Mergers & Acquisitions

Name: Mergers & Acquisitions | Theory, Strategy, Finance
Brand: Jossey-Bass
Price: 139.99 EUR
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Theory, Strategy, Finance

Mohammed Ibrahimi(Autor*in)

Jossey-Bass (Verlag)

1. Auflage

Erschienen am 27. Juli 2018

272 Seiten

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978-1-119-54428-9 (ISBN)

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Inhalt

Cover
Half-Title Page
Title Page
Copyright Page
Contents
Introduction
PART 1: Taxonomy of Mergers and Acquisitions andthe Evolution of Managerial Thought
1. Strategic Evolution ofMergers and Acquisitions
1.1. Typology of mergers and acquisitions
1.1.1. Horizontal mergers and acquisitions
1.1.2. Vertical mergers and acquisitions
1.1.3. Conglomerate mergers and acquisitions
1.2. Theory, diversification and divergence
1.2.1. Contributions pre-1980
1.2.2. Contributions during the 198
1.2.3. Management approaches and divergences
2. Growth Methods and Responses
2.1. Merger and takeover types
2.1.1. Types of company mergers and acquisitions
2.1.2. Takeover and acquisition types
2.1.3. Modes of expansion and responses
2.2. Tender offers as a market for corporate control
2.2.1. Characteristics of the control market
2.2.2. The role of the control market
2.2.3. Consequences of the control market
PART 2: Mergers and Acquisitions Strategies: Cause and Effect
3. Asset Transfers: Causes and Consequences
3.1. Merger/acquisition waves
3.1.1. Global market and merger/acquisition waves
3.1.2. Merger/acquisition waves in the US market
3.1.3. Merger/acquisition waves in the French
3.2. Diversification, restructuring, divestment and respecialization
3.2.1. Divestment as a development strategy
3.2.2. Corporate restructuring
3.2.3. Consequences of restructuring
4. Mergers/Acquisitions:Motivation and Performance
4.1. Motivating factors in mergers/acquisitions
4.1.1. The pursuit of syne
4.1.2. The possibility of non-economic motivations
4.1.3. Causes and consequences of motivations
4.2. Merger/acquisition performance
4.2.1. The many faces of success
4.2.2. Performance of mergers/acquisitions
4.2.3. Mergers/acquisitions: causes of fai
PART 3: Value Creation and Measurement Methods
5. Synergy in Mergers and Acquisiti
5.1. Synergy creation or simple wealth transfer
5.1.1. Financial synergy
5.1.2. Strategic synergies
5.1.3. Wealth transfer theory
5.2. Sources of value creation in mergers/acquisitions
5.2.1. Sources of strategic value creation
5.2.2. Operational and managerial efficiency
5.2.3. Sources of financial value creatio
6. Measurement Methodsfor Value Creation
6.1. Stock-market methods: the event method
6.1.1. Market efficiency and samples
6.1.2. Estimation and calculation of returns
6.1.3. Results tests
6.2. Statistical and accounting methods
6.2.1. Studies pre-1990
6.2.2. Studies between 1990-2000
6.2.3. Studies post-2000
6.2.4. Methods in case studies
PART 4: The French Market: Analysesand Case Studies
7. Observations and Lessons from theFrench Merger/Acquisition Market
7.1. Sources of value creation in the French market
7.1.1. Variables and calculation methods
7.1.2. Data analysis
7.1.3. Observations and findings
7.2. Group growth strategy: the case of Sanofi
7.2.1. The pharmaceutical sector and external growth
7.2.2. The Sanofi takeover bid: an offensive strategy
7.2.3. Integration and reorganization policy
7.2.4. Findings and observations
8. Value Creation in the Sanofi-Aventis Merger
8.1. Did the takeover create stock market value?
8.1.1. Methodology and data
8.1.2. Results and observations
8.1.3. The takeover bid period
8.2. Accounting and financial value: in-depth study
8.2.1. Methodology and data
8.2.2. Results and remarks
8.2.3. Discussion and observations
Conclusion
Appendix
A.1. Expected beta sign in case of significant variables
A.2. Correlations in the value-creating group
A.3. Correlations in the value-destroying group
A.4. First model using the stepwise method, 1st group
A.5. Second model using the stepwise method, 1st group
A.6. Third model using the stepwise method, 1st group
A.7. First model using the stepwise method, 2nd group
A.8. Second model using the stepwise method, 2nd group
A.9. Third model using the stepwise method, 2nd group
A.10. Key products sold by Sanofi and Aventis in 2002
A.11. Branches sold off to enable the Sanofi-Aventis merger
A.12. Data for Sanofi and Aventis
A.13. Data for companies in the pharmaceutical sector
Bibliography
Index
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