendix..................................................................................................................................43

Title:
To determine the factors which can influence merger and acquisition of the company.
INTRODUCTION
Overview of the Research
The current project access the knowledge about the factors that can influence merger
and acquisition of the business, thus, this is wide academic writing which is acknowledged
for the intention of finalising the suitable aspects that encourage merger and acquisition of the
business. Merger and acquisition is simply term utilise for describing consolidation of
business form or assets by using several type of financial transactions including merger,
acquisitions, consolidations, tender offers as well as purchase of assets and management
acquisitions. Along with this, from legal point of view merger is simply legal consolidation of
two entities within one. On the other hand, acquisition occurs when one entity result in
consolidation of assets as well as liabilities within one entity (Gomes and et. al., 2011).
Therefore, M&A are mainly motivated through the expected synergy among the target and
the acquiring firms, some mergers are successful while others are not. There are assorted
factors like market share, competitive position, income, investment needs, operational
efficiency, tax burden, cash flow management, higher profitability, wider market base and so
on, that influences the merger and acquisition of the business. However, these factors are
needs to be considered by the businesses in making effective merger and acquisition of the
business. In simple term it can be said that distinction among merger and acquisition is not
clear. Present company is now focusing on enhancing their business as well as profitability
through merger and acquisition. In relation of respective investigation best suitable aims,
objectives as well as research questions towards same are described below within same
section. In this present study the overall analysis is based on retail industry which are mainly
concern over whether these are important in the case of providing significant benefits to the
retail business, thus in this the study has been executed over Walmart Inc. Therefore, it is a
large American multinational retail corporation that operates a chain of hypermarkets,
discount department stores and grocery stores. Here are assorted theories are implemented
like in which resource dependency, neo-classical and agency are involved, thus, these may
have taken into actual action by the businesses for the intention of determining the aspects
that are influencing the decision of merger and acquisition. Furthermore, It encompasses over
assorted factors like Globalisation, reduce cost, increase sales, penetrating new markets and

sharing resources. The existing investigation is valuable for the retail sector, thus the retail
businesses are considering merger and acquisition as their key aspect where whether policy
makers can help the stakeholder to get more benefits via the significant use of merger and
acquisition (Thanos and Papadakis, 2012). Thus In this way, it helps for Walmart enterprise
to increase their productivity and profitability in the global marketplace.
Background of the Research
The present project aim to determining the factors that influences merger and
acquisition of the business, therefore, merger and acquisition are defined to be the imperative
aspect which plays a vital role in providing wider opportunity to the businesses to conduct
organisational activities in right manner to gain higher growth and success. In this present
exploration work, the overall study has been developed to determine the potential factors that
influence merger and acquisition, Thus the overall study is based on the case study of
Walmart. It is a famous large American Multinational corporation which has its operations all
around the globe and operated through its chain of hypermarket, grocery stores and so on
(Rottig, Reus and Tarba, 2014). The headquarter of the firm is in Bentonville, Arkansas,
United States. The company has strated its operates from the year of 1962 by the potential
efforts of Sam Walton and the company was incorporated in the year of 1969. The company
is having around 2.2 million employees from the world wide and contributing their potential
efforts in the growth and success of the business. Walmart is a large supermarket chain which
has concern over attaining higher growth and merger and acquisition is determined to be the
key aspect which provide wider market base to the businesses to operates in more efficient
way to gain progression and advancement. Therefore, Walmart is seeking for merger and
acquisition for the intention of attaining higher growth and competitive edge.
Rationale of the Research
The research into consideration is based on evaluating the factors that can influence
merger and acquisition of the business, thus, the present recognition is a wide academic
research which has imperative value in developing the knowledge and skills of people in
relation to the area of merger and acquisition (Green, 2016). The key purpose of this research
is that merger and acquisition are the major considered area and recognise to be a major issue
for a business and knowledge in this area is sufficient for industry or a business in the manner
of conducting suitable business operations therefore the study is effective in providing wider
knowledge in regards to the factors that are influencing the aspect of merger and acquisition
in a business as in this the overall analysis is based on Walmart as this study is efficient for

Walmart in conducting suitable business operations with the appropriate guidance of merger
and acquisition as business is now more able to know about the potential benefits and the
cons that are being faced in the execution of merger and acquisition for the success of
business. In addition to this the study is also important in providing by the academic and
business knowledge to the individual who is interested in the similar area as this area
develops personal and professional skills of people that would be efficient for them in
attempting their future projects and more reliable manner. Furthermore the another intention
of executing this analysis is to determine the failure and success of Walmart by the
emergence of merger and acquisition as their key strategic step thus the study is significant in
exploring all the potential aspects related with merger and acquisition in detail manner which
would be efficient for Walmart and the businesses that are also belongs from the similar
industry.
Research Aim
The key aim of this present research is “To determine the factors which can influence
merger and acquisition of the company: A study on Walmart.”
Research Objective
The significant objectives of this present research are evaluated as below:
 To identify the several factors that impact on the merger and acquisition of
organisation.
 To examine that merger and acquisition Strategy enhance the overall business
performance and efficiency.
 To determine the importance of merger and acquisition in the Walmart.
Research Questions
The appropriate questions that are significant to assist the overall investigaton in right
manner are described as under:
 What are several factors that impact on the merger and acquisition of organisation?
 How can you examine that merger and acquisition Strategy enhance the overall
business performance and efficiency?
 What is the importance of merger and acquisition in the Walmart?

