The vast majority of the acquisitions of UK‐quoted companies are friendly. This paper compares the accounting, financial and governance characteristics of firms that were acquired by friendly take‐over with those of firms that were not taken over. Evidence is found that targets exhibited...

The different types and characteristics of mergers and acquisitions are examined, and some defensive and offensive strategies and tactics explained. Reasons for mergers and takeovers are also dealt with. The article includes a glossary of terms, an example of a summary of Rights to Purchase for...

The proliferation of mergers during the 70s and 80s has generated voluminous amounts of research with a primary focus on the impact to the shareholders from both the acquired and the acquiring firms. Relatively little research has been placed on the valuation process itself, especially within...

In recent years there has been a substantial increase in the number of mergers and takeovers in the UK referred by the Office of Fair Trading to the Monopolies and Mergers Commission for investigation and report. This reflects an ongoing concern of the UK competition authorities with the...

European food manufacturers are switching to pan‐European marketing and rationalizing manufacturing operations to achieve economies of scale as margins are squeezed by retailers and brand loyalty wanes. The US multinational CPC International appears to epitomize this trend. However, its focus...

Reviews the acquisition of Forte plc, the longest established UK hotel company, by Granada plc. The Granada Group, a television and leisure conglomerate, launched a £3.3 billion hostile takeover bid for Forte on 22 November 1995, in one of the UK’s most expensive takeovers this decade. This...

An important characteristic of public limited liability companies is that those which provide a company’s finance are not involved in the running of the business. It is therefore in the interests of the owners (shareholders) to ensure that the management team is implementing policies...

Presents a case study of an intervention in a technology‐based acquisition. Conceptualizing the technology transfer process as the integrated movement of people, capabilities and knowledge, the analysis examines the development and implementation of the acquisition plan. The discussion focuses...

This paper is a grounded theory study of how a recently merged bank remodelled its relationships with its smaller corporate clients. The bank redesigned its relationships with these clients in three main ways by supporting, terminating or neglecting. In the post‐merger aftermath there is only...

Acquisitions are a key element of corporate strategy. The performances of organisations involved in mergers and acquisitions are examined. The article also examines the significance of corporate culture to company performance, and the change in culture that an acquisition might cause.