Mergers and acquisitionss (law)

This unique book is designed as a working tool for the study and practice of European competition law, focused on case law analysis. Each chapter begins with an introduction which outlines the relevant laws, regulations and guidelines for each of the topics, setting the analytical foundations for the case entries. Within this framework, cases are reviewed in summary form, accompanied by useful analysis and commentary. The 7th edition includes recent judgments from the European Court of Justice on the scope of object and effects based analysis (including Generics and Budapest Bank), as well as those on abuse of dominance. It examines developments in parallel trade, online sales restrictions, advertising bans, enforcement powers and procedure. Expanding its coverage of merger decisions, it explores non collusive oligopoly (including CK Telecoms) and the treatment of innovation and data under the EU Merger Regulation.

The Trade Competition Act B.E. 2560 has recently come into force. The Commission Notifications related to merger control was published in the Royal Gazette on 28 December 2018. The author wrote this article to communicate with the readers who are interested in merger control under this Act. The Article is divided into two parts. Part one is about the mergers which may result in a substantial lessening of competition under Section 51 paragraph one. Part two is about the mergers which may result in a monopoly or a dominant business operator under Section 51 paragraph two. In part one, the author compares the said provisions with the International Competition Network Recommended Practices, Singapore and Taiwan merger control. The study shows that the merger under Section 51 paragraph one is not compatible with the ICN, Singapore, and Taiwan, especially the definition of 'a substantial lessen of competition.' This issue affects the Commission's capability to regulate business operations to maintain free and fair competition.

After economic reforms era and post globalization, the business for Indian companies has been growing in context of new challenges as well as opportunities in the market. The firms have pressure due to presence of foreign MNCs, changing global business environment, awakened customer and change in political environment. The corporates are enticed to search and widen market for their products, to expand customer base by investing in strategies to allow them to achieve these specific goals. Mergers and Acquisitions are the choices opted by the corporates for enhancing growth and to stand out in the competition. M & As help to improve the number of customers, expand area of market and segments, to advance technology and cost reduction. Initially as economic reforms started in 1991 of which globalization leads to integration of economies. It was assumed that as a result of globalization, the foreign companies would ruin the Indian markets by acquiring the Indian Corporates. On the other hand, Collaboration of Indian Companies with Foreign Companies has paved a path to a winwin position for both the entities. Now a days, Indian Companies are moving abroad and acquiring the foreign entities, hereby proving the worth and valuation of Indian Companies abroad. The major sectors where M & As are common include: FMCG, Telecommunication, Healthcare, Textile, Finance, Pharmaceuticalsetc. Among all these sectors, Pharmaceuticals is flourishing in Indian market incessantly. The current study is examining the purpose, advantages of Mergers and Acquisitions in Indian market by analyzing the performance of two categories of Corporates. The entities who opted for the option of Merger and those which are non-merged in Pharmaceutical Industry of India. Various measures are applied for studying performance aspect. It proved that the corporates after merger have better performance than pre-merger stage.

¿Puede ser sancionada la sociedad absorbente en un proceso de fusión por las actuaciones cometidas por la sociedad absorbida antes de la fusión? El Tribunal de Luxemburgo se ocupa de esta cuestión en su Sentencia de 5 de marzo de 2015 que aquí es comentada.

Analisis de las Libertades Fundamentales de Libre Iniciativa Privada, Empresa, Competencia y Libre Acceso al Mercado, e Instituciones Educativas en el Perú
Publicado en Mayo de 2015 en la Revista Actualidad Civil, N° 11, Instituto Pacifico Editores.  Lima-Perú

The time United Nations was formed in mid-twentieth century, internationally, a critical mass of women had been educated, were employed outside the home, and had obtained enough legal and social freedom to participate in public life, even at international level.

The business now-a-days is fetching a considerable and prosperous tool of the development of an economy, which laid its foundation at an unmatched position in the state. The financial growth of a country is vibrant from the steadiness of the business. Deregulation in the monetary market, markets getting liberalized, fiscal changes have observed surprising discrepancies in corporate resulting in implausible challenges and development of technology sovereignty in of late emerging phase of business. While every business is persistent in their efforts to grow into strong and operationally efficient model, thereby, one of the modes for achieving the same is through Mergers and Acquisitions. Mergers and Acquisitions is a terminology which is used for accomplishing higher progress with technical supremacy in markets and to attain international competitive advantage due to higher scale of operations leading to economies of scale. The objective of this research paper is to identify various factors affecting Mergers and Acquisitions in the Indian Business.The literature review in support of identifying the various determinants and impact of Mergers and Acquisitions is existing. This paper observes by analyzing the literature and theories available that determinants of Mergers and Acquisitions are diverse and they have impacted acquiring company in context of the value of firm, its prosperity, shareholders wealth, better return on equity thereby increasing the efficiency of the Organisation.