Structure of the Project
This perceived to be the significant recognition of the researcher as it is strong in
building up a suitable layout detail to the researcher to execute all the examination activities
in appropriate way. In the execution of this current examination over the zone of determining
the factors which can influence merger and acquisition of the company,, thus it is an effective
investigation area and needed a well structure to execute all the activities in effective manner
to draw valid and reliable outcome (Nelson, 2018). The appropriate sections of this specific
examinations are related as under:
Chapter 1: Introduction
This is the essential phase of an investigation as it decided the significant aim of
directing the investigation by means of creating point and goals of the exploration, Therefore,
in this segment a short outline has been created to give information with respect to the
examination region and a concise foundation of industry has additionally be created to
present the portion where examination is led. This segment additionally includes the extent of
study and method of reasoning which principally decided the potential explanation behind
directing the investigation.
Chapter 2: Literature Review
This is the second phase of an investigation as it is huge in creating inside and out
information with respect to the examination territory through making literature review,
therefore, this section of the research is effective in developing individual understating in
relation to the chosen study area via the suitable assistance of authors and writers opinion
who have already conduct analysis over the same area (Moeller and Brady, 2014).
Subsequently, this segment of examination is basically gathered via the already conducted
study as in this major sources of information accumulation area books, articles, diaries and
predominantly past examinations that depend on comparable zone of work.
Chapter 3: Research Methodology
Research methodology is additionally perceived to be the another key zone which is
predominantly imperative over choosing the most appropriate philosophy to help the work in
right way. In this way, this segment fundamentally consolidated over numerous applications
like research methodology, research design, research approach, philosophy, data collection
tools, data analysis technique, data sampling and so on. In this way, the reasonable choice is

required to help the work in right way to coming to at the key outcomes as this segment needs
avocation of settling on decision of a specific technique. Therefore, in the present
investigation context based on evaluation of different factors can influence merger and
acquisition of the company, suitable selection of methodologies are required to assist the
overall investigation in right manner to drawn appropriate outcome (Ishii and Xuan, 2014).
Chapter 4: Data Analysis and Interpretation
Data analysis and interpretation is defined as an imperative area which is mainly relay
upon determining the investigation information is appropriate way to generate accurate
outcome. Therefore, this section of the investigation is suitable in providing assistance to the
investigator to generate valuable outcome, In the context of this present undertaking, primary
research is being taken into consideration to genera actual result as in this, survey has been
executed with the assistance of questionnaire as in this interpretation is mainly in-corporate
over determining the evaluation of questionnaire.
Chapter 5: Conclusion and Recommendation
This is additionally an another key zone of an examination as in this conclusion and
recommendation are drawn over the result of the exploration, hence conclusion has been
drawn over the consequences of data, thus, investigation as this sum up the result of
examination in compelling way. Therefore, conclusion is effective in providing overall
summary of the project that incorporates through the findings of the research (Baker, Pan and
Wurgler, 2012). On the opposite side, information analysis is noteworthy in giving
recommendations in regards to the change that are reasonable for a business or industry.
LITERATURE REVIEW
Introduction
Literature Review is effective in developing understanding of individual in relation to the
are of analysing the factors which affects the merger and acquisition of the business, via the
help of gathering information via books, journals, articles and so on. Therefore, the potential
intention of this section in research is to explore individual knowledge in regards to the area
of merger and acquisition with the help of gathering information from the secondary sources
(Bezuidenhout and Kleynhans, 2015).

Industry and Sector Overview
In this research undertaking the overall study is based on retail industry, thus it is
recognised to be the most developed industry which is contributing a lot in the economic
development of a country. As per the opinion analysis of Jemma Smith, 2019, it has been
stated that, the retail is recognised to be the vital to the UK economy as it generated around
£381 billion worth of retail sales, which shown a higher development of retail industry in
UK. Therefore, the people employs in UK retail is around 2.9 million which is high rate than
the other industry, so the growth of retail industry in UK is so high. Walmart is a large retail
business in which is operated by its chain of supermarkets, grocery stores and discount
department stores (Ellickson and Grieco, 2013). Thus, thus the company was founded in the
year of 1962 by the efforts of Sam Walton. Walmart was recognised as the world’s largest
retail company by its revenue which is around 523.964 billion. Furthermore, the key motive
of the business is to attaining higher grwotha nd success via the help of implementing
effective business strategies that are significant for generating higher growth and
development of the business. As a large supermarket chain Walmart has large number of
competitors like Costco, Walgreens, Amazon, Kroger, Tesco, Home Depot and so on, thus,
these are the major competitors of Walmart which influences the overall sell of the business.
As the large and most recognised brand the primary obligation of Walmart is to be on
the higher position and for this the business has concern over using low price philosophy for
the intention of grabbing the attention of larger of buyers and gain higher profitability and
growth. In addition to this, for the intention of growth the company is focuses over executing
their operations via merger and acquisition as Walmart has acquire online store flipkart for
the intention of exploring their operations and attain higher growth and success (Li, and Liu,
2012). Walmart is operated through its retail store and the online sites, thus the company is
segmented customers on the basis of demographic aspects thus, the company is targeted
people on the basis of their income status, thus the company is mainly targeted to Individuals
and households with low incomes and middle and providing them effective facilities to attain
growth. Walmart has bought Flipkart for around 16 billion, therefore, they acquired 77
percent stake in the Flipkart, thus, this deal is effctiv in the terms of generating more
economic development for the country and the business as well. Walmart with its expertise in
retail management that would be significant for Flipkart in providing edge over its
competition, therefore, Flipkart is likely to get access to newer markets which involve the
enhancement of economy entirely, hence, The infusion of fresh funds will help Flipkart to

