| Kitap Künyesi | |
| Yazar | Leyla BALCI |
| Baskı Tarihi | 2022/02 |
| Baskı Sayısı | 1 |
| Boyut | 16x24 cm (Standart Kitap Boyu) |
| Cilt | Karton kapak |
| Sayfa Sayısı | 118 |
In order to maintain the existence of companies in a competitive environment caused by globalization and developing technology, or to continue their activities more strongly by creating synergies, the importance of mergers and acquisitions both nationally and internationally keeps on increasing. In this master thesis, the historical development, the process of mergers and acquisitions, and the reasons that led companies to success or failure were emphasized and with a case study, performance evaluation study was carried out by analyzing the company's financial statements before and after the merger on the factors affecting merger and takeover performance.
LIST OF CONTENTS
PREAMBLE................................................................................................................ 5
ÖNSÖZ ...................................................................................................................... 7
LIST OF CONTENTS ................................................................................................... 9
LIST OF TABLES ....................................................................................................... 13
LIST OF FIGURES ..................................................................................................... 13
LIST OF ABBREVIATIONS......................................................................................... 15
INTRODUCTION ...................................................................................................... 17
CHAPTER I
GROWTH IN COMPANIES AS A RESULT
OF GLOBALIZATION AND CROSS BORDER MERGERS AND ACQUISITIONS
1.1. THE GROWTH REASON OF THE COMPANIES............................................19
1.2. TYPES OF GROWTH STRATEGIES OF THE COMPANIES..............................20
1.2.1. Organic Growth .............................................................................. 20
1.2.2. Inorganic Growth............................................................................ 21
1.3. CROSS - BORDER M & A ..........................................................................23
1.4. DEFINITION OF MERGERS AND ACQUISITIONS AND HISTORICAL WAVES........24
1.4.1. Acquisition...................................................................................... 24
1.4.2. Merger............................................................................................ 25
1.4.3. Differences Between Mergers and Acquisitions ............................ 26
1.4.4. The Types of Mergers and Acquisitions.......................................... 27
1.4.4.1. Vertical Mergers and Acquisitions ................................. 27
1.4.4.2. Horizontal Mergers and Acquisitions ............................. 28
1.4.4.3. Conglomerate Merger and Acquisition .......................... 30
1.5. PURCHASING METHODS OF MERGERS AND ACQUISITIONS .....................31
1.5.1. Merger and Acquisition By Agreement .......................................... 32
1.5.2. Merger and Acquisition By one-side Desire ................................... 32
1.5.3. Leveraged Buy-out.......................................................................... 33
1.6. THE HISTORY OF MERGER AND ACQUISITION..........................................35
1.6.1. First Wave (1890-1907) .................................................................. 38
10 List of Contents
1.6.2. Second Wave (1916-1929) ............................................................. 39
1.6.3. Third wave (1965-1972) ................................................................. 40
1.6.4. Fourth Wave (1981-1990) .............................................................. 40
1.6.5. Fifth Wave (1993-2000).................................................................. 42
1.6.6. Sixth Wave (2002-2007) ................................................................. 43
1.6.7. Seventh Wave (2011-......) .............................................................. 43
1.7. COMPETITION AUTHORITY AND THE LATEST STATUS MERGERS AND
ACQUISITIONS IN TURKEY .......................................................................44
CHAPTER II
THEORETICAL APPROACH TO MERGERS AND ACQUISITIONS
2.1. THE REASONS THAT ENCOURAGE COMPANIES TO MERGERS AND
ACQUISITIONS TRANSACTIONS ...............................................................51
2.1.1. Synergy........................................................................................... 52
2.1.1.1. Operational Synergy....................................................... 53
2.1.1.2. Financial Synergy ........................................................... 53
2.1.2. Tax Efficiencies ............................................................................... 54
2.1.3. Economy of Scale ........................................................................... 55
2.1.4. Increasing the Competitive Power ................................................. 56
2.1.5. Financial Reasons ........................................................................... 57
2.1.6. Exchange Rates............................................................................... 58
2.1.7. Psychological Reasons.................................................................... 59
2.1.8. Technological Alignment................................................................ 60
2.1.9. Managerial Purposes...................................................................... 61
2.2. SUCCESS AND FAILURE ELEMENTS IN MERGER & ACQUISITIONS..............61
2.2.1. The Reason of Failure..................................................................... 61
2.2.1.1. Management Errors ....................................................... 62
2.2.1.2. Hubris Effect................................................................... 63
2.2.1.3. Psychological Factors ..................................................... 63
2.2.1.4. Overpaying..................................................................... 64
2.2.1.5. Integration Process ........................................................ 64
2.2.1.6. Cultural Differences ....................................................... 65
2.2.2. Success Factors............................................................................... 67
List of Contents 11
2.2.2.1. Speed of Integration....................................................... 68
2.2.2.2. Leadership...................................................................... 70
2.2.2.3. Post-merger integration team........................................ 71
2.2.2.4. Communication.............................................................. 72
2.2.2.5. Managing Cultural Differences....................................... 74
2.2.2.6. Human Resources Management.................................... 76
2.3. THE PROCESS OF MERGER AND ACQUISITION .........................................76
2.3.1. Compile a Target List and Determine Target Company.................. 76
2.3.2. Evaluating Target Company and Make a Decision ......................... 77
2.3.3. Negotiations with Target companies and Determine Conditions .. 78
2.3.4. Preparing Letter of Intent (LOI) ...................................................... 78
2.3.5. Due Diligence.................................................................................. 79
2.3.6. Complete Merger Transactions and Legal Integration ................... 82
CHAPTER III
THE NECESSITY OF PROFESSIONALS,
PERFORMANCE EVALUATION METHODS, AND RESEARCH ABOUT
PERFORMANCE OF THE MERGED COMPANIES AKIS REIT AND SAF REIT
3.1. THE NECESSITY OF M&A PROFESSIONALS ...............................................85
3.1.1. Investment Banks ........................................................................... 85
3.1.2. Attorneys ........................................................................................ 86
3.1.3. Accountants.................................................................................... 87
3.2. PERFORMANCE EVALUATION METHODS IN MERGERS AND ACQUISITIONS....87
3.2.1. Ratio Analysis Method.................................................................... 88
3.2.2. Parametric Method ........................................................................ 89
3.2.3. Nonparametric Method.................................................................. 89
3.3. RESEARCH ON MEASURING FINANCIAL ACTIVITY AFTER MERGER ...........90
3.3.1. Purpose of the Research................................................................. 90
3.3.2. Subject of the Research.................................................................. 90
3.3.3. Method of the Research................................................................. 91
3.4. GENERAL INFORMATION ABOUT RESEARCHED COMPANIES
AKIS REIT AND SAF REIT..........................................................................91
3.4.1. Akis Real Estate Investment Trust .................................................. 91
3.4.2. Saf Real Estate Investment Trust.................................................... 92
12 List of Contents
3.5. ANALYZED FINANCIAL TABLES OF AKIS WITH RATIO ANALYSIS METHOD.........93
3.5.1. Rate Analysis .................................................................................. 93
3.5.1.1. Liquidity Rate Analysis ................................................... 94
3.5.1.2. Operating Rates ............................................................. 96
3.5.1.3. Debt Rates...................................................................... 98
3.5.1.4. Profitability Rates......................................................... 100
EVALUATION .................................................................................................103
CONCLUSION .................................................................................................113
REFERENCES ..................................................................................................115
Copyright 1985 - 2024 | Yetkin Basım Yayım Dağıtım San. ve Tic. A.Ş.
