Factors Influencing Merger and Acquisition: A Study on Walmart

This research aims to determine the factors that can influence merger and acquisition of the company, with a focus on Walmart. The study explores the impact of merger and acquisition on business performance and efficiency, and examines the importance of merger and acquisition in the retail industry. The research methodology includes a literature review and data analysis. The findings will provide valuable insights for Walmart and other businesses in the industry.

Research project

Executive Summary
The present study initiates to find out the aspects which impacted the merger and
acquisition of the business, thus, this is a large area of composition that is imperative in
exploring people acknowledgement in relation to the region 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 international retail business which
mainly run through its chain of hypermarkets, deduction division stores. Therefore, the study
states that, the primary obligation of each size of business is to achieving significant
advancement and for that merger and acquisition is established to be the best way to explore
operations within wider area. However, the study contains the key factors which influences
the merger and acquisition of the business and how this affect the profitability and
functionality of the business. Thus for the development of suitable analysis quantitative
aspects are applied by the researcher 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 signified the outcome which are generated through the overall
analysis of the project through determining the aspects which impacted over the merger and
acquisition of Walmart and recommendation are drawn over the outcome and appropriate
suggestions regarding the progression of merger and acquisition are drawn to support the
operations of Walmart.

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 ..........................................................................................................7
LITERATURE REVIEW ........................................................................................................9
Industry and Sector Overview................................................................................................9
Theory relating to the concept under investigation..............................................................10
CONCEPTUAL DEVELOPMENT .......................................................................................12
RESEARCH METHODOLOGY.............................................................................................16
FINDINGS & DATA ANALYSIS..........................................................................................20
CONCLUSION & RECOMMENDATION.............................................................................41
Conclusion ...........................................................................................................................41
Recommendation..................................................................................................................42
REFERENCES.........................................................................................................................44

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 are basic viewpoint that are executed for portraying union
of business structure or resources by utilizing a few sort of money related exchanges
including merger, acquisitions, unions, delicate proposals just as acquisition of benefits and
the executives acquisitions. Alongside this, according to lawful perspective merger is just
legitimate solidification of two substances inside one, while, procurement happens when one
element bring about combination of advantages just as liabilities inside one element
(Mergers and Acquisitions, 2015). 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 (Gomes and et. al., 2011). 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 the specific area are described below within same section. In this
present study the overall analysis is based on retail industry which are mainly concern over
determining the significance of merger and acquisition in the context of approaching progress
or the factors which widely influences the performance of the business. For better
understanding of the subject area Walmart has been select to conduct analysis. Therefore, it is
a large American multinational retail corporation that operates a chain of hypermarkets,
discount department stores and grocery stores (Walmart’s Mission Statement & Vision
Statement, Generic & Intensive Strategies, 2019). For executing effective understanding in
relation to the aspects which are influencing the merger and acquisition of the business, neo

