Post on 06-Apr-2018
transcript
8/3/2019 Mergers & Aquisition
1/35
Mergers Acquisitionsnd
Presented by
Rohan Nangia
BBA 3 B (morning)11714201710
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Mergers Acquisitionsnd
Mergers
&
Acquisitions
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Mergers Acquisitionsnd
business
combination
Mergers
Amalgamation
Acquisitions
Takeovers
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Mergers Acquisitionsnd
Merger
When two or more companies
combines into one company
may merge with existing co,
form new company
in India merger is calledAmalgamation
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Mergers Acquisitionsnd
Merger
Merging Companiesare called
Amalgamating
Companies
New Company iscalled
AmalgamatedCompany
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Mergers Acquisitionsnd
Merger
MergerThroughAbsorption
MERGERTHROUGHCONSOLIDATION
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Mergers Acquisitionsnd
Merger
MergerThroughAbsorption
An Absorption is Combination oftwo or more companies into an
existing company
All companies except one losetheir identity
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Mergers Acquisitionsnd
Western UnionBank Merged
WithIDBI
New Bank Of
India MergedWith PNB
Bank Of NewYork Merged
With MellonFinancial
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Mergers Acquisitionsnd
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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Mergers Acquisitionsnd
Merger
MergerThroughConsolidation
HindustanComputers Ltd
HindustanInstruments
Ltd
Indian SoftwareCo .Ltd
IndianReprographic
Ltd HCL LTD
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Mergers AcquisitionsndAcquisition
An Acquisition may be an act of acquiring
effective control by one company over assetsor management of another company withoutany combination of companies..
Companies may remain independent, separateBut there may be change in control ofCompanies..
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Mergers AcquisitionsndAcquisition
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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Mergers Acquisitionsnd
Dabur Pharma to acquire Thai company
Aditya Birla Group to acquire Trinethra
Chinas largest Bank to take overIndonesian Bank
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Mergers AcquisitionsndAcquisition & Takeover
When Acquisition is unfriendly or hostileIt may be called Takeover
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Mergers AcquisitionsndTactics to Defend Takeover..Merger
DivestitureCrown Jewels
Poison PillGreenmailWhite KnightGolden parachutes
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Mergers Acquisitionsnd
HorizontalMerger
VerticalMerger
ConglomerateMerger
FORMS OF MERGER
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Mergers Acquisitionsnd
MergerObjectives
Faster GrowthImproving Profitability
Managerial EffectivenessGaining Market Power
Leadership
Cost Reduction
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Mergers Acquisitionsnd
Are there any alternatives to Mergers or acquisitions?
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Mergers Acquisitionsnd
MergerAlternatives
Joint Venture
Strategic AllianceEliminating InefficientOperations
Productivity ImprovementHiring CapableManagers
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Mergers Acquisitionsnd
MOTIVES & BENEFITSOF
MERGERS
Limit CompetitionMarket PowerDiversificationGrowthEconomy of ScaleAccess to Foreign MarketResourcesDisplace existing Management
Circumvent Govt RegulationsAggressivenessDiversifying RiskProfitability
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Mergers Acquisitionsnd
MOTIVES & BENEFITSOF
MERGERS
Accelerated Growth
Expanding Existing MarketsEntering New Markets
Expand InternallyExpand ExternallyDeveloping Operating FacilitiesPrice Paid for Merger
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Mergers Acquisitionsnd
MOTIVES & BENEFITSOF
MERGERS
Enhanced Profitability
Economies of ScaleOperating EconomiesSynergy
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Mergers Acquisitionsnd
MOTIVES & BENEFITSOF
MERGERS
Reduction in Tax Liability
Carry forward Losses
Tax on Share
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Mergers Acquisitionsnd
MOTIVES & BENEFITSOF
MERGERS
Financial Benefits
Eliminating Financial Constraints
Deploying Surplus Cash
Enhancing Debt Capacity
Lowering Financial Costs
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Mergers Acquisitionsnd
MOTIVES & BENEFITSOF
MERGERS
Increased Market Power
Market Share
Bargaining Power
Technological Advancement
Pricing
Limiting Competition
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Mergers Acquisitionsnd
Steps inAnalysisOf
Mergers&Acquisitions
PlanningSearch &Screening
FinancialEvaluation
Mode ofMerger
Negotiation
Post
Merger
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Mergers Acquisitionsnd
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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Mergers Acquisitionsnd
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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Mergers Acquisitionsnd
Steps inAnalysisOf
Mergers&Acquisitions
Financial
Evaluation
Determining
EarningsCash flowsAreas Of RiskMaximum Price PayableHow to Finance Merger
CurrentMarket
Value
PremiumValue
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