fm-mergers and acquisition
TRANSCRIPT
-
8/14/2019 FM-mergers and acquisition
1/39
Merge rs Acquisitionsand
business
combination
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8/14/2019 FM-mergers and acquisition
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Merge rs Acquisitionsand
Why Business Combination?Forms Of Business Combination
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8/14/2019 FM-mergers and acquisition
3/39
Merge rs Acquisitionsand
business
combination
Mergers
Amalgamation
Acquisitions
Takeovers
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8/14/2019 FM-mergers and acquisition
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Merge rs Acquisitionsand
AI & IA TO MERGE IN APRIL
TATA LIKELY TO REVISE CORUS TAKEOVER OFFERAMTEK AUTO RENEW BID TO ACQUIRE UK COMPANYTATA GROUP IN RACE FOR DAEWOO ROMANIAGE SNAPS UP SMITHS AEROSPACE FOR $4.8 BILLION
HINDUJAS ENTER RACE FOR HUTCHS HTL STAKEIDBI BUYS 10% STAKE IN BAG FILMS RADIO UNITUS AIRWAYS RAISES BID FOR DELTA
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8/14/2019 FM-mergers and acquisition
5/39
Merge rs Acquisitionsand
Merger
When two or more companies
combines into one company
may merge with existing co,
form new company
in India merger is called Amalgamation
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8/14/2019 FM-mergers and acquisition
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Merge rs Acquisitionsand
Merger
Merging Companiesare called
Amalgamating
Companies
New Company iscalled
AmalgamatedCompany
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Merge rs Acquisitionsand
Merger
MergerThroughAbsorption
MERGERTHROUGHCONSOLIDATION
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8/14/2019 FM-mergers and acquisition
8/39
Merge rs Acquisitionsand
Merger
MergerThroughAbsorption
An Absorption is Combination oftwo or more companies into an
existing company
All companies except one losetheir identity
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8/14/2019 FM-mergers and acquisition
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Merge rs Acquisitionsand
Western UnionBank Merged
WithIDBI
New Bank Of
India MergedWith PNB
Bank Of NewYork Merged
With MellonFinancial
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Merge rs Acquisitionsand
Merger
MergerThroughConsolidation
A consolidation is a combination of two or moreCompanies into a new Company
All companies are dissolved to form a new Company
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Merge rs Acquisitionsand
Merger
MergerThroughConsolidation
HindustanComputers Ltd
HindustanInstruments
Ltd
Indian SoftwareCo .Ltd
IndianReprographic
Ltd HCL LTD
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Merge rs AcquisitionsandAcquisition
An Acquisition may be an act of acquiring
effective control by one company overassetsormanagement of another company withoutany combination of companies..
Companies may remain independent, separateBut there may be change in control ofCompanies..
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Merge rs AcquisitionsandAcquisition
Obtaining Control over management of a Company
MRTP ACT-at least 25% voting right of a Company
Investment of more than 10% share into a companyRequire approval of Shareholders & C Govt.
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Merge rs Acquisitionsand
Dabur Pharma to acquire Thai company
Aditya Birla Group to acquire Trinethra
Chinas largest Bank to take overIndonesian Bank
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Merge rs AcquisitionsandWE ARE LOOKING TO ACQUIRE
Pl. send proposals & contact details to [email protected]
HOSPITALSWe are leading business house with a reputed presence inIn health care sector in the country
We are likely to acquire medium to large sized hospitals inMetros, state capitals & tier 1 cities. They could be on outright purchase or long term lease. We are also open to
Joint Ventures
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Merge rs AcquisitionsandAcquisition & Takeover
When Acquisition is unfriendly orhostileIt may be called Takeover
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Merge rs AcquisitionsandMittal -Arcelor CaseMittal Steel bids for Arcelor-27.1.06Mittal after Arcelors Cash -2.2.06Mittal and Arcelor seek Support-6.2.06Arcelor investors favour mittal but want more-15.2
Arecelor offer sweet,hostality wanning-mittal 16.2Arecelor declared higher dividend than mittal-16.2Mittal Steel Launched formal take over-19.5Mittal raised bid before share holders meet-19.5
A,lor to merge with Russian Company Severstal 26.5Mittal Arcelor start talks -9.6Arecelor rejects mittal bid-12.6
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Merge rs AcquisitionsandMittal -Arcelor CaseMital woos Arcelor with 70% growth-13.6Mittal may hike offer-21.6Mittal Arcelor close to friendly deal-23.6Mittal wins over more shareholders23.6
Arcelor gives in to Mittal-26.6Did Mittal Yield too much-29.6Arcelor,s largest S,holder reject Severstal - 30.6Mittal Steel claims 92% shares of Arcelor -27.7
Mittal steel announces post merger plan-8.8Merged Arcelor-Mittal named Mike RepleyAs CEO OF US operations
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Merge rs AcquisitionsandTactics to Defend Takeover..Merger
DivestitureCrown Jewels
Poison PillGreenmailWhite KnightGolden parachutes
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8/14/2019 FM-mergers and acquisition
20/39
Merge rs Acquisitionsand
HorizontalMerger
VerticalMerger
ConglomerateMerger
FORMS OF MERGER
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8/14/2019 FM-mergers and acquisition
21/39
Merge rs Acquisitionsand
MergerObjectives
Faster GrowthImproving ProfitabilityManagerial EffectivenessGaining Market PowerLeadershipCost Reduction
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8/14/2019 FM-mergers and acquisition
22/39
Merge rs Acquisitionsand
Are there any alternatives to Mergers or acquisitions?
