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-Presented By SYBCAF (B). Index
Introduction. Meaning. Difference between a Merger and an Acquisition. Procedure for Mergers and Acquisitions. Advantages behind Mergers and Acquisitions, or Motives behind Mergers and Acquisitions Effects on management. Mergers and Acquisitions research and statistics for acquired organizations. Merger Waves. Major Mergers and Acquisitions. Practical Examples. Vodafone and Hutch Acquisition. Background of Vodafone (Voice Date Fone). Background of Hutch Essar. Growth of Hutchison Essar. Reasons for Hutchison’s Exit. Why & How the deal came through. Important details regarding Acquisition. Principal Benefits for Vodafone. Foreign Exchange and Management Act (FEMA) Taxation. Special comments by the top level officials regarding Acquisition Effect on Marketing Strategies.. GTE and Bell Atlantic Merger. Background of GTI. Background of Bell Atlantic. Background of Verizon Communications Inc. Important details regarding GTE and Bell Atlantic Merger Conclusion. Acknowledgement. Bibliography. Credits / Presented by.
Mergers and Acquisitions.
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can aid, finance, or help an enterprise grow rapidly in its sector or location of origin or a new field or new location without creating a subsidiary, other child entity or using a joint venture. The distinction between a ‘merger’ and an ‘acquisition’ has become increasingly blurred in various respects (particularly in terms of the ultimate economic outcome), although it has not completely disappeared in all situations.
An acquisition is the purchase of one business or company by another company or other business entity. Consolidation occurs when two companies combine together to form a new enterprise altogether, and neither of the previous companies survives independently. Acquisitions are divided into "private" and "public" acquisitions, depending on whether the acquiree or merging company (also termed a target) is or is not listed on public stock markets. An additional dimension or categorization consists of whether an acquisition is friendly or hostile.
Achieving acquisition success has proven to be very difficult, while various studies have shown that 50% of acquisitions were unsuccessful. The acquisition process is very complex, with many dimensions influencing its outcome.
Whether a purchase is perceived as being a "friendly" one or a "hostile" depends significantly on how the proposed acquisition is communicated to and perceived by the target company's board of directors, employees and shareholders. It is normal for M&A deal communications to take place in a so-called 'confidentiality bubble' wherein the flow of information is restricted pursuant to confidentiality agreements. In the case of a friendly transaction, the companies cooperate in negotiations; in the case of a hostile deal, the board and/or management of the target is unwilling to be bought or the target's board has no prior knowledge of the offer.
Hostile acquisitions can, and often do, ultimately become "friendly", as the acquirer secures endorsement of the transaction from the board of the acquiree company. This usually requires an improvement in the terms of the offer and/or through negotiation.
‘Acquisition’ usually refers to a purchase of a smaller firm by a larger one. Sometimes, however, a smaller firm will acquire management control of a larger and/or longer-established company and retain the name of the latter for the post-acquisition combined entity. This is known as a reverse takeover. Another type of acquisition is the reverse merger, a form of transaction that enables a private company to be publicly listed in a relatively short time frame. A reverse merger occurs when a privately held company (often one that has strong prospects and is eager to raise financing) buys a publicly listed shell company, usually one with no business and limited assets.
Difference between a merger and an acquisition:
Although often used synonymously, the terms merger and acquisition mean slightly different things. A Merger: In the pure sense of the term, a merger happens when two firms agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a "merger of equals". The firms are often of about the same size. Both companies' stocks are surrendered and new company stock is issued in its place. A purchase deal will also be called a merger when both CEOs agree that joining together is in the best interest of both of their companies. In case of 2 companies, for example, company A and company B, when they merge then generally a new company, company C is created; both company A and company B lose their identity to form company C. In short, here, A + B = C. Size of company C is huge as compared to that of company A and company B.
An Acquisition: In practice, however, actual mergers of equals don't happen very often. Usually, one company will buy another, it is technically an acquisition. When the deal is unfriendly (that is, when the target company does not want to be purchased) it is always regarded as an acquisition. In case of 2 companies, for example, company A and company B, company A acquires company B then company A retains its identity and continues its business in the same name while company B loses its identity as it has been acquired by company A. In short, here, A + B = A. Size of company A increases after it acquires B.