expand its operation at global level. Thus the merger and acquisition is significant for
Walmart in enhancing its peroformance and productivity to attain high progression via
fulfilling the desires of the customers. However, Walmart is focuses over implementing
warehouses for the purpose of delivering best and fast facilities to the customers.
Theory relating to the concept under investigation
The present study mainly initiates to analyse the importance of merger and acquisition
in the growth and success of the business, thus, in this evaluation is based on assorted
theories that are very much significant for this analysis, therefore, resource dependency
theory, neo classical theory are termed to be the appropriate theory for this evaluation, The
suitable explanation are associated as under:
Resource Dependency Theory: Resources dependency theory is mainly encompasses over
the principles which a business requires to be engaged in transaction with the other
organisations in its environment to acquire resources, thus this theory is effective for the
businesses to provide suitable direction in the acquiring right source for the significant
growth of business via managing business operations as resources are required for the better
execution of the business (Roberts and Berg, 2012). Resources which the business requires
may be scarce not always readily considerable or under the control of uncooperative actors.
Therefore, In other words, this theory mainly determined the interconnection among
businesses and the products they required to operate. Resources come in many forms,
likewise raw materials, financing, and employees. Acquiring these external resources is an
essential component for strategic and tactical management for any organsiation. However,
This theory is significant for Walmart in acquiring the suitable business for the intention of
arranging suitable assets to explore their operations within wider area and generate higher
profitability and growth. For instance: Walmart is acquiring Flipkart and implement its
resources to generate more value to the form via developing its online presence. Hence, this
theory is imperative in the context of Walmart as it supports the entire business via acquiring
the external resource like employees, raw material, finance and so on, therefore, this would
be significant in the terms of executing business operations in the light of appropriate
available of resource that might helps in enhancing the overall functionality of the business.
Neo classical Theory: This recognised as the extended version of the classical theory in
which the behaviour sciences gets involve in the management. As per the analysis of this
theory, is has been stated that, business is evaluated as the social system which is mainly

affected through the human action. The neoclassical theory was also defined as an attempt at
incorporating the behavioural science among management via in respect to resolve the issues
created through classical theory practices. Therefore, the premise of this aspect was mainly
encompasses over the idea that the role of management is to use employees in the manner of
getting things done in suitable manner, rather than concerning over production, structure or
technology. Entirely this theory is mainly concern with the employees. This theory is
imperative for Walmart in building appropriate inter relationship among the businesses and
execute suitable operations that are generating value for the both businesses (Sethi, 2014).
However, the theory is significantly be implemented by Walmart for guiding the management
in making the suitable use of employees, thus this theory helps the business and its
management in using the human resource in right manner to getting things done. This theory
is mainly based on human perception, thus, It revealed the importance of social and
psychological aspects in evaluating the worker’s productivity and satisfaction. With the help
of this theory Walmart implement suitable interconnection among the employees and the
businesses as well which might be effective in turns of creating value for the business in
improvising their operations globally and also assist the functions in the direction to gain
success.
CONCEPTUAL DEVELOPMENT
The several factors that impact on the merger and acquisition of organisation.
As per the views stated by Chirantan Basu, 2017, Merger and acquisitions are the
transactions within that companies ownership as well as M&A can allow business firm to
grow or downsize and also changing nature of business or their competitive position. In
addition to this, mergers is defined as the term when two businesses are decide to combine
their operations on the other side, when a business acquire another business, than it is called
acquisition (DePamphilis, 2019). Therefore, merger and acquisition both are resulted in
collective entity, thus, M&A is recognised to be the significant aspect which provides a wider
opportunity to the businesses to attaining higher growth and success. In market there are
assorted factors like strategic fit, cost of the business, revenue synergies, access to talented
employees, investment needed, cash flow management, tax burden, operations efficiency and
so on, thus, these are the key aspects that influences merger and acquisition of the business.
Therefore, these all factors are needs to be considered by the businesses to conduct suitable
execution of the operations. As per the opinion analysis of Romona Paden, 2019, Strategic fit

is evaluated as the factors which affects the merger and acquisition of the business does it is
very much considered by the businesses to be focused towards their business strategies as it is
important for the businesses to develop an effective business strategies so that operation
implementations can be held in the right manner and growth can be attained so it is important
for the business who are going for merger and acquisition needs to analyze the business
strategy implementing most suitable strategy which is significant for the growth of the
business (Kumar, Anand and Song, 2017). In addition to this cash flow management is also a
major factor which is needs to be resolved by appointing an appropriate manager who is
having appropriate skills to manage the cash as it is required for the business or its
management to use the cash and resources at the right place so that implementation of the
activities can be assisted in right manner. Further more investment needed is also a major
factor as for the growth it is required for a business to obtain appropriate investment so that
suitable activities can be conducted in addition to this businesses are also facing the issue of
hiring appropriate talent at workplace and with the help of merger and acquisition the
resistance of the activities are removed and businesses are probably executing their
operations in well executive manner to attend more sustainability within market.
Merger and acquisition Strategy enhance the overall business performance and efficiency
According to the opinion analysis of LEE FREDERIKSEN, 2020, Merger and
acquisition are recognised to be the most popular business strategy that are considered by the
businesses to expand into a new market or territories to gain higher competitive advantage
and acquire new technology and skill sets that are beneficial for the success of the business
therefore merger and acquisition has plays important role to providing significant direction to
the businesses to get involved with each other and execute their operations in a liable manner
to attain growth (Zingales, 2017). In addition to this merger and acquisition are also defined
as the corporate strategies which are deals with buying selling or combining different
businesses with a goal to continuous development. However the intention of merger and
acquisition are needs to be considered after recognising a few facts like the current business
status and the present market scenario, threats and opportunities within the market the
valuable market share the strategies implemented by the businesses and so on. The success of
merger and acquisition is mainly encompasses over the strategy which are adopted by the
businesses related with merger and acquisition therefore it recognised as the roadmap for a
corporate development efforts of an organisation action the strategies on merger and
acquisition are devised to transform the strategic business plan of the organisation to a list of

