investment banking m &a assignment
TRANSCRIPT
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Introduction to Mergers and Acquisition
We have been learning about the companies coming together to from another
company and companies taking over the existing companies to expand their
business.
With recession taking toll of many Indian businesses and the feeling of insecurity
surging over our businessmen, it is not surprising when we hear about the immense
numbers of corporate restructurings taking place, especially in the last couple
of years.
Several companies have been taken over and several have undergone internal
restructuring, whereas certain companies in the same field of business have found
it beneficial to merge together into one company. In this context, it would be
essential for us to understand what corporate restructuring and mergers andacquisitions are all about.
The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of
corporate strategy, corporate finance and management dealing with the buying,
selling and combining of different companies that can aid, finance, or help a
growing company in a given industry grow rapidly without having to create
another business entity.
The concept of merger and acquisition in India was not popular until the year 1988.
During that period a very small percentage of businesses in the country used to
come together, mostly into a friendly acquisition with a negotiated deal. The key
factor contributing to fewer companies involved in the merger is the regulatory and
prohibitory provisions of MRTP Act, 1969
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MERGER & ACQUISITION IN INDIA
Thus important issues both for business decision and public policy formulation
have been raised. No firm is regarded safe from a takeover possibility. On the more
positive side Mergers & Acquisitions may be critical for the healthy expansion and
growth of the firm. Successful entry into new product and geographical markets
may require Mergers & Acquisitions at some stage in the firms development.
Successful competition in international markets may depend on capabilities
obtained in a timely and efficient fashion through Mergers &Acquisitions. Many
have argued that mergers increase value and efficiency and move resources to their
highest and best uses, thereby increasing shareholder value. To opt for a merger or
not is a complex affair, especially in terms of the technicalities involved. We have
discussed almost all factors that the management may have to look into before
going for merger.
Considerable amount of brainstorming would be required by the managements to
reach a conclusion. e.g. a due diligence report would clearly identify the status of
the company in respect of the financial position along with the net worth and
pending legal matters and details about various contingent liabilities.
Decision has to be taken after having discussed the pros & cons of the proposed
merger & the impact of the same on the business, administrative costs benefits,
addition to shareholders' value, tax implications including stamp duty and last butnot the least also on the employees of the Transferor or Transferee Company.
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Meaning of Merger
Before we understand, what is Merger? First, let's find out the simple meaning of
an acquiring company and acquired companies.
1. Acquiring company is a single existing company that purchases the
majority of equity shares of one or more companies.
1. Acquired companies are those companies that surrender the majority of
their equity shares to an acquiring company.
Merger is a technique of growth. It is not treated as a business combination.
Merger is done on a permanent basis. Generally, it is done between two companies.
However, it can also be done among more than two companies.
During merger, an acquiring company and acquired companies come together to
decide and execute a merger agreement between them.
After merger, acquiring company survives whereas acquired companies do not
survive anymore, and they cease (stop) to exist.
Merger does not result in the formation of a new company. The management of
acquiring company continues to lead (direct) the merger.
Example of Merger
Consider the example of merger shown in the following diagram.
In the above example, Company 'A' and Company 'B' are operating (existing) in
the market. Company 'A' is an acquiring company, and Company 'B' is getting
acquired by Company 'A'. In other words, Company 'B' gets merged with Company
'A'.
In this example of merger, Company 'A' will purchase the majority of equity shares
(ownership shares) of Company 'B'. Company 'A' will take over the assets and
liabilities of the Company 'B'. The of the Company 'B' will be given the shares of
Company 'A'. The acquiring Company 'A' will continue to operate (function) by its
erstwhile (former) name.
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Some recent examples of well-known mergers are as follows:
1. British Salt operating in UK merged with TATA Chemicals based in India.
2. Zain Telecommunications operating in Africa merged with Bharti Airtel
Limited based in India.
3. of Rajasthan operating in India merged with Bank (India).
HISTORY OF MERGER AND ACQUISITION:-
Mergers and Acquisitions History helps us to understand the evolution of the
concepts of Mergers and Acquisitions in the world. If we involve in the detailed
analysis of the History of Merger of Acquisitions, we will find that Mergers and
Acquisitions started to take place in the world from very early years.
US Mergers and Acquisitions History
In USA, mergers and acquisitions started in twentieth century. After that Mergers and Acquisitions
continued to occur in cycle. These cycles of Mergers and Acquisitions, took place in USA in 1929,
in the last half of 1960s, in the first half of 1980s and again in the last half of 1990s. Here, it shouldbe mentioned that, by cycle we are referring to the period, in which the maximum number of
mergers took place.
Among the mergers and acquisitions cycles cited above, the most significant mergers of USA took
place in the last half of 1990s. The reason of this was that, the stock market was quite strong in US
in that period and this strong stock market supported the high incidence of mergers andacquisitions. The mergers and acquisitions of this period involved big brands and huge amount of
dollars.