Procedure for Mergers and Acquisitions:
The Act lays down the legal procedures for mergers or acquisitions: Permission for merger: Two or more companies can amalgamate only when the amalgamation is permitted under their memorandum of association. Also, the acquiring company should have the permission in its object clause to carry on the business of the acquired company. In the absence of these provisions in the memorandum of association, it is necessary to seek the permission of the shareholders, board of directors and the Company Law Board before affecting the merger. Information to the stock exchange: The acquiring and the acquired companies should inform the stock exchanges (where they are listed) about the merger.
Approval of board of directors: The board of directors of the individual companies should approve the draft proposal for amalgamation and authorise the managements of the companies to further pursue the proposal.
Application in the High Court: An application for approving the draft amalgamation proposal duly approved by the board of directors of the individual companies should be made to the High Court.
Shareholders' and creators' meetings: The individual companies should hold separate meetings of their shareholders and creditors for approving the amalgamation scheme. At least, 75 percent of shareholders and creditors in separate meeting, voting in person or by proxy, must accord their approval to the scheme.
Sanction by the High Court: After the approval of the shareholders and creditors, on the petitions of the companies, the High Court will pass an order, sanctioning the amalgamation scheme after it is satisfied that the scheme is fair and reasonable. The date of the court's hearing will be published in two newspapers, and also, the regional director of the Company Law Board will be intimated.
Filing of the Court order: After the Court order, its certified true copies will be filed with the Registrar of Companies.
Transfer of assets and liabilities: The assets and liabilities of the acquired company will be transferred to the acquiring company in accordance with the approved scheme, with effect from the specified date.
Payment by cash or securities: As per the proposal, the acquiring company will exchange shares and debentures and/or cash for the shares and debentures of the acquired company. These securities will be listed on the stock exchange.
Advantages of Mergers and Acquisitions: or Motives behind Mergers and Acquisitions:
The following motives are considered to improve financial performance:
Economy of scale: This refers to the fact that the combined company can often reduce its fixed costs by removing duplicate departments or operations, lowering the costs of the company relative to the same revenue stream, thus increasing profit margins.
Economy of scope: This refers to the efficiencies primarily associated with demand-side changes, such as increasing or decreasing the scope of marketing and distribution, of different types of products.
Increased revenue or market share: This assumes that the buyer will be absorbing a major competitor and thus increase its market power (by capturing increased market share) to set prices.
Cross-selling: For example, a bank buying a stock broker could then sell its banking products to the stock broker's customers, while the broker can sign up the bank's customers for brokerage accounts. Or, a manufacturer can acquire and sell complementary products.
Synergy: For example, managerial economies such as the increased opportunity of managerial specialization. Another example are purchasing economies due to increased order size and associated bulk-buying discounts.
Taxation: A profitable company can buy a loss maker to use the target's loss as their advantage by reducing their tax liability. In the United States and many other countries, rules are in place to limit the ability of profitable companies to "shop" for loss making companies, limiting the tax motive of an acquiring company. Tax minimization strategies include purchasing assets of a nonperforming company and reducing current tax liability under the Tanner-White PLLC Troubled Asset Recovery Plan.
Geographical or other diversification: This is designed to smooth the earnings results of a company, which over the long term smoothens the stock price of a company, giving conservative investors more confidence in investing in the company. However, this does not always deliver value to shareholders (see below).
Resource transfer: resources are unevenly distributed across firms and the interaction of target and acquiring firm resources can create value through either overcoming information asymmetry or by combining scarce resources.
Vertical integration: Vertical integration occurs when an upstream and downstream firm merge (or one acquires the other). There are several reasons for this to occur. One reason is to internalise an externality problem. A common example is of such an externality is double marginalization. Double marginalization occurs when both the upstream and downstream firms have monopoly power, each firm reduces output from the competitive level to the monopoly level, creating two deadweight losses. By merging the vertically integrated firm can collect one deadweight loss by setting the downstream firm's output to the competitive level. This increases profits and consumer surplus. A merger that creates a vertically integrated firm can be profitable.
