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Dissertations / Theses on the topic 'Mergers and acquisition'

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Li, Lu. "The impact of pre-merger disclosure and acquisition experience on mergers and acquisitions." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12902/.

Engelhardt, Jens. "Performance Measurement of Acquisitions and Acquisition Series." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02606911002/$FILE/02606911002.pdf.

Li, Xi. "Mergers and acquisitions : takeover efficiency, social connection and acquisition performance." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12460/.

Bi, Xiao Gang. "Stock market driven acquisitions : evidence fro UK mergers and acquisition market." Thesis, University of Exeter, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.479414.

Lai, Shaojie. "Two Essays on Mergers and Acquisitions." Kent State University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=kent1522771083410377.

SOARES, FABIO MAIA. "MERGERS AND ACQUISITION: MODELING THE PROCESS ANALYSIS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7341@1.

Fung, Kam-yiu Tommy. "Mergers & acquisitions : management issues and strategic implications in it organization : case study of acquisition of Midland Bank by Hongkong Bank /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B17956778.

Säisä, Johan, and Daniela Ragnås. "The Infrastructure for Cultural Adoption: An Investigation in the Field of Mergers and Acquisitions." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-123807.

Eliasson, Sofie. "Synergies in Mergers and Acquisitions : A Qualitative Study of Technical Trading Companies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-17881.

Zhu, Jing. "Impact of mergers and acquisition on supply chain performance." Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=107642.

Simonova, Olga. "Brand Portfolio Strategy for Mergers and Acquisitions." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194156.

Owen, Sian. "An empirical investigation of recent acquisition activity in the UK." Thesis, Brunel University, 1997. http://bura.brunel.ac.uk/handle/2438/5324.

Hulthén, Andreas, and Kim Selguson. "Mergers and acquisitions : The road to success." Thesis, Linköping University, Department of Management and Economics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-2039.

Background: The most common reason to mergers and acquisitions is to generate synergies. Synergies emerge when two collaborating companies show a better result together than they would have done separately. Even though mergers and acquisitions have taken place since the beginning of the 17th century many of them still fail to succeed. There are many reasons why. Despite the fact that the reasons of failure have been known for a long time, new waves of mergers and acquisitions still appear.

Purpose: The purpose of the thesis is to contribute with knowledge about what should be given priority, in the merger and acquisition process, to generate synergies and thereby create shareholder value. This is achieved by investigating mergers and acquisitions in Sweden during the period 1996-2001.

Method: The thesis includes both quantitative and qualitative research. The quantitative research is calculations made to decide each company’s performances compared to index and the qualitative research is interviews made with representatives from the companies.

Result: There are no superior methods that can guarantee success, however there are certain aspects that always should be given priority. According our research those are among others: thorough due diligence, creating a committee of integration in order to keep focus on core business.

Öberg, Christina. "The Importance of Customers in Mergers and Acquisitions." Doctoral thesis, Linköpings universitet, Industriell marknadsföring och industriell ekonomi, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-11933.

Gonçalves, Raquel Filipa de Jesus. "Acquisition of Carrefour-Portugal by Sonae Distribuição." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9640.

Pham, Hong Y., and Karol Duda. "Human and Culture integration in Mergers & Acquisitions : A study of Andersen acquisition by KPMG in Vietnam." Thesis, Mälardalen University, School of Sustainable Development of Society and Technology, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-6458.

Date             29 May 2009Program        International Business and Entrepreneurship (IB&E)Course          Master Thesis (EFO705).Authors         Karol Duda, 851010 – T317                    Hong Y Pham, 841117 - T153Tutor             Love BörjessonTitle              Human and Culture integration in Mergers & Acquisitions: A study of Andersen acquisition by KPMG in Vietnam.Research problem: What did KPMG Vietnam do to integrate organizational culture and human resource of Andersen during and after its acquisition in 2002?Purpose         The aim of this research was to focus on culture and human resource dimensions by investigating the case KPMG acquired Andersen in Vietnam in 2002.Method          The conducted methodological stance in this report is interpretive research. The qualitative method has also been utilized. This research has mostly based on primary data in which semi-structured interviews and questionnaires were implemented to collect empirical data related to Andersen Vietnam acquisition. Secondary data from books, journals, websites etc has also been gathered.Conclusion     Although KPMG did not employ every tool suggested by researchers, it was proven to perform fair or good in culture integration dimension

Andersson, Maria, and de la Rosa Maja Karlsson. "Realizing synergies in mergers and acquisitions : A case study of WM-data’s acquisition of Atos Origin Nordic." Thesis, Uppsala University, Department of Business Studies, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-9026.