Significant Mergers and Acquisitions of the History
In 1987, an Australian Company named Stephen Jacques Stone James, which was
a partnership company with 79 partners, merged with the company named
Mallesons. After the Merger, the new joint company was known as Mallesons
Stephen Jacques.
This Merger contributed significantly to the telecommunication sectordevelopment in Australia. In 1988, Tower Federal Savings Bank of Indiana
acquired two financial institutions of Michigan. Then in 1991, the
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Standard Federal Bank strengthened their position in Ohio by acquiring a financial
institution of Toledo. These two acquisitions had great impact on the banking
Sector of USA.
In 2001, a merger between Association of European Universities and the
Confederation of European Union Rectors' Conference took place in Spain. This
merger provided more power to the University community of Europe.
TYPES OF MERGER:-
1) Horizontal mergers: The consolidation of firms that are direct rivals--i.e. firms
that sell substitutable products or services within the same geographic market.
2) Vertical Mergers: The consolidation of firms that have potential or actual
buyer-seller relationships.
3) Conglomerate Mergers: Consolidated firms may share marketing and
distribution channels and perhaps production processes; or they may be wholly
unrelated.
4) Co generic mergers:- occur where two merging firms are in the same general
industry, but they have no mutual buyer/customer or supplier relationship, such as
a merger between a bank and a leasing company. Example: Prudential's acquisition
of Bache & Company.
Following are some of the important steps in the M&A process
Business Valuation
Business valuation or assessment is the first process of merger and acquisition.
This step includes examination and evaluation of both the present and future
market value of the target company. A thorough research is done on the history of
the company with regards to capital gains, organizational structure, market share,
distribution channel, corporate culture, specific business strengths, and credibilityin the market. There are many other aspects that should be considered to ensure if a
proposed company is right or not for a successful merger.
Proposal Phase
Proposal phase is a phase in which the company sends a proposal for a merger or
an acquisition with complete details of the deal including the
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strategies, amount, and the commitments. Most of the time, this proposal is send
through a non-binding offer document.
Planning Exit
when any company decides to sell its operations, it has to undergo the stage of exit
planning. The company has to take firm decision as to when and how to make the
exit in an organized and profitable manner. In the process the management has to
evaluate all financial and other business issues like taking a decision of full sale or
partial sale along with evaluating on various options of reinvestments.
Structuring Business Deal
After finalizing the merger and the exit plans, the new entity or the takeover
company has to take initiatives for marketing and create innovative strategies to
enhance business and its credibility. The entire phase emphasize on structuring ofthe business deal.
Stage of Integration
This stage includes both the company coming together with their own parameters.
It includes the entire process of preparing the document, signing the agreement,
and negotiating the deal. It also defines the parameters of the future relationship
between the two.
Operating the Venture
After signing the agreement and entering into the venture, it is equally important to
operate the venture. This operation is attributed to meet the said and pre-defined
expectations of all the companies involved in the process. The M&A transaction
after the deal include all the essential measures and activities that work to fulfil the
requirements and desires of the companies involved.
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Reasons behind Mergers and Acquisitions:-
The mergers and acquisitions are one of the most talks about events of the
corporate sector. There are several purposes of mergers and acquisitions. Some of
these are business purposes and some are political. But the general purposes of
mergers and acquisitions are to generate more profit for the newly built companies
and to diversify their operational domains.
* Through merger of companies of the same sector, the manufacturing costs
can be reduced and sale of the products can be boosted. At the same time, growth
of the market share and absence or elimination of a major competitor from the
market can change the whole scenario.Each and every company has some regular clients and merger and acquisition of the companies can
provide the new company with an enlarged customer base than what was there before the merger.
All these will help the company to make more profits.
* The merger or acquisition of two major companies can also provide the newcompanies with resources of both the companies. These resources can help the new
company to develop easily.
* The mergers and acquisition activities are also very effective for tax saving
because whenever a big company in good financial condition purchases a smaller
company with several debts and losses, the big company gets some advantage
regarding tax payment. This is one of the purposes of mergers and acquisitions.
* At the same time, there are some mergers that have taken place to gain some
special business ratings or certain standards. The purposes may be of acquiring any
special permission that can only be availed by companies with a certain amount of
experience, monetary resource and size.
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Strategies of merger and acquisition
The first and foremost thing is to determine business plan drivers. It is very
important to convert business strategies to set of drivers or a source of motivation
to help the merger succeed in all possible ways
* There should be a strong understanding of the intended business market,
market share, and the technological requirements and geographic location of the
business. The company should also understand and evaluate all the risks involved
and the relative impact on the business
* Then there is an important need to assess the market by deciding the growth
factors through future market opportunities, recent trends, and customer's
feedback.
