2. Historically, we can identify roughly six
waves of M&A activities. The first wave
of horizontal mergers in 1897-1904; the
second wave of vertical mergers in
1916-1929; the third wave of diversified
conglomerate mergers in 1965-1969;
the fourth wave of congeneric mergers,
hostile takeovers and corporate raiding
in 1981-1989; the fifth wave of cross-
border mergers in 1992-2000; and the
sixth wave of shareholder activism,
private equity and leveraged buyout
(LBO) in 2003-2008.
In today’s business climate, constantly
increasing competition, shifting
profit margins, and rapidly changing
technology has directed businesses to
M&A as a faster way of growing. M&A
means the combination of two or more
companies, including their assets and
debts, to become a single company. As
a result of mergers, current companies
may lose their legal entities and create
a new company, or combine with each
other under the legal entity of one of
the current companies. Sometimes,
companies obtain a majority share of
another company. This type of a merger
is called “acquisition.”
1. Overview
The net result for 2018, though, was a largely stable year in which global M&A
value increased moderately despite the declining volume. A 7% uptick left
the global value near the five-year average. But after a strong first quarter,
deal value declined steadily throughout the rest of the year. The fast start
was attributable to a flood of megadeals (deals valued at $10 billion or more)
—17 in the first three months versus 14 thereafter. In the first half of 2019,
M&A value stabilized near the long-term average while volume dropped
significantly. The rebound in value was propelled by strong levels of North
American deal-making, supported by several megadeals, especially in the
second quarter.
1
M&A Activities Oveview 01
M&A Procedure 05
Valuation methods in M&A Activities 06
Policy Related to M&A Activities 10
List of Vietnam M&A 11
Content
3. For more information:
LE QUOC HUNG
General Director
+84 906 787 134
hung.le@tms-investment.com
GENNIE PHAM
Market Research Director
+84 976 917 368
gennie.pham@tms-investment.com
Suite 6.04, Nam Viet Building 09 Phan Ke
Binh, Da Kao Ward, District 1, HCMC
+84 906 787 134
info@tms-investment.com
www.tmsconsultancy.com.vn
TMS Consultancy
