The document discusses a proposed acquisition of Yahoo! by Microsoft in 2008. It provides background on both companies and examines whether Yahoo!'s board acted in shareholders' best interests by rejecting Microsoft's offer. The board adopted anti-takeover defenses like a poison pill to block the acquisition, which potentially failed to maximize shareholder value. The offer also likely would have benefited shareholders of both companies by increasing revenue and market share. Key differences in US and Singapore takeover rules are also outlined.
This document discusses the meaning and types of mergers and acquisitions. It defines a merger as the combining of two or more businesses into one new entity, with the goal of expanding customer base and growing more rapidly globally. The main types of mergers are horizontal, vertical, conglomerate, and concentric. Acquisitions are defined as one company gaining control of another by obtaining at least 25% of its voting shares. Mergers and acquisitions allow companies to hold larger market shares, improve profitability, accelerate growth, utilize financial strengths, and serve customers better through a broader range of products and services. However, they also face issues related to shareholders, accounting, technology integration, taxation, and human resources.
This document provides information about Microsoft's proposed acquisition of Yahoo! and urges Yahoo! shareholders to read the forthcoming proxy statement/prospectus regarding the transaction. It notes that Microsoft plans to file this document with the SEC and that it will contain details of the proposed acquisition for shareholders to consider. The document also identifies Microsoft and its directors as potential participants in the proxy solicitation process regarding the acquisition.
The document discusses trends in mergers and acquisitions (M&A) in India. It provides an introduction to M&A and defines key terms like acquisition, merger, and different types of mergers. The document then discusses reasons for M&A like synergy, economies of scale, and cross-selling opportunities. Recent examples of M&A in India are provided like Flipkart acquiring Myntra and Tata Steel acquiring Corus Group. The factors making M&A favorable in India and keys to successful versus unsuccessful M&A are also summarized.
This PPT contains latest information about TCS (Tata Consultancy Services) to some extent which can be useful for the fresher to get a knowledge about the company to some level.
This presentation was prepared by me as a Student of Aegis Global Academy, Coimbatore.
Merger and acquisition of BFIs in NepalUjjwal Chand
The document discusses mergers and acquisitions (M&A) of banks and financial institutions (BFIs) in Nepal. It provides background on the increasing number of BFIs in Nepal leading to requirements for mergers. It describes different types of mergers and defines mergers and acquisitions. The document outlines reasons for and benefits of M&A as well as impacts in the Nepalese context. It discusses the merger process and history of BFI mergers in Nepal, including details of the merger between Machhapuchchhre Bank and Standard Finance.
The document summarizes the merger between Centurion Bank of Punjab (CBoP) and HDFC Bank in 2008. [1] The merger created a larger bank with over 1,100 branches, deposits of Rs. 1.22 trillion, net advances of Rs. 890 billion, and a balance sheet size of over Rs. 1.63 trillion. [2] The objectives of the merger were to achieve economies of scale, widen product offerings, and gain more market dominance. [3] The merger faced challenges integrating technologies, employees, operations, and infrastructure between the two banks.
This document discusses mergers and acquisitions (M&A). It provides examples of major M&As in India in 2014, including Flipkart-Myntra and RIL-Network 18 Media. It defines a merger as combining two relatively equal organizations, while an acquisition sees one organization take over another. Friendly acquisitions involve board approval, while hostile takeovers do not. Successful M&As require vigilance, priorities, pre-negotiation, striking the right deal, and integration. Payment can involve cash, stock, or a combination to compensate shareholders. Examples of M&As include PepsiCo's acquisition of Quaker Oats and the attempted merger of HP and Compaq, which ultimately failed.
The document discusses a proposed acquisition of Yahoo! by Microsoft in 2008. It provides background on both companies and examines whether Yahoo!'s board acted in shareholders' best interests by rejecting Microsoft's offer. The board adopted anti-takeover defenses like a poison pill to block the acquisition, which potentially failed to maximize shareholder value. The offer also likely would have benefited shareholders of both companies by increasing revenue and market share. Key differences in US and Singapore takeover rules are also outlined.
This document discusses the meaning and types of mergers and acquisitions. It defines a merger as the combining of two or more businesses into one new entity, with the goal of expanding customer base and growing more rapidly globally. The main types of mergers are horizontal, vertical, conglomerate, and concentric. Acquisitions are defined as one company gaining control of another by obtaining at least 25% of its voting shares. Mergers and acquisitions allow companies to hold larger market shares, improve profitability, accelerate growth, utilize financial strengths, and serve customers better through a broader range of products and services. However, they also face issues related to shareholders, accounting, technology integration, taxation, and human resources.
This document provides information about Microsoft's proposed acquisition of Yahoo! and urges Yahoo! shareholders to read the forthcoming proxy statement/prospectus regarding the transaction. It notes that Microsoft plans to file this document with the SEC and that it will contain details of the proposed acquisition for shareholders to consider. The document also identifies Microsoft and its directors as potential participants in the proxy solicitation process regarding the acquisition.
The document discusses trends in mergers and acquisitions (M&A) in India. It provides an introduction to M&A and defines key terms like acquisition, merger, and different types of mergers. The document then discusses reasons for M&A like synergy, economies of scale, and cross-selling opportunities. Recent examples of M&A in India are provided like Flipkart acquiring Myntra and Tata Steel acquiring Corus Group. The factors making M&A favorable in India and keys to successful versus unsuccessful M&A are also summarized.
This PPT contains latest information about TCS (Tata Consultancy Services) to some extent which can be useful for the fresher to get a knowledge about the company to some level.
This presentation was prepared by me as a Student of Aegis Global Academy, Coimbatore.
Merger and acquisition of BFIs in NepalUjjwal Chand
The document discusses mergers and acquisitions (M&A) of banks and financial institutions (BFIs) in Nepal. It provides background on the increasing number of BFIs in Nepal leading to requirements for mergers. It describes different types of mergers and defines mergers and acquisitions. The document outlines reasons for and benefits of M&A as well as impacts in the Nepalese context. It discusses the merger process and history of BFI mergers in Nepal, including details of the merger between Machhapuchchhre Bank and Standard Finance.