target acquisition prospects the merger and acquisition strategies of a framework which
evaluates acquisition candidates and helps the organisation to identify the suitable once.
Walmart is recognised as the higher class brand which incorporates over executing their
operations with the help of merger and acquisition does this recognised as the key strategy
which is implemented by Walmart for the intention of attaining higher growth and success.
However merger and acquisition are termed as the most important strategic operations that
are acquired the external growth of the business. Therefore it mainly enables the businesses
to expand their operations at a global level with the help of generating technological scope
former reducing business errors, developing appropriate communication, change path of
learning and so on (Yang, 2015). Further more merger and acquisition is beneficial for the
businesses to critical gaps in services offering for client list coma efficient way to acquire
talent and intellectual properties coma opportunity to liberate synergies coma development of
new business models comma safetime and long learning curves and so on therefore this
article benefits which are mainly attained by the Walmart with the implementation of merger
and acquisition as in terms of Walmart merger and acquisition is recognised as the most
successful strategy which provides higher benefits to the businesses to attain growth and
success.
Importance of merger and acquisition in the Walmart
According to the views expressed by By Alex Cuc, 2019, Merger and acquisition are
refers as the consolidation of businesses, therefore, Mergers is defined as the combination of
two businesses to form one, while Acquisitions is recognised as a one company which is
taken over by the other. M&A is one of the major elements of corporate finance world. The
purpose behind M&A mainly provides that two separate businesses together develop more
value as compared to being on an individual stand. In this modern business environment the
motive of each small as well as large business enterprises is to attaining higher growth and
success, thus merger and acquisition is recognised as the best tool which is imperative for the
businesses to develop their operations at international level (Gomes and et. al., 2011).
However, merger and acquisition has develop assorted benefits for business like tax
advantages, wider market base, opportunity to business expansion, Obtaining easier access to
a skilled labor force, better access to the larger market and so on. Thus, Walmart is the
world’s largest retail store which has its merger with Flipkart thus, this merger is beneficial
for the business in the manner of attaining higher growth via capturing market through
effective online benefits. Walmart has wrapped up Flipkart acquisition for $16 billion, a

valuation of over $20 billion, which creates it the world's biggest ecommerce deal. Therefore,
the Walmart will own around 77 per cent of the Bengaluru-based business in what is also
being seen as the largest buyout for the US firm. Therefore, the acquisition is beneficial for
Walmart in becoming the largest retailer and also gain higher profitability and growth. In
addition to this, the merger and acquisition is also valuable for Walmart in attaining higher
access to market as the firm now can offer their products to the entire world by the effective
presence of Flipkart. Thus, this has develop the profitability and revenue of the business
(Grabovski and et. al., 2014). Hence, the merger and acquisition of Walmart with Flipkart is
beneficial for both the businesses thus flipkart is focusing over enhancing the revenue via
providing fast facilities to the buyers and Walmart is focuses over developing warehouses
and godowns for considering the requirement of the buyers and fulfilling them within less
time span to gain moe sustainability and growth.
RESEARCH METHODOLOGY
This section of an investigation has played a vital role in providing appropriate
assistance to the work and helps in drawing valid and reliable outcome (Mackey and Gass,
2015). In addition to this, research methodology is also defined as the plan and procedure
which has imperative role in guiding an investigator in suitable direction to implement the
work in well structured and planned way. The suitable methodologies that are significant for
evaluating the factors which can influence merger and acquisition of the company, are
described as under:
Research Method: : It depends on the procedure, system and method that can use the huge
measure of information assortment and furthermore investigate the proof of data. So as to
improve or recuperate new information for making better comprehension towards a specifc
investigation area (Cleary and Lopez, 2014). Research Method can be arranged into various
sorts like Qualitative research method and Quantitative research technique. Therefore, these
two are termed to be the most significant aspect of the research. qualitative research
technique is a sort of logical methodology as far as perception whether gather information of
hypothesis angles. It basically cantered around the ideas and real significance. Then again,
Quantitative technique is essentially underlining the particular estimation of target and
examination numerical information or data. In this context of this present investigation work
based on evaluating the factors that affects the merger and acquisition of the business, both
qualitative and quantitative tools are applied by the researcher, thus qualitative research is

