German Mergers & Acquisitions in the USA: Transaction management and success
Springer Science & Business Media, 2007. 11. 29. - 336페이지
In early 2006 BASF AG, Ludwigshafen, acquired, in a prolonged and rather hostile transaction, the U. S. Company Engelhard Corporation in order to strengthen its competitive position in the world’s largest economy. This sizable takeover follows even larger acquisitions by German companies in the United States in the past decade, such as by Daimler-Benz, Deutsche Telekom and Deutsche Bank. Due to increasing pressure from the continuous globalization of international capital and product markets, numerous medi- sized German companies also aimed at entering the United States, as it offers a more dynamic growth potential compared to many rather stagnant European markets. Accordingly, a transaction in the most important consumer market is expected to be particularly beneficial for German acquirers and should elicit positive reactions by investors. But did this actually happen? Despite the high volume of cross-border transactions during the past decade, the number of studies analyzing the success of mergers and acquisitions activity is still limited, especially regarding transatlantic acquisitions involving U. S. target companies. In his thesis, Bernd Wübben provides empirical evidence to fill this gap. Based on capital market data and a survey of executives, his primary objective is to assess the overall success of U. S. acquisitions by German companies and to identify which characteristics of the acquiring and target company and the acquisition structure had a significant impact on the transaction success.
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Prior research on the success of crossborder acquisitions and
acquisition experience and transaction success
Correlation between transaction initiator and success 227 Correlation between multiple bidders and transaction success 227 Correlation between mana...
United States 167 6 Summary and outlook 259 Appendix
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accounting acquirer’s acquiring companies acquisition activity addition agreement analysis announcement applied assessment assets average benefits capital markets cash compared conclusion corporate costs cross-border transactions cumulative abnormal returns deal determinants differences discussion domestic due diligence economic effects ET AL event study event window example exchange executives external Figure filing foreign gains German acquirers given growth higher hypothesis impact increased industry interest internal involving LAJOUX laws liabilities limited Mean measures merger method motives negative observed offer Panel payment percent performance period plans positive potential presentation prior purchase refer regard relatively requirements respectively Rule sample Securities shareholders shares shown shows significant similar specific standardized statements statistical significance strategic structure survey Table target company tender offer theory transaction success typically U.S. target United valuation various volume Z-stat
100 페이지 - OF THE UNITED STATES OF AMERICA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME...
60 페이지 - tender offer" includes a "request or invitation for tenders" and means one or more offers to purchase or solicitations of offers to sell securities of a single class, whether or not all or any portion of the securities sought are purchased, which (i) during any 45-day period are directed to more than 10 persons and seek the acquisition of more than 5 % of the class of securities, except that offers by a broker (and its customer) or by a dealer made on a national securities exchange at the then current...
16 페이지 - Williamson's contractual focus is demonstrated in his definition of transaction costs as 'the ex ante costs of drafting, negotiating, and safeguarding an agreement and, more especially, the ex post costs of maladaption and adjustment that arise when contract execution is misaligned as a result of gaps, errors, omissions, and unanticipated disturbances
60 페이지 - ... of any order to sell such securities and such broker or dealer performs only the customary functions of a broker or dealer and receives no more than the broker's usual and customary commission or the dealer's usual and customary mark-up; or (ii) are not otherwise a tender offer under...
313 페이지 - ... the list The list of references should appear at the end of the main text (after any appendices, but before tables and legends for figures) It should be double spaced and listed in alphabetical order by author's name References should appear as follows: For monographs Hawawini. G.
25 페이지 - Free cash flow is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital.
61 페이지 - Eastern time, on the next business day after the scheduled expiration date of the offer or (ii), if the class of securities which is the subject of the tender offer is registered on one or more national securities exchanges, the first opening of any one of such exchanges on the next business day after the scheduled expiration date of the offer.
18 페이지 - Firm resources include all assets, capabilities, organizational processes, firm attributes, information, knowledge etc. controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness.
5 페이지 - M&A is the transfer of property rights and corporate control: "the traditional subject of M&A's has been expanded to include takeovers and related issues of corporate restructuring, corporate control, and changes in the ownership structure of firms".
153 페이지 - Thus debt reduces the agency costs of free cash flow by reducing the cash flow available for spending at the discretion of managers.