The document summarizes the merger between Centurion Bank of Punjab (CBoP) and HDFC Bank in 2008. [1] The merger created a larger bank with over 1,100 branches, deposits of Rs. 1.22 trillion, net advances of Rs. 890 billion, and a balance sheet size of over Rs. 1.63 trillion. [2] The objectives of the merger were to achieve economies of scale, widen product offerings, and gain more market dominance. [3] The merger faced challenges integrating technologies, employees, operations, and infrastructure between the two banks.
This document discusses mergers and acquisitions (M&A). It provides examples of major M&As in India in 2014, including Flipkart-Myntra and RIL-Network 18 Media. It defines a merger as combining two relatively equal organizations, while an acquisition sees one organization take over another. Friendly acquisitions involve board approval, while hostile takeovers do not. Successful M&As require vigilance, priorities, pre-negotiation, striking the right deal, and integration. Payment can involve cash, stock, or a combination to compensate shareholders. Examples of M&As include PepsiCo's acquisition of Quaker Oats and the attempted merger of HP and Compaq, which ultimately failed.
The document summarizes major mergers and acquisitions that occurred in India in 2014. Some key deals included Flipkart acquiring Myntra for $2 billion, Asian Paints acquiring Ess Ess Bathroom Products, Reliance Industries taking over 78% of Network 18 for $660 million, Bharti Airtel acquiring Zain Telecom's African assets for $10.7 billion, Merck acquiring Sigma-Aldrich for $17 billion, Tata Consultancy Services merging with CMC, Tata Power acquiring a stake in an Indonesian coal company, Lactalis acquiring Tirumala Milk products for $275 million, and Facebook acquiring WhatsApp for $22 billion.
Overview of Furniture Industry in IndiaSathish Kumar
India is traditionally land of wonderful artistic works, and also renowned for its tradition, culture, heritage, and handcrafts. It has tremendous experience in the field of wood crafts and furniture and huge customer base across the globe
Problems & prospects of merger and acquisition In Nepalapichek
This document discusses mergers and acquisitions (M&A) among banking and financial institutions (BFIs) in Nepal. It outlines reasons for M&A including liquidity crisis, capital requirements, and increased competition from an open financial market. Major provisions and problems related to M&A are described, such as due diligence audits, management issues, and valuation discrepancies. Several BFI mergers that have occurred in Nepal are listed. The document concludes that M&A can help firms survive but challenges include integrating culture and addressing unused problems from improper due diligence.
Tiger Global, Accel Partners, and Sofina Capital were common investors in Flipkart and Myntra. Flipkart acquired Myntra in a $350 million cash and stock deal in 2014. The acquisition provided strategic benefits like adding Myntra's apparel segment to Flipkart's electronics and books segments, and creating operational synergies through cost optimization and increased sales from cross-selling. Due diligence on the acquisition focused on profitability, integration costs and cultural fit to ensure synergies were realized. The acquisition was announced in January 2014 and closed in May 2014, with communication to customers, employees, and media emphasizing the complementary nature and strategic benefits of combining the two companies.
ICICI Bank is India's second largest bank with assets of Rs. 3634 billion. It has over 2500 branches and 6000 ATMs across India. In 2010, ICICI Bank merged with Bank of Rajasthan, another private sector bank. The merger was approved by both banks' boards in May 2010 and received regulatory approval. As part of the merger, all Bank of Rajasthan branches became ICICI Bank branches. The merger has benefited both banks as seen in improved financial ratios like liquidity, profitability, and returns in the years since the merger was completed.
1) Marico India Ltd is a consumer goods company founded in 1857 and headquartered in Mumbai. It provides coconut, hair, skin care and other products.
2) In 2010, Marico's operating profit margin of 16.01% and net profit margin of 11.57% were the highest of the past 5 years, indicating increased profitability.
3) Key financial ratios like earnings per share and return on net worth have also increased from 2009-2010, demonstrating the company's improved performance and returns to shareholders over this period.
The document provides information about group members working on an e-commerce project, details about Flipkart and Myntra as e-commerce companies in India, and discusses the benefits and challenges of Flipkart acquiring Myntra. It notes that Flipkart and Myntra together would control a majority of the online fashion market in India. It also mentions that the acquisition would help both companies achieve economies of scale and better compete with Amazon, while facing challenges around profitability and competition from other domestic players.
Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company headquartered in Mumbai, India. It is India's largest IT services company and a subsidiary of Tata Group. TCS provides a wide range of IT and IT-enabled services to clients across various industries globally. Over the years, TCS has expanded its operations and client base through both organic and inorganic growth strategies. It has a large workforce of over 300,000 employees located across 46 countries.
Merger & Acquisition of HDFC Bank with Centurian Bank of PunjabRohan Solanki
The slides show the details of the largest merger in Indian banking sector between HDFC Bank and CBoP.
The benifits and the side effects of the merger are also highlighted in the following presentation
The document discusses mergers and provides details about the merger between HDFC Bank and Centurion Bank of Punjab in 2009. It was one of the largest mergers in the banking sector in India. The merger added 394 branches and 19% more assets to HDFC Bank. It increased HDFC Bank's network making it the largest private bank in India. The merger provided synergies around products, management expertise, and geographic expansion. However, HDFC Bank had to write-off Rs. 70 crores to harmonize accounting policies between the two banks.
A merger is a combination of two firms where one ceases to exist and the other takes over its assets and liabilities, forming an entirely new company. An amalgamation is similar but the original firms remain, with their assets and liabilities transferred to a new combined firm. An acquisition occurs when one company takes controlling interest of another, sometimes through a hostile takeover. Major recent mergers and acquisitions in India include Tata Steel-Corus, Vodafone-Hutchison Essar, and Tata Motors-Jaguar Land Rover. Companies pursue mergers and acquisitions to improve economies of scale, gain market leadership, and access new markets and technologies.
