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Mergers and Acquisitions Unit 1

Sikkim Manipal University Page No.: 1

Unit 1 Introduction to Mergers and Acquisitions

Structure:

1.1 Introduction

Objectives

1.2 Meaning of Mergers and Acquisitions

Merger or amalgamation

Acquisition

1.3 Motives behind Mergers and Acquisitions

Sensible reasons

Dubious reasons for mergers

1.4 Advantages and Disadvantages of Mergers and AcquisitionsAdvantages of mergers and acquisitions

Disadvantages of mergers and acquisitions

1.5 Types of Mergers and Acquisitions

1.6 Historical Overview of M & A Activity

1.7 Steps to a Successful Merger

1.8 Summary

1.9 Glossary

1.10 Terminal Questions

1.11 Answers

1.12 Case Study

1.1 Introduction

One of the main objectives of any company or business organisation is to

achieve growth. Without growth a business cannot stay profitable and

endure in a highly competitive environment.

In this unit, you will learn about mergers and acquisitions and the role they

play in business. You will appreciate how and why a business house has to

pursue inorganic or external growth as much as organic growth (growth

achieved internally), in order to remain viable.

Objectives:

After studying this unit, you should be able to:

explain mergers and acquisitions

describe the motives behind mergers and acquisitions

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state the advantages and disadvantages of mergers and acquisitions

explain different types of mergers discuss historical overview of Merger and Acquisition Activity

describe the steps of a successful merger

1.2 Meaning of Mergers and Acquisitions

1.2.1 Merger or amalgamationMerger is defined as a combination where two or more than two companies

combine into one company. In this process one company survives and

others lose their corporate existence. The survivor acquires assets as well

as liabilities of the merged company or companies.

In another form of merger, one company purchases another company forcash and integrates the purchased company with itself.

Amalgamation is a synonym of merger, especially in Indian law. Section

2(1A) of the Income tax Act, 1961 defines amalgamation as the merger of

one or more companies (called amalgamating company or companies) with

another company (called amalgamated company) or the merger of two or

more companies to form a new company in such a way that all assets and

liabilities of the amalgamating company or companies become assets and

liabilities of the amalgamated company. Shareholders holding not less than

nine-tenth in the value of the shares in the amalgamating company or

companies become shareholders of the amalgamated company.

Merger may take two forms: merger through absorption and merger through

consolidation.

Absorpt ion:Absorption is grouping two or more companies into an existing

company. All companies except one lose their identity in a merger through

absorption.

Merger of Tata Chemical Ltd and Tata Fertilisers Ltd is an example of

absorption. Tata Chemical Ltd (buyer) survived after the merger while Tata

Fertiliser Ltd (seller) was closed down. Assets, shares and liabilities of TataFertiliser Ltd were transferred to Tata Chemicals Ltd.

Consolidation:Consolidation is known as the fusion of two or more than

two companies into a new company in which all the existing companies are

legally dissolved and a new company is created. The consolidated entity is

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known by a new name and the shareholders of the dissolving companies

become shareholders of the new company.Merger of Hindustan Computers Ltd, Hindustan Instruments Ltd, Indian

Software Ltd and Indian Reprographics Ltd to form HCL, a new company, is

an example of consolidation.

1.2.2 Acquisition

The term "acquisition" refers to the procurement of assets by one company

from another company. In an acquisition, both companies may continue to

exist.

An acquisition, also known as a takeover, is the buying of one company (the

target) by another. An acquisition may be friendly or hostile. In the formercase, the companies cooperate in negotiations. In the latter case, the

takeover target is unwilling to be bought or the target's Board has no prior

knowledge of the offer. Acquisition usually refers to a purchase of a smaller

firm by a larger one. Sometimes, a smaller firm will acquire management

control of a larger or longer established company and keep its name for the

combined entity. This is known as a reverse takeover.

In this unit and throughout the SLM, we will use the words merger and

acquisition interchangeably to mean a business transaction where one

company acquires another company.

The terms "demerger", "spin-off" and "spin-out" are used to indicate a

situation where one company splits into two, generating a second company.

Examples of some mergers and acquisitions:

Aditya Birla group-owned HINDALCO acquired NOVELLIS for US$6

billion.

TATA MOTORS acquired LAND ROVER for $2.3 billion.

Takeover of European Steel major CORUS for $12.2 Billion by TATA

STEEL, the biggest ever acquisition by an Indian company.