classical theory and resource dependency theory are implemented. Furthermore, It
encompasses over assorted factors like Globalization, lessen cost, increment deals, infiltrating
new markets and sharing assets. The current examination is significant for the retail segment ,
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 Along these lines, it encourages
for Walmart venture to build their efficiency and productivity in the worldwide commercial
center.
Background of the Research
The present project aim's to determining the factors that influence merger and
acquisition of the business, therefore, merger and acquisition are define 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. For the effective analysis of the project over the area of merger and acquisition,
Walmart is the specific choice as the company has operated its operations with the effective
merger and acquisition with Flipkart, thus this helps in better understaidng of the factors that
influences merger and acquisition of the business (Rottig, Reus and Tarba, 2014). The
headquarter of the firm is in Bentonville, Arkansas, United States. The organization has
started its works from the time of 1962 by the possible attempts of Sam Walton and the
organization was joined in the time of 1969. The organization is having around 2.2 million
workers from the worldwide and contributing their expected attempts in the development
and success of the business. Therefore, Walmart is seeking for merger and acquisition for the
intention of attaining higher growth and competitive edge. Thus, Walmart has its merger and
acquition with flipkart which is significant for the organsiations to attaining higher growth
and success via capturing a wider market through online processes.
Rationale of the Research
The undertaking investigation 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 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 conducing this
specific analysis is to determine the failure and success of Walmart through establishing
merger and acquistion as their key strategic step. Hence, the study is also creating significant
value in exploring all the potential aspects related with merger and acquisition in detail and
provide support Walmart and the other businesses which are belongs through the similar
industry.
Research Aim
The key aim of this pesented 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 factors that impact on the merger and acquisition of organisation.
 To examine how 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 question which is significant to assist the overall investigaton in right
manner is presented as below:
 What factors influences merger and acquisition of 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 impact merger and acquisition of the organization,, consequently it is a
compelling examination zone and required a well structure to execute all the exercises in
successful way to draw substantial and solid result (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 (Data Analysis and Interpretation Specialization, 2020). 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
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 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
(Overview of the retail sector in the UK. 2020). 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. Britain’s retail landscape is basically dominated through supermarkets
likewise Tesco, Sainsbury’s, Asda and Morrisons, Walmart followed by department stores
such as John Lewis and so on (The future of retail, 2018). 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 (Bezuidenhout and
Kleynhans, 2015).
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 grabbPlease could this be be rewritten rather than just added too as the
document is already too long.ing the attention of larger of buyers and gain higher profitability
and growth (Walmart’s Mission Statement & Vision Statement, Generic & Intensive
Strategies, 2019). In additPlease could this be be rewritten rather than just added too as the
document is already too long.ion 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
acquires Flipkart for 16 billion in world's largest ecommerce deal, 2018). 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 (Roberts and Berg, 2012). 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. As per the views stated by Janse (2020),
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. As per the views stated by Hartzell (2020), 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 (Neo-Classic Theory of management. 2020).
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 concept of merger and acquisition in the context of organisation.
As per the views stated by 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. Despite from this,
merger and acquisition is basically defined as consolidation of business, which differetiating
the two aspects effectivelu. Thus, merger is defined as the combination of two businesses to
form one, while acquisition is one company taken over through the other. In the context of
business, merger and acquition are two imperative aspect which plays vital role in the growth
and success of the business via enhancing the operations of the business.
The factors that affecting merger and acquisition of the business.
Merger and acquisition are the imperative aspect which provides a wider plat form to
the businesses to expand operations at wider level, thus, 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.
Relationship between Merger and acquisition and the business performance and efficiency
According to 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 assumes significant job to giving huge course to the organizations to engage with one
another and execute their activities in a subject way to achieve development (Zingales, 2017).
Notwithstanding this merger and obtaining are likewise characterized as the corporate
methodologies which are manages purchasing selling or consolidating various organizations
with an objective to consistent turn of events. Anyway the aim of merger and securing are
should be considered in the wake of perceiving a couple of realities like the current business
status and the current market situation, dangers and openings within thePlease could this be
be rewritten rather than just added too as the document is already too long. 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 guide for a
corporate improvement endeavors of an association activity the systems on merger and
procurement are concocted to change the vital marketable strategy of the association to a
rundown of target securing possibilities the merger and obtaining procedures of a structure
which assesses securing competitors and encourages the association to distinguish the
reasonable once. Walmart is recognised as the higher class brand which incorporates over
executing their operations with the help of merger and acquisition does this rperceived as the
key methodology which is executed by Walmart for the goal of achieving higher
development and achievement. Anyway merger and securing are named as the most
significant key tasks that are obtained the outer development of the business. Hence it
predominantly empowers the organizations to grow their tasks at a worldwide level with the