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8/14/2019 FM-mergers and acquisition
23/39
Merge rs Acquisitionsand
MergerAlternatives
Joint Venture
Strategic AllianceEliminating InefficientOperationsProductivity ImprovementHiring CapableManagers
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8/14/2019 FM-mergers and acquisition
24/39
Merge rs Acquisitionsand
MOTIVES & BENEFITSOF
MERGERS
Limit CompetitionMarket PowerDiversificationGrowthEconomy of ScaleAccess to Foreign MarketResourcesDisplace existing Management
Circumvent Govt RegulationsAggressivenessDiversifying RiskProfitability
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8/14/2019 FM-mergers and acquisition
25/39
Merge rs Acquisitionsand
MOTIVES & BENEFITSOF
MERGERS
Accelerated Growth
Expanding Existing MarketsEntering New MarketsExpand InternallyExpand Externally
Developing Operating FacilitiesPrice Paid for Merger
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8/14/2019 FM-mergers and acquisition
26/39
Merge rs Acquisitionsand
MOTIVES & BENEFITSOF
MERGERS
Enhanced Profitability
Economies of ScaleOperating EconomiesSynergy
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8/14/2019 FM-mergers and acquisition
27/39
Merge rs Acquisitionsand
MOTIVES & BENEFITSOF
MERGERS
Reduction in Tax Liability
Carry forward Losses
Tax on Share
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8/14/2019 FM-mergers and acquisition
28/39
Merge rs Acquisitionsand
MOTIVES & BENEFITSOF
MERGERS
Financial Benefits
Eliminating Financial Constraints
Deploying Surplus Cash
Enhancing Debt Capacity
Lowering Financial Costs
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8/14/2019 FM-mergers and acquisition
29/39
Merge rs Acquisitionsand
MOTIVES & BENEFITSOF
MERGERS
Increased Market Power
Market Share
Bargaining Power
Technological Advancement
Pricing
Limiting Competition
http://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.capitol-llc.com/images/mergers-acquisitions.jpg&imgrefurl=http://www.capitol-llc.com/merger-acquisitions.shtml&h=219&w=250&sz=12&hl=en&start=15&tbnid=aknrH0S_8Us3oM:&tbnh=97&tbnw=111&prev=/images%3Fq%3Dacquisitions%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.lawnproducts.com/stoneusa/steps/snapped%2520steps%25201.jpg&imgrefurl=http://www.lawnproducts.com/stoneusa/steps/steps.html&h=418&w=432&sz=33&hl=en&start=3&tbnid=rNLFzKmR1hAVnM:&tbnh=122&tbnw=126&prev=/images%3Fq%3Dsteps%26svnum%3D10%26hl%3Den%26lr%3Dhttp://images.google.co.in/imgres?imgurl=http://www.capitol-llc.com/images/mergers-acquisitions.jpg&imgrefurl=http://www.capitol-llc.com/merger-acquisitions.shtml&h=219&w=250&sz=12&hl=en&start=15&tbnid=aknrH0S_8Us3oM:&tbnh=97&tbnw=111&prev=/images%3Fq%3Dacquisitions%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DNhttp://images.google.co.in/imgres?imgurl=http://www.recoverychronicles.com/MediaPR/_images/eNewsletter/35/merger.jpg&imgrefurl=http://www.recoverychronicles.com/Article.asp%3FID%3D35%26ArticleID%3D400&h=331&w=310&sz=102&hl=en&start=13&tbnid=KoVRIQhozWy9oM:&tbnh=119&tbnw=111&prev=/images%3Fq%3Dmerger%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DN -
8/14/2019 FM-mergers and acquisition
30/39
Merge rs Acquisitionsand
Steps inAnalysisOf
Mergers&Acquisitions
PlanningSearch &Screening
FinancialEvaluation
Mode ofMerger
Negotiation
Post
Merger
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8/14/2019 FM-mergers and acquisition
31/39
Merge rs Acquisitionsand
Steps inAnalysisOf
Mergers&Acquisitions
Planning
Industry Data
Market GrowthCompetitionEase Of EntryCapital & LabourDegree of Regulation
Target Firm
Quality Of MgtMarket Share SizeCapital StructureProfitabilityProduction &MarketingCapabilities etc
Objective of AcquisitionsStrengths & WeaknessesBusiness Units-dropped
or Added
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8/14/2019 FM-mergers and acquisition
32/39
Merge rs Acquisitionsand
Steps inAnalysisOf
Mergers&Acquisitions
Search &
Screening
Where to look for candidatesIs it too large or smallEngaged in related or unrelated ActivityExport oriented or Local
Amenable or not amenable to merger
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