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Wealth Creation in the World’s Largest Mergers and Acquisitions

Integrated Case Studies

  • Book
  • © 2019

Overview

Authors:
  1. B. Rajesh Kumar

    1. Institute of Management Technology, Dubai, United Arab Emirates

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  • Examines the economic, financial and strategic perspectives of the largest M&A deals
  • Discusses synergies in mergers including revenue, cost synergies, operating synergies and financial synergies
  • Includes analysis of premium payment, methods of payment and wealth creation for stockholders

Part of the book series: Management for Professionals (MANAGPROF)

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Table of contents (45 chapters)

  1. Front Matter

    Pages i-xii
    Download chapter PDF

  2. Mergers and Acquisitions

    • B. Rajesh Kumar
    Pages 1-15

  3. Vodafone Acquisition of Mannesmann

    • B. Rajesh Kumar
    Pages 17-29

  4. American Online: Time Warner Merger and Other Restructuring

    • B. Rajesh Kumar
    Pages 31-43

  5. Acquisitions by Verizon

    • B. Rajesh Kumar
    Pages 45-56

  6. DowDuPont Merger

    • B. Rajesh Kumar
    Pages 57-67

  7. Mergers and Acquisitions by Anheuser-Busch InBev

    • B. Rajesh Kumar
    Pages 69-77

  8. Merger of Kraft and Heinz Company

    • B. Rajesh Kumar
    Pages 79-84

  9. Acquisitions by Pfizer

    • B. Rajesh Kumar
    Pages 85-99

  10. ExxonMobil Merger

    • B. Rajesh Kumar
    Pages 101-109

  11. Citicorp–Travelers Group Merger

    • B. Rajesh Kumar
    Pages 111-119

  12. AT&T–Time Warner Acquisition

    • B. Rajesh Kumar
    Pages 121-129

  13. ABN AMRO Acquisition by RFS Holding

    • B. Rajesh Kumar
    Pages 131-135

  14. GlaxoSmithKline Merger

    • B. Rajesh Kumar
    Pages 137-145

  15. Acquisitions by Royal Dutch Shell

    • B. Rajesh Kumar
    Pages 147-153

  16. Bell South Merger with AT&T

    • B. Rajesh Kumar
    Pages 155-161

  17. Comcast Acquisition of AT&T Broadband

    • B. Rajesh Kumar
    Pages 163-166

  18. Key Mergers of JPMorgan Chase

    • B. Rajesh Kumar
    Pages 167-174

  19. Charter Communications Acquisition of Time Warner Cable

    • B. Rajesh Kumar
    Pages 175-181

  20. Actavis-Allergan Merger Deal

    • B. Rajesh Kumar
    Pages 183-189
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Keywords

About this book

This book highlights research-based case studies in order to analyze the wealth created in the world’s largest mergers and acquisitions (M&A). This book encourages cross fertilization in theory building and applied research by examining the links between M&A and wealth creation. Each chapter covers a specific case and offers a focused clinical examination of the entire lifecycle of M&A for each mega deal, exploring all aspects of the process. The success of M&A are analyzed through two main research approaches: event studies and financial performance analyses. The event studies examine the abnormal returns to the shareholders in the period surrounding the merger announcement. The financial performance studies examine the reported financial results of acquirers before and after the acquisition to see whether financial performance has improved after merger. The relation between method of payment, premium paid and stock returns are examined. The chapters also discuss synergies of the deal-cost and revenue synergies. 

Mergers and acquisitions represent a major force in modern financial and economic environment. Whether in times of boom or bust, M&As have emerged as a compelling strategy for growth. The biggest companies of modern day have all taken form through a series of restructuring activities like multiple mergers. Acquisitions continue to remain as the quickest route companies take to operate in new markets and to add new capabilities and resources. The cases covered in this book highlights high profile M&As and focuses on the wealth creation for shareholders of acquirer and target firms as a financial assessment of the merger’s success. The book should be useful for finance professionals, corporate planners, strategists, and managers.

Authors and Affiliations

  • Institute of Management Technology, Dubai, United Arab Emirates

    B. Rajesh Kumar

About the author

​B Rajesh Kumar is a professor of finance at IMT Dubai. He received his Ph.D. from the Indian Institute of Technology, IIT Kharagpur. His research interest are in areas of applied corporate finance, valuation and mergers and acquisition. He has published over 45 empirical research papers in refereed international journals. He has written six books of which three were published by Academic Press Elsevier USA (Strategies of Banks and other Financial Institutions ; Valuation Concepts and theories ; Strategic Financial Management Case Book), one each by Palgrave Macmillan UK (Case studies on Megamergers );McGraw-Hill India (Mergers and Acquisition: Text and Cases) ; ICFAI Books (Strategies of Indian Pharma Industry). 

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