Mergers and Acquisitions
Objective: To research into and present/report on real merger/acquisition cases. To familiarize with and apply the concepts taught in class. To analyze and compare the mergers/acquisitions from the finance/accounting perspective.
Selected mergers I chose: Intel Corporation and Altera Corporation Vs Microchip Technology Inc and Micrel Inc
1. General: Select two mergers/ acquisitions that are related in the sense that they are in the same industry. Specifically, each merger/acquisition should involve acquirers that, preferably, are competitors. For example The merger of AT&T and BellSouth Vs Sprint and Nextel (Sprint Corporation and Nextel Communications). Search for a recent merger/acquisition (announced and finalized, completed, and effective not more than 5 years ago from now). Consider ‘meaty’ choices. By this I mean your choices should involve big corporations, preferably the firms in each of the two mergers/acquisitions that should be publicly listed. They should all be incorporated in the USA, are there should be news coverage on each of the two mergers.
2. Write an essay/paper on the merger/acquisition: In your essay, you will compare and contrast the two mergers/acquisitions around the following subjects/criteria (you must structure and subtitle your report according to the subtitles as underlined):
a. Introduction; State and Explain why you have chosen those two mergers/acquisitions.
b. Motivation & Reason for the merger/acquisition; Explain why each of the two corporations merged.
c. Merger/Acquisition Contract; Explain/Describe the terms of the merger, the type, the nature, and the structure of the consideration.
d. Accounting 1; Explain in as much detail as possible, how the merger was accounted for at the merger date, whether there was goodwill or gain, etc, to what extent the accounting was consistent with the USGAAP. Note that this is one of the main parts of the research.
e. Accounting 2; Explain in as much detail as possible, how the merger was accounted for after the merger date, measurements, recognitions, presentations (consolidation) using the first two years after the merger, to what extent the accounting was consistent with the USGAAP. Note that this is the main part of the research. Note that this is another one of the main parts of the research.
f. Analysts & Government Reaction; Whether any financial experts (auditors, analysts/brokers/ banks, etc expressed opinions about the merger and what they said (specify/state). Also, whether the government or its agents e.g. the SEC, commented on the merger, and what they said (specify/state).
g. Impact of the M&A; Discuss the impact of the merger on the Industry (changes in industry market share pre- & post- the merger, Sales Trend, Income Trend, Stock market (share price) reaction, etc.
h. Summary and Conclusion; Provide a candid opinion on the merger, whether it was a successful endeavor (whether they realized the objectives of the merger, whether the performance of the new consolidated entity improved, etc), supporting your answer with reasons. For more information on Mergers and Acquisitions check on this: https://en.wikipedia.org/wiki/Mergers_and_acquisitions
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