Self Assessment Questions

1. Growth achieved internally is termed as organic growth. (True/False)

2. Amalgamation is a synonym of merger. (True/False)

3. Consolidation is known as the fusion of two or more companies into a

new company. (True/False)

4. Growth achieved by M & A is termed as organic growth. (True/False)

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5. Acquisitions mean acquiring all the assets and liabilities of another

company. (True/False)6. Deal between Tata Motors and Land Rover was a kind of merger.

(True/False)

7. An acquisition may be friendly or hostile. (True/False)

1.3 Motives behind a Merger or acquisition

Multiple factors lead to a merger or acquisition. Mostly, it is for the increase

in economies of scale. The idea is that the resultant larger firm can produce

units more cheaply than previously independent companies. Economies of

scale can be efficiently achieved through the sharing of technology,

resources and the elimination of duplication and waste. Economies of scalecould be a good reason for merger. But there are many examples to show

that combining separate entities into a single, more efficient operation is not

easy.

1.3.1 Sensible reasons

A merger can be rated as sensible when it adds value, i.e. it creates

additional benefit to the parties involved. From this standpoint, some of the

sensible reasons in favour of mergers are:

Strategic benefits: If a firm has decided to enter or expand in a particular

industry, acquisition of a firm engaged in that industry, rather than

dependence on internal expansion, may offer several strategic advantages.

As a pre-emptive move it can prevent a competitor from establishing a

similar position in that industry.

It offers a special timing advantage because the merger alternative

enables a firm to leapfrog several stages in the process of expansion.

It may entail less risk and even less cost.

In a saturated market, simultaneous expansion and replacement makes

more sense than creation of additional capacity through internal expansion.

Economies of scale

After the merger of companies, achieving economies is easy as operations

of different firms are combined. This achievement is possible due to the

efficient and proper usage of distribution networks, production capacities,

research and development facilities, engineering services, data processing

systems etc. As the scope for utilising resources is far greater in horizontal

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mergers, economies of scale are mostly prominent in those. In vertical

mergers, main sources of benefits are better coordination of activities,higher market power and lower inventory levels. Even in conglomerate

mergers, possibility of cutting down of elimination of some overhead

expenses is present.

A company may use its specific skills sets or assets to widen the scope of

activities. For example, Proctor and Gamble can enjoy economies of scale if

it acquires a consumer product company that benefits from P&Gs highly

regarded consumer marketing skills.

Economies of vertical integration

Economies of vertical integration can be achieved when more firms, which

are at different levels of production, get merged. An example would be, a

company engaged in oil production when merged with a company engaged

in refining oil and marketing could improve control and coordination.

It may not be a good idea to involve in vertical integration as the company

may not get benefitted from the merger if it is producing units in-house. In

this case the outsourcing with the help of better performing suppliers in

respective segments may not be useful.

Complementary resources

It is sensible to merge companies with complementary resources. Consider

this example. A small company with a new product will need the help of acompany with good engineering capability and better marketing network.

When these firms come together, it would be easy for manufacturing and

marketing the new product. With the help of complementary resources,

these firms are worth more together than they are separately.

Tax shield

Utilising tax shields in a better way is possible when a company with

unabsorbed depreciation and/or accumulated losses merges with a better

performing company. The loss-incurring firm has to wait till it makes profit, to

get the tax set-off advantage. But if it merges with a profit-making firm, its

accumulated losses and/or absorbed depreciation can be set off against the

profits of the profit making firm and tax benefits can be realised faster.

Reduction of indirect taxes may be another source of tax savings. When

Polyeofins Industries, which supplies 40,000 tonnes of ethylene to NOCIL,

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merged with NOCIL, a substantial savings in sales tax and excise duty was

achieved.Utilisation of surplus funds

Company in a mature market could be generating good revenue but

opportunities for investing may not be available. Such a firm ought to

distribute generous dividends and even buy back its shares. However, most

management prefer making further investments, even though they may not

be profitable. This is when merger through cash compensation with other

companies become helpful. This helps in using surplus funds efficiently.

Managerial effectiveness

Managerial efficiency increases due to mergers. This happens when the

poor performing team is replaced with better performing team. Another

benefit from merging two companies is that there could be greater similarity

between shareholders and managers. This could lead to the creation of a

disciplined and better working environment. If managers feel that poor

performance of their firm may lead to a merger, they would work hard for

better performance. Often a firm, plagued with managerial inadequacies,

can gain immensely from the superior management that is likely to emerge

as a consequence of the merger.

