MERGERS & ACQUISITIONS                  Term V, PGDM, 2011-12Prof. Raj K. Kovid (kovidrk@ifimbschool.com)Strategic Managem...
M&As: The Course•   Students’ expectations•   Depth-seekers•   Approach: Text book, Papers•   Cases, Readings•   Project, ...
Overview of the Course•   M&As: Conceptual framework•   Regulatory framework of M&As•   Theories of M&A•   M&As Motives: E...
M&As in Strategy Settings• Corporate Strategy• Growth Strategy (expansion/diversification)  – Organic  – Inorganic: M&As• ...
M&As: Terminology•   Takeover•   Merger•   Acquisition•   Tender offer•   Restructuring•   Sell-off: Divestiture, Liquidat...
Takeover, Acquisitions, Mergers• Relative meaning• Types:  – Horizontal/ Vertical  – Related/unrelated• Nature: friendly /...
Mergers and Acquisitions• Merger       – Two/more firms agree to integrate their operations.       – One firm survives (so...
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1 2 overview (2)

  1. 1. MERGERS & ACQUISITIONS Term V, PGDM, 2011-12Prof. Raj K. Kovid (kovidrk@ifimbschool.com)Strategic Management GroupIFIM Business School, Bangaluru, India
  2. 2. M&As: The Course• Students’ expectations• Depth-seekers• Approach: Text book, Papers• Cases, Readings• Project, Assignments• Groups• Data sources: Prowess, Thompson, mergerindia.com, B usiness Periodicals 2
  3. 3. Overview of the Course• M&As: Conceptual framework• Regulatory framework of M&As• Theories of M&A• M&As Motives: Expansion and diversification, Competence & financial synergy• Target appraisal, Valuation• Divestments• Deal structuring: Accounting, taxation, methods of payments• Corporate control: Share repurchase & Exchanges, Takeover Defences• Organizational issues of mergers and acquisitions• Post-merger integration and performance• Mergers, Strategic Alliances and Joint Ventures• Cross-Border Transactions M&As 3
  4. 4. M&As in Strategy Settings• Corporate Strategy• Growth Strategy (expansion/diversification) – Organic – Inorganic: M&As• Alternatives to M&As – SA & JVs – Franchising – Others 4
  5. 5. M&As: Terminology• Takeover• Merger• Acquisition• Tender offer• Restructuring• Sell-off: Divestiture, Liquidation etc• Hive-off• LBO• … 5
  6. 6. Takeover, Acquisitions, Mergers• Relative meaning• Types: – Horizontal/ Vertical – Related/unrelated• Nature: friendly / hostile
  7. 7. Mergers and Acquisitions• Merger – Two/more firms agree to integrate their operations. – One firm survives (sometime change name post- merger) – Types: related/unrelated; horizontal/vertical• Acquisition – One firm buys a controlling, or 100% interest in another firm with the intent of making the acquired firm a subsidiary business within its portfolio. – Types: Hostile/Friendly© 2007 Thomson/South- 7–7Western. All rights reserved.
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