A merger occurs when one company purchases another company of a similar size, transferring ownership and control to form a single new company. Companies usually merge when they feel they can accomplish more together than separately. There are three main types of mergers: horizontal, vertical, and conglomerate. Mergers can take place through purchasing assets, purchasing common shares, exchanging shares for assets, or exchanging shares for shares. Reasons for mergers include increasing market share, achieving economies of scale, diversifying risk, and pursuing future goals or expansion of business.
How Microsoft acquired Yahoo | Search business caseJul Ahn
The European Commission approved Microsoft's acquisition of Yahoo!'s search business, which gave Microsoft an exclusive 10-year license to Yahoo's search technologies and control over Yahoo's search and search advertising operations. The Commission found that the merger would reduce costs through economies of scale, but could also weaken competition by reducing consumer choice and degrading organic search quality. A post-transaction analysis found that while the merger increased Microsoft's market share in the short term, in the long run consumer surplus and welfare were unaffected.
The document discusses various types of mergers and acquisitions including horizontal, vertical, conglomerate, and concentric mergers. It provides examples for each type and explains their key characteristics. Some benefits of mergers include diversification, increased capacity and market share. However, mergers can fail due to issues with cultural integration, communication, and management. Acquisitions differ from mergers in that one company clearly takes ownership of another. Acquisitions aim to achieve economies of scale, staff reductions, new technology, and market reach. Hostile takeovers are strongly resisted while friendly takeovers have management agreement. Firms undertake takeovers to gain market growth, economies of scale, and complementing skills.
Mergers and acquisitions involve the combination of two or more companies. Mergers see the merging companies fully integrate to form an entirely new company, while acquisitions see one company purchase another but maintain separate operations. Mergers and acquisitions allow companies to achieve synergies, diversify, grow, and eliminate competition. Common types of mergers include horizontal, vertical, market extension, product extension, and conglomerate mergers. India has seen several large M&A deals over the years across various industries.
The document discusses mergers and acquisitions, defining a merger as a transaction where two firms integrate operations on an equal basis to create a stronger competitive advantage, while an acquisition is when one firm buys another to make it a subsidiary and more effectively utilize its competencies. It provides examples of major M&A deals in India and compares the differences between mergers and acquisitions.
Merger and Acquisition in Banking Sectorfarah khan
The document discusses mergers and acquisitions in the banking sector of Pakistan. It provides background on recent mergers driven by regulatory requirements to increase capital. Two specific mergers are analyzed: the 2006 merger of Standard Chartered Bank and Union Bank, and the acquisition of Faysal Bank. Financial analyses of profitability, capital adequacy, liquidity, and growth indicators are presented for both banks before and after the mergers, showing mostly declining performance after the mergers across ratios. The mergers aimed to create more efficient banks but financial analyses show the deals did not immediately improve bank performance.
The document is a project report on mergers and acquisitions in the banking sector of India. It includes an abstract, introduction, objectives, scope and coverage, literature review, research methodology, and conceptualization of mergers and acquisitions. Specifically, it discusses the difference between mergers and acquisitions, with mergers involving the combination of two companies into one new entity under companies law and the court, while acquisitions refer to one company gaining controlling interest in another without combination under SEBI regulations. The report focuses on studying the merger between Global Trust Bank and Oriental Bank of Commerce in 2004.
Example of high-ROI data science project I did from start to finish. Please contact me if you are a hiring manager at GOOG, AMZN, McKinsey/BCG/Bain, or Booz Allen Hamilton and need someone who can do something like this!
- Switzerland is a small, landlocked country that is nonetheless one of the most prosperous nations in Europe and the world due to its knowledge-based service economy, ease of doing business, and economic stability facilitated by its independence from the EU.
- Switzerland has a highly skilled labor force that produces high-quality goods and services in sectors like mechanical/electrical engineering, pharmaceuticals, watches, banking, tourism, and insurance. This contributes to consistently positive trade balances and current account surpluses.
- The Swiss National Bank maintains low and stable inflation through its monetary policy targeting interest rates, and it operates with a high degree of autonomy from the government.
The Living Gospel Church is a non-denominational Christian church headquartered in Los Angeles that has expanded to include locations across the US under the leadership of Bishop D.L. Jones. Jones helped the church grow substantially using his business and marketing skills. He is now ready to step down after 17 years and the church must determine how to succeed without its unique leader. The document then provides background on Jones and the history and establishment of multiple Living Gospel church locations across the US and abroad. It discusses the church's organizational structure, finances, operations, and plans for future expansion.
The document summarizes Schlumberger Limited, an oilfield services company founded in 1912. It discusses Schlumberger's history, services, strategies, and country-specific approaches. Schlumberger's main strategy is focusing on research and development, with over $500 million spent on R&D annually. It also focuses on developing its people through knowledge communities and increasing diversity. Schlumberger tailors its strategies to each country's resources and needs, taking a more appreciation-focused approach in Oman versus a research and skills development focus in Singapore.
The document summarizes major mergers and acquisitions that occurred in India in 2014. Some key deals included Flipkart acquiring Myntra for $2 billion, Asian Paints acquiring Ess Ess Bathroom Products, Reliance Industries taking over 78% of Network 18 for $660 million, Bharti Airtel acquiring Zain Telecom's African assets for $10.7 billion, Merck acquiring Sigma-Aldrich for $17 billion, Tata Consultancy Services merging with CMC, Tata Power acquiring a stake in an Indonesian coal company, Lactalis acquiring Tirumala Milk products for $275 million, and Facebook acquiring WhatsApp for $22 billion.
Overview of Furniture Industry in IndiaSathish Kumar
India is traditionally land of wonderful artistic works, and also renowned for its tradition, culture, heritage, and handcrafts. It has tremendous experience in the field of wood crafts and furniture and huge customer base across the globe
Problems & prospects of merger and acquisition In Nepalapichek
This document discusses mergers and acquisitions (M&A) among banking and financial institutions (BFIs) in Nepal. It outlines reasons for M&A including liquidity crisis, capital requirements, and increased competition from an open financial market. Major provisions and problems related to M&A are described, such as due diligence audits, management issues, and valuation discrepancies. Several BFI mergers that have occurred in Nepal are listed. The document concludes that M&A can help firms survive but challenges include integrating culture and addressing unused problems from improper due diligence.