effective in providing detailed analysis with the support of developing questioner. On the
other hand, quantitative research has been applied in the manner of using SPSS tool, thus
these two are significant in providing valuable data (Flick, 2015). However, mixed method, is
significant to gather detailed information in the manner of theoretical and numerical aspects,
thus helps in generating valuable outcome. Therefore, mixed method is significant for wider
investigation areas and assist the entire work with information in deep recognition.
Research Design: This is the `most basic piece of research venture as it helps in giving the
outline to the analyst to pushing ahead towards right heading. This section mainly comprises
over three significant aspects like, conclusive, exploratory and experimental research design.
For undertaking the specific investigation, exploratory research design has been applied as
the imperative aspect of conducting qualitative research as it is helpful for generating insight
about the situation (Sparks, 2011). It is based on the previous theory to understand depth
knowledge and gain idea for further expansion. Therefore, in this existing research work, the
analysis is based over mixed method and exploratory and conclusive research design has
been implemented by the research. Thus, for considering qualitative research exploratory
research design has been applied by the researcher for gathering detailed information as it is
relay upon the previous theories that are effective in providing in-sight information to
generate results. In addition to this, exploratory research design has been significantly
imperative in gathering information that are liable for determining the factors affecting the
merger and acquisition of the business (Kumar, 2019). On the other hand, for considering
quantitative research conclusive research design has been applied by the researcher, thus it is
effective in providing numerical and statistical information that can be measures in the form
of number, as such information’s are liable in providing information in actual afcts and
figures so that suitable results can be obtained (Tuohy end et. al., 2013).
Research Approach: This area is accentuates on two significant perspectives one is deductive
and other one is inductive research approach. Therefore, research approach is significant in
providing appropriate direction to the researcher to carry out an exploration in right manner
to drawn valid and reliable outcome. In this current examination inductive approach has been
implemented by the researcher as it is most appropriate device for conducting both qualitative
and quantitative e research and successful giving legitimate way to leading investigation
through the assistance of theories and hypothesis (Yuan ad et. al., 2016). Therefore, inductive
approach is viable in providing descriptive information via using suitable theories that are
encompasses over the area of merger and acquisition as the whole investigation is based over

the factors that are affecting merger and acquisition of the business. In addition to this,
inductive approach is efficient for executing analysis based on mixed method thus this
approach is valuable in determining the assorted patterns via observing the views of others,
thus this also helps in generating actual data with the helps of implementing theories and
hypothesis that are based on the chosen study area. Hence, for drawing valuable results over
present investigation area, investigator is focuses over formulating research questions and
objectives through which views can be analysed in the manner of determining outcome.
Data Collection tools: This defined to be the most important area of an investigation as it is
effective in providing suitable direction to the work via gathering information from the most
suitable sources, therefore, this section is mainly relay upon primary and secondary sources,
thus, Primary Investigation is effective in providing wider base to gather first hand
information which are liable on a specific research area. Adopting such tool empower
researcher to assemble direct data through utilizing different sources, for example,
questionnaire, interviews, reviews and so on. It brings progressively precise and dependable
data in this way for the most part embraced technique by researcher while doing their
exploration (Fernie, Fernie and Moore, 2015). On the other side, Secondary investigation is
effective in developing understanding of the learner via the assistance of theoretical research,
thus Using such technique empower researcher to gather secondary information which was
gathered by other analyst before. It incorporates different sources, for example, books,
papers, diaries, articles and so on. In this present evaluation work, base on determining the
factors that affects merger and acquisition of the business, both primary and secondary tools
are applied by the researcher, thus, primary research is being executed via the support of
preparing questionnaire as it is effective in gathering information from the wider population.
On the contrary side, secondary investigation is mainly being executed via the help of using
appropriate books, journals, articles and so on, to develop theoretical perspective of the
investigator (Cecez-Kecmanovic, 2011). Hence, primary information helps the investigation
in accumulating first hand information through measuring the views of participants and
secondary investigation is valuable in gathering efficient information via applying the
suitable theories and theoretical frame work to provide a wide knowledge base to the others.
Data Sampling: It is portrayed as a particular rule that can be utilized to choose the member
in investigate venture. It has been noticed that think about the quantity of populaces. This
section is mainly based on probabilistic and non-probabilistic data sampling tool, along these
lines, in this present research work sample has been select at random basis via the

probabilistic tool. It additionally acquired the examples taken from huge populaces. The
Sample size is 30. So as to isolate work for equivalent individuals in inquire about
investigation where everybody take an interest to gather data or information (Zhu and Zhu,
2016). Therefore, random sampling is effective because in this individual are randomly
picked to accumulate information and fulfil the requirement of questionnaire.
Ethical Consideration: In the better execution of an investigation ethics are needs to be
considered by the researcher, thus it provides a well structured way o execute the
investigation activities in effective manner to conduct exploration activity in imperative way
without facing any sort of issue and hazardous. Furthermore, the research has requires to
follow the research ethics in which confidentiality maintains of respondents data, suitable a
environment management where individual are free to talk, equality distribution to the
participants so that dignity can be maintained and so on (Dumay and Cai, 2015). Thus these
are needs to be managed by the researcher to conduct well investigation. Therefore, the key
challenge which influence the intention of research is the wellbeing of respondents, thus the
participants are having issue with leaking of their private data, thus the investigator needs to
ensure their participants about maintain the safety and security of their private information. In
addition to this, researcher is also not ask any kind of questions that affects the sentiment and
emotion of the respondents.
FINDINGS & DATA ANALYSIS
Data Findings and evaluation includes the analysis of information accumulated
through the utilisation of analytical or logical reasoning to evaluate patterns, trends and
relationships (Kabugo-Musoke, 2011). This present research project, analysis and findings
are based on SPSS Tool, thus in this overall evaluation is based on executing descriptive
evaluation. As in this questionnaire is being developed to generate valuable results via the
support of developing analysis via SPSS.
Questionnaire
Name:
Age:
Gender:
Email:
Q1) Do you have an appropriate recognition in regards to the concept of merger and
acquisition in the context of business?

Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q2) According to you, merger and acquisition is effective for the businesses to gain more
growth and success?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q3) As per your view, the strategy of merger and acquisition is imperative for the performance
development of a business?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q4) According to your perspective, strategic fit is a major factor which highly influence merger and
acquisitions of a business?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q5) As per your view, merger and acquisition has positive impact over the brand enhancement of
Walmart?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q6) As per your view, higher access to the market is recognised to be the key benefit which
is mainly attained by Walmart via implementing merger and acquisition?
Strongly Agree

Agree
Strongly Disagree
Disagree
Neutral
Q7) According to your perspective, is it required for Walmart to make change in their business
strategy?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q8) According to your view, resources dependency theory is well applicable for Walmart in the
context of merger and acquisitions?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral
Q9) As per your view, merger and acquisitions is termed to be the most effective strategy for Walmart
to increase higher profitability and revenue?
Strongly Agree
Agree
Strongly Disagree
Disagree
Neutral

Descriptive statistical analysis
Theme 1) Individual having an appropriate recognition in regards to the concept of merger
and acquisition in the context of business.
Q1) Do you have an appropriate recognition in regards to the concept of merger and
acquisition in the context of business?
Frequency
Strongly Agree 24
Agree 2
Strongly Disagree 1
Disagree 2
Neutral 1
N Valid 30
Missing 0
Mean 1.47
Std. Error of Mean .196
Median 1.00
Mode 1
Std. Deviation 1.074
Variance 1.154
Range 4
Minimum 1
Maximum 5
Sum 44

Interpretation:
From the detailed analysis of the project it has been considered that, in this present
analysis the evaluation has been executed among 30 respondents and out of that 24 people are
strongly agree with the statement as they are having appropriate understating in relation to the
area of merger and acquisition in the terms of business. 2 respondents are simply agree, an
individual is strongly disagree with the same and 2 are disagree and 1 is not providing any
discussion on the same. Therefore, as per evaluation of SPSS it has also been evaluated that,
mean for this analysis is 1.47 and median and mode is for the same is 1.

Theme 2) Merger and acquisition is effective for the businesses to gain more growth and
success.
Q2) According to you, merger and acquisition is effective for the businesses to gain
more growth and success?
Frequency
Strongly Agree 22
Agree 2
Strongly Disagree 2
Disagree 2
Neutral 2
N Valid 30
Missing 0
Mean 1.67
Std. Error of Mean .232
Median 1.00
Mode 1
Std. Deviation 1.269
Variance 1.609
Range 4
Minimum 1
Maximum 5
Sum 50

Interpretation:
In the present analysis the study has been executed over analysing the aspect that
merger and acquisition is effective for the business to gain more growth and success there
majority of respondents are agree with this statement as per their view merger and acquisition
is very much efficient for the business to attain more success and around 4 people are
disagree with the same and remaining respondents and neutral as they are not providing any
discussion on the same. Therefore, in this mean is 1.67, mode and media both are 1 for this
same.

Theme 3) The strategy of merger and acquisition is imperative for the performance
development of a business.
Q3) As per your view, the strategy of merger and acquisition is imperative for the
performance development of a business?
Frequency
Strongly Agree 25
Agree 1
Strongly Disagree 1
Disagree 2
Neutral 1
N Valid 30
Missing 0
Mean 1.43
Std. Error of Mean .196
Median 1.00
Mode 1
Std. Deviation 1.073
Variance 1.151
Range 4
Minimum 1
Maximum 5
Sum 43

Interpretation:
From the detailed analysis of the present project that has been analysed that 25 out of
30 people are said that the strategy of merger and acquisition is important for the
performance development of a business therefore one individual is simply agree. As per their
view merger and acquisition is termed to be the best effective strategy for a business to gain
growth and success and another one is strongly disagree and two people are agree with the
same and remaining one person is not providing any discussion on the same. Furthermore, in
this existing evaluation median is 1 and mode is also 1 and mean is 1.43.

Theme 4) Strategic fit is a major factor which highly influence merger and acquisitions of a
business.
Q4) According to your perspective, strategic fit is a major factor which highly
influence merger and acquisitions of a business?
Frequency
Strongly Agree 18
Agree 4
Strongly Disagree 3
Disagree 2
Neutral 3
N Valid 30
Missing 0
Mean 1.93
Std. Error of Mean .253
Median 1.00
Mode 1
Std. Deviation 1.388
Variance 1.926
Range 4
Minimum 1
Maximum 5
Sum 58

Interpretation:
In this existing exploration the study has been executed over the area of determining
the factor that strategic fit is recognised to be the major factor which highly influence merger
and acquisition of a business as in this overall study has been executed among 30
respondents. The mean for this evaluation is 1.93, mode and median are 1 for the same. Out
of 22 people are agree with the statement and in favour with the same and 3 respondents are
strongly disagree and 2 are respectively disagree with the same and leftover people are
neutral as they are not providing any discussion about the same.

Theme 5) Merger and acquisition has positive impact over the brand enhancement of
Walmart.
Q5) As per your view, merger and acquisition has positive impact over the brand
enhancement of Walmart?
Frequency
Strongly Agree 20
Agree 3
Strongly Disagree 2
Disagree 3
Neutral 2
N Valid 30
Missing 0
Mean 1.80
Std. Error of Mean .242
Median 1.00
Mode 1
Std. Deviation 1.324
Variance 1.752
Range 4
Minimum 1
Maximum 5
Sum 54

Interpretation:
In this existing evaluation of the project as per the the retail valuation of the
respondents it has been analysed that out of 30 around 20 people are in favour with the
statement that merger and acquisition has positive impact over the brand enhancement of
Walmart three people are simply agree and around five people are disagree with this
statement and remaining are not providing any discussion regarding the equivalent. From the
evaluation of strategic evaluation it has also been evaluated that, mode and media both are 1
and mean is 1.80 as majority of people are in favour with this statement.