The focus of this thesis is the determinants for synergy realization in a merger or an acquisition. The objective is to describe the actions taken by our case company and relate these to the most important factors in realizing synergies in the new entity. We have chosen to study WM-data; a company widely experienced with merger and acquisition events, which during the last two years have conducted two lager acquisitions with subsequent integrations. Our focus has been last year’s acquisition of Atos Origin Nordic. The data about the event was gathered through interviews with key individuals involved in the acquisition and integration, through a questionnaire distributed amongst a group of employees and through studying published and internal documents covering the event. The model that is used relates combination potential, organizational integration, employee resistance and previous experience to synergy realization. The combination potential is affected by the strategic similarities and complementarities found in the combining companies, both which was found in our case company. Organizational integration is best conducted with a co-competence approach, i.e. a high level of integration through a fast and positive process. Also in this area our case company acted in a way that facilitates synergy realization. High employee resistance can reduce the potential for synergy realization. Actions in the areas of communication, culture and career can reduce resistance. Even if our case company used many of the techniques recommended, some employees still had a negative attitude towards the acquisition. Even more emphasis could have been put on communication about the event and forthcoming career implications. Experience of previous mergers and acquisitions activities can facilitate synergy realization if the combination is taking place in a similar industry setting. Our case company successfully recycled a lot of knowledge from a prior acquisition event, conducted by the Finnish subsidiary. In whole, the case study in this thesis represents a good example of how a company could act to realize synergies in a merger or acquisition. So far, most cost synergies relate to the combination of similar operations. Surprisingly, reducing costs through lay-offs was the primary method to achieve the expected savings. However, this event is still in an early phase, we expect more synergies from the combination to be realized in the future. Key words: mergers and acquisitions, case study, synergy realization, combination potential, organizational integration, employee resistance, M&A experience.

Glazar-Stavnicky, Monika. "Organizational and Systems Factors Leading to Systems Integration Success after Merger and Acquisition." Cleveland State University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=csu1472689356.

Maloney, Brendan. "Mergers and Acquisitions: : Their impact on technological performance." Thesis, University of Kalmar, Baltic Business School, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hik:diva-121.

This Thesis examines the impact of mergers and acquisitions (M&As) on the subsequent technological performance of the related firms. The investigated firms are selected according to their strategic choice which consists in seeing M&As as a shortcut for acquiring technological assets and capabilities and therefore the subsequent technological performance. The relatedness issue as well as the resource-based view of the firm are theoretical hints, which effectiveness on technological performance is discussed. A more managerial approach using case studies is also used in order to demonstrate a new organisational form of cooperation, derived from strategic alliances and M&As. With the help of the Renault-Nissan Alliance it is argued that this hybrid form presents many capacities for developing a successful integration process, and subsequently enhancing technological performance.

Hrouda, Jiří. "Leveraged acquisition finance." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74068.

Lyckhult, Maria, and Sabina Olsson. "Fight Global Assimilation! Cultural Clashes in Cross-National Mergers and Acquisitions." Thesis, Jönköping University, JIBS, EMM (Entrepreneurship, Marketing, Management), 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-452.

Cross-national merger and acquisition (M&A) activity is common and is argued to be a strategic tool for the growth of multinational corporations. Yet, M&A activity has a high failure rate which theorists have explained being due to cultural clashes. Previous research has explained these clashes being due to cultural distance. Other studies have focused on the extent to which the firms are culturally integrated and its relation to cultural clashes. In this study we investigate the relation between cultural distance and the extent to which the firms are culturally integrated as we believe that this relation in turn influences how cultural clashes are perceived by managers.

As the human side of M&A has become of great interest within research we stress the importance of understanding what happens with managers in the organization during the post-acquisition process. The purpose of this thesis is therefore to investigate the managers’ perception of cultural clashes, in relation to the perceived extent of cultural integration and perceived cultural distance, in cross-national mergers and acquisitions.

In order to achieve an in-depth understanding of a series of cross-national M&As and to answer the purpose of this thesis, a qualitative case study design was used. Semistandardized interviews were made with ten managers from a Swedish firm that has gone through a series of cross-national M&As involving Swiss, French and German managements.

The findings show that managers’ perception of cultural clashes differs depending on to what extent two firms are culturally integrated and in relation to the cultural distance between the two firms. No matter if high or low cultural distance managers perceive few cul-tural clashes if the extent to which the firms are integrated is low. If the cultural integration, on the other hand, is high and the cultural distance is high, the cultural clashes are perceived as many. Our findings indicate that cultural clashes are perceived differently depend-ing on how they affect the managerial role and the organizational behaviour. We refer to these clashes as implicit agreements and explicit statements. Clashes in implicit agreements are evolved from behaviour deeply rooted in national culture and corporate culture. These clashes have minor effects on the managerial role and the organizational behaviour. Never-theless, managers need to be aware of the differences and adapt to the preferred behaviour when interacting with the acquiring firm’s management. Explicit statements, on the other hand, affect the managerial role and organizational behaviour and lead to cultural clashes that conduce to frustration, lack of motivation and inefficiency. These clashes are more ap-parent when the extent of culturally integration is high. Therefore, the acquiring firm should not attempt to assimilate its target company in cross-national M&As.

Nene, Siphamandla Ebehardt. "The impact of mergers and acquisitions on unemployment in South Africa." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23723.

王鳳馨 and Fung-hing Wong. "An HR perspective on mergers & acquisition: an AT & T case study." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1996. http://hub.hku.hk/bib/B31267749.

