mergers and acquisitions


  • [24] Therefore, additional motives for merger and acquisition that may not add shareholder value include: • Diversification: While this may hedge a company against a downturn
    in an individual industry it fails to deliver value, since it is possible for individual shareholders to achieve the same hedge by diversifying their portfolios at a much lower cost than those associated with a merger.

  • There are also a variety of structures used in securing control over the assets of a company, which have different tax and regulatory implications: • The buyer buys the shares,
    and therefore control, of the target company being purchased.

  • Ownership control of the company in turn conveys effective control over the assets of the company, but since the company is acquired intact as a going concern, this form of
    transaction carries with it all of the liabilities accrued by that business over its past and all of the risks that company faces in its commercial environment.and corporate environment • The buyer buys the assets of the target company.

  • A reverse merger occurs when a privately held company (often one that has strong prospects and is eager to raise financing) buys a publicly listed shell company, usually one
    with no business and limited assets.

  • Acquisitions are divided into “private” and “public” acquisitions, depending on whether the acquiree or merging company (also termed a target) is or is not listed on a public
    stock market.

  • Enterprise Value reflects a capital structure neutral valuation and is frequently a preferred way to compare value as it is not affected by a company’s, or management’s, strategic
    decision to fund the business either through debt, equity, or a portion of both.

  • A strategic acquirer may also be willing to pay a premium offer to target firm in the outlook of the synergy value created after M&A process.

  • Another type of acquisition is the reverse merger, a form of transaction that enables a private company to be publicly listed in a relatively short time frame.

  • Such transactions are usually termed acquisitions rather than mergers because the shareholders of the target company are removed from the picture and the target comes under
    the (indirect) control of the bidder’s shareholders.

  • Some public companies rely on acquisitions as an important value creation strategy.

  • In the United States and many other countries, rules are in place to limit the ability of profitable companies to “shop” for loss making companies, limiting the tax motive
    of an acquiring company.

  • From a legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction
    between the two is not always clear.

  • Formal valuation reports generally get more detailed and expensive as the size of a company increases, but this is not always the case as the nature of the business and the
    industry it is operating in can influence the complexity of the valuation task.

  • [15] Five common ways to “triangulate” the enterprise value of a business are: 1. asset valuation: the price paid is the value of the “easily salable parts”; the main approaches
    to valuing these are book value and liquidation value 2. historical earnings valuation: the price is such that the payment for the business (or return targeted by the investor), would have been supported by the business’s own earnings or cash-flow
    averaged over the previous 3-5 years; see also Earnout 3. future maintainable earnings valuation: similarly, but forward looking; see generally, Cash flow forecasting and Financial forecast, and re “maintainability”, Sustainable growth rate
    § From a financial perspective and Owner earnings.

  • Technically, a merger is a legal consolidation of two business entities into one, whereas an acquisition occurs when one entity takes ownership of another entity’s share capital,
    equity interests or assets.

  • [28] This means that synergy can be obtained through many forms such as; increased market share, cost savings and exploring new market opportunities.

  • There are numerous challenges particular to this type of transaction, including isolating the specific assets and liabilities that pertain to the unit, determining whether
    the unit utilizes services from other units of the selling company, transferring employees, transferring permits and licenses, and ensuring that the seller does not compete with the buyer in the same business area in the future.

  • This type of M&A process aims at creating synergies in the long run by increased market share, broad customer base, and corporate strength of business.

  • [10] An asset purchase structure may also be used when the buyer wishes to buy a particular division or unit of a company which is not a separate legal entity.

  • A disadvantage of this structure is the tax that many jurisdictions, particularly outside the United States, impose on transfers of the individual assets, whereas stock transactions
    can frequently be structured as like-kind exchanges or other arrangements that are tax-free or tax-neutral, both to the buyer and to the seller’s shareholders.

  • [8] Legal structures A corporate acquisition can be structured legally as either an “asset purchase” in which the seller sells business assets and liabilities to the buyer,
    an “equity purchase” in which the buyer purchases equity interests in a target company from one or more selling shareholders or a “merger” in which one legal entity is combined into another entity by operation of the corporate law statute(s)
    of the jurisdiction of the merging entities.

  • The terms “demerger”, “spin-off” and “spin-out” are sometimes used to indicate a situation where one company splits into two, generating a second company which may or may
    not become separately listed on a stock exchange.

  • The following motives are considered to improve financial performance or reduce risk: • Economy of scale: This refers to the fact that the combined company can often reduce
    its fixed costs by removing duplicate departments or operations, lowering the costs of the company relative to the same revenue stream, thus increasing profit margins.

  • The new forms of buy out created since the crisis are based on serial type acquisitions known as an ECO Buyout which is a co-community ownership buy out and the new generation
    buy outs of the MIBO (Management Involved or Management & Institution Buy Out) and MEIBO (Management & Employee Involved Buy Out).

  • Acqui-hire[edit] The term “acqui-hire” is used to refer to acquisitions where the acquiring company seeks to obtain the target company’s talent, rather than their products
    (which are often discontinued as part of the acquisition so the team can focus on projects for their new employer).

  • • Geographical or other diversification: This is designed to smooth the earnings results of a company, which over the long term smoothens the stock price of a company, giving
    conservative investors more confidence in investing in the company.

  • Sometimes, however, a smaller firm will acquire management control of a larger and/or longer-established company and retain the name of the latter for the post-acquisition
    combined entity.

  • Some agreements provide that if the representations and warranties by the seller prove to be false, the buyer may claim a refund of part of the purchase price, as is common
    in transactions involving privately held companies (although in most acquisition agreements involving public company targets, the representations and warranties of the seller do not survive the closing).