Theme 6) Higher access to the market is recognised to be the key benefit which is mainly
attained by Walmart via implementing merger and acquisition.
Q6) As per your view, higher access to the market is recognised to be the key benefit
which is mainly attained by Walmart via implementing merger and acquisition?
Frequency
Strongly Agree 21
Agree 2
Strongly Disagree 4
Disagree 1
Neutral 2
N Valid 30
Missing 0
Mean 1.70
Std. Error of Mean .226
Median 1.00
Mode 1
Std. Deviation 1.236
Variance 1.528
Range 4
Minimum 1
Maximum 5
Sum 51

Interpretation:
According to the descriptive analysis of the project it has been interpreted that around
23 people are in favour with the statement that higher excess to the market is recognised to be
the key benefit which is mainly attained by Walmart why implementing merger and
acquisition as their key strategic source and around five people are not in concern with the
same and remaining two people are neutral and they are not rendering any opinion about the
same. However, mean is 1.70 or mode and media are 1 for this equivalent. Therefore,
majority of responsive are in approval with the existing statement.

Theme 7) It is required for Walmart to make change in their business strategy.
Q7) According to your perspective, is it required for Walmart to make change in
their business strategy?
Frequency
Strongly Agree 19
Agree 4
Strongly Disagree 2
Disagree 3
Neutral 2
N Valid 30
Missing 0
Mean 1.83
Std. Error of Mean .240
Median 1.00
Mode 1
Std. Deviation 1.315
Variance 1.730
Range 4
Minimum 1
Maximum 5
Sum 55

Interpretation:
According to the descriptive analysis of the above mentioned chart it has been the
presents that mean is 1.83, median and mode are 1 for this specific evaluation as majority of
responsive are in favour with the same as it is required for Walmart to make changes in their
business strategy around five people are disagree with the same and you are not providing
any discussion as they are not in favour with the same as per their view it is not that much of
important for Walmart to make any kind of changes and their business strategy.

Theme 8) Resources dependency theory is well applicable for Walmart in the context of
merger and acquisitions.
Q8) According to your view, resources dependency theory is well applicable for
Walmart in the context of merger and acquisitions?
Frequency
Strongly Agree 18
Agree 3
Strongly Disagree 3
Disagree 3
Neutral 3
N Valid 30
Missing 0
Mean 2.00
Std. Error of Mean .263
Median 1.00
Mode 1
Std. Deviation 1.438
Variance 2.069
Range 4
Minimum 1
Maximum 5
Sum 60

Interpretation:
As per the detailed analysis of the respondents view it has been after that resource
dependency theory is well applicable for Walmart in the context of merger and acquisition
and out of 30 respondents around 21 people are agree with the same as per their view it is
best suited theory for the success of Walmart and around 6 people are disagree with the same
and the remaining three people are not providing any opinion about the same. In this
evaluation mean is 2 as majority of responsive are agree with this statement and mode and
median are 1 or 1 respectively.

Theme 9) Merger and acquisitions is termed to be the most effective strategy for Walmart to
increase higher profitability and revenue.
Q9) As per your view, merger and acquisitions is termed to be the most effective
strategy for Walmart to increase higher profitability and revenue?
Frequency
Strongly Agree 23
Agree 1
Strongly Disagree 1
Disagree 3
Neutral 2
N Valid 30
Missing 0
Mean 1.67
Std. Error of Mean .241
Median 1.00
Mode 1
Std. Deviation 1.322
Variance 1.747
Range 4
Minimum 1
Maximum 5
Sum 50

Interpretation:
As per the detailed analysis of the survey report it has been evaluated that around 23
people are strongly agree with the aspect that merger and acquisition is termed to be the most
effective strategy for Walmart to increase their profitability and revenue one individual is
simply agree and out of the remaining respondents for our disagree and 2 are not providing
any discussion about the influence of merger and acquisition in the context of Walmart.
Although, the mean is 1.67 for this evaluation and mode and median are 1 for the same.

CONCLUSION & RECOMMENDATION
Conclusion
From the detailed analysis of the project it has been concluded that, merger and
acquisition have continued unabated over the last few years and businesses are spending a lot
in the acquisition of the business, therefore forger and acquisition are recognised to be the
most imperative aspect which have transformed the fundamental composition of many
businesses like retail, telecom, automobile and so on by aligning tools and technologies to
exploiting economies of scale and global branding. Merger and acquisition are expected to
develop economic values via increase market share, reducing cost or the two via the
implementation of few tangible and intangible specialised resources. Therefore, a merger and
acquisition are also imperative in protecting one’s turf, where there might be no developed
market share or reduced cost in such cases, rivals would find it tougher to operate within the
similar market area. Thus, in today’s modern business environment the primary consideration
of the businesses is to attaining higher growth and profitability and for this they are
significantly concern over implementing effective strategy to assist the organisational
operations in viable manner to gain growth and success. From the detailed analysis of the
project it has also been evaluated that majority of respondents are in favour with the area that,
merger and acquisition is recognised to be the best strategy which is widely implemented by
the businesses for the intention of increasing their market share and develop the profitability.
As per the analysis of the survey it has also been determined that, there are assorted factors
like strategic fit, cost of the business, revenue synergies, access to talented employees,
investment needed, cash flow management, tax burden, operations efficiency and many other,
but as per the evaluation of the respondents view strategic fit is recognised to be the key
factor which influences merger and acquisition of the business, thus it is very much required
for the businesses to develop effective strategies to explore their operations at wider level. In
addition to this, from the descriptive evaluation of the project it has also been evaluated
through the perspective of the respondents it has been determined that, majority of people are
in favour with the statement that access to higher market is considered to be the key benefit
which is gained by the businesses via the suitable implementation of merger and acquisition.
Furthermore, the study has also elaborated that, there are assorted factors like market
competition, cost management, increase in profitability, wider market base and so on that
influences the merger and acquisition of the business. These are needs to be considered by the
businesses in the manner of attaining higher growth via merging the operations with other