AUTOSAR XML (.arxml) is a format introduced by the Automotive Open System Architecture consortium to contain the data used in and required by Electric Control Units which is based on Automotive Open System Architecture. Electric Control Unit development is done by 3 groups i.e. OEM like BMW, Tier1like Bosch, and Tier2 like a vector. Each one has its own data that is required for Software development. OEM shares the information with Tier1.Tier1 shares the same with Tier2 for implementing into Electric Control Unit. The DataBase Container (DBC) describes the properties of the Controller Area Network (CAN) / Controllable Area Network Flexible Data Rate (CAN FD). Data analysis in ECU Extract ARXML is very difficult due to the complex structure of data. Performing two-way and three-way comparisons/merges of XML files is difficult. To handle the mentioned challenges manually is a big task that requires huge manual efforts and time which may even result in a manual error. In this paper, we are presenting a newly developed Python-based tool that overcomes the above-mentioned drawbacks.

SYAPUTRA (B1A109122) KEMENTERIAN PENDIDIKAN NASIONAL UNIVERSITAS BENGKULU FAKULTAS HUKUM 2011 ii KATA PENGANTAR Puji syukur saya panjatkan atas kehadirat ALLAH SWT yang telah memberikan rahmat dan karunia-Nya sehingga saya dapat menyelesaikan tugas makalah hukum ekonomi dengan judul PERLINDUNGAN HUKUM TERHADAP KEPENTINGAN PARA PIHAK DI DALAM MERGER SAHAM BANK hingga selesai dengan segala upaya. Dan tidak lupa shalawat serta salam kita haturkan kepada junjungan Nabi besar Muhammad SAW yang telah membawa umatnya dari zaman kegelapan menuju alam yang terang benderang seperti yang kita rasakan saat ini. Saya menyadari masih banyak sekali kesalahan-kesalahan yang terdapat dalam penyusunan tugas ini. Oleh karena itu, penulis sangat mengharapkan masukan baik berupa kritik maupun saran yang berguna untuk penyusunan tugas-tugas selanjutnya.

This paper looks at the recent proposed acquisition of Argos by Sainsbury’s. Firstly the payment structure proposed by Sainsbury’s and the valuation- including any premiums- placed on Argos will be considered. 

This research identifies Sainsbury’s motives in bidding for Argos and will analyse the growth possibilities of the merge using Ansoff’s matrix. The paper concludes by discussing the risks for both Sainsbury’s and Argos should the acquisition proceed, and recommendations are made.

Parties to a merger or an acquisition may have their own ideas as to how the transaction is to be structured or carried out, or the rights and obligations of each party. However, in order for the transaction to be enforced or upheld in a court of law, thereby giving each party the assurance that the transaction itself would not be rendered immaterial, certain laws that are applicable to each transaction must be adhered to. In this chapter, we discuss the scope and applicability of some of these laws and the potential legal obstacles that may arise in course of mergers and acquisitions in India.

This paper looks at the developments of merger and takeover activity in relation to Kenya, especially with regard to the heightened activity that has been observed in the securities markets. The applicable laws are considered and set out in relation to the mergers and take-overs and some relevant examples are given. The paper concluded by stating the efficiency or otherwise of the rules and regulations.

Ever since the Indian Economy opened itself to the foreign market after the economic liberalization reforms of 1991, Mergers and Acquisitions have become a common phenomenon throughout India. In a highly competitive global environment, mergers and acquisitions have turned out to be one of the fastest strategic options for companies to gain competitive advantage. While a merger is a combination of two companies, with one company merging itself into the other and losing its identity, while the other prominent company gains more importance and either absorbs the other company or consolidates itself with the other company, an acquisition is the action whereby the acquiring company purchases the interests of the acquired company’s shareholders and ceases to have any interest or right after the acquisition.

