Mergers and Aqusitions

Topics: Stock market, Mergers and acquisitions, Expected return Pages: 55 (12092 words) Published: July 15, 2013
2FIM602 Finance Major Project
MERGERS AND ACQUISITIONS: DO THEY CREATE VALUE FOR SHAREHOLDERS

Author: Emad Ahmed Student number: 12242676 Supervisor: Dr Abdelhafid Benamraoui

 

A project undertaken as part of BA (Hons) Finance degree, University of Westminster, London  
 

  1
 

Major Project

 


 

Table
 of
 Contents
 

  Statement
 .........................................................................................................................  3
  Acknowledgement
  ............................................................................................................  4
  Abstract
  .............................................................................................................................  5
  Chapter
 1:
 Introduction
 .....................................................................................................  6
  1.1.
 Introduction
 ........................................................................................................................  6
  1.2.
 Aim/
 purpose
 of
 paper
 ........................................................................................................  7
  Aims
 ...............................................................................................................................................  7
  Hypothesis
 .....................................................................................................................................  7
  Layout
 ............................................................................................................................................  8
  Chapter
 2:
 Literature
 Review
 .............................................................................................  9
  2.1.
 Literature
 Review
 ................................................................................................................  9
  2.2.
 Drivers
 ................................................................................................................................  
  10 2.3.
 Cross-­‐border
 acquisitions
 ...................................................................................................  
  13 2.4.
 Review
 of
 Previous
 Literature
 .............................................................................................  
  13 Chapter
 3:
 Methodology
 ..................................................................................................  17
  3.1.
 Data
 ...................................................................................................................................  
  17 3.2.
 Approach
 ............................................................................................................................  
  19 3.3.
 Methods
 used
 to
 analyse
 the
 data
 ......................................................................................  
  19 3.4.
 Limitations
 .........................................................................................................................  
  22 Chapter
 4:
 Results
 and
 Analysis
 .......................................................................................  24
  4.1.
 The
 Market
 from
 2003-­‐
 2010
 ..............................................................................................  
  24 4.2.
 Abnormal
 Returns
 ..............................................................................................................  
  26 Chapter
 5:
 Conclusion
 ......................................................................................................  35
  Recommendations...

References: Books: Benninga S, 2000. Financial Modeling, Second edition, Massachusetts Institute of Technology
  Brealey, R
  Hitt M, Harrison J, Duane R. 2003. Ireland Mergers & Acquisitions A guide to creating Value for stakeholders. , Oxford, Pearson Education Limited
  Robson, C
  Sudarsanam S, 2010. Creating Value from mergers and acquisitions the challenges, Second Edition, Pearson Education limited.
  Walter I, 2004
 
Sherman H, Rupert T, Do bank mergers have hidden or foregone value ? Realized and unrealized operating synergies in one bank merger, 2006, European Journal of Operational Research,
Forbes (2006) “Bank of America to buy U.S Trust” [online] Available at: http://www.forbes.com/2006/11/20/bank-of-america-markets-equitycx_jl_1120markets12.html [Accessed 24 April 2012]
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