Absorption of similar businesses under single management: Similar portfolio invested by two different mutual funds namely united money market fund and united growth and income fund, caused the management to absorb united money market fund into united growth and income fund.
‘Acqui-hire’: An ‘acq-hire’ (or acquisition-by-hire) may occur especially when the target is a small private company or is in the start-up phase. In this case, the acquiring company simply hires the staff of the target private company, thereby acquiring its talent (if that is its main asset and appeal). The target private company simply dissolves and little legal issues are involved. Acqui-hires have become a very popular type of transaction in recent years.
Effects on management:
A study published in the July/August 2008 issue of the Journal of Business Strategy suggests that mergers and acquisitions destroy leadership continuity in target companies’ top management teams for at least a decade following a deal. The study found that target companies lose 21 percent of their executives each year for at least 10 years following an acquisition – more than double the turnover experienced in non-merged firms. If the businesses of the acquired and acquiring companies overlap, then such turnover is to be expected; in other words, there can only be one CEO, CFO, et cetera at a time.
Mergers and Acquisitions research and statistics for acquired organizations:
Given that the cost of replacing an executive can run over 100% of his or her annual salary, any investment of time and energy in re-recruitment will likely pay for itself many times over if it helps a business retain just a handful of key players that would have otherwise left. Organizations should move rapidly to re-recruit key managers. It’s much easier to succeed with a team of quality players that you select deliberately rather than try to win a game with those who randomly show up to play.
The economic history has been divided into Merger Waves based on the merger activities in the business world as:
1897–1904 First Wave
1916–1929 Second Wave Vertical mergers
1965–1969 Third Wave
Diversified conglomerate mergers
1981–1989 Fourth Wave Congeneric mergers; Hostile takeovers; Corporate Raiding
1992–2000 Fifth Wave
2003–2008 Sixth Wave
Shareholder Activism, Private Equity, LBO
Horizontal Merger: Horizontal Merger refers to the merger of two companies who are direct competitors of one another. They serve the same market and sell the same product. Vertical Merger: Vertical Merger is effected either between a company and a customer or between a company and a supplier. Diversified Conglomeration Merger: Conglomeration refers to the merger of companies, which do not either sell any related products or cater to any related markets. Here, the two companies entering the merger process do not possess any common business ties. Congeneric Merger: A type of merger where two companies are in the same or related industries but do not offer the same products. In a congeneric merger, the companies may share similar distribution channels, providing synergies for the merger. As a general rule, mergers fall into one of several categories, such as horizontal, vertical, congeneric or conglomerate.
Hostile Takeover: The acquisition of one company (called the target company) by another (called the acquirer) that is accomplished not by coming to an agreement with the target company's management, but by going directly to the company’s shareholders or fighting to replace management in order to get the acquisition approved. A hostile takeover can be accomplished through either a tender offer or a proxy fight. Corporate Raiding: An attempt to purchase a sufficient number of shares of a company's stock through a tender offer so that control of the target's operations can be taken away from its current management. Also called venture arbitrage. Cross Border Merger: A cross-border merger is a transaction in which the assets and operation of two firms belonging to or registered in two different countries are combined to establish a new legal entity. In a cross-border acquisition, the control of assets and operations is transferred from a local to a foreign company, with the former becoming an affiliate of the latter. Shareholder Activism: A person who attempts to use his or her rights as a shareholder of a publicly-traded corporation to bring about social change. Some of the issues most often addressed by shareholder activists are related to the environment, investments in politically sensitive parts of the world and workers' rights (sweatshops). The term can also refer to investors who believe that a company's management is doing a bad job and who attempt to gain control of the company and replace management for the good of the shareholders.
Private Equity: Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet.
Leveraged Buyout (LBO): The acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. Often, the assets of the company being acquired are used as collateral for the loans in addition to the assets of the acquiring company. The purpose of leveraged buyouts is to allow companies to make large acquisitions without having to commit a lot of capital.