  • [23] Megadeals—deals of at least one $1 billion in size—tend to fall into four discrete categories: consolidation, capabilities extension, technology-driven market transformation,
    and going private.

  • For public companies, the market based enterprise value and equity value can be calculated by referring to the company’s share price and components on its balance sheet.

  • For example, in a pure cash deal (financed from the company’s current account), liquidity ratios might decrease.

  • Third, with a share deal the buyer’s capital structure might be affected and the control of the buyer modified.

  • [citation needed] • Absorption of similar businesses under single management: similar portfolio invested by two different mutual funds namely united money market fund and
    united growth and income fund, caused the management to absorb united money market fund into united growth and income fund.

  • Whether a purchase is perceived as being a “friendly” one or “hostile” depends significantly on how the proposed acquisition is communicated to and perceived by the target
    company’s board of directors, employees and shareholders.

  • Alternatively, certain transactions use the ‘locked box’ approach where the purchase price is fixed at signing and based on seller’s equity value at a pre-signing date and
    an interest charge.

  • A consolidation/amalgamation occurs when two companies combine to form a new enterprise altogether, and neither of the previous companies remains independently.

  • In this case, the acquiring company simply hires (“acquhires”) the staff of the target private company, thereby acquiring its talent (if that is its main asset and appeal).

  • Representations regarding a target company’s net working capital are a common source of post-closing disputes.

  • The valuation methods described above represent ways to determine value of a company independently from how the market currently, or historically, has determined value based
    on the price of its outstanding securities.

  • [5] In the case of a friendly transaction, the companies cooperate in negotiations; in the case of a hostile deal, the board and/or management of the target is unwilling to
    be bought or the target’s board has no prior knowledge of the offer.

  • An increase in acquisitions in the global business environment requires enterprises to evaluate the key stake holders of acquisition very carefully before implementation.

  • The target private company simply dissolves and few legal issues are involved.

  • The combined evidence suggests that the shareholders of acquired firms realize significant positive “abnormal returns” while shareholders of the acquiring company are most
    likely to experience a negative wealth effect.

  • Synergy-creating investments are started by the choice of the acquirer, and therefore they are not obligatory, making them essentially real options.

  • The purpose of this merger is to transfer the assets and capital of the target company into the acquiring company without having to maintain the target company as a subsidiary.

  • Such contracts are typically 80 to 100 pages long and focus on five key types of terms:[14] • Conditions, which must be satisfied before there is an obligation to complete
    the transaction.

  • This is especially common when the target is a small private company or is in the startup phase.

  • Specialist advisory firms M&A advice is provided by full-service investment banks- who often advise and handle the biggest deals in the world (called bulge bracket) – and
    specialist M&A firms, who provide M&A only advisory, generally to mid-market, select industries and SBEs.

  • • Manager’s compensation: In the past, certain executive management teams had their payout based on the total amount of profit of the company, instead of the profit per share,
    which would give the team a perverse incentive to buy companies to increase the total profit while decreasing the profit per share (which hurts the owners of the company, the shareholders).

  • Specific acquisition targets can be identified through myriad avenues including market research, trade expos, sent up from internal business units, or supply chain analysis.

  • “Acquisition” usually refers to a purchase of a smaller firm by a larger one.

  • Then, the balance sheet of the buyer will be modified and the decision maker should take into account the effects on the reported financial results.

  • The purpose of this merger is to create a new legal entity with the capital and assets of the merged acquirer and target company.

  • Therefore, when a merger with a controlling stockholder was: 1) negotiated and approved by a special committee of independent directors; and 2) conditioned on an affirmative
    vote of a majority of the minority stockholders, the business judgment standard of review should presumptively apply, and any plaintiff ought to have to plead particularized facts that, if true, support an inference that, despite the facially
    fair process, the merger was tainted because of fiduciary wrongdoing.″[32] Strategic mergers[edit] A Strategic merger usually refers to long-term strategic holding of target (Acquired) firm.

  • This implies that M&A creates economic value, presumably by transferring assets to management teams that operate them more efficiently (see Douma & Schreuder, 2013, chapter

  • On the other hand, in a pure stock for stock transaction (financed from the issuance of new shares), the company might show lower profitability ratios (e.g.

  • • A horizontal merger is usually between two companies in the same business sector.

  • Motivation Improving financial performance or reducing risk[edit] The dominant rationale used to explain M&A activity is that acquiring firms seek improved financial performance
    or reduce risk.

  • [6] The overall net effect of M&A transactions appears to be positive: almost all studies report positive returns for the investors in the combined buyer and target firms.

  • A vertical merger occurs when two firms combine across the value chain, such as when a firm buys a former supplier (backward integration) or a former customer (forward integration).

  • Under the U.S. Internal Revenue Code, a forward triangular merger is taxed as if the target company sold its assets to the shell company and then liquidated, whereas a reverse
    triangular merger is taxed as if the target company’s shareholders sold their stock in the target company to the buyer.

  • Another example is purchasing economies due to increased order size and associated bulk-buying discounts.

  • Other types[edit] On average and across the most commonly studied variables, acquiring firms’ financial performance does not positively change as a function of their acquisition

  • Professionals who value businesses generally do not use just one method, but a combination.

  • • Conglomerate M&A is the third form of M&A process which deals the merger between two irrelevant companies.

  • The core value of a business, which accrues to both categories of stakeholders, is called the Enterprise Value (EV), whereas the value which accrues just to shareholders is
    the Equity Value (also called market capitalization for publicly listed companies).

  • If the issuance of shares is necessary, shareholders of the acquiring company might prevent such capital increase at the general meeting of shareholders.

  • [22] • Exit Strategy: Some start-ups in technological and pharmaceutical industries explicitly cite a potential future acquisition as an “exit strategy” when seeking early
    VC funding.


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