Due Diligence in Mergers and Acquisitions is the process of evaluating and investigating a prospective business decision by getting information about the financial, legal, intellectual and other material information from the other party. The ultimate goal of such activities is to make sure that there are no hidden drawbacks or traps associated with the business transaction under consideration. By performing due diligence, a perfect strategy can be evolved to carry out the merger or acquisition.

With strict due diligence in place, companies can definitely hope to tackle the risks involved and make the end result successful for effective mergers and acquisitions. Today, India presents the right opportunities for companies to engage in cross-cultural transactions and amalgamations and Indian markets are registering massive growth in mergers and acquisitions with consolidation of international businesses in India and fierce competition amongst business houses who are seeking to expand their market.

Il decreto legislativo 147/2015 ha esteso l'ambito applicativo dell'exit tax alle operazioni straordinarie e ha riconosciuto l’applicazione del tax deferral anche al trasferimento di singole attività di una stabile organizzazione di un soggetto non residente, purché formino una vera e propria azienda (o un ramo d’azienda). Obiettivo della presente trattazione è quello di esaminare come andranno a collocarsi le recenti modifiche nel panorama tributario nazionale e sollevare potenziali dubbi interpretativi, con particolare riguardo alla compatibilità tra l'istituto del notional tax credit e del tax deferral

Mergers and acquisitions have become the most acceptable route for growth and stability in the banking sector. The present study has showed that there is a tremendous upward growth of total assets and profits in post merger period when cmpared to pre-merger period.

This paper critically analyzes the scope and exceptions of the prohibition against financial assistance with a focus on Leveraged Buy Outs (LBOs) in the Spanish legal system. The authors endeavor to point out potential deficiencies that prevent the current legal framework from meeting the desirable legal certainty standards pursued by legal operators. Moreover, the legality of these operations is being questioned by a significant portion of legal scholars, who identify a significant risk of legal avoidance, since proving that the operation is made due to economic reasons different than the mere leveraging of debt can be difficult.

Shareholder activism is a central issue in modern corporate governance and the importance of effective shareholder engagement has been put in evidence in the years leading up to the financial crisis of 2008. Indeed, in the last decades, there has been a tendency for corporate investors to disregard due exercise of their rights by focusing exclusively on short-term results.

This paper addresses the issue of shareholder short-termism and considers different alternatives to promote long-term engagement in the European Union setting. In Section I we briefly pose the problem. Subsequently, Section II sets the conceptual framework of short-termism and analyses its economic impacts and the role it has played
in the financial collapse of 2008. In section III, we discuss possible regulatory approaches to this issue at the European Union level. In particular, we examine the recently proposed amendments to Directive 2007/36/EC, and pinpoint possible alternatives to the stewardship approach.

This study presents an evaluation of the implementation and effects of the provisions of EU law on cross-border mergers and divisions. In this context, it focuses, in particular, on the EU Directives on the division of public limited liability companies (82/891/EEC) and on cross-border mergers of limited-liability companies (2005/56/EC), analysing their relevance, and in particular, the gaps and challenges in the application of these directives, in view of the potential for a further legislative initiative in this field.

JEL Classification: L10; L22; L40; O34 Improving shareholder value has often been cited as a merger determinant. Because mergers create larger firms and less competition, they may increase shareholder value through higher market share and stock-market value. We investigate merger impacts on firms' stock-market value and market share. We construct panel data from 4 different data sources on public merging and non-merging U.S. manufacturing firms for 1980-2003. Instrumental variables and factors such as R&D, patents, and citations control for endogeneity. We find that mergers are positively correlated with stock-market value and market share.

New evidence from acquisition decisions suggests that antitakeover provisions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provisions, are better ac-quirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They lead managers to engage more often in value-creating long-term and innovative investing, and increase a firm's sensitivity to investment opportunities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.

The researcher in this project concentrates on the regulatory power of Competition Commission of India with respect to merger, the various factors which affect Mergers and Acquisitions under Competition Act, such as Appreciable Adverse Effect on Competition (AAEC), and effect in the relevant market, and the effectiveness of these measures.

The Annual Scientific Seminar, organised jointly by the Florence School of Regulation, Communications & Media (FSR C&M), the Centre for Media Pluralism and Media Freedom (CMPF) and the Florence Competition Programme in Law and Economics (FCP), is at the frontier of research in electronic communications, Internet and media. It brings together scholars in the fields of social sciences, economics, law and journalism, as well as practitioners.

