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Financial Ratios 36
Financial Impact of the Takeover 38
Chapter 6: Conclusions and recommendations 42
Appendix A. Ten people crimes and Organisational result 52
Appendix B. Key Issues to Address in Post-Merger Integration 53
Appendix C. Trompenaars' Theories on culture 54
Appendix D. Survey Questionnaire 55
Table 1.1. Financial Ratios of Menzies Hotels PLC as of January 2005 58
Table 1.2. Financial Highlights Queens Moat Hotels Ltd. as of December 2004 59
Table 2. Criteria on Interviewee Selection 60
Table 3. Summary of responses to Interviews 61
Table 4. Summary of Secondary Data on Relevant Theories 63
List of terms
Acquisition: When one business takes control of another, this is known as an acquisition. Investment banks and other financial institutions often have mergers and acquisitions (M & A) departments, to provide financial and other forms of support for these activities. Some acquisitions, like Daimler Benz's of Chrysler in 1998, are disguised as a merger for political reasons.
Due Diligence: An internal analysis by a lender, such as a bank, of existing debts owed by a borrower in order to identify or re-evaluate the risk; an independent analysis of the current financial state and future prospects of a company in anticipation of a major investment of venture capital or a stock-exchange flotation; a Venture Capitalist firm's examination by its lawyers and auditors of the records, accounts and any legal documents of an existing business.
Four-Star hotel: Stars are used to give the traveller an indication of the very least they can expect from the hotel. A four-star hotel is fully en-suite, with a Restaurant for cooked breakfast and dinner, often smallish with 50-80 bedrooms and friendlier places to...
This discussion talks that people-related risks and liabilities have a substantial effect on the acquisition value - and the price. These need to be discovered with due diligence before the deal is closed. Suggests using a 360-degree due diligence to give the buyer a complete look at value and risk.Examined benefits accruing to target shareholders in the five-year period after the combination and recommend getting paid in cash, favor investing in acquirers that use tender offers, and that stock payments be used if overpriced. Target shareholders who receive cash must buy acquirer stock. Shows three ways to determine the value of something through financial valuation: an income approach, a cost approach, or a market approach. Companies that pay attention to revenues and delivering on total return to shareholders instead of focusing exclusively on cost cutting are more successful at acquisitions. Problems with receivables can eat into the cash flow - and future revenues - of a newly formed company. Buyer must ensure all supporting documentation on receivables sent as fast as possible to the new company's consolidated credit group. Should pooling of interests accounting be allowed In essence, when two firms combine, there are two methods that can be used to account for the combined value of the firm? They are the purchase method and the pooling of interests method. In most cases, they yield radically different outcomes - with pooling resulting in a much better-looking income statement for years to come.
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