assistance 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 blend of two
organizations to shape one, while Acquisitions is perceived as a one organization which is
taken over by the other. M&A is one of the significant components of corporate money
world. The reason behind M&A primarily gives that two separate organizations together
grow more an incentive when contrasted with being on an individual stand. In this cutting
edge business condition the intention of every little just as enormous business ventures is to
accomplishing higher development and achievement, 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
procurement for $16 billion, a valuation of over $20 billion, which makes it the world's
greatest web based business bargain. Along these lines, the Walmart will claim around 77
percent of the Bengaluru-based business in what is additionally being viewed as the biggest
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.
Theory of merger and acquistion and business performance of Walmart.
Merger and acquisition are the two important aspect which are effectively
implemented by the businesses for the intention of collaborating with other businesses and
attaining higher growth and success. Therefore, M&A is incorporates over two important
theories i.e. Resources dependency and neo classical theory which are effectively significant
in exploring the performance of Walmart effectively. Resource dependency theory has
become one of the dominant theoretical aspect which is explaining why businesses are
engage in mergers and acquisitions (M&As) perhaps second only to transaction costs
economics. Therefore, this theory mainly encompasses over the external sources which
influences the behaviour of business, thus this theory is effective in dealing with the external
aspect of business employees, raw material, finance and accessing the management of the
aspect to maintain effective merger and acquisition of the business. Neoclassical theory
economics is a wider theory which concern over supply and demand as the driving forces
behind the production, pricing, and consumption of goods and services. Therefore, these two
theories are effective in the context of Walmart to encouraging merger and acquisition of the
business. Walmart has merged with Flipkart on the grounds of generating more profitability
via enhancing their reaching through online facilities and these two theories are efficiently
significant in managing the external activities and also support the internal aspect of the
business.

RESEARCH METHODOLOGY
Research Methodology is effective in providing systematic way to the researcher to
implement entire investigation operations in right manner to generate valuable 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 Philosophy:
In the context of this present investigation based on determining the factors which can
influence merger and acquisition of the company, positivism philosophy has been applied by
the researcher, thus it is effective in executing quantiativ analysis and in this information
derived from sensory experience, as interpreted through reason and logic, forms the exclusive
source of all certain knowledge. In addition to this, researcher has applied positivism
philosophy due to its considerable recognition, idea and information in relation to the topic of
the study.
Research Method: : In this context of this present investigation work based on evaluating the
factors that affects the merger and acquisition of the business, quantitative research
investigation has been implemnted by the researcher, thus quantitative research has been
applied in the manner of using SPSS tool, thus these two are significant in providing valuable
data (Flick, 2015). However, quantiative method, is significant to gather detailed information
in the manner of numerical aspects, thus this basically helps in generating valuable outcome.
Therefore, quantiative research is significant for wider investigation areas and assist the
entire work with information in deep recognition (Sparks, 2011). As in this quantiative
research involved to providing suitable comperhention in relation to the area determining the
apsect how merger and acquisition helps the business in eahncing the performaance. Despite
from this, quantaitive analysis helps in rendeirng information with original facts that are
accumulated through descriptive statistical analysis (Cleary and Lopez, 2014). Quantiative
analysis helps in analysing the interconnection among variables effectively.
Research Design: In this existing research work based on evaluating the factors which can
influence merger and acquisition of the company, the analysis is based over quantitative

research tool, thus in this descriptive research design has been implemented by the research
(Kumar, 2019). However, Descriptive research aims to accurately and systematically describe
a population, situation or phenomenon. Thus, it is also 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: In this current assessment deductive methodology has been
implemented by the researcher as it is most appropriate device for conducting quantitative
research and successful in giving legitimate way to leading investigation through the
assistance of existing theories of whatever phenomenon is being studies and then tests
hypotheses that emerge from those theories (Yuan ad et. al., 2016). Therefore, deductive
approach is effective in rendering detailed analysis via evaluating the theoreies which 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,
deductive approach is efficient for executing analysis based on quantiative aspects, thus this
approach is valuable in determining the assorted patterns via observing the views of others,
and this also helps in generating actual data with the helps of evaluating the evailable
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: In this current assessment work, base on deciding the variables that
influences merger and securing of the business, both essential and optional instruments are
applied by the scientist, hence, essential exploration is being executed by means of the help
of getting ready survey as it is powerful in social event data from the more extensive
populace (Fernie, Fernie and Moore, 2015). On the opposite side, auxiliary examination is
fundamentally being executed by means of the assistance of utilizing fitting books, diaries,
articles, etc. 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: 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 investigation of the venture it has been viewed as that, in this
current examination the assessment has been executed among 30 respondents and out of that
24 individuals are emphatically concur with the announcement as they are having proper
downplaying according to the zone of merger and securing 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 individuals are can't help
contradicting the equivalent and remaining respondents and unbiased as they are not giving
any conversation on the equivalent. 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 descriptive investigation of the current venture that has been dissected that
25 out of 30 individuals 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 compelling system for a business to
pick up development and achievement and another is emphatically differ and two individuals
are concur with the equivalent and staying one individual isn't giving any conversation 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 individuals are concur with the announcement and in favor with the equivalent and 3
respondents are unequivocally differ and 2 are separately can't help contradicting the
equivalent and extra individuals are impartial as they are not giving any conversation about
the equivalent.