Tiger Global, Accel Partners, and Sofina Capital were common investors in Flipkart and Myntra. Flipkart acquired Myntra in a $350 million cash and stock deal in 2014. The acquisition provided strategic benefits like adding Myntra's apparel segment to Flipkart's electronics and books segments, and creating operational synergies through cost optimization and increased sales from cross-selling. Due diligence on the acquisition focused on profitability, integration costs and cultural fit to ensure synergies were realized. The acquisition was announced in January 2014 and closed in May 2014, with communication to customers, employees, and media emphasizing the complementary nature and strategic benefits of combining the two companies.
ICICI Bank is India's second largest bank with assets of Rs. 3634 billion. It has over 2500 branches and 6000 ATMs across India. In 2010, ICICI Bank merged with Bank of Rajasthan, another private sector bank. The merger was approved by both banks' boards in May 2010 and received regulatory approval. As part of the merger, all Bank of Rajasthan branches became ICICI Bank branches. The merger has benefited both banks as seen in improved financial ratios like liquidity, profitability, and returns in the years since the merger was completed.
1) Marico India Ltd is a consumer goods company founded in 1857 and headquartered in Mumbai. It provides coconut, hair, skin care and other products.
2) In 2010, Marico's operating profit margin of 16.01% and net profit margin of 11.57% were the highest of the past 5 years, indicating increased profitability.
3) Key financial ratios like earnings per share and return on net worth have also increased from 2009-2010, demonstrating the company's improved performance and returns to shareholders over this period.
The document provides information about group members working on an e-commerce project, details about Flipkart and Myntra as e-commerce companies in India, and discusses the benefits and challenges of Flipkart acquiring Myntra. It notes that Flipkart and Myntra together would control a majority of the online fashion market in India. It also mentions that the acquisition would help both companies achieve economies of scale and better compete with Amazon, while facing challenges around profitability and competition from other domestic players.
Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company headquartered in Mumbai, India. It is India's largest IT services company and a subsidiary of Tata Group. TCS provides a wide range of IT and IT-enabled services to clients across various industries globally. Over the years, TCS has expanded its operations and client base through both organic and inorganic growth strategies. It has a large workforce of over 300,000 employees located across 46 countries.
Merger & Acquisition of HDFC Bank with Centurian Bank of PunjabRohan Solanki
The slides show the details of the largest merger in Indian banking sector between HDFC Bank and CBoP.
The benifits and the side effects of the merger are also highlighted in the following presentation
The document discusses mergers and provides details about the merger between HDFC Bank and Centurion Bank of Punjab in 2009. It was one of the largest mergers in the banking sector in India. The merger added 394 branches and 19% more assets to HDFC Bank. It increased HDFC Bank's network making it the largest private bank in India. The merger provided synergies around products, management expertise, and geographic expansion. However, HDFC Bank had to write-off Rs. 70 crores to harmonize accounting policies between the two banks.
A merger is a combination of two firms where one ceases to exist and the other takes over its assets and liabilities, forming an entirely new company. An amalgamation is similar but the original firms remain, with their assets and liabilities transferred to a new combined firm. An acquisition occurs when one company takes controlling interest of another, sometimes through a hostile takeover. Major recent mergers and acquisitions in India include Tata Steel-Corus, Vodafone-Hutchison Essar, and Tata Motors-Jaguar Land Rover. Companies pursue mergers and acquisitions to improve economies of scale, gain market leadership, and access new markets and technologies.
A merger occurs when one company purchases another company of a similar size, transferring ownership and control to form a single new company. Companies usually merge when they feel they can accomplish more together than separately. There are three main types of mergers: horizontal, vertical, and conglomerate. Mergers can take place through purchasing assets, purchasing common shares, exchanging shares for assets, or exchanging shares for shares. Reasons for mergers include increasing market share, achieving economies of scale, diversifying risk, and pursuing future goals or expansion of business.
How Microsoft acquired Yahoo | Search business caseJul Ahn
The European Commission approved Microsoft's acquisition of Yahoo!'s search business, which gave Microsoft an exclusive 10-year license to Yahoo's search technologies and control over Yahoo's search and search advertising operations. The Commission found that the merger would reduce costs through economies of scale, but could also weaken competition by reducing consumer choice and degrading organic search quality. A post-transaction analysis found that while the merger increased Microsoft's market share in the short term, in the long run consumer surplus and welfare were unaffected.
The document discusses various types of mergers and acquisitions including horizontal, vertical, conglomerate, and concentric mergers. It provides examples for each type and explains their key characteristics. Some benefits of mergers include diversification, increased capacity and market share. However, mergers can fail due to issues with cultural integration, communication, and management. Acquisitions differ from mergers in that one company clearly takes ownership of another. Acquisitions aim to achieve economies of scale, staff reductions, new technology, and market reach. Hostile takeovers are strongly resisted while friendly takeovers have management agreement. Firms undertake takeovers to gain market growth, economies of scale, and complementing skills.
Mergers and acquisitions involve the combination of two or more companies. Mergers see the merging companies fully integrate to form an entirely new company, while acquisitions see one company purchase another but maintain separate operations. Mergers and acquisitions allow companies to achieve synergies, diversify, grow, and eliminate competition. Common types of mergers include horizontal, vertical, market extension, product extension, and conglomerate mergers. India has seen several large M&A deals over the years across various industries.
The document discusses mergers and acquisitions, defining a merger as a transaction where two firms integrate operations on an equal basis to create a stronger competitive advantage, while an acquisition is when one firm buys another to make it a subsidiary and more effectively utilize its competencies. It provides examples of major M&A deals in India and compares the differences between mergers and acquisitions.
Merger and Acquisition in Banking Sectorfarah khan
The document discusses mergers and acquisitions in the banking sector of Pakistan. It provides background on recent mergers driven by regulatory requirements to increase capital. Two specific mergers are analyzed: the 2006 merger of Standard Chartered Bank and Union Bank, and the acquisition of Faysal Bank. Financial analyses of profitability, capital adequacy, liquidity, and growth indicators are presented for both banks before and after the mergers, showing mostly declining performance after the mergers across ratios. The mergers aimed to create more efficient banks but financial analyses show the deals did not immediately improve bank performance.