Major Mergers and Acquisitions:
Top 10 Mergers and Acquisitions deals worldwide by value (in mil. USD) from 1990 to 1999: Rank Year Purchaser Purchased Transaction value (in mil. USD)
1999 Vodafone Airtouch PLC Mannesmann
1999 SBC Communications
1999 Vodafone Group
1998 Bell Atlantic
1999 Qwest Communications US WEST
Top 10 Mergers & Acquisitions deals worldwide by value (in mil. USD) from 2000 to 2010: Transaction value (in mil. USD)
2000 Fusion: America Online Inc. (AOL)
2000 Glaxo Wellcome Plc.
SmithKline Beecham Plc.
2004 Royal Dutch Petroleum Co.
Shell Transport & Trading Co
2006 AT&T Inc.
2001 Comcast Corporation
AT&T Broadband & Internet Svcs
2009 Pfizer Inc.
Spin-off : Nortel Networks Corporation
2002 Pfizer Inc.
2004 JP Morgan Chase & Co
Bank One Corp
2008 Inbev Inc.
Anheuser-Busch Companies, Inc
(1) Spin-off: An independent company created from an existing part of another company through a divestiture, such as a sale or distribution of new shares.
Practical examples for Mergers and Acquisitions:
We will now take one practical example each for a merger and an acquisition. Acquisition - Vodafone + Hutch = Vodafone. Merger - Brooke Bond + Lipton = Brooke Bond Lipton.
Vodafone and Hutch acquisition.
Vodafone purchased stake in Hutch (Hutchison Telecom International) for USD 11.08 billion Merger & Acquisition.
Background: Vodafone (Voice Date Fone)
Founded: 1983 as Racal Telecom, Independent 1991. Group: Vodafone Plc. Headquarters: Berkshire, UK. Key People: Vittorio Colao, CEO & Sir John Bond, Chairman. Industry: Mobile Telecommunications. Presence: Equity Interest in 25 Countries & Network Partner in 42 Countries. Strength: 230,000 (Employees). Revenue: £ 35,478 Million (14.1% Growth). Net Income: £ 10,047 Million (10.1% Growth). EPS: 7.51 Pence Dividend Per Share (11.1% Growth).
Background – Hutch Essar
Operations: 1992. Circles: 16 + license for 6 circles. Revenue: $ 1,282 Million. EBITDA: $ 415 Million. Operating Profit: $ 313 Million. Subscriber Base: 29.2 Million. ARPU: Rs. 340.15
Growth of Hutchison Essar
1992: Hutchison Whampoa and Max Group established Hutchison Max. 2000: Acquisition of Delhi operations Entered Calcutta and Gujarat markets through ESSAR acquisition. 2001: Won auction for licenses to operate GSM services in Karnataka, Andhra Pradesh and Chennai. 2003: Acquired AirCel Digilink (ADIL - Essar Subsidiary) which operated in Rajasthan, Uttar Pradesh East and Haryana telecom circles and renamed it under Hutch brand. 2004: Launched in three additional telecom circles of India namely Punjab, Uttar Pradesh and West Bengal. 2005: Acquired BPL, another mobile service provider in India . 2007: Vodafone acquired HTIL stake in Hutchison-Essar.
2008: Vodafone acquired Dishnet Wireless, a service provider in Orissa and has successfully launched its services in the following circle. Vodafone launched the Apple iPhone 3G to be used on its 17 circle 2G network.
Reasons for Hutchison’s Exit
Urban markets in the country had become saturated. Future expansion would have had to be only in the rural areas, which would lead to falling average revenue per user (ARPU) and consequently lower returns on its investments HTIL also wanted to use the money earned through this deal to fund its businesses in Europe The sale of its interests in India will enable Hutchison Telecom to become one of Asia’s best capitalized companies Relations between Hutchison Telecom and the Essar group of India will be key to the sale of Hutch's 67% stake in Hutch-Essar
Why & How the deal came through
None of its recent global acquisitions, including those of the German business of Mannesmann, telecom businesses in Japan and Belgium were performing up to the mark. Markets, including the US, were maturing and were not growing in a big way. Stiff competition among almost all major players in the industry, including global telecom majors like BT,O2 of UK, Verizon from the US, Maxis Telecommunications of Malaysia, Orascom from Egypt, the Hinduja group, Reliance and Bharti Airtel from India.
