How have M&As changed? Evidence from the sixth merger wave

We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late 2007. The drivers of this wave lie primarily in the availability of abundant liquidity, in line with neoclassical explanations of merger waves. Acquirers were less overvalued relative to targets, and merger proposals comprised higher cash elements. Moreover, the market for corporate control was less competitive, acquirers were less acquisitive, managers displayed less over-optimism and offers involved significantly lower premiums, indicating more cautious and rational acquisition decisions. Strikingly, however, deals destroyed at least as much value for acquiring shareholders as in the 1990s.

Creating a world class business through a merger of two equals: an interview with Paul Walsh, Chief Executive Officer of Diageo Plc

Purpose – The purpose of this paper is to explore, from a practical point-of-view, a number of key strategic issues that critically influence organisations' competitiveness. Design/methodology/approach – The paper is based on a semi-structured interview with Mr Paul Walsh, CEO of Diageo. Diageo is a highly successful company and Mr Walsh has played a central role in making Diageo the number one branded drink company in the world. Findings – The paper discusses the key attributes of successful merger, lessons from a complex cross boarder acquisition, rationale for strategic alliance with competitors, distinctive resources, and the role of corporate social responsibility. Research limitations/implications – It is not too often that management scholars have the opportunity to discuss with the CEOs of large multinationals the rational of key strategic decisions. In this paper these issues are explored from the perspective of a CEO of a large and successful company. The lessons, while not generalisable, offer unique insights to students of management and management researchers. Originality/value – The paper offers a bridge between theory and practice. It demonstrates that from Diageo's perspective the distinctive capabilities are intangible. It also offers insight into how to successfully execute strategic decision. In terms of originality it offers a view from the top, which is often missing from strategy research.

Why merger talks collapse: an exploratory study about contributing factors to ‘wedding cold feet' and deal making failure in mergers and acquisitions from the perspective of active deal making professionals in Brazil

Why merger talks collapse: an exploratory study about contributing factors behind ‘wedding cold feet' and deal making failure in Mergers and Acquisitions from the perspective of active deal making professionals in Brazil. One basic question encouraged this study: after all the effort, expectations and money usually invested in dealmaking, why are so many transactions simply abandoned, even when the benefits are clear for the business, shareholders, customers and employees?

NGC 2782: a merger remnant with young stars in its gaseous tidal tail

We have searched for young star-forming regions around the merger remnant NGC 2782. By using Galaxy Evolution Explorer far-ultraviolet and near-ultraviolet imaging and H i data we found seven ultraviolet sources, located at distances greater than 26 kpc from the centre of NGC 2782, and coinciding with its western H i tidal tail. These regions were resolved in several smaller systems when Gemini/Gemini multi-object spectrograph (GMOS) r-band images were used. We compared the observed colours to stellar population synthesis models and found that these objects have ages of similar to 1 to 11 Myr and masses ranging from 103.9 to 104.6 M circle dot. By using Gemini/GMOS spectroscopic data we confirm memberships and derive high metallicities for three of the young regions in the tail (12+log(O/H) = 8.74 +/- 0.20, 8.81 +/- 0.20 and 8.78 +/- 0.20). These metallicities are similar to the value presented by the nuclear region of NGC 2782 and also similar to the value presented for an object located close to the main body of NGC 2782. The high metallicities measured for the star-forming regions in the gaseous tidal tail of NGC 2782 could be explained if they were formed out of highly enriched gas which was once expelled from the centre of the merging galaxies when the system collided. An additional possibility is that the tail has been a nursery of a few generations of young stellar systems which ultimately polluted this medium with metals, further enriching the already pre-enriched gas ejected to the tail when the galaxies collided.

Authentication and Authorisation Mechanisms in support of Secure Access to WMN Resources

Over the past several years, a number of design approaches in wireless mesh networks have been introduced to support the deployment of wireless mesh networks (WMNs). We introduce a novel wireless mesh architecture that supports authentication and authorisation functionalities, giving the possibility of a seamless WMN integration into the home's organization authentication and authorisation infrastructure. First, we introduce a novel authentication and authorisation mechanism for wireless mesh nodes. The mechanism is designed upon an existing federated access control approach, i.e. the AAI infrastructure that is using just the credentials at the user's home organization in a federation. Second, we demonstrate how authentication and authorisation for end users is implemented by using an existing web-based captive portal approach. Finally, we observe the difference between the two and explain in detail the process flow of authorized access to network resources in wireless mesh networks. The goal of our wireless mesh architecture is to enable easy broadband network access to researchers at remote locations, giving them additional advantage of a secure access to their measurements, irrespective of their location. It also provides an important basis for the real-life deployment of wireless mesh networks for the support of environmental research.