Wong, Fung-hing. "An HR perspective on mergers & acquisition : an AT & T case study /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18003035.

Liu, Chaoyun. "The Compatibility of National Culture in International Mergers and Acquisitions." ScholarWorks@UNO, 2012. http://scholarworks.uno.edu/honors_theses/27.

Ren, Lijuan S. M. Massachusetts Institute of Technology. "The role of product management in the success of mergers and acquisitions : analyzing Eaton's 2008 Phoenixtec Power Company Ltd. acquisition." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/80689.

Evran, Mehmet. "The influence of acquisition experience and post-acquisition strategies on the performance of emerging market acquirers : empirical evidence from Turkey." Thesis, Queen Mary, University of London, 2014. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8039.

Masopustová, Tereza. "Analýza fúzí a akvizic v českém finančním prostoru a vyhodnocení jejich efektů." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116403.

Antypas, Nikoloas. "Essays on mergers and acquisitions : acquisition target prediction, CEO deal experience on deal performance, and value creation on a massive scale." Thesis, University of Reading, 2016. http://centaur.reading.ac.uk/68937/.

Pasiouras, Fotios. "Development of bank acquisition targets prediction models." Thesis, Coventry University, 2005. http://curve.coventry.ac.uk/open/items/ecf1b00d-da92-9bd2-5b02-fa4fab8afb0c/1.

Fong, Dominic. "The role of the psychological contract in affecting employee behaviour under the influence of merger and acquisition: a study of local regional managers in Hong Kong." Thesis, Curtin University, 2009. http://hdl.handle.net/20.500.11937/793.

Shabrova, Elena, and Bolaños Juan Manuel Figueroa. "Corporate Governance and Turnaround: Lessons for International Acquisitions of Distressed Firms : The case of Krenholm, Estonian textile manufacturer." Thesis, Linköpings universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-89936.

Kachlík, Brian. "Empirická analýza rysů akvírovaných podniků." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-192925.

Fredriksson, Jens, and Ulrik Weidman. "Understanding how to handle the acquisition process : a case study of ITAB Shop Concept AB." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-23884.

Gomes, Mathieu. "Corporate social responsibility and capital markets : evidence from mergers and acquisitions." Thesis, Université Clermont Auvergne‎ (2017-2020), 2017. http://www.theses.fr/2017CLFAD020.

Thom, Marcel. "Deal shaping in merger-and-acquisition negotiations : an exploration of organizational learning /." [S.l. : s.n.], 2003. http://www.gbv.de/dms/zbw/373230435.pdf.

Lang, Michelle R. "Strategies to Foster Employee Engagement Before, During, and After Organizational Mergers." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7690.

Vásquez, Davila Gabriela Fernanda, and Orquera Virginia Rosales. "The link between Soft Methods and Mergers and Acquisitions : An exploratory study of the application of soft methods during Company Z acquisition process." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet (USBE), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-52144.

Al-Mwalla, Mona Mamdouh. "The use of financial ratios to predict acquisition targets a study of UK mergers 1980-1986 /." Thesis, Connect to e-thesis, 1992. http://theses.gla.ac.uk/676/.

Carvajal, Moreno Angela Rocio. "Dual Trading and Conflicts of Interest of Stock Exchange Intermediaries : evidence from Mergers and Acquisitions." Thesis, Toulouse 1, 2020. http://www.theses.fr/2020TOU10045.

Minshall, Timothy Herbert Warren. "Japanese innovation strategy and the acquisition of UK information technology firms." Thesis, University of Cambridge, 1997. https://www.repository.cam.ac.uk/handle/1810/269704.

Adel, Nour. "Evaluating and analyzing firms' investment decisions : a study of UK domestic and cross-border acquisitions." Thesis, Brunel University, 2011. http://bura.brunel.ac.uk/handle/2438/5298.

Hoang, Thuy Vu Nga, and Kamolrat Lapumnuaypon. "Critical Success Factors in Merger & Acquisition Projects : A study from the perspectives of advisory firms." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1504.

Mergers and acquisitions (M&A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant ‘mega-mergers’ transacted in recent times. As expert advisory are sought in M&A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger & acquisition projects in the view of merger & acquisition advisory firms” has been raised. A list of ten critical success factors for M&A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager’s competence and commitment, (4) Project team member’s competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&A advisory firm’s resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management.

In an attempt to explore the importance of each factor in the practical context, data have been collected through three research methods. Primarily, the authors conduct a semi-structured interview with six interviewees currently working in three organizations which provide professional services related to M&A projects. Meanwhile, a self-completion questionnaire method is employed, following which a sample of 325 M&A advisory firms based in the U.S. is selected to participate in an online survey. In addition, the authors follow a case study approach based on the three organizations of the six interviewees in order to establish comprehensive knowledge about issues relating to M&A projects.