The document is a project report on mergers and acquisitions in the banking sector of India. It includes an abstract, introduction, objectives, scope and coverage, literature review, research methodology, and conceptualization of mergers and acquisitions. Specifically, it discusses the difference between mergers and acquisitions, with mergers involving the combination of two companies into one new entity under companies law and the court, while acquisitions refer to one company gaining controlling interest in another without combination under SEBI regulations. The report focuses on studying the merger between Global Trust Bank and Oriental Bank of Commerce in 2004.
Example of high-ROI data science project I did from start to finish. Please contact me if you are a hiring manager at GOOG, AMZN, McKinsey/BCG/Bain, or Booz Allen Hamilton and need someone who can do something like this!
- Switzerland is a small, landlocked country that is nonetheless one of the most prosperous nations in Europe and the world due to its knowledge-based service economy, ease of doing business, and economic stability facilitated by its independence from the EU.
- Switzerland has a highly skilled labor force that produces high-quality goods and services in sectors like mechanical/electrical engineering, pharmaceuticals, watches, banking, tourism, and insurance. This contributes to consistently positive trade balances and current account surpluses.
- The Swiss National Bank maintains low and stable inflation through its monetary policy targeting interest rates, and it operates with a high degree of autonomy from the government.
The Living Gospel Church is a non-denominational Christian church headquartered in Los Angeles that has expanded to include locations across the US under the leadership of Bishop D.L. Jones. Jones helped the church grow substantially using his business and marketing skills. He is now ready to step down after 17 years and the church must determine how to succeed without its unique leader. The document then provides background on Jones and the history and establishment of multiple Living Gospel church locations across the US and abroad. It discusses the church's organizational structure, finances, operations, and plans for future expansion.
The document summarizes Schlumberger Limited, an oilfield services company founded in 1912. It discusses Schlumberger's history, services, strategies, and country-specific approaches. Schlumberger's main strategy is focusing on research and development, with over $500 million spent on R&D annually. It also focuses on developing its people through knowledge communities and increasing diversity. Schlumberger tailors its strategies to each country's resources and needs, taking a more appreciation-focused approach in Oman versus a research and skills development focus in Singapore.
This document provides a strategic plan for Peoplearound, Inc. (PA), which has three business units: Peoplearound.com, an online community for small businesses; Peoplearound.net, a web marketing division; and nooget.com, a search engine. The plan focuses on Peoplearound.com. It includes a mission statement, SWOT analysis, VRIO analysis, core values, goals, descriptions of PA's services and target market segments, a Porter's Five Forces analysis of the industry, an analysis of competitors, and strategies for differentiation and growth. Key points are that PA provides referral, bartering, and directory services for small businesses at low cost in one place, differentiating it from competitors that offer only
The document discusses accounting fraud at Worldcom and how various factors contributed to its problems. The telecommunications industry changes and aggressive acquisitions led by CEO Ebbers put pressure on Worldcom to continually grow. Ebbers disregarded ethics and rules, and encouraged a culture with no accountability. CFO Sullivan inappropriately released liabilities and treated network capacity as assets to falsify financial reports. Improved oversight of leadership, stronger reporting procedures, and accounting controls could have prevented the fraud.
Casa De Carne's marketing plan focuses on increasing awareness and market penetration through developing its website and online marketing campaigns. The plan's key objectives are to increase customer traffic, website clicks, and inventory turnover within 18 months. Casa De Carne will target existing markets like EBT recipients and ethnic groups through strategies aimed at retaining current customers and increasing their purchases. The plan positions Casa De Carne as offering exceptional value on meat and seafood in bulk quantities, targeting consumers seeking low prices over convenience.
This study aimed to identify drivers of hospital readmission within one year of solid organ transplant (heart, lung, liver). A retrospective review found longer length of stay during transplant surgery correlated with higher readmission rates. Prospective data collection identified factors like end-stage renal disease, use of mechanical circulatory support, and hepatorenal syndrome as significant predictors of longer length of stay or readmissions. Further focused analysis identified acute kidney injury combined with a history of hemodialysis and end-stage renal disease, gastrointestinal complications combined with surgical complications, pulmonary issues, and an interaction between length of stay over 30 days during transplant and infections as significant predictors of post-transplant readmission days in a regression model.
1. A Challenging, Contemporary Business Decision: Yahoo vs. Microsoft
Kelli Barnett, Gretchen Buckman, Alexandre Le, Marmi Maramot
BUS 511 Managerial Skills and Business Ethics, Dr. McGuire
November 25, 2008
The first dilemma
On February 1, 2008, Yahoo’s Board of Directors received an unsolicited letter from
Microsoft CEO Steve Ballmer. “I am writing on behalf of the Board of Directors of
Microsoft to make a proposal for a business combination of Microsoft and Yahoo!.
Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo!
common stock for per share consideration of $31 based on Microsoft's closing share price
on January 31, 2008, payable in the form of $31 in cash or 0.9509 of a share of Microsoft
common stock. […] Our proposal represents a 62% premium above the closing price of
Yahoo! common stock of $19.18 on January 31, 2008.”1
So began a saga whose final
chapters were still being written as of November 2008. We now have the benefit of
20/20 hindsight as to how Yahoo could have best responded to this letter, but let us go
back in time and put ourselves in Yahoo’s initial position. Should Yahoo accept or reject
Microsoft’s offer?
