Mergers & Acquisitions Theory, Strategy, Finance [Hardcover]

This book deals with corporate mergers and acquisitions by analyzing the financial and strategic aspects. It starts with a chronological justification of the evolution of external growth operations and ends with case studies in order to put into practice the theoretical contribution of the previous titles. Through this book, we wish to detail the types of mergers and acquisitions, their modes, their motivations, their consequences and their performances. First of all, we propose a panoply of scientific research, methodological explanations and logical structuring to expose a subject of experience considered for a long time as a phenomenon in finance. Then, through a sample of 90 mergers or acquisitions, we analyze the effects of these transactions on French companies.

Introduction ix

Part 1. Taxonomy of Mergers and Acquisitions and the Evolution of Managerial Thought 1

Chapter 1. Strategic Evolution of Mergers and Acquisitions 3

1.1. Typology of mergers and acquisitions 4

1.1.1. Horizontal mergers and acquisitions 4

1.1.2. Vertical mergers and acquisitions 9

1.1.3. Conglomerate mergers and acquisitions 10

1.2. Theory, diversification and divergence 12

1.2.1. Contributions pre-1980 12

1.2.2. Contributions during the 1980s 16

1.2.3. Management approaches and divergences 18

Chapter 2. Growth Methods and Responses 23

2.1. Merger and takeover types 23

2.1.1. Types of company mergers and acquisitions 24

2.1.2. Takeover and acquisition types 26

2.1.3. Modes of expansion and responses 29

2.2. Tender offers as a market for corporate control 32

2.2.1. Characteristics of the clS0