1.3.2 Dubious reasons for mergers

DiversificationRisk reduction by diversification is a common reason behind mergers. The

degree of risk reduction will depend on the correlation of earnings of both

entities. Risk reduction is greater if the correlation is negative and is higher if

correlation is positive.

The value of this motive to the investors is questionable because any

investor who wants to reduce risk can create a portfolio by diversifying

between two companies. The merger is not necessary for investor to get

benefitted by the positives of diversification. As a matter of fact, his/her

home-made diversification offers better flexibility. Investor can combine

stocks of both firms in any percentage as he/she does not have limitationsof sticking to a fixed proportion.

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Lower financing costs

Many argue that the consequence of larger size and greater earningsstability is to reduce the cost of borrowing for the merged firm. The reason

for this is that the creditors of the merged firm enjoy better protection than

those of the independent firms. If two firms, A and B, merge, the creditors of

the merged firm are protected by the equities of both. While this additional

protection reduces the cost of debt, it imposes an extra burden on the

shareholders. Shareholders of firm A must support the debt of firm B, and

vice versa. In an efficiently operating market, the benefit to shareholders

from lower cost of debt would be offset by the additional risk borne by them

and there would be no net gain.

Earnings growthA merger may create appearance of growth in earnings. This may stimulate

a price increase if the investors are fooled.

Example: Company A acquires company B. The pre-merger financial

position shows that A has superior growth prospects and commands a price

earnings multiple (P/E) of 20. B on the other hand has inferior growth

prospects and has a P/E of 10. The merger is not expected to create any

additional value. The exchange ratio is fixed at 1:2 that is, 1 share of A is

given in exchange for two shares of B.

Situation 1 The market is smart: The financial position of A after themerger is better and the earnings per share rises, but the market recognises

that the growth prospect of the combined firm will not be as bright as that of

A alone. So the market price per share remains unchanged and the P/E

ratio falls. Here the market value of the combined company is simply the

sum of the market values of the merging companies.

Situation 2The market is foolish: It may regard the increase in earnings

per share of A as reflection of true growth and so the market price of A will

rise and the P/E ratio will stay the same.


8. Economies of scale are most prominent in the case of _____________.

9. Most common reason behind mergers is to achieve _________ through

diversification.

10. One of the many potential benefits of merger is an increase in _______ .

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11. A company may use a specific __________ or assets to widen the

scope of its activities.

1.4 Advantages and Disadvantages of Mergers and Acquisitions

1.4.1 Advantages of mergers and acquisitions

Mergers and acquisitions are strategic decisions leading to the maximising

of company's growth by enhancing its production and sales. They provide

many benefits which are not available in combinations like joint ventures or

other strategic alliances. The benefits of M & A are:

1. From the standpoint of shareholders: Shareholders may gain from

mergers through economies of scale, which helps in lowering of cost.

This results in increased profits, better investment opportunities which isnot available otherwise, and the increment in the value of share caused

by the premium paid by the acquiring company to the acquirer company.

2. From the standpoint of Promoters: Promoters get the advantage of

increasing the size of the company, restructuring the financial

composition of the firm and altering its strength as per their requirement.

Promoters can change a private company into a public company without

much investment and without losing control.

3. From the standpoint of Managers: Managers often look forward to

mergers as an opportunity to enhance their status financially and

otherwise. They are also concerned about the overall growth of the

company and are ready to support mergers where these benefits are

seen to accrue. On the other hand managers work against combinations

that generate fear about their future.

4. From the standpoint of Consumers: The benefits of mergers get

passed to the consumers in the form of better products and services at

lower prices supported by enhanced after sales and service.

1.4.2 Disadvantages of mergers and acquisitions

A merger has disadvantages too. One of the disadvantages is that a merger

must be approved by the stockholders of the firm. Typically, two-thirds (oreven more) of the votes are required for approval. Obtaining the necessary

votes can be time-consuming and difficult. Furthermore, the cooperation of

the management of the target firm is a necessity. This cooperation is not

easy or cheap. There can also be diseconomies of scale if the business

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becomes too large. Clashes of culture between different types of businesses

could happen and reduce the effectiveness of the integration. Merger maycreate a conflict of objectives between the different businesses.

In view of sharing of services, staff positions may come down and this will

result in employee dissatisfaction.

A merger can be extremely beneficial to all stakeholders of a business but if

handled wrongly it can cause serious disruption all round.