Yahoo’s financial situation
Yahoo had to consider the following economic realities it was facing at the time:
• Its stock was down one-third since co-founder Jerry Yang took over as CEO in June
2007.2
• Net income for the quarter ending December 31, 2007 was $206 million, down from
$269 million for the same quarter in 2006.3
• Net income for fiscal year 2007 was $660 million, down from $751 million for 2006.3
• About 1,000 Yahoo employees would be laid off in mid-February 2008.3
• Since December 2006, at least 20 executives at vice president level or higher
including the COO, CTO, and Chief Sales Officer had left Yahoo.4
Clearly the 15-year-old company had to do something to reverse this downward trend in
its business results and lack of confidence among its staff and in the marketplace. Yahoo
was no longer at the top of anyone’s list when it came to admired Internet companies,
since websites like Craigslist, Facebook, and of course Google came along. While Yahoo
was a pioneer in search technology, it was “google” that became a verb meaning to look
up something online. Yahoo was still the world’s #2 search engine, but it was a very
distant second, with 12.8% of queries to Google’s 62.4%.6
The first step: Selecting a Conflict Management Style
There are appropriate and inappropriate times to apply each of Kenneth Thomas’ five
conflict management preferences.14
As you evaluate the circumstances of the particular
problem at hand, the available styles to use are ultimately reduced to one or two viable
G. Buckman, K. Barnett, A. Le, M. Maramot Page 1 of 7
2. alternatives. In Yahoo’s case, Fox or Owl would be the right styles to use. Below is a
table illustrating the reasoning behind this determination.
Yahoo’s Circumstance Appropriate Conflict Management Styles to Use
Issue is important? YES Turtle Teddy Bear Shark Fox Owl
Survival is at stake? YES Turtle Teddy Bear Shark Fox Owl
Maybe deal w/MSFT again? YES Turtle Teddy Bear Shark Fox Owl
Time/Resources available? NO Turtle Teddy Bear Shark Fox Owl
Time/Resources available? YES Turtle Teddy Bear Shark Fox Owl
If Yahoo felt that time was of the essence and was willing to give up a few points in order
to reach an agreement with Microsoft sooner rather than later, then it should go with the
Compromising (Fox) style. On the other hand, if Yahoo was committed to investing as
long as it takes to work out a mutually satisfying deal with Microsoft, then the
Collaborating (Owl) style would be optimal.
Unfortunately, Yahoo chose to deal with Microsoft as a Shark. Yahoo was unwilling
to compromise on its points or to make the necessary effort to collaborate on a win-win
solution. It was prepared to risk any opportunities for further negotiations with Microsoft
in the future. Yahoo wanted $40 per share5
, AND it did not want to give up its search
engine to Microsoft. Thus, on February 11, Yahoo rejected Microsoft’s offer of $31
per share. Since in the interim Microsoft’s share price had decreased while Yahoo’s had
increased to $29.75, industry analysts felt that Yahoo was betting on Microsoft coming
back with a higher offer and not outright refusing to be acquired by Microsoft.5
Round Two: It gets ugly
Well, Yahoo thought wrong. As the tit-for-tat strategy of game theory dictates, Microsoft
responded to Yahoo’s lack of cooperation by also playing the Shark. Almost two months
after Yahoo’s rejection of its offer, Ballmer sent Yahoo another letter, this time harsher in
tone.6
Ballmer contended that Microsoft’s offer was fair and warned that if Yahoo didn’t
agree to the acquisition within three weeks, then Microsoft would take up the matter
directly with Yahoo’s shareholders. In other words, Microsoft would attempt a hostile
takeover of Yahoo by having Yahoo’s shareholders vote to oust Yahoo’s board of
directors and replace them with people more amenable to Microsoft’s agenda. The
deadline was April 26.7
What should Yahoo do now?
Yahoo stays the course
Now that Microsoft set a definitive deadline and threatened a nasty proxy battle, it would
appear that Yahoo should switch styles and be a Fox instead of a Shark. Three weeks
wouldn’t be enough time to be an Owl, and maybe giving in a little to Microsoft’s
demands would be better than having Yahoo’s entire slate of directors wiped clean.
However, Yahoo let the April 26 deadline pass with no deal.
G. Buckman, K. Barnett, A. Le, M. Maramot Page 2 of 7
3. So, Yahoo actually did change its conflict management style, but it incorrectly switched
to the Turtle, not to the Fox. As we saw from the previous table, the Avoiding style is
totally inappropriate to use if the issue at hand is important and company survival is at
stake, both of which apply to Yahoo’s situation. Yahoo the Turtle thus put itself at the
mercy of Microsoft the Shark. Now Yahoo just had to gamble on Microsoft not
proceeding with the board ouster and instead raising its offer to at least $35 per share as
major Yahoo shareholders were hoping for.8
Microsoft’s final word
At first Microsoft backed down a bit, and during the week following the deadline,
Ballmer spoke with Yang and raised Microsoft’s offer to $33 per share, which increased
the value of the deal by $5 billion.9
Then Yahoo switched back to Shark mode and said
no, we want $37 per share, for an additional $5 billion. Ballmer was fed up and on May
3, he sent Yang a final letter. While Microsoft would not be pursuing a hostile takeover
bid, it formally withdrew its proposal to acquire Yahoo. The letter had some stinging
words at the end pointing out Yahoo’s folly: “I still believe even today that our offer
remains the only alternative put forward that provides your stockholders full and fair
value for their shares. By failing to reach an agreement with us, you and your
stockholders have left significant value on the table.” Ballmer also revealed what
Microsoft’s BATNA was all along: “We will move forward and will continue to innovate
and grow our business at Microsoft with the talented team we have in place and
potentially through strategic transactions with other business partners.”9
What went wrong: Analyzing Yahoo’s actions using Sebenius’ Six Common
Negotiating Mistakes15
Harvard Business School’s James Sebenius would say that Yahoo’s botched dealings
with Microsoft provide an almost perfect textbook example of what not to do during
negotiations. We say “almost perfect” because Yahoo committed 5 out of the 6 common
errors, which is still pretty bad.
1. Neglecting the other side’s problem
Microsoft wanted to acquire Yahoo in order to be more competitive against their
common rival, Google. But Yahoo went further than merely neglecting this, being
downright antagonistic instead:10
• One of Yahoo’s bargaining terms was that it be allowed to outsource part of its search
business to Google. “Sure you can acquire us, but we still want to do business with
our #1 nemesis on the side!”
