This book highlights research-based case studies in order to analyze the wealth created in the
world's largest mergers and acquisitions (M&A). This book encourages cross fertilization in
theory building and applied research by examining the links between M&A and wealth creation.
Each chapter covers a specific case and offers a focused clinical examination of the entire
lifecycle of M&A for each mega deal exploring all aspects of the process. The success of M&A
are analyzed through two main research approaches: event studies and financial performance
analyses. The event studies examine the abnormal returns to the shareholders in the period
surrounding the merger announcement. The financial performance studies examine the reported
financial results of acquirers before and after the acquisition to see whether financial
performance has improved after merger. The relation between method of payment premium paid and
stock returns are examined. The chapters also discuss synergies of the deal-cost and revenue
synergies. Mergers and acquisitions represent a major force in modern financial and economic
environment. Whether in times of boom or bust M&As have emerged as a compelling strategy for
growth. The biggest companies of modern day have all taken form through a series of
restructuring activities like multiple mergers. Acquisitions continue to remain as the quickest
route companies take to operate in new markets and to add new capabilities and resources. The
cases covered in this book highlights high profile M&As and focuses on the wealth creation for
shareholders of acquirer and target firms as a financial assessment of the merger's success.
The book should be useful for finance professionals corporate planners strategists and
managers.