Merger decisions and executive stock ownership in acquiring firms

This study supports the proposition that managerial welfare affects merger decisions. The abnormal stock returns experienced by bidder firms, from the time of the announcement of a merger bid through the stockholder approval date, are positively relaterd to the percentage of own-company stock held by the senior management of the bidder. The results suggest that substantial amounts of own-company share ownership help align the interests of stockholders and management.

The Mice at play in the CALIFA survey. A case study of a gas-rich major merger between first passage and coalescence

We present optical integral field spectroscopy (IFS) observations of the Mice, a major merger between two massive (≳10^11 M_⊙) gas-rich spirals NGC 4676A and B, observed between first passage and final coalescence. The spectra provide stellar and gas kinematics, ionised gas properties, and stellar population diagnostics, over the full optical extent of both galaxies with ~1.6 kpc spatial resolution. The Mice galaxies provide a perfect case study that highlights the importance of IFS data for improving our understanding of local galaxies. The impact of first passage on the kinematics of the stars and gas has been significant, with strong bars most likely induced in both galaxies. The barred spiral NGC 4676B exhibits a strong twist in both its stellar and ionised gas disk. The edge-on disk galaxy NGC 4676A appears to be bulge free, with a strong bar causing its “boxy” light profile. On the other hand, the impact of the merger on the stellar populations has been minimal thus far. By combining the IFS data with archival multiwavelength observations we show that star formation induced by the recent close passage has not contributed significantly to the total star formation rate or stellar mass of the galaxies. Both galaxies show bicones of high ionisation gas extending along their minor axes. In NGC 4676A the high gas velocity dispersion and Seyfert-like line ratios at large scaleheight indicate a powerful outflow. Fast shocks (vs ~ 350 km s^-1) extend to ~6.6 kpc above the disk plane. The measured ram pressure (P/k = 4.8 × 10^6 K cm^-3) and mass outflow rate (~8−20 M_⊙ yr^-1) are similar to superwinds from local ultra-luminous infrared galaxies, although NGC 4676A only has a moderate infrared luminosity of 3 × 10^10 L_⊙. Energy beyond what is provided by the mechanical energy of the starburst appears to be required to drive the outflow. Finally, we compare the observations to mock kinematic and stellar population maps extracted from a hydrodynamical merger simulation. The models show little enhancement in star formation during and following first passage, in agreement with the observations. We highlight areas where IFS data could help further constrain the models.

The merger history of massive spheroids since z ∼ 1 is size independent

Using a compilation of 379 massive (stellar mass M ≳ 10^11 M_⊙) spheroid-like galaxies from the near-infrared Palomar/DEEP-2 survey, we investigated, up to z ∼ 1, whether the presence of companions depends on the size of the host galaxy. We explored the presence of companions for mass ratios with respect to the central massive galaxy down to 1 : 10 and 1 : 100, and within projected distances of 30, 50 and 100 kpc of these objects. We found evidence that these companions are equally distributed around both compact and extended massive spheroid-like galaxies. This suggests that, at least since z ∼ 1, the merger activity in these objects is nearly homogeneous across the whole population and that the merger history is not affected by the size of the host galaxy. Our results could indicate that compact and extended massive spheroid-like galaxies are increasing in size at the same rate.

MY Camelopardalis, a very massive merger progenitor

Context. The early-type binary MY Cam belongs to the young open cluster Alicante 1, embedded in Cam OB3. Aims. MY Cam consists of two early-O type main-sequence stars and shows a photometric modulation suggesting an orbital period slightly above one day. We intend to confirm this orbital period and derive orbital and stellar parameters. Methods. Timing analysis of a very exhaustive (4607 points) light curve indicates a period of 1.1754514 ± 0.0000015 d. High-resolution spectra and the cross-correlation technique implemented in the todcor program were used to derive radial velocities and obtain the corresponding radial velocity curves for MY Cam. Modelling with the stellar atmosphere code fastwind was used to obtain stellar parameters and create templates for cross-correlation. Stellar and orbital parameters were derived using the Wilson-Devinney code, such that a complete solution to the binary system could be described. Results. The determined masses of the primary and secondary stars in MY Cam are 37.7 ± 1.6 and 31.6 ± 1.4M⊙, respectively. The corresponding temperatures, derived from the model atmosphere fit, are 42 000 and 39 000 K, with the more massive component being hotter. Both stars are overfilling their Roche lobes, sharing a common envelope. Conclusions. MY Cam contains the most massive dwarf O-type stars found so far in an eclipsing binary. Both components are still on the main sequence, and probably not far from the zero-age main sequence. The system is a likely merger progenitor, owing to its very short period.

Le contrôle européen des concentrations et les leçons à tirer de la crise financière et économique = European merger control and the lessons of the financial and economic crisis. Research Papers in Law, 06/2013

No abstract.