• Microsoft wanted to absorb Yahoo’s talented engineers and other staff. But Yahoo
wanted to amend its employee severance plan such that if workers were to quit as a
result of an acquisition by another firm, then they would have to be paid extra
compensation on top of their severance package. “And don’t forget a nice bonus for
those who refuse to work for you!”
G. Buckman, K. Barnett, A. Le, M. Maramot Page 3 of 7
4. 2. Letting price trump other interests
Yang was so unrelenting when it came to Yahoo’s asking price that he ignored
shareholders’ wishes and damaged Yahoo’s public image. On March 5, the Detroit
Police and Fire Departments’ pension funds filed a class action lawsuit accusing Yahoo’s
board of directors of not negotiating with Microsoft in good faith, citing Yahoo’s
demands mentioned above as evidence.11
By refusing Microsoft’s $31 per share offer,
Yahoo caused stockholders to miss out on the 62% gain this represented over the $19.18
January 31 price, constituting “a breach of fiduciary duty.” On June 2, the full 64-page
complaint including copies of internal Yahoo documents and e-mails was made public
after a judge denied Yahoo’s request to keep this information sealed.10
Now in addition
to a class action lawsuit, Yahoo’s arrogance and greed would also be on display in the
court of public opinion.
3. Failing to reconcile both parties’ underlying interests through problem-solving that
will create new value
Yahoo disregarded the various ways that Microsoft’s acquisition of Yahoo would be
mutually beneficial to both parties, which Ballmer outlined in his initial offer letter:1
• Economies of scale: Through consolidated capital investment, Microsoft and Yahoo
would be stronger against Google especially in terms of an Internet advertising
platform, and thus would be able to offer an attractive alternative to online
advertisers.
• Improved R&D capacity: Through combining and focusing the creativity of both
companies’ engineers on R&D priorities such as a single advertising platform and
search engine, levels of innovation could be reached that neither company would be
capable of on its own.
• Efficiency in operating activities: Microsoft and Yahoo could achieve greater
financial performance by eliminating redundancies in infrastructure and operating
costs.
• Delivering a more diverse array of products: As a bigger company, Microsoft and
Yahoo would enhance its ability to offer users such services as online video, cell
phone/PDA services, e-commerce, and social networking; thus giving businesses like
Myspace, iPhone, and YouTube more serious competition.
4. Searching TOO hard for common ground: This is the only mistake of the six that
Yahoo DIDN’T make.
5. Neglecting BATNAs
Yahoo did have a BATNA, but it was not a guaranteed option to fall back on. Yahoo’s
BATNA was to partner with Google in the online search advertising business. The two
companies announced the deal on June 12.2
But there was always the danger that the
partnership would come under scrutiny by the Department of Justice. Ironically
Microsoft, itself a past DOJ target for anti-competitive practices, testified at the July 15
G. Buckman, K. Barnett, A. Le, M. Maramot Page 4 of 7
5. Senate antitrust subcommittee meeting that Yahoo and Google together would control
90% of the search advertising market.12
There was also a representative from
Yellowpages.com who testified that the Yahoo-Google partnership would hurt small
advertisers. Of course there were also Microsoft haters in the Senate as well as a pro-
Yahoo advertising customer from AskTheBuilder.com present at the meeting.
Nevertheless, the issue of the partnership’s legality was raised, and so Yahoo’s BATNA
was never a sure thing by any means.
6. Failing to recognize and correct perceptual biases
One of the complaints in the class action lawsuit by Yahoo’s shareholders was that the
board of directors allowed Jerry Yang to take the lead in negotiations with Microsoft.10
The lawsuit alleged that the Yahoo co-founder acted out of “well-known antipathy
toward Microsoft” and a personal interest in keeping the company independent.
Also self-serving was Yahoo’s contention that the company was worth much more than
what Microsoft was offering. On March 18, Yahoo issues a news release presenting its
forecasts for three-year operating cash flow and fiscal year 2008 revenue.13
The numbers
indicated that Yahoo was justified in rejecting Microsoft’s offer. The problem was that
the three-year plan was an old one Yahoo had first presented to the Board of Directors
back in December 2007. Also, the general Wall Street consensus was that Yahoo’s
predictions were unrealistic. As one analyst commented, “The stars have to align
perfectly for them to hit those numbers.”
Conclusion
Yahoo’s rejection of Microsoft’s initial $31 per share offer set off a cascade of one bad
outcome after another:
• The Monday after Microsoft announced it was no longer interested in acquiring
Yahoo, Yahoo’s stock fell almost 16% in a single day.16
• Yahoo’s earnings report for the quarter ending September 30, 2008 showed that the
company was indeed being overly optimistic in its financial forecasts. Net income
was $54.3 million, a 64% drop from $151.3 million in the same quarter of 2007.17
• Along with its quarterly earnings, Yahoo also announced in October that 10% of its
workforce would be laid off.17
Adding this to the layoffs announced in January, this
amounted to at least 2,430 employees let go in 2008.
• Executives continued to leave Yahoo en masse. In fact, nine high-ranking employees
including six vice presidents defected in a single week in June.18
• Worst of all for Yahoo, Google called off their search advertising partnership deal on
November 5.3
As a Google spokesperson confirmed, “Pressing ahead risked not only
a protracted legal battle but also damage to relationships with valued partners.” The
day after Google’s announcement, Yahoo’s stock fell to $12.20, or a full 63% below
Microsoft’s highest offer of $33 per share.
G. Buckman, K. Barnett, A. Le, M. Maramot Page 5 of 7
6. Closing Price of Yahoo stock from Jan 3 - Nov 8, 2008
0
5
10
15
20
25
30
351/31/08
2/14/08
2/28/08
3/13/08
3/27/08
4/10/08
4/24/08
5/8/08
5/22/08
6/5/08
6/19/08
7/3/08
7/17/08
7/31/08
8/14/08
8/28/08
9/11/08
9/25/08
10/9/0810/23/08
11/6/08
YHOO
Jan 31: Yahoo's closing price $19.18
MSFT's offer
Feb 1: $31/share
Apr 28: $33/share
May 3: MSFT withdraws
The company was already in trouble before Microsoft’s acquisition proposal, but
Yahoo’s handling of the matter only hastened its decline. Yahoo miscalculated at every
turn, from using the wrong conflict management styles for the given situation, to making
every negotiating error possible (except for trying too hard to find a compromise). The
biggest mistake Yahoo made was in relying too much on an uncertain BATNA. Having a
questionable BATNA is no better than having none at all.