In response to the research question, the findings strongly indicate that seven out of ten factors in the original list have a positive impact, being the factors listed above as (1), (2), (3), (4), (5), (8), and (9). On the other hand, it revealed the lesser importance of the other three. In addition, three new factors have been discovered from analyzing the data collected, being (i) Having a number of key potential buyers with suitable profile (ii) Right, correct and complete information and data in the data room, and (iii) The quality of the selling company. While as another outcome of this research, further practical insights have been provided regarding the role of M&A advisory firms, the M&A process, common issues faced by M&A projects and the success criteria for M&A projects.

The findings from this research contribute valuable new knowledge to both researchers and practitioners in both project management and M&A fields, while facilitating the achievement of successful M&A projects.

Ewald, Klara, and Philip Wredberg. "Multicultural teams’ post acquisition : Challenges for employees and managers." Thesis, Jönköping University, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-53100.

Kajerdt, Johan, and Andreas Rydberg. "Betting on the jockey rather than the horse : a study on the determinants of mergers of SPAC IPOs." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-433975.

Alhenawi, Yasser. "Essay on the Persistence of Corporate Diversification Discount after Merger and Acquisition Transactions and Essay on the Capital Structure Properties of Real Estate Investment Trusts (REITs)." ScholarWorks@UNO, 2010. http://scholarworks.uno.edu/td/107.

Fong, Dominic. "The role of the psychological contract in affecting employee behaviour under the influence of merger and acquisition: a study of local regional managers in Hong Kong." Curtin University of Technology, Graduate School of Business, Curtin Business School, 2009. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=128355.

Nupponen, Pertti. "Post-acquisition performance : combination, management, and performance measurement in horizontal integration /." [Helsinki] : Helsinki School of Economics and Business Administration, 1995. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=007078756&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

Deshmukh, Rani. "Mergers and acquisition – post merger IT integration." Thesis, 2012. http://hdl.handle.net/2152/ETD-UT-2012-05-5303.

Carmelino, José Diogo Leal. "BlackBerry’s acquisition by Samsung : mergers & acquisitions." Master's thesis, 2015. http://hdl.handle.net/10400.14/18789.

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A Dissertation Report On Merger and Acquisition in India

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Ikechukwu Acha

dissertation report on mergers and acquisitions

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In this paper, the researcher studies the Impact of Mergers on Shareholders Wealth in the Indian banking industry. The sample comprised of five mergers in the Indian banking sector; the mergers taking place from 20, Nov 2002 to 19 May 2010. All the Targets and Acquiring banks are traded on the BSE 500. In order to find out the impact of Mergers on the shareholder's wealth the researchers used the Standard Risk Adjusted Event Methodology. After testing, the study showed that the expectations of shareholders of Target and Bidder banks to avail the excess return could not be realized with public information and they were unable to earn abnormal return neither before nor after the announcement of M&A's. The announcement of merger for both the bidder and the target is statistically insignificant and economically relevant.

Sony Parackal

Consolidation of banks through mergers and acquisitions is an important force of change taking place in the Indian banking sector. The present work investigates the fairness of valuation in bank merger deals occurred in the post-liberalization India. In contrast to the firm valuation which gives an absolute value, merger valuation is a relative valuation which is very important for both bidder and target banks. In other words, the exchange ratios fixed in the deals are very crucial as it will have a major impact on the future prospects of the acquiring bank. To check the authenticity or fairness of valuation, the study uses contribution analysis in two different ways. When the absolute ratios are considered, the deals appear more favourable to the targets as the deal values were very higher to their market capitalization. However, the study finds that target banks got underpaid and the significant increase in the share prices of target banks around the merger announcement cannot be attributed to the valuation aspects. The study is completely based on the financials of banks at the time of merger and other factors including the strategic benefits to both bidder and target banks are ignored.

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M&A may have declined in 2023, but a new McKinsey report shows why CEOs still say it’s ‘a more vital strategic lever than ever’

Two businesswomen shaking hands together over a table during a meeting with colleagues in a boardroom in the late afternoon

Good morning. M&A around the world is certainly not dead, according to McKinsey.

The firm’s report released this morning, The Top M&A Trends in 2024 , finds that although there was a steep decline in global mergers and acquisitions for most of 2023, activity jumped 41% in last year’s fourth quarter from the third quarter, and 37% from a year earlier.

dissertation report on mergers and acquisitions

There’s a growing appetite for strategic dealmaking. A few key factors cited by McKinsey, in relation to M&A market’s durability, include:

—”Seismic shifts” in businesses, such as the rise of AI, the importance of sustainability, and the emergence of a tech-enabled consumer class. “CEOs across industries tell us that M&A is a more vital strategic lever than ever,” according to the report.

—Organic growth never really compared to the most effective M&A strategy. And when significant strategic shifts are called for, it pales further, especially companies that need to adapt quickly.

—Although private equity investors accounted for only 18% of deal activity in 2023, they’re not likely to linger on the sidelines for long. “Some funds will need to consider exit strategies and redeployments in the near term, and others, along with corporate dealmakers, may be aroused by the more than $2 trillion in undeployed capital as of the end of 2023,” according to the report. Although macroeconomic headwinds remain a possibility, that “mountain of dry powder nonetheless beckons—a temptation.”