Important details regarding acquisition:
Deal size and stake: It was the fourth largest deal of the year 2007 (to date) at $13.3 billion ($11.1 billion plus $2 billion debt). Hutchison Essar was valued at $18.8 billion. Regulatory Approvals: Vodafone acquisition is subject to a number of approvals including from the Department of Telecommunications and the Government. Foreign Investment Promotion Board(FIBP): Application for an approval from the FIPB still not been approved due to issues relating to the total direct and indirect foreign holding in Hutchison Essar. Foreign Direct Investment Policy: It provides that direct and indirect foreign shareholding in a telecom company cannot exceed 74%. Department of Telecom: The Department of Telecommunication has given its nod. All licensing conditions are to be met by Vodafone.
Principal Benefits for Vodafone
Accelerates Vodafone’s move to a controlling position in a leading operator in the attractive and fast growing Indian mobile market. India is the world’s 2nd most populated country with over 1.1 billion inhabitants. India is the fastest growing major mobile market in the world, with around 6.5 million monthly net adds in the last quarter. India benefits from strong economic fundamentals with expected real GDP growth in high single digits. Increases Vodafone’s presence in higher growth emerging markets. Potential for Hutch Essar to bring Vodafone’s innovative products and services to the Indian market, including Vodafone’s focus on total communication solutions for customers. Vodafone and Hutch Essar both expected to benefit from increased purchasing power and the sharing of best practices.
Foreign Exchange and Management Act (FEMA)
HTIL financed the loan to minority shareholders, i.e. , Asim Ghosh & Analjith Singh for 15 % stake in Hutch-Essar. The loan is a violation of External Commercial Borrowings (ECB) norms issued under FEMA. This is because the multi-layered transaction (for Ghosh and Singh's stake) has been funded by a local finance company, backed by a stand-by letter of credit issued by a Hong Kong entity at the instance of HTIL. Since both the shareholders are fronting for HTIL, the 15 % minority shareholding is interpreted as foreign stake.
Finance Bill 2008 also proposes to ensure that capital gains tax should be levied on acquisitions in India. Buyer will be responsible for paying the tax after purchasing any capital asset - a share or debenture of a company in India. The buyer will have to deduct TDS and failure to do so would leave him liable to pay the tax. The tax will have to be paid with a retrospective effect from June 2002. Department sent a notice to Vodafone, asking for about $1.7 billion as capital gains tax in the sale of 52% stake in Hutchison Essar to Vodafone. It argues that the company should have deducted tax at source while making payment to HTIL.
Special comments by the top level officials regarding acquisition:
"The announcement is a clear evidence of how we are executing our strategy of developing our presence in the emerging markets. Hutch Essar is an impressive, well-run company that will fit well into the Vodafone Group -Arun Sarin, CEO, Vodafone Ltd., in February 2007
"We exit the Indian market as one of the best capitalized telecom companies in the region which will enable us to react swiftly to new opportunities and to accelerate growth in our existing markets. -Canning Fok, Chairman, HTIL, in May 2007
Effect/Changes in marketing stratergy.
The Vodafone to capture the market first used the advertisement campaign used by Hutch i.e., Pug(breed of a dog); but later on replaced by its own, i.e., ZooZoos.
General Telephone & Electronics Corporation (GTE) and Bell Atlantic merger:
The Bell Atlantic–GTE merger, priced at more than $52 billion
Background of GTE Corporation.
Merged with Bell Atlantic
Irving, Texas, USA
Telephone, Internet, Television
Background of Bell Atlantic Corporation
Telecommunications and global broadband
Merged with GTE
Telephone, Internet, Television
Bell Atlantic and GTE merged together to form Verizon Communications Inc.
Background of Verizon Comnmunications Inc.
