In a consolidation, the resulting entity is a new corporation, called the. Halliday and hasan have provided a classification of lexical cohesion based on. The cost and benefit analysis of the mergers and acquisitions affect the decision by the managers and the shareholders of whether to take up a specific merger and acquisition. Merger remedies 2003 the oecd competition committee debated merger remedies in october 2003.
Lexical cohesion computed by thesaural relations as an. Mergers, acquisitions, and other restructuring activities by donald depamphilis is an outstanding book. Know what youre getting in to when you decide to grow your business through mergers and acquisitions. Pdf cohesion in english download full pdf book download. Scheme of merger pdf this scheme of amalgamation is presented under sections 391 to 394 and other. Capacity constraints, mergers and collusion olivier compte. The notion of cohesive chaining is taken in order to evaluate the level of literary unity in the original greek of the episode of the transfiguration narrative found within the gospel of matthew. Halliday and hasan in cohesion in english 1976 see text connectedness realized by.
The research gives an insight on how domestic merger. Organizations may consider a statutory merger with other organizations to maximize financial and organizational efficiencies, or sometimes to gain an advantage over competitors. This kind of representation tends to combine various cohesive. Downstream merger and continuity of interest developments. Synergy is the concept that, the value of the combined companies will be greater than the joint value of the two individual companies.
The cohesion analyses a cohesion analysis was used based upon the system described by halliday and hasan in cohesion in english 1976. Cohesion in english available for download and read online in other formats. Merger and consolidation are procedures required by law when two or more corporations constituent corporations become a single corporation. Coates iv1 the core goal of corporate law and governance is to improve outcomes for participants in businesses organized as corporations, and for society, relative to what could be achieved. Merger%and%acquisition the impact on organizationalculture. Two years after acquisition, enterprise, national and alamo. Mergers that appear to be successfulby meeting synergy targets and achieving financial goalscan often be harmful to the company in the longer run. Cohesion in english is concerned with a relatively neglected part of the linguistic system. Mueller b,1, michael weichselbaumer c,2 a wu vienna university of economics and business, institute for quantitative economics, augasse 26, a1090 vienna, austria b university of vienna, department of economics, bwz, bruennerstr. Benefits of expanding your business through an acquisition or merger. Demonstrative reference by here, there, thisthese, thatthose is often used. But while an acquisition can transform the acquiring company literally. This note explains the approach set out in the 2010 merger guidelines to. The use of economics in competition law 2005, jan 27, brussels the views expressed herein are not purported to reflect those of the federal trade commission, nor any of its commissioners.
In practice, efficiencies are usually relevant in merger analysis only when there is concern that the transaction is otherwise anticompetitive. Topic 3 reading list shahrur, husayn 2005, industry structure and horizontal takeovers. Gary hewitt of the oecd, written submissions from australia, brazil, canada, the czech republic, denmark, the european commission, germany, hungary. Mergers and acquisitions have become common business tools, implemented by thousands of companies in world. Whether analyzed in terms of economic rationality, or looked to as an accurate guide to the. Old t shs are not cashed outcontinue to have equity participation now as shs. Cohesion in english provides important new tools for linguistic analysis by delineating those semantic resources of the language which tie idea to idea to create texts. Operating economies through mergers mba knowledge base.
A reference point theory of mergers and acquisitions. A share deal is a frequently encountered legal transaction. Conjunctions as cohesive devices in the writings of english as. A statutory merger is completed in accordance with the state laws that govern the organization of the parties to the transaction. This pdf is a selection from an outofprint volume from the national bureau of economic research. Operating economies through mergers a merger, which results in meeting the test of increasing the wealth of the shareholders, is said to contain synergistic properties. Driven by a philosophy of shareholder value they not. Analysis of wealth effects on rivals, suppliers, and corporate customers. A merger and an acquisition are similar in nature and the difference between the two is sometimes very subtle. Rau and vermaelen 1998 show that this pattern of returns remains even after the correction for size and. Oldarticlescognitive processing of literary discourse. This pdf is a selection from an outofprint volume from the national bureau. This strategy is commonly seen within the medical technology industry, where most research has.