McKinsey’s complete global report also notes that over the past two years about 30% of the 50 largest global acquisitions (by deal size) experienced delays beyond their control—up from 15% in 2020.

The firm offers the “4Rs” for managing M&A delays: 

—Reflect: Assess all delay scenarios, develop contingency plans as in building the integration timeline. —Revise: Pivot to actions to limit downside, and find potential upside. —Reframe: Craft the narrative and communicate it clearly. —Reinvigorate: Engage people to sustain momentum.

To find out more, you can access the report here .

Sheryl Estrada [email protected]

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Brian Paplaski was named CFO at Dynamic Renewables , an owner and operator of waste management and renewable fuel projects. Paplaski, who began in the role on Feb. 5, most recently was CFO at Certasite, and was previously CFO at Kinetrex Energy, which was acquired by Kinder Morgan in 2021.

Han Wang  was named CFO at  Zhihu Inc. (NYSE: ZH), an online content community, effective immediately. Henry Dachuan Sha resigned as a director and the CFO and was appointed as the chief investment officer of the company. Before joining the company, Wang had a leadership role at Access Technology Ventures, a global investment platform under Access Industries, Inc., He also served as vice president at Hillhouse Capital, and a director at Legend Capital. 

Most entry-level employees in financial services are lacking "desk readiness," according to The Wall Street Prep State of L&D in Financial Services survey. The findings are based on a global survey of 260 HR and learning and development (L&D) executives working in financial services for global banks, boutiques, private equity firms, alternative asset managers, and sovereign wealth funds. 

Seventy percent of participants cited improving desk readiness as a top priority, while 63% had a focus on greater alignment with business needs. Over 76% of respondents said in-person training is now the preferred execution method. Although the majority (77%) of companies report that most incoming full-time analysts are returning interns, most intern programs are limited and not connected to the full-time experience, according to the report .

"Despite massive investments in training programs, the harsh reality is that many juniors show up at the desk on day one completely unprepared and require significant hand-holding from the business to be productive," Alex Gorbansky, managing director of corporate training at Wall Street Prep, said in a statement. 

Going deeper

Diligent has released its Shareholder Activism Annual Review 2024 , produced in association with Olshan Frome Wolosky. The report highlights the impact that activist shareholders make and dives into the general feelings of board members and how many incidents are impacting boards across the globe. 

"Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies."

—Richard Fairbank, founder, chairman and CEO of Capital One, said in a statement on Monday about the company acquiring Discover in an all-stock transaction valued at $35.3 billion.

This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up for free .

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dissertation report on mergers and acquisitions

Capital One to Buy Discover for $35 Billion in Top 2024 Deal (3)

By Liana Baker and Matthew Monks

Liana Baker

Capital One Financial Corp. agreed to buy Discover Financial Services in a $35 billion all-stock deal to create the largest US credit-card company by loan volume, giving the combined entity a stronger foothold to compete with Wall Street’s behemoths.

Capital One will swap 1.0192 of its own shares for each Discover share, a 26.6% premium over the Feb. 16 closing price, the McLean, Virginia-based company said in a statement . The transaction, first reported by Bloomberg News, is expected to be completed in late 2024 or early 2025, assuming it can pass antitrust reviews and win shareholder approvals.

The purchase of Discover ranks as the world’s biggest merger this year, surpassing Synopsys Inc.’s roughly $34 billion acquisition of software developer Ansys Inc. announced in January. It will bring together two storied consumer-finance brands, a combination that will surpass rivals JPMorgan Chase & Co. and Citigroup Inc. by US credit-card loan volume, according to data compiled by Bloomberg Intelligence. The deal will also give Capital One a foundation in the world of payment networks.

dissertation report on mergers and acquisitions

It’s a “singular opportunity” to bring together two companies that can compete with the largest payment networks, Capital One Chief Executive Officer Richard Fairbank said in the statement.

The combined size of the company is likely to draw scrutiny from antitrust regulators, analysts said Tuesday.

“They will hear from progressives about how this would hurt competition,” said Ian Katz at Capital Alpha Partners. “In fact, they already have. But if they were to reject the deal they would be accused of protecting Visa and Mastercard, which is often referred to as a duopoly.” Katz said he leans slightly toward thinking the deal will be approved, “but not before the November elections.”

dissertation report on mergers and acquisitions

Opposition emerged almost immediately from Democrats in the US Senate, where Ohio’s Sherrod Brown , chair of the Senate Banking Committee, took a dim view of the deal’s size and Elizabeth Warren of Massachusetts expressed outright opposition.

“A rubber-stamped merger that makes powerful financial companies even bigger and more powerful will do nothing for families,” Brown said in a statement. “We will be monitoring all developments to ensure that this merger doesn’t enrich shareholders and executives at the expense of consumers and small businesses.”

Warren said the deal should be blocked because it “threatens our financial stability,” cuts competition and brings higher costs for families. Fairbank told analysts during a conference call that the bank is “well-positioned for approval.”