* Restructuring plans and future parameters should be decided with exchange
of information and knowledge from both ends. This involves considering the workculture, employee selection, and the working environment as well.
At the end, ensure that all those involved in the merger including management
of the merger companies, stakeholders, board members, and investors agree on the
defined strategies. Once approved, the merger can be taken forward to finalizing a
deal.
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Distinction between Mergers and Acquisitions
* Process of combining two or more companies together. The fact remains that
the so-called single terminologies are different terms used under different
situations. Though there is a thin line difference between the two but the impact of
the kind of completely different in both company
* Merger is considered to be a process when two or more companies come
together to expand their business operations. In such a case the deal gets finalized
on friendly terms and both the companies share equal profits in the newly created
entity
* When one company takes over the other and rules all its business operations,
it is known as acquisitions. In this process of restructuring, one company
overpowers the other company and the decision is mainly taken during downturnsin economy or during declining profit margins. Among the two, the one that is
financially stronger and bigger in all ways establishes it power. The combined
operations then run under the name of the powerful entity who also takes over the
existing stocks of the other company.
* Another difference is, in an acquisition usually two companies of different
sizes come together to combat the challenges of downturn and in a merger two
companies of same size combine to increase their strength and financial gains
* A deal in case of an acquisition is often done in an unfriendly manner, it is
more or less a forceful or a helpless association where the powerful company either
swallows the operation or a company in loss is forced to sell its entity. In case of a
merger there is a friendly association where both the partners hold the same
percentage of ownership and the equal profit share
ADVANTAGES OF MERGER AND ACQUISITION
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* The very first advantage of M&A is synergy that offers a surplus power that
enables enhanced performance and cost efficiency
* When two or more companies get together and are supported by each other,
the resulting business is sure to gain tremendous profit in terms of financial gains
and work performance
* Cost efficiency is another beneficial aspect of merger and acquisition. This is
because any kind of merger actually improves the purchasing power as there is
more negotiation with bulk orders
* . Apart from that staff reduction also helps a great deal in cutting cost and
increasing profit margins of the company. Apart from this increase in volume of
production results in reduced cost of production per unit that eventually leads to
raised economies of scale.
* With a merger it is easy to maintain the competitive edge because there are
many issues and strategies that can e well understood and acquired by combining
the resources and talents of two or more companies.
* A combination of two companies or two businesses certainly enhances and
strengthens the business network by improving market reach. This offers new sales
opportunities and new areas to explore the possibility of their business
* With all these benefits, a merger and acquisition deal increases the market
power of the company which in turn limits the severity of the tough market
competition. This enables the merged firm to take advantage of hi-tech
technological advancement against obsolescence and price wars.
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VALUTION OF MERGER AND ACQUISITION:-
* The number as well as the average size of merger and acquisition deals is
increasing in India. During post liberalization, increase in domestic competition
and competition against cheaper imports have made organizations merge
themselves to reap the benefits of a large-sized company. The merger and
acquisition valuation is the building block of a proposed deal. It is a technical
concept that needs to be estimated carefully
* M&A valuation involves determining the maximum price that a buyer is
willing to pay to buy the target company. From the seller's point of view, it means
estimating the minimum price he wants to take against his business. If there are
many buyers, then each one bids a purchase price based on his valuation. Finally,
the seller will give the business to the highest bidder
* The use of different valuation techniques and principles has made valuation a
subjective process. A conflict in the choice of technique is the main reason for the
failure of many mergers. For instance, the asset value can be determined both at the
market price and the cost price. Therefore, it is important that the merging parties
should first discuss and agree upon the methods of valuation
* Calculating the swap ratio is at the core of the valuation process. It is the ratio
at which the shares of the acquiring company will be exchanged with the shares of
the acquired company. For instance, a swap ratio of 1:2 means that the acquiring
company will provide its one share for every two shares of the other company
CORPORATE MERGER AND ACQUISITION:-
* Corporate merger and acquisition is defined as the process of buying, selling,
and integrating different corporations with the desire of expansion and accelerated
growth opportunities. This kind of association in any form plays an integral rolewhen it comes to business and economy as it results in significant restructuring of
the business
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* The key objective of corporate mergers and acquisitions is to increase market
competition. This can be done in various ways using different methods of merger
like horizontal merger, conglomeration merger, market extension merger, and
product extension merger. All the types work towards a common goal but behold
different characteristics suited to get the best outcome in terms of growth,
expansion, and financial performance.
* In many significant ways, this kind of restructuring a business proves to be
beneficial to the corporate world. It greatly helps to share all resources, skills,
talents, and knowledge that eventually increase the wisdom bar within the
company. This can further help to combat the competitive challenges existing in
the market.