Planning for a merger or acquisition requires consideration by each party of alternative structures for the transaction that will maximize the benefit to the party and its equity. They can also access all the presentations, playbooks, books, articles, checklists, software, assessments, webinars, research, tools, and templates on. The approach of the new horizontal merger guidelines the us department of justice and the federal trade commission released the 2010 horizontal merger guidelines on august 19, 2010. Undoubtedly today we live in a time of significant economic change.
While it is clear that no single theory will never be able to address the full range of merger phenomena, reference points fill in some of the blanks. Mergers and acquisitions higher school of economics. A taxfree merger, in its simplest form, occurs when one company acquires a controlling interest in the other company in exchange for at least 80 percent of its stock. Then ill list the general advantages and disadvantages of mergers and acquisitions deals.
Pwcs expertise can guide you through the transaction process, and thanks to our global network, we will also be able to identify a number of potential acquisition targets. A corporate merger or acquisition can have a profound effect on a companys growth prospects and longterm outlook. Kaplan february 2006 abstract in this paper, i begin by describing and assessing the different criteria simple criteria used by financial economists to evaluate merger success. However, statistic data show that mergers and acquisitions often do not let companies to reach the results expected. Types, regulation, and patterns of practice john c. Mergers, acquisitions, and other restructuring activities. Introduction in recent years there have been significant developments in the use of empirical economic methods to study the likely competitive effects of mergers. A truly healthy merger results in improvements across multiple dimensions, including operating and financial performance, business and technical.
The success of a merger or acquisition deal is determined by the extent of the synergy achieved. Some merger and acquisition activities all over the. Jan 23, 20 operating economies through mergers a merger, which results in meeting the test of increasing the wealth of the shareholders, is said to contain synergistic properties. This pdf is a selection from an outofprint volume from. Home corporates listed companies information memorandum scheme of. A successful acquisition demands an effective strategy and a suitable takeover target.
The cohesion concepts relationship to the coherence of text. These developments have been shaped by the increased. Pritchett, lp pritchett merger integration about us. The broad range of information which needs to be assessed, the vendors interest in securing as high a price as possible, the investors enthusiasm to buy and its subjective and rather overly positive perception of risk indicators with identical expectations. Following the first great merger wave that began at the end of the 19th century, several studies tried to explain its causes and effects. Whether youre selling a business, buying a business or merging two or more businesses, there are myriad tax and legal issues that need to be navigated, such as financing structure, purchase price allocation and fair trade laws. Davidy university of southern california july 9, 2014 abstract. Lexical cohesion in oral english shuxuan wu english department, qingdao university of science and technology, qingdao, china email. Herbold, fsa, maaa this issue brief has been prepared solely for the internal use of and is only to be relied upon by the indiana health care exchange policy committee. There are certain linguistic features that contribute to. The term cohesion has been defined by halliday and hasan 1976. Pdf impacts of mergers and acquisition on the performance. August 31, 2006 abstract one most commonly quoted reason for mergers is for firms to maintain their competitiveness in the product market.
Pdf mergers and acquisitions as a form of corporate restructuring are reform strategies recently adopted to reposition the banking sector. In a merger, the resulting corporation, called the surviving corporation, is one of the merging corporations. Mueller b,1, michael weichselbaumer c,2 a wu vienna university of economics and business, institute for quantitative economics, augasse 26, a1090 vienna, austria. The bank will provide advice as to the marketability and value of. A text derives this texture from the fact that it functions as a unity with respect to its environment. Lucia, australia a a a u4, imuvoucuon halliday and assns cohesion inglis176 deals with various types of nonstructural relations that link one part of a text with another.
The importance of mergers and acquisitions in todays economy. Effects of merger on rival firms effects of merger on suppliers and customers some implications for antitrust policy team project presentation. It also aims to emphasize the necessity of using cohesive devices in written discourse by analyzing a michigan english language assessment battery melab sample examination of a students essay writing. The aggregate implications of mergers and acquisitions. This document includes an executive summary and the documents from the meeting. The importance of mergers and acquisitions in todays.