Read More: Everything to Know About Capital One’s Takeover of Discover

Historically, Capital One has had to rely on Visa Inc. or Mastercard Inc. to issue its credit cards. With Discover in hand, the company would be able to cut out those two middlemen and have more control over the prices merchants are charged each time a consumer swipes one of the firm’s cards at checkout.

Mastercard is more likely to feel the merger’s impact than Visa, according to analysts, but there was also skepticism that Capital One’s deal will be a game-changer. While there may be “some low-hanging synergies,” said Trevor Williams at Jefferies, “we doubt the combination makes Discover any more formidable as a competitor.”

Discover shares jumped 12.6% in Tuesday’s trading , while Capital One was little changed. Capital One holders will own about 60% of the combined company, according to the statement. The acquisition will generate pretax synergies of $2.7 billion.

“Credit-card companies have large fixed costs for information technology, partly for algorithms aimed at fraud prevention, so bigger is better,” said Jay Ritter , finance professor at the University of Florida. “This fact has been reshaping many industries for many years, and I see no reason to think that the trend toward fewer, but larger, firms will end.”

Prime Customers

Capital One is known for its commercials featuring celebrities like Taylor Swift, Jennifer Garner and Samuel L. Jackson that ask, “What’s in your wallet?” The company, led by 73-year-old CEO Fairbank, has historically catered to subprime consumers who carry a balance on their cards each month.

Fairbank said on an earnings call in January that delinquencies had stabilized after reporting net charge-offs that were higher than analysts expected as borrowers fell behind on their credit-card and auto loans.

In recent years, Capital One has been trying to attract more premium customers who tend to be heavy spenders and more loyal. It agreed to buy the digital concierge service Velocity Black last year, pushing deeper into luxury markets dominated by firms such as American Express Co. and JPMorgan.

Discover owns three different payment networks: Discover Network, Diners Club International and its Pulse debit network. The company has spent years trying to expand acceptance and usage of the offerings, though they’ve long lagged behind the reach of Visa and Mastercard.

dissertation report on mergers and acquisitions

Capital One is the third-largest issuer of Visa and Mastercard credit cards in the US, accounting for roughly 10% of US credit-card spending, according to Mizuho Securities USA’s Dan Dolev.

“The combination could prove to be more competitive for Visa/Mastercard,” Daniel Perlin, an analyst at RBC Capital Markets, said in a note to clients. “At a high level, the risk to the networks is simple — can Capital One monetize Discover’s network capabilities, which historically have not gained much market share versus the networks?”

Discover said in January that its fourth-quarter profit dropped 62% as the company continued to grapple with the fallout from compliance and risk-management lapses. The company halted buybacks last year and has been seeking a buyer for its student-loan business. In December, Discover appointed Toronto-Dominion Bank’s Michael Rhodes as its new CEO , lining him up to take over by early March.

(Updates with political opposition, impact on Visa and Mastercard, starting in the seventh paragraph.)

--With assistance from Ambereen Choudhury , Jenny Surane , Marion Dakers and Bre Bradham .

To contact the reporters on this story: Liana Baker in New York at [email protected] ; Matthew Monks in New York at [email protected]

To contact the editors responsible for this story: Ben Scent at [email protected]

© 2024 Bloomberg L.P. All rights reserved. Used with permission.

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Capital One to acquire Discover for $35.3 billion in all-stock deal

Capital One is purchasing Discover Financial Services for $35.3 billion, the banking giant announced Monday — an all-stock deal that brings together two of the country’s largest credit card companies and is likely to face close regulatory scrutiny.

The two financial giants combined would become the biggest credit card lender in the nation, according to data compiled by Bloomberg Intelligence. Discover, based in Riverwoods, Ill., has a market value of nearly $28 billion, while McLean, Va.-based Capital One is valued at about $52 billion.

Under the deal’s terms, Discover shareholders will receive a little over one share of Capital One for every Discover share they own — a 26.6 percent premium from Discover’s closing share price of $110.49 on Friday.

Once the deal closes, current Capital One shareholders will own a 60 percent stake in the combined company, while Discover shareholders will own the remaining 40 percent.

Richard Fairbank, founder and chief executive of Capital One, hailed the acquisition as an “opportunity to bring together two very successful companies with complementary capabilities and franchises.”

“Through this combination, we’re creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments and banking marketplace,” Fairbank said in the statement.

Credit card usage has soared in recent months , as Americans are depleting their extra savings and recalibrating spending to keep up with recent inflation. Overall credit card balances hit a record $1.13 trillion in 2023, according to the Federal Reserve Bank of New York.

Judge blocks JetBlue-Spirit merger in win for U.S. antitrust efforts

The deal between two of the biggest credit card lenders will have to withstand close antitrust scrutiny from regulators, who are engaged in an overhaul of bank capital rules that have faced stiff industry opposition.

In June, Jonathan Kanter, assistant attorney general for the Justice Department’s antitrust division, declared authorities would “closely scrutinize mergers” involving big banks, in line with a 2021 executive order from President Biden that encouraged federal officials to more robustly examine banking mergers. And last month, the Office of the Comptroller of the Currency proposed removing an expedited approval process for some merger applications.