ΠΡΟΣΚΛΗΣΗ

Διεθνές Συνέδριο Εταιρικού Δικαίου στο Πανεπιστήμιο Κύπρου
“Η Οδηγία για τις Διασυνοριακές Συγχωνεύσεις Εταιριών: Ενωσιακές Προοπτικές και Εθνικές Εμπειρίες”\“Cross-border Mergers Directive: EU perspectives and national experiences”

Η ανάμειξη εξειδικευμένου επαγγελματία (εμπειρογνώμονα) στους εταιρικούς μετασχηματισμούς των συγχωνεύσεων και διασπάσεων αναδεικνύεται, κατά το ενωσιακό και εθνικό δίκαιο, ως ο σημαντικότερος μηχανισμός προστασίας (“ελεγκτική δικλείδα”) για τα συμφέροντα των εταίρων των εμπλεκόμενων επιχειρήσεων (ιδιαίτερα της μειοψηφίας, αλλά και πρόσθετων stakeholders) από τους κινδύνους, που συνυφαίνονται με την οικονομοτεχνική πολυπλοκότητα κάθε μετασχηματισμού.

Η μελέτη πραγματεύεται τις πτυχές του έργου και το ενδεδειγμένο περιεχόμενο της έκθεσης των εμπειρογνωμόνων, με βάση την ολιστική ρύθμιση του Ν. 4601/2019 (για τους μετασχηματισμούς της συντριπτικής πλειοψηφίας των ημεδαπών εταιρικών τύπων) και της υπό ενσωμάτωση Οδηγίας (ΕΕ) 2019/2121 (για τους διασυνοριακούς μετασχηματισμούς κεφαλαιουχικών εταιριών). Ιδιαίτερη έμφαση αποδίδεται στις εύλογες παραμέτρους, παραδοχές και  μεθοδολογία της σχετικής επαγγελματικής εργασίας, όσον αφορά στην αποτίμηση της πραγματικής αξίας των μετασχηματιζόμενων επιχειρήσεων και στη συνακόλουθη διατύπωση γνώμης αναφορικά με το «δίκαιο και εύλογο» της σχέσης ανταλλαγής των εταιρικών συμμετοχών. Με αναφορά στα καθιερωμένα επιστημονικά κριτήρια συναγωγής αυτής της γνώμης εκ μέρους του εμπειρογνώμονα, διακρίνεται αφενός ότι το νέο δίκαιο αντιμετωπίζει επιτυχώς το χρόνιο ζήτημα ασυμβατότητας του προϊσχύσαντος με την ενωσιακή νομοθεσία. Αφετέρου, υποστηρίζεται ότι αποδεσμεύει έτι περαιτέρω την  οικονομική ελευθερία των επιχειρήσεων και των φορέων τους, προκειμένου για την υλοποίηση ανταγωνιστικά αποτελεσματικών συγχωνεύσεων και διασπάσεων, από τη «στενωπό» των λογιστικών κανόνων, που καθορίζουν μονοδιάστατα την καθαρή θέση κάθε συμμετέχουσας εταιρείας.

Στο τελευταίο μέρος της μελέτης, διαπιστώνεται η καθοριστική σημασία που φέρει ρεαλιστικά η έκθεση του εμπειρογνώμονα, τόσο για τη διαμόρφωση της δικαιοπρακτικής βούλησης των εταίρων επί του προτεινόμενου μετασχηματισμού, όσο και για τη δικαστική επιδίωξη τυχόν ατομικών αξιώσεων αποζημίωσης εταίρων ή μετόχων, εξαιτίας άδικης σχέσης ανταλλαγής. Συμπεραίνεται ότι η νομοθετική επιλογή ανάθεσης του ουσιαστικού μέρους του ελέγχου (από τη σκοπιά της «χρηματοοικονομικής δικαιοσύνης») ορισμένης συγχώνευσης ή διάσπασης σε ανεξάρτητους επαγγελματίες ιδιώτες-de facto ελεγκτές, καθιστά την αυστηρότατη διασφάλιση της ανεξαρτησίας και αντικειμενικότητας των τελευταίων ως το σπουδαιότερο διακύβευμα του εναπομένοντος προληπτικού διοικητικού ελέγχου νομιμότητας των μετασχηματισμών, καθώς και κρίσιμο παράγοντα, κατά τη διερεύνηση ενδεχόμενης αστικής ευθύνης των εμπειρογνωμόνων.