Mergers have been a topic of considerable interest in the united states for at least a century. Significant implications for public company mergers appear largely ignored by kevin miller kevin miller kevin. Pdf this paper aims to analyse an english text from a magazine for the purpose. Halliday and hasan 1976 identified five different types of cohesion. Two years after acquisition, enterprise, national and. While it is clear that no single theory will never be able to address the full range of merger phenomena, reference points fill in. The opinions expressed in this article are solely those of the. Malmendier and tate 2008 examine the extent to which overcon. Pdf this study is entitled cohesion and coherence in english. Two constituent corporations 1 b enters into a plan of merger wt 2 b acquires t i b survives, t disappears ii. The opening chapter of cohesion in english provides a summary description of the technical aspects of the cohesion concept, as well as a theoretical justification for it. Coherence and cohesion in english discourse munispace. Kaupert the release in 1982 by the department of justice of its new merger guidelines was, in one sense, long overdue. Jul 25, 2011 the three principal structural alternatives for a merger or acquisition transaction are the statutory merger, acquisition of assets and acquisition of stock or other form of equity of the target.
Reference linguistic elements related by what they refer to. However, statistic data show that mergers and acquisitions often do. In addition, the requirements for a qsp and a merger are somewhat different, and a purchase that may qualify as a qsp but for the requirement that the stock at issue be acquired by purchase could also theoretically be small enough that on a subsequent merger continuity of interest would still be satisfied. Halliday, ruqaiya hasan cohesion in english is concerned with a relatively neglected part of the linguistic system. Then i take you through various corporate strategies in line with conducting mergers and acquisitions. This paper takes a discourse analytic approach from the field of systemic functional linguistics sfl founded by m. I then discuss the empirical evidence on mergers and acquisitions. Statutory merger concept overview, example, and breadown. Power and associates announced the 2009 rental car satisfaction study results today, three of the top four rankings went to the enterprise holdings portfolio of brands enterprise rentacar ranking highest, national car rental ranking second and alamo rent a car ranking fourth which are owned and operated by the taylor family of st.
Provided a brief basic understanding, i then focus on the main. Contextual translation of merger deficit into english. Our endtoend merger, acquisition and divestiture advisory services are customized to meet the unique needs of. Pdf this paper attempts to provide a contrastive account of cohesion and coherence. However, we consistently find that takeovers early. The aggregate implications of mergers and acquisitions joel m. Our endtoend merger, acquisition and divestiture advisory services are customized to meet the unique needs of each of our clients. Merger%and%acquisition the impact on organizational. The importance of mergers and acquisitions in todays economy rima tamosiuniene1, egle duksaite2 abstract. There are many advantages of growing your business through an acquisition or merger. One of the main reasons why companies merge or acquire other companies is to create a synergy.
Pritchett merger integration certification workshop attendees, and paid website subscribers can access this resource. Pdf cohesion in english halliday and hasan roberta. The study wishes to reassess the earlier findings, focusing on cohesion. Downstream merger and continuity of interest developments 1195. As you can see in the talks agenda, i will spend a few minutes first to define mergers and acquisitions briefly, providing few examples. Gregoriou and luc renneboog abstract this chapter discusses the trends in international market for corporate control.
Competition agencies typically conduct a straightforward analysis of competitive effects of a merger, and if anticompetitive effects are judged to be nonexistent or. Merging the individual and small group markets jill s. Theory and evidence of horizontal mergers jinghua yan first draft. Halliday and hasan 1976, hoey 1991 gives lexical cohesion a more central role. Halliday and hasan in cohesion in english 1976 see text. This pdf is a selection from an outofprint volume from the. Dgcl 251c plan of merger must be approved by shs of each constituent corp. Theory and evidence of horizontal mergers wharton finance. Understand the tax implications of business mergers.