Michael J. Hsu, the regulator’s acting chief, said the move reflected his agency’s view that “bank mergers are significant corporate transactions that require the OCC to make a decision.”

Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, a consumer advocacy group, predicted heavy scrutiny from regulators and community groups.

“Heavy regulatory scrutiny is an understatement,” he said on social media.

The transaction is expected to close in late 2024 or early 2025 — “subject to satisfaction of customary closing conditions, including regulatory approvals and approval by the shareholders of each company,” according to a release by Capital One. If finalized, it would be one of the largest since the 2008 financial crisis.

dissertation report on mergers and acquisitions

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Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal

thumbnail

  • Capital One Financial is set to acquire Discover Financial Services in a $35.3 billion all-stock deal.

The Wall Street Journal reported that Capital One, which already uses Visa and Mastercard networks, plans to keep the Discover brand.

  • The merger of the two companies, which are among the largest credit card issuers in the U.S., would expand Capital One's credit card offerings and its deposit base.

In this article

Capital One to acquire Discover in $35.3B all-stock deal: Here's what you need to know

Capital One Financial is set to acquire Discover Financial Services in a $35.3 billion all-stock deal .

Under the agreement, Discover shareholders would receive 1.0192 Capital One shares for each Discover share or about a 26% premium from Discover's Friday closing price of $110.49. The companies said they expect the deal to close in late 2024 or early 2025, after which Capital One shareholders would hold 60% and Discover shareholders would own 40% of the combined company.

The merger of the two companies, which are among the largest credit card issuers in the U.S., would expand Capital One's credit card offerings and its deposit base. The company bought digital concierge service Velocity Black , a premium credit card and luxury market platform, in June of last year.

"Discover has done a better job of bringing in a lot of deposits and [has] access to a lot of institutions to run the debit card network and provide service. So it gives them a lot of deposit gathering ability, which particularly in the current market is enormously important," said David Schiff, West Monroe's head of consumer retail and banking.

CNBC has reached out for comment from both Capital One and Discover.

There aren't many parallels for similar acquisitions in the financial industry, meaning that the Capital One-Discover deal will likely have broad implications for merger activity within the sector, said Schiff.

"It's a good example of the risk we're seeing in the market, where the competing interests from regulators for increased control and rigor balance against the competitive demands that are being made quite clearly, in terms of the overall market," Schiff said.

The deal comes amid a period of increasing pressure for Discover, including regulatory scrutiny and new leadership. The current CEO Michael Rhodes was announced in December 2023.

Shares of Discover are down 1.7% lower for the year, putting the company at a $27.63 billion market cap. Capital One has a market cap of $52.2 billion and shares of the company are up 4.6% in 2024.

Bloomberg News reported on Monday that Capital One was considering the Discover acquisition.

The Capital One-Discover merger would be one of the largest deals announced so far this year. Synopsys announced a deal to buy Ansys for $35 billion in January and Diamondback Energy 's $26 billion deal to buy privately held oil and gas producer Endeavor Energy was announced on Feb. 12.

Massachusetts Sen. Elizabeth Warren on Tuesday called for the deal to be blocked by regulators, saying in a post on X that the merger would reduce competition and increase credit costs and fees.

"This Wall Street deal is dangerous and will harm working people," Warren said.

Senate Banking Committee Chairman Sherrod Brown said in a Tuesday statement that regulators need to make sure the financial system remains competitive.

"We will be monitoring all developments to ensure that this merger doesn't enrich shareholders and executives at the expense of consumers and small businesses," Brown said.

comscore

Capital One Could Buy Discover In Major Credit Card Merger

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Capital One is considering acquiring Discover Financial, multiple outlets reported Monday, a move that would combine two of the nation’s largest credit card companies and reportedly create the single biggest U.S. credit card firm by volume of loans.

The acquisition would reportedly be Capital One’s largest deal to date.

The Wall Street Journal reported a deal could be announced as early as Tuesday, citing sources familiar with the matter, after Bloomberg reported earlier Capital One was exploring an acquisition of the Illinois-based company.

Capital One intends to buy Discover in an all-stock deal, the Journal reported, though the financial terms remain unclear.

Capital One is a bank that issues credit cards—currently those affiliated with Visa and Mastercard —while Discover Financial both issues cards and runs its own payment network that competes with companies like Visa to facilitate credit card transactions.

The move would be Virginia-based Capital One’s largest ever deal, according to Bloomberg .

Capital One and Discover Financial didn’t immediately respond to Forbes’ requests for comment.

Around $52.2 billion. That’s how much publicly traded Capital One is worth . Discover Financial is worth about $27.6 billion.

Surprising Fact

Reuters reported the acquisition could be the largest in the nation’s banking sector since 2009, when Bank of America acquired Merrill Lynch for $50 billion, part of a wave of mergers in the wake of the global financial crisis. According to Bloomberg, the merger could be one of the largest global acquisitions in 2024. The top deal thus far has been Synopsys’ January acquisition of Ansys, a software manufacturer, for around $34 million.