12. Acquisitions and mergers are strategic decisions. (True/False)

13. The decision of M & A requires approval by one-third of shareholders

voting. (True/False)

1.5 Types of Mergers and Acquisitions

Mergers and acquisitions can take several forms.

1. Horizontal: It is a merger of two competing firms engaged in the

production of similar products or providing similar services. The

acquiring firm belongs to the same industry as the target company. The

main purpose of such mergers is to obtain economies of scale in

production by eliminating duplication of facilities, widening the product

line, reduction in investment, elimination of competition in product

market, increase of market share, reduction in advertising costs etc.2. Concentric:This is a variation of horizontal mergers. It is a combination

of two firms that are not in the same industry but operate in related

industrial segments. For instance a company with a chain of restaurants

may acquire a hotel company. The major difference here is that the

merging companies are not competitors, like in the case of horizontal

mergers.

Examples are:

(a) PHOENIX ELECTRIC (INDIA) and PHOENIX LAMPS (INDIA)

(b) VIDEOCON NARMADA ELECTRONICS and VIDEOCON

INTERNATIONAL LTD

(c) BANK of MADURA and ICICI

(d) Acquisition of BLUE DART by DHL WORLDWIDE

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(e) Acquisition of THOMSON SA of France by VIDEOCON INDIA in a

deal worth $ 290 million(f) INDIAN AIRLINES and AIR INDIA

3. Vertical: When two or more companies, involved in different stages of

activities like production or distribution, combine with each other the

combination is called a vertical merger. An example can be the

combination of a car manufacturing company and piston (that is

generally bought and used by the car manufacturing company)

manufacturing company. The acquiring company attempts to reduce

inventories of raw material and finished goods, implements its

production plans as per the objectives and economises on working

capital requirements. There are two types of vertical combinations.a) Forward Integration: In this kind of vertical combination a

manufacturer combines with its customer. For example, TV

manufacturer merges with TV marketing company.

b) Backward Integration: In this kind of vertical combination a

manufacturer combines with the supplier of input material. For

example, the combination of a car manufacturing company with a

piston manufacturing firm.

The following are some of the benefits to the acquirer company that

accrue from vertical combinations:

a) The company can safeguard the source of supplies of raw materials

or intermediary product.

b) The company can get the benefits of savings in transportation costs,

overhead costs in buying department, etc.

c) The company has control over input specifications and quality.

4. Circular combination: Companies engaged in the production of

different products seek combination to share common marketing,

distribution or research facilities in order to generate economies. The

acquiring company obtains benefits of resources sharing. Another major

advantage is achievement of diversification. A variation of circularcombination is managerial conglomerates, which denote combination of

general managerial talent of two different companies across all

functions.

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Examples are:

(a) STANDARD EQUITY FUND and DR REDDY'S LABORATORIES(b) KARNATAKA SCOOTERS and BROOKE BOND (INDIA) LTD

5. Conglomerate: This is the combination of companies engaged in

unrelated businesses. The basic purpose of such a combination is

lowering of cost of capital, optimum utilisation of financial resources and

enlarging debt capacity. Conglomerates are used to smooth out

fluctuations in the earnings of different businesses. The idea is to

diversify and minimise the overall risk. A typical example would be the

merging of a cement company, an electronics company, a finance

company and a garment manufacturing company. A real life example is

Voltas Ltd.Self Assessment Questions

14. Under __________ the acquiring firm belongs to the industry of the

target company.

15. Conglomerate merger is the combination of companies engaged in

___________.

16. Combination of two or more companies involved in different stages of

activities is called _____________.

17. Vertical combination is of two types _____________ and backward

integration.

18. Combinations of companies engaged in the production of differentproducts are called ___________.

1.6 Historical Overview of M & A Activity

Mergers and acquisitions were at an all-time high from the late 1990s to

2000. They slowed down till 2005 a direct result of the economic

slowdown. The reason was simple: companies did not have the cash to buy

other companies. In 2004-05, however, economies, businesses and

corporate profits revived, which meant that businesses had cash. The end of

2004 saw several deals: Sprint combining with Nextel, K-Mart Holding Corp

buying Sears, Roebuck & Co., Johnson & Johnson planning to buy Guidant.

The Telecom, Banking and Software industries are potential areas for

merger activity.

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Mergers continue to grow at an ever-increasing pace. The United States

Federal Trade Commission reports that the number of filings in 1999 wasalmost three times the number received in 1993. This same trend is being

experienced worldwide. Web property deals tripled from 140 in 1998 to 450

in 1999 with an incredible increase of 700% in dollar spending from 1998 to

1999.