NYSE: VZ NASDAQ: VZ Dow Jones Industrial Average Component
October 7, 1983
Verizon Building, New York City, New York, US
Ivan Seidenberg (Chairman) Lowell McAdam (President and CEO)
Fixed-line and mobile telephony, broadband and fixedline internet services,digital television and networkservices
US$ 106.565 billion (2010)
US$ 10.217 billion (2010)
US$ 220.005 billion (2010)
US$ 86.912 billion (2010)
Important details regarding GTE and Bell Atlantic Merger:
Bell Atlantic merged with GTE on June 30, 2000 and changed its name to Verizon Communications Inc. It was among the largest mergers in United States business history. It was the result of a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City since the merger with NYNEX in 1996, and GTE, which was in the process of moving its headquarters from Stamford, Connecticut, to Irving, Texas. The Bell Atlantic–GTE merger, priced at more than $52 billion at the time of the announcement, closed nearly two years later, following analysis and approvals by Bell Atlantic and GTE shareowners, 27 state regulatory commissions and the Federal Communications Commission (FCC), and clearance from the United States Department of Justice and various international agencies.
The merger of Bell Atlantic and GTE, to form Verizon Communications, became effective on June 30, 2000. Verizon began trading on the NYSE under its new "VZ" symbol on Monday, July 3, 2000.
Bell Atlantic's CEO Ivan Seidenberg and GTE's Charles Lee were co-CEO's from 2000 to 2002 when Seidenberg became sole CEO, a position he held until July 2011 when he was succeeded by Lowell McAdam.
Meanwhile, on September 21, 1999, Bell Atlantic and UK-based Vodafone AirTouch Plc (now Vodafone Group Plc) announced that they had agreed to create a new wireless business with a national footprint, a single brand and a common digital technology – composed of Bell Atlantic's and Vodafone's U.S. wireless assets (Bell Atlantic Mobile (which was previously called Bell Atlantic-NYNEX Mobile by 1997),AirTouch Cellular, PrimeCo Personal Communications, and AirTouch Paging).
This wireless joint venture received regulatory approval in six months, and began operations as Verizon Wireless on April 4, 2000, kicking off the new "Verizon" brand name. GTE's wireless operations became part of Verizon Wireless – creating what was initially the nation's largest wireless company before Cingular Wireless acquired AT&T Wireless in 2004 – when the Bell Atlantic–GTE merger closed nearly three months later. Verizon then became the majority owner (55%) of Verizon Wireless.
Verizon shares were made a component of the Dow Jones Industrial Average on April 8, 2004. Verizon currently has 140.3 million land lines in service. With the MCI merger, it has more than 250,000 employees. Verizon serves customers throughout much of the United States.
Let's recap what we learned in this tutorial: One size doesn't fit all. Many companies find that the best way to get ahead is to expand ownership boundaries through mergers and acquisitions. For others, separating the public ownership of a subsidiary or business segment offers more advantages. At least in theory, mergers create synergies and economies of scale, expanding operations and cutting costs. Investors can take comfort in the idea that a merger will deliver enhanced market power. By contrast, de-merged companies often enjoy improved operating performance thanks to redesigned management incentives. Additional capital can fund growth organically or through acquisition. Meanwhile, investors benefit from the improved information flow from de-merged companies. M&A comes in all shapes and sizes, and investors need to consider the complex issues involved in M&A. The most beneficial form of equity structure involves a complete analysis of the costs and benefits associated with the deals.
We would like to thank ********* who provided us with such a project work with the main intention to make us experience the practical and theoretical application. The preparation of the project ‘Mergers and Acquisitions’ gave us an opportunity to get an over on glance primarily focusing on all the mergers and acquisitions taking place in today’s competitive world. We would also like to thank our college for providing all the facilities & our friends with whom we have completed the project successfully. A special thanks to all the people who have helped us to complete our project work by spending their valuable time & efforts directly or indirectly.
Data sources: http://en.wikipedia.org/wiki/Merger_and_acquisition http://en.wikipedia.org/wiki/GTE http://en.wikipedia.org/wiki/Verizon http://www.referenceforbusiness.com/history2/47/Bell-Atlantic-Corporation.html http://www.authorstream.com/Presentation/hubertdsa-375909-merger-vodafonehutch-anita-education-ppt-powerpoint/
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