Dissertation

DISSERTATION

MERGERS & ACQUISITIONS

SUBMITTED BY

ANKITA S. SHAH

REGISTRATION NO. WRS/051285

ENROLLMENT NO. ORAL/SC/FINAL/162

CERTIFICATE

This is to certify that following student of ICWAI-Western Region

Ankita S. Shah

Registration No. WRS/051285

Enrollment No. Oral/SC/Final/162

Has prepared dissertation titled

Mergers & Acquisitions

As part of the project work in partial fulfillment of requirements for

Final group of CWA course as prescribed by

Institute of Cost & Works Accountants of India.

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Date:

Mergers & Acquisitions

Table of Contents

▪ Introduction 4

▪ Definitions 6

▪ Differentiation between Mergers & Acquisitions 8

▪ Types of Mergers 9

▪ Methods of Financing Mergers & Acquisitions 10

▪ Motives behind Mergers & Acquisitions 11

▪ Valuation Related to Mergers & Acquisitions 13

▪ What to Look For 15

▪ Doing the Deal 16

▪ Why They Can Fail 18

▪ Conclusion 20

▪ Case Study 21

Introduction

Mergers and acquisitions (M&A) are a big part of the corporate finance world. Every day, investment bankers arrange M&A transactions, which bring separate companies together to form larger ones. There has been a growing trend throughout the world of companies merging and acquiring others. The main reason for companies to enter into such arrangements is to consolidate their power and control over markets.

Until upto a couple of year’s back, the news that Indian companies having acquired American-European entities was very rare. However, this scenario has taken a sudden U turn. Nowadays, news of Indian Companies acquiring foreign businesses is more common than other way round.

Buoyant Indian Economy, extra cash with Indian corporates, Government policies and newly found dynamism in Indian businessmen have all contributed to this new...