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									Mergers & Acquisitions                                                                   Choudhury, Nahin
                                                                                       GBA 671 / Dr. Waters
                                                                                           October 27, 2011

I.      History of Mergers and Acquisitions
            a. 1st Wave Mergers – 1897 to 1904
            b. 2nd Wave Mergers – 1916 to 1929
            c. 3rd Wave Mergers – 1965 to 1969
            d. 4th Wave Mergers – 1981 to 1989
            e. 5th Wave Mergers – 1992 to 2000

II.     Assets Purchase v/s Stock Purchase
           a. Advantages/disadvantages of asset purchase to Purchaser and Seller
           b. Advantages/disadvantages of stock purchase to Purchaser and Seller

III.    Top 10 M&A deals worldwide by value
           a. 1990 to 1999
           b. 2000 to 2010
           c. Other notable deals…

IV.     Bank Acquisitions – Major M&As in the U.S. Banking Sector during the 2008 economic meltdown

V.      Banks race to buyback shares – U.S. bank executives are eager to buy back their stocks at depressed

VI.     Consolidation
           a. Consolidation in Automotive
                     i. Suzuki Motor owns 54.2% stake in Maruti Suzuki India
                    ii. Fiat took a controlling 53.5% position in Chrysler in July

VII.    Corporate Raiding – occurs when a person or organization that acquires a substantial holding of the
        shares of a company in order to take it over or to force its management to act in a desired way
            a. Notable corporate raiders of the 1980s
            b. Carl Icahn and TWA

VIII.   Kmart-Sears Merger - $11 billion

IX.     CME’s acquisition of Nymex

X.      NYSE/Deutsche Börse Merger

XI.     Poor Mergers – Examples of some of the worst tech mergers and acquisitions
           a. eBay's Acquisition of Skype
           b. Sprint and NEXTEL merge
           c. Lucent and Alcatel
           d. AOL and Time Warner
           e. News Corp and MySpace

XII.    Questions
           a. Should you make a cash or stock acquisition?
           b. Which shares would outperform the other? Hostile acquisition or friendly acquisition?
           c. As a manager of a staff in a company that has recently merged with another company, what
               type of strategy would you implement to succeed as a leader under this circumstance?

                                                                                       References 
Mergers & Acquisitions                                                                                            Choudhury, Nahin
                                                                                                                GBA 671 / Dr. Waters
                                                                                                                    October 27, 2011


Bhatnagar, P. (2004). The kmart -sears deal. CNNMoney, Retrieved from

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Corporate raider. (n.d.). Collins English Dictionary - Complete & Unabridged 10th Edition. Retrieved October 09, 2011, from
    website: raider

Eckberg, D. (2007). Structuring mergers and acquisitions. SkellengerBender, Retrieved from

EconomyWatch. (2010, July 17). Mergers and acquisitions in banking sector . Retrieved from -acquisitions/international/banking-sector.html

Fossum, C. (1997). Do long-term shareholders benefit from corporate acquisitions? Weekly Corporate Growth Report, (936), 8920A-
     8920A,8931A. Retrieved from

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Henry, D. (2011, Oct 19). Analysis: banks keen on stock buybacks, regulators wary. Reuters.
  Retrieved from -bank-buybacks-

History of mergers and acquisitions. (n.d.). Retrieved from -acquisitions/history.html

Kisling, W. (2011, Oct 07). Diminished deutsche boerse -nyse merger can return 45%: real m&a.
   Bloomberg BusinessWeek, Retrieved from -10-

Maruti launches a -star, hikes swift price. (2011). Retrieved from -

Messmer, M. (2006). Leadership strategies during mergers and acquisitions. Strategic Finance, 87(7), 15-15-16. Retrieved from

Peterson, A. (2011, Feb 11). Fiat, chrysler may merge according to marchionne. Motor Trend,
   Retrieved from -chrysler-merge-according-ceo-run-four-

 (2010). Statistics. Institute of Mergers, Acquisitions, and Alliances , Retrieved from

Sweet, K. (2011, Feb 15). Nyse, deutsche boerse agree to merge. CNNMoney, Retrieved from

The worst tech mergers and acquisitions of recent times . (2011, Sept 08). Retrieved from

Welsch, E. (2011, Sept 09). Fiat's marchionne sees auto -industry consolidation. MarketWatch, Retrieved
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