Mergers and acquisitions (M&A) are critical mechanisms for corporate growth and potentially for increased shareholder returns. The reality, however, often does not live up to the promise, as is borne out by empirical data on the high incidence rates of M&A under-performance.

In past literature, most studies discussed organizational fit
from a single perspective instead of examining the positive and
negative effects of high and low organizational fit through a
comprehensive and concrete narrative and integrated concept.
Furthermore, most studies attempted to explain “how to make
integration work’’, while omitting “why integration is not
easily achieved’’, often resulting in post-mergers and
acquisitions (M&A) failure. This study surveyed top managers
working for publicly-traded Taiwanese companies which had
processed M&A in the past five years. We randomly chose
qualifying companies by using secondary data, and then mailed
300 questionnaires to top managers of the respective firms who were directly or indirectly involved in the M&A. The results of this study indicate the possibility of integration project after
M&A has been proven. It signifies high organizational fit
companies are more likely to implement organizational management than companies with low organizational fit. Second, the relationship between the organizational fit and the integration possibility of organizational management shows a positive correlation. Specifically, the symmetry of power contains a high correlation with four variables of organizational management.

The wide-spread adoption of merger regulations all around the globe raises the question of whether there is a one-size-fits-all merger policy, or whether some jurisdictions' economic characteristics affect their ability to effectively apply a merger policy in a way which requires some fine-tuning. This question, which generates interesting scholarly and practical debates, is addressed in this paper, focusing on small and on micro jurisdictions. The latter, in particular, bring some of the tradeoffs involved in the design of merger policy to an extreme and provide an interesting and under-explored case study.

Two forces push and pull merger policy. On the one hand, the "follower push" whereby jurisdictions-mostly small, developing or young-benefit from transplanting and following the laws of large, developed jurisdictions with efficient and effective merger regimes. The follower push is often comprised of both internal and external forces. On the other hand, the "unique characteristics pull" whereby the characteristics of a jurisdiction affect its ability to effectively enforce a transplanted law and pull towards adopting a merger policy that best fits its characteristics. Designing a merger law mandates each jurisdiction to find its optimal balance between these two forces and may vary from one jurisdiction to another, depending, inter alia, on the jurisdiction's trade ties and the effectiveness of its enforcement system. Yet these forces do not necessarily lead in different directions; Rather, many parts of a merger regime may fit both the follower and the followed jurisdictions (e.g., adopting a Significant Lessening of Competition test as a benchmark for merger illegality). The challenge is to identify those instances in which the unique characteristics pull leads in a different direction and is stronger than the follower push and to design rules accordingly.

Chapter I briefly explores the two forces noted above. The following chapters focus on the "unique characteristics pull." Chapter II introduces the methodology. Chapter III then explores the effects of the unique characteristics of small size on merger policy. This paper attempts to carry the analysis one step further than that previously performed by the author by proposing a methodological framework to assist in the analysis and by focusing on aspects not previously explored. Chapter IV performs such an analysis for micro economies, a subject which so far has been largely neglected in the literature. Of course, dealing with all aspects of merger policy in such jurisdictions is beyond the scope of a short paper, but some relevant observations and suggestions are offered, based on theoretical observations as well as real-world examples.

Recently, the European Commission has conditionally authorized the Microsoft acquisition of LinkedIn by imposing a number of remedies to address the competition problems, mainly in the shape of foreclosing effects, that are expected to stem from the transaction in the market for professional social network services. From what can be inferred from the press release published on its site competition website, it appears that to vet the Microsoft/LinkedIn merger the Commission may have followed a stricter approach than its past decisional practice concerning digital markets mergers.

and attention especially with the advent of intense globalization. This is evident from magnitude and growth of deals values and resultant 'mega-mergers' transacted in recent times. This research work attempts to assess the implications of mergers and acquisitions of banks in Nigeria on profitability and other associated measures of performance. The research analysis used published audited accounts of one (1) out of the twenty four (24) banks that emerged from the consolidation exercise and data from secondary source were involved. The relevant data collected were analyzed and tested through the instrumentality of SPSS (Special package for Social Sciences) using paired sample correlation and tables. Subsequently, the three hypotheses formulated in this study were tested using correlation co-efficient and T-Test statistics. The result of the analysis revealed that mergers and acquisitions in the banking industry increase bank liquidity, profitability and capital adequacy in the post-merger period. Based on these findings, it can be concluded that the mergers and acquisitions programme have improved the overall performances of banks significantly and also has contributed immensely to the growth of the real sector for sustainable development. Conclusions were arrived at and a number of recommendations were given. These recommendations if duly applied will no doubt generate a sound, safe and reliable bank in Nigeria in order to meet the development of financial challenges in the 21 st century. This impact will make Nigerians and Banks to enjoy maximum patronage of foreign investors and fully open Nigerian economy to the world according to the Nigerian Financial System Strategy (NFSS).