* Further to that, elimination of duplicate departments, possibility of cross
selling, reduction of tax liability, and exchange of resources are other big timebenefits of corporate merger and acquisition. This not only helps to cut the extra
cost involved in the operation and gain financial gains but also help to expand
across boundaries and enhance credibility.
MERGER AND ACQUISITION IN BANKING SECTOR:-
HDFC Bank and Times Bank tied the merger knot in year 1999. The coming
together of two likeminded private banks for mutual benefit was a land mark event
in the history of Indian banking.
Many analysts viewed this action as opening of the floodgate of a spate of mergers
and consolidations among the banks, but this was not to be, it took nearly a year
for another merger. The process of consolidation is a slow and painful process. But
the wait and watch game played by the banks seems to have come to an end. With
competition setting in and tightening of the prudential norms by the apex bank the
players in the industry seems to be taking turns to merge.
It was the turn Bank of Madura to integrate with ICICI Bank. This merger is
remarkable different from the earlier ones. It is a merger between banks
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of two different generations. It marks the beginning of the acceptance of merger
with old generation banks, which seemed to be out of place with numerous
embedded problems
The markets seem to be in favor of bank consolidation. As in the case of HDFC
Bank and Times Bank, this time also market welcomed the merger of ICICI Bank
and Bank of Madura. Each time a merger is announced it seems to set out a signal
in the industry of further consolidation. The shares of the bank reached new
heights. This time it was not only the turn of the new private sector banks, but also
the shares of old generation private banks and even public sector banks
experienced an buying interest. Are these merger moves a culmination of the
consolidation in the industry? Will any bank be untouched and which will be left
out?
To answer this question let us first glance through the industry and see where thedifferent players are placed. The Indian banking industry is consists of four
categories-public sector banks, new private sector banks and foreign banks.
The public sector banks control a major share of the banking operations. These
include some of the biggest names in the industry like Stare Bank of India and its
associate banks, Bank of Baroda, Corporation bank etc. their strength lies in their
reach and distribution network. Their problems rage from high NPAs to over
employment. The government controls these banks.
Most of these banks are trying to change the perception. The government controls
these banks. Most of these banks are trying to change the perception. The recent
thrust on reduction of government stake, VRS and
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NPA settlement are steps in this direction. However, real consolidation can happen
if government reduces its stake and changes its perception on the need of merger.
The governments stand has always been that consolidation should happen to save
a bank from collapsing. The old private sector banks are the banks, which were
established prior the Banking
Nationalization Act, but could not be nationalized because of their small size. This
segment includes the Bank Of Madura, United Western Bank, Jammu and Kashmir
bank; etc. who banks are facing competition from private banks and foreign banks.
They are trying to improve their margins.
Though some of the banks in this category are doing extremely well, the investors
and the markets seem not to reward them adequately. These banks are unable to
detach themselves effectively from the older tag. The new private banks came intoexistence with the amendment of Banking Regulation Act in 1993, which
permitted the entry of new private sector bank
The effective shield against takeovers for these banks could be to get into
strategic alliances like the Vysya bank model, which has bank Brussels Lambert of
the Dutch ING Group as a strategic investor. United Western Bank and Lord
Krishna Bank are already on a lookout for strategic partners.
But the problems go beyond the shareholding pattern and are far rooted the
prudential norms like the increasing CAR and the minimum net worth
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bank only through moratorium route. That means you can takeover only a dead
and you die yourself and allow to be merged with a strong bank. Unfortunately this
is not the spirit behind the merger and acquisition.
Time for strategic alliance
It is not only important for banks to merge with banks but also entities in the other
business activities
.
Strategic mergers between banks for using each others infrastructure enabling
remittance of funds to various centers among the strategic partner banks can give
the account holder the flexibility of purchasing a draft payable at centers where the
strategic tie-up exists.
In a macro perspective mergers and acquisition can prove effective onstrengthening the Indian financial sector. Today, while Indian banks have made
tremendous strides in extending the reach domestically, internationally the Indian
system is conspicuous by its absence.
They are very few catering mostly to India related business. As a result India does
not have a presence in international financial markets. If India has to emerge as an
international banking center the presence of large banks with foreign presence is
essential. With globalization and strategic alliances Indian banks would grow
originally. They would be large banks with international presence
.Globally the banking industry is consolidating through cross-border mergers. India
seems to be far behind. The law does not allow the foreign banks with branch
network to acquire Indian banks. But who knows with
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pressures of globalisation the law of the land could be amended paving way for a
cross border deal.
While the private sector banks are on the threshold of improvement, the public
sector banks (s) are slowly contemplating automation to accelerate and cover the
lost ground. To contend with new challenges posed by the private sector banks, s
are pumping huge amounts to update their It. but still, it looks like, public sector
banks need to shift the gears, accelerate their movements, in the right direction by
automation their branches and providing, Internet banking services.PSBPSB
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