Acquisition of Time Warner by America Online was the highest acquisition in

terms of amount spent. This being more than three times the total spent in

1998/1999. As per the prediction of webmerger.com, online mergers and

acquisitions alone would touch the trillion-dollar mark in 2006.

Mergers are not just between the internet-related businesses but across

industries. Regulatory agencies are alarmed about mergers. According to

Richard G. Parker(Senior Deputy Director, Bureau of Competition at the

Federal Trade Commission (FTC)), antitrust enforcement agencies

worldwide are in constant and increasing contact with each other on

individual merger cases and on general cases of mutual enforcement

interest. The reason for this alarm is the reduction of competition or the rise

of monopolies. Deals that once approved with negotiated settlements or

divestitures are now outright rejects. (FTC Weighs Stricter Policy on

Mergers, Wall Street Journal, January 12, 2000)

Self Assessment Questions19. Web property deals increased three-fold from 140 in 1998 to 450 in

1999 with an incredible increase of 700%. (True/False)

20. America Onlines acquisition of Time Warner was valued at more than

three times the total 1998/1999 M & A spending. (True/False)

Activity 1:

Discuss the acquisition of Zain Telecoms (based out of Kuwait) African

business by Bharti Airtel.

1.7 Steps to a Successful MergerMergers need careful planning to achieve financial goals, reduce problems

and for profit-making.

Drop in productivity is expected to be around 50% as people from different

workplaces have differences of opinion. Even a successful merger can take

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three months to three years for the completion of recovery process in an

organisation.For employees, possibility of changes and uncertainty at workplace can

create stress. This affects judgments, perceptions, and interpersonal

relationships.

Often reduced communication and increased centralisation as part of re-

structuring in companies creates space for rumours and insecurity in

employees. During these times, employees do not have much access to

senior level managers. Active intervention is necessary to maintain the level

of productivity and to assure employees.

Some suggestions for a smoother restructuring and transition are: Circulate a consistent message in the combining entities from top down.

Maintain consistent accountability and compensation throughout the

company for similar positions.

Find out new ways of structuring the company to bridge corporate

culture differences.

Establish gaugeable objectives, especially in areas, which will be

working together for a common goal.

Revamp the compensation plan to recognise the additional work

required by transition.

Plan different ways for people to get to know each other.


21. For the success of a merger_________ among the merging businesses

is very important.

22. Productivity drops by as much as _____________ have been reported.

1.8 Summary

A merger or amalgamation should be considered only after careful

examination of the merits and demerits, and ensuring overall positive

value addition.

A fundamental truth is that the amalgamation of two weak entities is

seldom likely to create a strong entity.

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The best mergers are those of organisations with different strengths and

weaknesses, wherein the entities work to double the strengths andcancel out the weaknesses.

The first stage of any merger or amalgamation must be a thorough

review by each organisation of the other, which is commonly known as

the due diligence process.

The Boards/Committees of each entity need to meet one-on-one,

keeping out unhelpful external pressure groups and lobbies.

Together, they need to explore the prospects and benefits of the merger

and agree upon the due diligence process to occur in a manner

acceptable to both parties.

1.9 Glossary

Merger:Merger is a grouping of two or more companies into one company.

Acquis i t ion:The term acquisition refers to the acquisition of assets by one

company from another company.

Spin-off:An independent company carved out of another company (of

which it was a part) through a sale.

Conglomerate: Combination of companies engaged in unrelated

businesses

1.10 Terminal Questions

1. Explain the meaning of mergers and acquisitions.

2. What are the key motives behind a merger or an acquisition?

3. List the advantages and disadvantages of mergers and acquisitions.

4. Explain the types of mergers.

5. Discuss the historical Overview of Merger and Acquisition Activity

6. What are the steps for successful mergers?

1.11 Answers

Self Assessment Questions1. True.

2. True.

3. True.

4. False.

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5. True.

6. False.7. True.

8. Horizontal mergers.

9. Risk reduction.

10. Managerial effectiveness.

11. Set of skills.

12. True.

13. False.

14. Horizontal merger.

15. Unrelated businesses.

16. Vertical merger.

17. Forward integration.

18. Circular combination.

19. True.

20. True.

21. Cultural integration.

22. 50%.

Terminal Questions

1. Merger is the combination of two or more companies and acquisition is

the acquisition by a company of assets of another company. For more

details, refer section 1.2.2. One of the main reasons of M & A is to achieve economies of scale.