Key Background

Capital One is the ninth-largest bank in the U.S., according to the Federal Reserve , with $475 billion in assets and around 280 branches nationwide. After Silicon Valley Bank collapsed last March, Capital One saw its stock slide, but it has since recovered . An acquisition of Discover would increase Capital One’s reach since Discover issues cards and operates a payment system. Both Capital One and Discover are known for having customers considered high-risk to lenders, Axios notes . On Sept. 25, the FDIC published a consent decree that ordered Discover to take action to bolster consumer compliance.

According to its fourth quarter earnings report, Capital One’s net revenue increased 1% to $9.5 billion after outperforming third quarter estimates , though it reported a 43% drop in profit as it set aside funds in case higher interest rates cause an uptick in defaults—a practice also adopted by Discover Financial . Discover reported $4.2 billion in revenue for the fourth quarter, a 13% increase, but a 62% drop in profit, as operating costs rose 18% to $267 million.

Further Reading

Capital One is Buying Discover Financial (The Wall Street Journal)

Capital One Weighs Acquisition of Discover Financial (Bloomberg)

Largest Banks In The U.S. 2024 (Forbes Advisor)

​​Credit card delinquencies spike, a sign of cracks in the strong consumer (Axios)

Cailey Gleeson

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Capital One to buy Discover Financial in $35.3 billion all-stock deal

Higher scrutiny.

The logo and ticker for Capital One are displayed on a screen on the floor of the NYSE in New York

SUPERVISORY ISSUES

Reporting by Anirban Sen and Michelle Price; Additional reporting by Maria Ponnezhath, Juveria Tabassum, Chris Sanders and Kane Wu; Writing by Carolina Mandl; Editing by Stephen Coates, Michael Perry and Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

dissertation report on mergers and acquisitions

Thomson Reuters

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media.

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo

Australia's Orica said on Wednesday it would acquire U.S.-based chemical company Cyanco Intermediate 4 Corp for $640 million to expand its geographical reach in mining chemicals business.

The logo of Occidental Petroleum is displayed on a screen on the floor at the NYSE in New York

U.S. pipeline operator Western Midstream Partners said on Tuesday it has not launched a sale process nor has it engaged bankers or other advisors to do so.

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HSBC posts record high profit, misses estimate as China write-off bites

HSBC Holdings reported a record annual profit, that nonetheless came in below analysts' forecasts as the income boost from higher interests rates was offset by a hefty $3 billion charge from its stake in a Chinese bank.

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    In this paper, the researcher studies the Impact of Mergers on Shareholders Wealth in the Indian banking industry. The sample comprised of five mergers in the Indian banking sector; the mergers taking place from 20, Nov 2002 to 19 May 2010. All the Targets and Acquiring banks are traded on the BSE 500.

  22. PDF The impacts of bank mergers and acquisitions (M&As) on bank behaviour

    This thesis examines the impact of bank mergers and acquisitions (M&As) on lending behaviour by commercial banks. We use the data set of large European commercial banks from 1997 to 2005. Empirical models are formulated to explain the effects of mergers on bank loan pricing behaviour, interest margin setting, credit availability

  23. PDF Project Dissertation on MERGER & ACQUISITION IN INDIA

    MERGER & ACQUISITION IN INDIA DECLARATION I, Arun Kumar Giri student of EMBA 2017-19 of Delhi School of Management, Delhi Technological University, Bawana Road, Delhi - 42, hereby declare that the dissertation report "Merger & Acquisition in India" submitted in partial fulfillment of Degree of Masters of Business Administration is the original work conducted by me.

  24. M&A may have declined in 2023, but a new McKinsey report ...

    The firm's report released this morning, The Top M&A Trends in 2024, finds that although there was a steep decline in global mergers and acquisitions for most of 2023, activity jumped 41% in ...

  25. Capital One to Buy Discover for $35 Billion in Top 2024 Deal (2)

    WATCH: Capital One Financial Corp. agreed to purchase Discover Financial Services in a $35 billion all-stock deal. Charlie Wells reports. It's a "singular opportunity" to bring together two companies that can compete with the largest payment networks, Capital One Chief Executive Officer Richard Fairbank said in the statement.

  26. Capital One to acquire Discover for $35.3 billion in all-stock deal

    3 min. Capital One is purchasing Discover Financial Services for $35.3 billion, the banking giant announced Monday — an all-stock deal that brings together two of the country's largest credit ...

  27. Capital One acquiring Discover Financial Services, report says

    The news comes on the back of a Bloomberg News report on Monday that Capital One was considering an acquisition. Shares of Discover are down 1.7% lower for the year, putting the company at a $27. ...

  28. Capital One Could Buy Discover In Major Credit Card Merger

    Reuters reported the acquisition could be the largest in the nation's banking sector since 2009, when Bank of America acquired Merrill Lynch for $50 billion, part of a wave of mergers in the ...

  29. Capital One to buy Discover Financial in $35.3 bln all-stock deal

    NEW YORK/WASHINGTON, Feb 19 (Reuters) - Capital One (COF.N), a U.S. consumer lender backed by Warren Buffett, said on Monday that it will acquire credit card issuer Discover Financial Services ...