Epilogue
Yang appeared foolish and broken when he announced at the Web 2.0 Summit in San
Francisco on November 5 (the day Google gave up its deal with Yahoo) that “With
Microsoft, if they want to buy the whole company, we're around for that.” He added that
he would also be open to Microsoft buying just the search business. When asked if he
would still be holding out for the $37 per share he was demanding back in May, Yang
replied “Oh no. At the right price, whatever the price is.”19
G. Buckman, K. Barnett, A. Le, M. Maramot Page 6 of 7
7. References
1. “Microsoft’s offer to Yahoo’s board,” www.infoworld.com (February 1, 2008)
2. Jim Puzzanghera and Jessica Guynn. “Yahoo back in hot water after Google pulls out
of partnership,” www.latimes.com (November 6, 2008)
3. “Update: Yahoo's Q4 sales up, profit down,” www.infoworld.com (January 29, 2008)
4. “Yahoo plans to cut staff,” www.infoworld.com (January 22, 2008)
5. “What's behind Yahoo's rejection of Microsoft bid?” www.infoworld.com (February
11, 2008)
6. “Microsoft to Yahoo: Make deal or face proxy fight,” www.infoworld.com (April 7,
2008)
7. “Microsoft/Yahoo deadline passes with no deal,” www.infoworld.com (April 28,
2008)
8. “Reports: Microsoft and Yahoo try to work it out,” www.infoworld.com (May 2,
2008)
9. “Ballmer's withdrawal letter to Yang,” www.infoworld.com (May 6, 2008)
10. “Shareholder lawsuit claims Yahoo derailed Microsoft bid,” www.infoworld.com
(June 3, 2008)
11. “Yahoo faces shareholder ire over failed Microsoft bid,” www.infoworld.com (May
6, 2008)
12. “Update: MS says Google/Yahoo deal means less competition,” www.infoworld.com
(July 15, 2008)
13. “Update: Yahoo to Microsoft: Cheapskate,” www.infoworld.com (March 18, 2008)
14. McGuire, S.J.J. (2007). Note on Conflict Management Preferences. College of
Business and Economics, California State University, Los Angeles.
15. Sebenius, J.K. (2001). “Six Habits of Merely Effective Negotiators,” Harvard
Business Review, 79 (4): 87-95.
16. “Yahoo's stock slides as U.S. markets open,” www.infoworld.com (May 5, 2008)
17. McCollum, Jordan. “Yahoo Optimistic After Earnings Drop, Layoffs: Nowhere to Go
But Up?” www.marketingpilgrim.com (October 22, 2008)
18. Shankland, Stephen. “Three more top execs leaving Yahoo; reorg coming,”
news.cnet.com (June 19, 2008)
19. “Yang to Ballmer: Microsoft should buy Yahoo,” www.infoworld.com (November 6,
2008)
G. Buckman, K. Barnett, A. Le, M. Maramot Page 7 of 7
![A Challenging, Contemporary Business Decision: Yahoo vs. Microsoft
Kelli Barnett, Gretchen Buckman, Alexandre Le, Marmi Maramot
BUS 511 Managerial Skills and Business Ethics, Dr. McGuire
November 25, 2008
The first dilemma
On February 1, 2008, Yahoo’s Board of Directors received an unsolicited letter from
Microsoft CEO Steve Ballmer. “I am writing on behalf of the Board of Directors of
Microsoft to make a proposal for a business combination of Microsoft and Yahoo!.
Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo!
common stock for per share consideration of $31 based on Microsoft's closing share price
on January 31, 2008, payable in the form of $31 in cash or 0.9509 of a share of Microsoft
common stock. […] Our proposal represents a 62% premium above the closing price of
Yahoo! common stock of $19.18 on January 31, 2008.”1
So began a saga whose final
chapters were still being written as of November 2008. We now have the benefit of
20/20 hindsight as to how Yahoo could have best responded to this letter, but let us go
back in time and put ourselves in Yahoo’s initial position. Should Yahoo accept or reject
Microsoft’s offer?
Yahoo’s financial situation
Yahoo had to consider the following economic realities it was facing at the time:
• Its stock was down one-third since co-founder Jerry Yang took over as CEO in June
2007.2
• Net income for the quarter ending December 31, 2007 was $206 million, down from
$269 million for the same quarter in 2006.3
• Net income for fiscal year 2007 was $660 million, down from $751 million for 2006.3
• About 1,000 Yahoo employees would be laid off in mid-February 2008.3
• Since December 2006, at least 20 executives at vice president level or higher
including the COO, CTO, and Chief Sales Officer had left Yahoo.4
Clearly the 15-year-old company had to do something to reverse this downward trend in
its business results and lack of confidence among its staff and in the marketplace. Yahoo
was no longer at the top of anyone’s list when it came to admired Internet companies,
since websites like Craigslist, Facebook, and of course Google came along. While Yahoo
was a pioneer in search technology, it was “google” that became a verb meaning to look
up something online. Yahoo was still the world’s #2 search engine, but it was a very
distant second, with 12.8% of queries to Google’s 62.4%.6
The first step: Selecting a Conflict Management Style
There are appropriate and inappropriate times to apply each of Kenneth Thomas’ five
conflict management preferences.14
As you evaluate the circumstances of the particular
problem at hand, the available styles to use are ultimately reduced to one or two viable
G. Buckman, K. Barnett, A. Le, M. Maramot Page 1 of 7](https://image.slidesharecdn.com/a3e218ca-93f4-4cf7-8f18-2ed07676d3ee-161028234737/85/Yahoo-vs-Microsoft-1-320.jpg?cb=1477698523)