Other reasons are strategic benefits, tax benefits etc. For more details,

refer section 1.3.

3. Mergers and acquisitions are strategic decisions leading to the

maximising of company's growth by enhancing its production and sales.

For more details, refer section 1.4.

4. The different types of mergers are horizontal, vertical, conglomerate and

circular. For more details, refer section 1.5.

5. Mergers and acquisitions were at an all-time high from the late 1990s to2000. For more details, refer section 1.6.

6. Refer to 1.7 For a successful merger there should be proper

coordination and culture integration. For more details, refer section 1.7.

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1.12 Case Study

Overseas Acquisition by an Indian Information Technology company(News item in May 06)

A major overseas acquisition by an Indian IT company has come not from

Wipro or Infosys, but from a Bangalore-based mid-sized IT products

company, Subex Systems (Subex). The telecom software products

company recently announced that it was acquiring UK-based telecom

products company Azure Solutions for US$140 million in a cash-cum-stock

deal.

The cash component of the deal is rather meagre at about 23% of the deal

size with the balance in stocks. Subhash Menon, Chairman, Subex, said,

The small portion of the cash will be paid through our internal accruals.

The acquisition will result in the merger of the two entities and henceforth

Subex Systems will be known as Subex Azure. Mr. Menon will head the joint

firm. The integration process will take around 10 months starting June 06.

Subex will also make a fresh issue of shares which will include a GDR of

` 13 crore. This will take its current paid-up capital from ` 23 crore to ` 36

crore. It had earlier raised $10m (` 45 crore) through a GDR issue.

Subex scrip which gained almost 25% in the last month, closed at ` 630.30

on Tuesday, showing a gain of 15.25% against Mondays close of ` 546.90.

Azure, which spun off from BT in 2003, is a private company and has

reported revenues of $31m (` 140 crore) for FY06 and has investees such

as New Venture Partners, Doughty Hanson Technology Ventures and Intel

Capital. Post-merger, the holding of the venture capitalists in Subex Azure

will stand at 34.5% with Mr Menons stake at 12% and the rest with the

Indian public, ESOPs and financial institutions.

The merger will also see a total headcount of 500 with 200 coming in from

Azure. However, there is likely to be a certain amount of rationalisation ofmanpower.

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This merger will also bring an order pipeline of 100m ( ` 800 crore) for

Azure and $80m (` 344 crore) for Subex, though the conversion rate of

these orders is likely to be around one-third.

This deal strengthens Subexs position in the revenue maximisation space

of telecom sector. While Subex offers products in this area, Azures portfolio

is in the interconnect billing and fraud management space. It also gives it

combined access to 150 telecom networks in 60 countries and brings it the

business of BT. BT is a customer of Azure and generates business of

around 10m (` 80 crore).

The real returns from this acquisition will accrue only during FY08 for whichSubex has given a guidance of $100m (R450 crore) of product revenues

and a net profit of $33m (` 148.50 crore). For FY06, Subex reported

revenues of` 181.21 crore with a net profit of` 39.14 crore.

Commenting on the deal, NASSCOM President Kiran Karnik said, This is a

sign of something small getting bigger and Indian companies wanting to

compete globally.

Question

Discuss the case given above.Hint:The deal will bring a lot of opportunities for the company and

strengthen Subexs position in the revenue maximisation space of telecom

sector.

(source: "The biggest overseas acquisition by an Indian IT co.(Software)", The

Economic Times, April 26 2006 Issue)

References:

Pandey I. M., 2010, 9th Edition Financial Management, Vikas Publishing

House, New Delhi

Godbole Prasad G., 2010,Mergers, Acquisitions and Corporate

Restructuring, Vikas Publishing House, New Delhi Chandra Prasanna, 2007, Financial management, Tata McGraw Hill

Publication, New Delhi

Maheshwari S. N., 2002. Management Accounting, Sultan Chand &

Sons, New Delhi

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Ravi Kishor, 2002. Financial Management, Taxmann Publication, New

Delhi, Das & Basu, 2004, Corporate Restructing, Tata McGraw HillPublication, New Delhi

Sudarsanam Sudi, 2009. Creating Value from Mergers and Acquisitions,

Pearson Education, New Delhi

Weston J. F., Mitchell M. L., & Mulherin J. H., 2004, Fourth Edition

Takeovers, Restructuring, and Corporate Governance, Pearson

Education, New Delhi

E-References:

www.legalserviceindia.com

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