For a firm entering into M & A is sometimes a choice and other times it is a compulsion. But if a Corporate wants to grow, it has to undergo organic as well as inorganic growth in form of M & A. The study of determinants of Mergers and Acquisitions has thereby become of utmost importance and relevant in times of intense competition among Firms. The current study explores the determinants of mergers and acquisitions for Domestic deals in India in comparison to other nations. The determinants can be categorized into firm-specific, macroeconomic , strategic determinants, financial determinants. Thorough research is done by following a rigorous process from exploring the papers to synthesizing the research. The study also gives insights regarding how the relevance of factors determining mergers and acquisitions is changing in India with an impact of COVID-19 and other global level uncertainties.

This essay, based on the theme ‘Antitrust trends in M&A’ is focussed on highlighting the neoteric changes in competition law framework and its implementation in the year 2017. The essay is loosely divided into three parts, progressing from a general perspective on the need for competition law regulation, towards more specific aspects of exemptions and relaxed regulatory dimensions this year. The first part assesses the interplay between competition law and merger transactions, including considerations driving M&A and determining how a merger is likely to harm competition. The second part highlights the shift in Competition Commission of India’s viewpoint towards large players forming a post-merger dominant entity by drawing a distinction between the LafargeHolcim deal of 2015 and the Idea-Vodafone merger approval of 2017.  The third aspect of this essay relates to analysing general and industry-specific exemptions granted in the last few months and their impact on sustaining the upward momentum of India’s growth story.

For a firm entering into M & A is sometimes a choice and other times it is a compulsion. But if a Corporate wants to grow, it has to undergo organic as well as inorganic growth in form of M & A. The study of determinants of Mergers and Acquisitions has thereby become of utmost importance and relevant in times of intense competition among Firms. The current study explores the determinants of mergers and acquisitions for Domestic deals in India in comparison to other nations. The determinants can be categorized into firm-specific, macroeconomic , strategic determinants, financial determinants. Thorough research is done by following a rigorous process from exploring the papers to synthesizing the research. The study also gives insights regarding how the relevance of factors determining mergers and acquisitions is changing in India with an impact of COVID-19 and other global level uncertainties.

This report was commissioned by the client, Musgrave Group to provide new strategic directions for the company. The report begins with an overview of the company and an overview of the project to be undertaken.
The next part of the report provides a strategic analysis of the Nigerian market both from an environmental and industry perspective on behalf of the client. Furthermore, the feedback gotten from the primary research carried out is inculcated into the formulation process of strategic options for the client.
These options are then evaluated using a strategic framework and recommendations are provided to the client.

One of the key processes that business leaders are using to grow their organizations is mergers and acquisitions (M&A). As such, the M&As are considered as a critical process with considerable implications for the company's profitability and growth. Still, between 70 to 90 percent of the M&As deals fail to deliver the expected value to the acquirers. The purpose of this qualitative study was to explore strategies that industry leaders used to conduct successful M&A processes. The conceptual framework of this study is based on Sarasvathy's effectuation theory. Eight face-to-face interviews were conducted with participants from a global healthcare company who acted as the company's presidents or executives and had experience conducting M&As. The data were coded, and themes were emerged using Microsoft Office and NVivo 10 software. Six themes were emerged through data analysis: leadership focus, value creation, integration strategy, the review process, relationship development, and organizational governance. The results of this study could be used to improve leadership strategies when conducting the process of M&A. The implications for positive social change might enhance the stability of the healthcare industry and the individuals who consume healthcare products. Also, this will bring to improved health outcomes, well-being, longevity, and quality of life.

Thorough planning is key for a successful merger. When competitors want to merge, they often have to go through lengthy merger review proceedings, during which antitrust rules restrict their ability to engage in efficient joint planning. New guidelines by competition authorities recognize the need for early integration planning and explain how companies can launch joint planning prior to regulatory approval. With the right safeguards in place, companies can develop a ready-to-execute implementation plan while they try to convince the regulators to approve the deal.