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 broke down that out of 30 around 20 individuals are in favor with the
explanation that merger and obtaining has constructive effect over the brand improvement of
Walmart three individuals are essentially concur and around five individuals are can't help
contradicting this announcement and remaining are not giving any conversation in regards to
the proportionate. From the assessment of key assessment it has likewise been assessed that,
mode and media both are 1 and mean is 1.80 as lion's share of individuals are in favor with
this announcement.

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:
As indicated by the spellbinding investigation of the venture it has been deciphered
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 individuals are not in
worry with the equivalent and staying two individuals are unbiased and they are not
delivering 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 individuals are can't help contradicting the equivalent and you
are not giving any conversation as they are not in favor with equivalent to per their view it
isn't that quite a bit of significant for Walmart to make any sort of changes and their business
system.

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 with regards to merger and securing and
out of 30 respondents around 21 individuals are concur with equivalent to per their view it is
most appropriate hypothesis for the achievement of Walmart and around 6 individuals are
can't help contradicting the equivalent and the staying three individuals are not giving 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.
Discussion
From the analysis of the project based on both primary and secondary investigation it
has been analysed that, merger and acquisition are two imperative aspect which plays an
imperative role in growth of a business via collaborating one with other. The analysis of the
project has stated that, there is an effective interconnection among the primary and secondary
research as the outcome attained through the primary research is effectively interlinked with
the aspect of merger and acquisition which are attained through the help of implementing
secondary sources. As per the evaluation of the project it has been discussed 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
so on which are affecting the merger and acquisition of the business. Therefore, the analysis
of the study has also stated that strategic fit is a major factor which influences the operations
of the business. However, it represents the effective connection among the primary and
secondary research. From the evaluation of the project analysis it has been determined that,
merger and acquisition has positive impact over the operations and progression of the
business, thus, The success of merger and acquisition is consistently relay over the strategy
that are adopted through the organisation 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. The study has stated that, Walmart is a large supermarket which which has
its major concern over incorporates or merge with a large business to increase profitability
and growth, thus the analysis of participants opinion has also stated that are merger and
acquisition of Walmart with Flipkart is imperative for the business to increase profitability

and success. However, this has effective interconnection with the objective of the research to
generate valuable outcome. As per the implementation of the theories it has also been
evaluated that, Resource Dependency Theory is imperative in the case of Walmart to making
arrangement of resources which are imperative in execution of business effectively and the
neo classical theory is quite valuable in establishing interconnection among the employee and
top management to implement suitable communication which helps in increasing the
operations of the business.

CONCLUSION & RECOMMENDATION
Conclusion
It can be concluded from the data gathered 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 the present current business condition the essential thought of the organizations
is to accomplishing higher development and gain fullness and for this they are altogether
worry over executing compelling system to help the hierarchical tasks in suitable way to pick
up development and achievement. From the itemized investigation of the undertaking it has
additionally been assessed that greater part of respondents are in favor with the zone 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 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 a lot of required for the
organizations to create powerful procedures to investigate their tasks at more extensive level.
Furthermore, from the engaging assessment of the task it has additionally been assessed
through the point of view of the respondents it has been resolved 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 been 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 attain progression and growth.

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