organisations or acquiring the businesses for the sack of own benefit. From the analysis of the
present project it has been evaluated that, Walmart is the gaint supermarket chain which
acquire Flipkart for the intention of enhancing own operations, thus the merger and
acquisition is effective for both the businesses exploring operations at the global level and
generate higher profitability and growth. Therefore, this merger and acquisition is imperative
for the business as well as for the countries to develop economic position. However, the
analysis has also stated that, dependency theory is creating value for the business in effective
implementation of the external resource like employees, finance, raw material and so on, thus
the sitabel availability the external resource are effective for the business in generating higher
revenue via fulfilling the desires of customers at market place. In addition to this, neoclassical
theory is also imperative in the manner for the business in establishing effective
interrelationship organisations and its management to gaining suitable support in effective
execution of business operations and generating higher revenue and growth. The overall
analysis of the study has also stated that, the aspect of merger and acquisition is effective for
the cited business in generating higher revenue via expanding there access to the wider
market and ensure the consumers to making fast deliver of their products which can be
significant for the firm in sustaining lasting relationship customers and generating higher
revenue and profitability.
Recommendation
In this present analysis the study has been executed over determining the merger and
acquisition of a business there it is evaluated as wide area of investigation which is based on
the most influential topic of merger and acquisition. From the detailed analysis of the project
it has Bean recommended to the businesses to implement effective business strategies for the
purpose of attaining growth and success. According to the detailed analysis of the study it has
also been recommended to the businesses that organisations are needs to focus over
expansion of their business and for this it is important for the businesses to implement
appropriate business practices that are in favour with the success of the business. Walmart
large supermarket retail chain which has its market share and concern over exploring their
business at international level for better execution of business within binder market area
company shot go with the appropriate strategy of merger and acquisition therefore it
recognise to be the best way to develop the operations of Walmart with an international level
and gain more profitability and success. As per the detailed analysis of the project it has alose
been suggested to Walmart that before making merger or acquisition with a company

Walmart should analyse the market share and the possible share of the business and the
market which is being captured by the businesses, thus it is effective for the business in
effectively gaining growth via the merger with suitable business. Furthermore, it has also
been recommended to Walmart that, company should acquire more and more businesses
which are well known and merger their operations with the businesses, thus this may create
value for the business in increasing market share and profitability. Therefore, company
should also be concern towards their online processes for the purpose of improvising their
online sale thus this would be beneficial in terms of capturing wider area, which will be
effective in enhancing the market share of the business. Hence, the another recommendation
for Walmart is that, business should determine the market or the segmented area where the
demand and purchase requirement of the products are high and implement suitable warehouse
facilities to provide fast and easy services to the customers and rendering higher satisfaction.
In addition to this, Walmart should also use flipkart as theire key distribution channel because
the demand of Flipkart is high as the company is using effective and highly connecting
supply chain which would be significant in the manner for Walmart to enhance operations
and production. As per the evaluation of the project, it has also been suggested to Walmart
that, business should implement effective theories which are efficient in providing suitable
direction to the businesses to

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Appendix
Frequency Table
Q1) Do you have an appropriate recognition in regards to the concept of merger and
acquisition in the context of business?
Frequency
Strongly Agree 24
Agree 2
Strongly Disagree 1
Disagree 2
Neutral 1
Q2) According to you, merger and acquisition is effective for the businesses
to gain more growth and success?
Frequency
Strongly Agree 22
Agree 2
Strongly Disagree 2
Disagree 2
Neutral 2
Q3) As per your view, the strategy of merger and acquisition is imperative for the
performance development of a business?
Frequency
Strongly Agree 25
Agree 1
Strongly Disagree 1
Disagree 2
Neutral 1
Q4) According to your perspective, strategic fit is a major factor which highly
influence merger and acquisitions of a business?
Frequency
Strongly Agree 18
Agree 4
Strongly Disagree 3
Disagree 2
Neutral 3
Q5) As per your view, merger and acquisition has positive impact over the brand
enhancement of Walmart?
Frequency
Strongly Agree 20
Agree 3

Strongly Disagree 2
Disagree 3
Neutral 2
Q6) As per your view, higher access to the market is recognised to be the key benefit
which is mainly attained by Walmart via implementing merger and acquisition?
Frequency
Strongly Agree 21
Agree 2
Strongly Disagree 4
Disagree 1
Neutral 2
Q7) According to your perspective, is it required for Walmart to make change in
their business strategy?
Frequency
Strongly Agree 19
Agree 4
Strongly Disagree 2
Disagree 3
Neutral 2
Q8) According to your view, resources dependency theory is well applicable for
Walmart in the context of merger and acquisitions?
Frequency
Strongly Agree 18
Agree 3
Strongly Disagree 3
Disagree 3
Neutral 3
Q9) As per your view, merger and acquisitions is termed to be the most effective
strategy for Walmart to increase higher profitability and revenue?
Frequency
Strongly Agree 23
Agree 1
Strongly Disagree 1
Disagree 3
Neutral 2