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Mergers and Acquisitions

“They have created a culture of acquisition instead of innovation. It's a lot easier just to write big checks than it is to innovate.”

 

Marc Benioff

LEARNING OBJECTIVES

After reading this chapter, you will be able to:

  1. Understand the concept and rationale for mergers and acquisitions.

  2. Discuss the types of mergers and their benefits.

  3. Understand the valuation concept in mergers.

  4. Deal with the accounting issues in a merger.

  5. Analyse deal structuring in mergers.

FINANCE IN PRACTICE

Procter and Gamble (P&G), the father of product branding, was established in 1837 and it sold candles and soaps. In 1935, the company expanded its international presence with the acquisition of the Philippine Manufacturing Company, ...

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