Essays in International Mergers and Acqusition Research

• Main Authors: Nossova, Elena N., 葉麗娜
• Other Authors: Ted Fu (Yee-Tian Fu)
• Language: en_US
• Online Access: http://ndltd.ncl.edu.tw/handle/5u66s5

碩士 === 國立政治大學 === 國際貿易學系 === 87 === Successful mergers depend on proper valuation of this special type of investment and effective management of this process. First essay devoted to the problem of merger profitability valuation. Using real-option approach, a simple model is developed to expand accuracy in decision making process about merger possibility. This model considers uncertainty of situation and provides flexibility in company’s strategy. According to this approach profitability of merger may be calculated by using value of premium paid for acquiring company and value of synergy that expected from merge of two companies. Main problem of merger’s valuation in this approach is correct definition of synergy. In second essay, merger of two publishing companies Addison Wesley Longman and Simon & Schuster is analyzed. Positive experience in choosing candidates for merge, pre- and post-acquisition decision making process can serve as a good example of effective merger’s management.