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Cross-Border Mergers and Acquisitions: Can They Be Sustainable in the Long Term?

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Cross-border mergers and acquisitions pose a unique opportunity to further globalisation and economic boom, since the same is strategic and benefits both parties involved. However, mergers and acquisitions also present specific issues, for instance, layoffs, negative climate impact, foreign laws and taxes, cultural differences, among other things. Therefore, it’s even more important to understand whether they offer a sustainable model of development.

Kinkini Chaudhari explains the meaning of mergers and acquisitions globally and in India using examples. Kinkini also surveys a small sample size to understand how laypeople interpret the scope of cross-border mergers and acquisitions in India, especially after the Covid-19 pandemic.

Cross-Border Mergers and Acquisitions

By Kinkini Chaudhuri, a third-year BBA LLB (H) student from Amity University Kolkata.

Introduction

The terms ‘merger’ and ‘acquisition’ mean consolidating two firms or assets through several financial transactions like tender offers, acquisition of assets and management acquisitions.[1]Introduction:

It has been seen that people tend to use the terms ‘mergers’ and ‘acquisitions’ interchangeably, but the two terms have different meanings.

The term ‘acquisition’ means to take over a company and establish a new owner. The term ‘merger’ means when two firms of approximately the same size advance as a single entity, not separately. A merger can also include an acquisition deal when both the CEOs consent to join their interests in their companies.[2]

In today’s market, many companies plan to move ahead by either merging or acquiring a company. Some of the causes are competition and growth. When a company faces too much competition, and the management finds that it cannot sustain itself, it tries to cut costs and innovation. The only solution that the companies see is acquiring new product lines, intellectual property, human capital and consumer bases. Synergies also solve the problem of competition.[3]

Due to the concept of mergers and acquisitions, the company’s current shareholders could find a dip in the value of the shares. However, that doesn’t generally last that long. In contrast, the prospective shareholders will see a considerable rise in the price of the newly formed entity, as the acquiring company has to spend tons. This usually happens at the pre-acquiring stage.[4]

Sometimes, the shareholders of both entities can find a dilution of the voting rights due to the increased number of shares. This is found in stock-for-stock mergers, where the new company offers its shares in exchange for shares in the target company at an agreed conversion rate.[5]

Different Types of Mergers and Acquisitions

  • Horizontal merger and acquisition: In this type, two entities merge, posing similar products or services. The companies simply expand their range of products or services. There is no diversification. The best example is when Hewlett Packard had acquired Compaq for $24.2 billion on September 03, 2001, to merge the computer products[6].
  • Vertical merger and acquisition: Two entities merge belonging to the same industry but are at different points on the supply chain. The logistics get improved and thereby reducing the time to market the products.[7]
  • Conglomerate merger and acquisition: When two entities from different industries join hands to diversify their product or service lines. This can help cut costs by uniting back-office activities and reducing the risk by operating in various industries.[8]
  • Concentric merger and acquisition: Two entities share their customer bases with a different product or service lines. The best example would be Columbia Pictures with Sony on September 28, 1989, where films of Columbia Pictures could be well played on Sony DVD players. Through this, Sony could introduce Sony Blu-Ray DVD players.[9]

Case Study: Daimler Benz and Chrysler (1998)

Daimler Benz and Chrysler merged in 1988.  The German automobile company had bought Chrysler and had merged to form a new entity named Daimler Chrysler, a $37 billion automotive giant. At the time of the deal, the revenues were impressively high. Chrysler had boasted a 23 per cent market share in the United States, a superstar leadership team and a 7.5 billion Dollar cash on hand, which was quite enough to weather down the cycle without the need for a bailout.[10] But, in 2007, there was a demerger due to cultural clashes, and Chrysler had to be sold for $7 billion.[11]

The main reason for the fallout was the difference in mindsets of the Americans and Germans. [12] Also, there was the betrayal of expectations and deadlocks on the critical operational and integrational issues. But most importantly, there were cultural flashpoints and a failure to retain the top talents.[13]

Methods of Financing an Acquisition

Financing of acquisition means the amount of capital that is obtained to buy another business organisation. It helps to meet out the requirement by providing immediate resources.[14] Once a big shot company acquires a small company, then a smaller company can increase the size of its operations and benefit from achieving economies of scale.

Some of the common sources of financing include bank loans, lines of credit and loans from private lenders, debt security, Small Business Association (SBA) and owner financing.[15]

In the case of smaller companies, favourable rates can help them to reach economies of scale in a short period of time.[16] Sometimes, private lenders can act as the best source of finance for companies that cannot meet the minimum requirements, even though they charge a higher interest rate.

In the case of banks, they are highly inclined over Earnings Before Interests, Tax, Depreciation and Amortisation (EBITDA). EBITDA is a cash metric that would help the acquirer pay back the loan amount at ease from the acquisition, substantial or sustained profits, and valuable assets for collateral.[17] For those companies that have higher receivables than cash flow, securing bank approval can be an issue.[18]

Small Business Association

SBA’s source of financing depends on the size and the nature of the acquisition. The minimum requirements of this source of financing include limits of net worth, average net income and overall loan size. Some paperwork includes submitting accounts receivables, business and personal tax information and personal and business financial statements. Sometimes, the applicant needs to furnish the corporate charter to benefit under SBA 7(a).[19] The 7 (a) loan program of the SBA (Small Business Association) is extremely common, including financial assistance for small businesses with special requirements.[20]

It can be used for:

  • Short-term and long-term working capital;[21]
  • Refinance of current business debt; and[22]
  • Purchase of furniture, fixtures and supplies.[23]

Debt Security: In some cases, a company may issue bonds in the name of debt security. Some companies find that issuing debt securities offers advantages compared to seeking funds from a bank or a private lender. Banks generally have rules or covenants that some companies find restrictive and expensive.[24]

Owned financing: Sometimes, this is used as a method of financing to fund an acquisition deal. Another name of owned financing is ‘seller financing’ or ‘creative financing’. In this source of financing, sometimes, the buyer company makes a down payment, and through an agreed-upon period, the buyer creates the payment in instalments. One advantage of this source of financing is that the seller receives a steady flow of income, whereas, for the buyer, it is the least costly source of financing and way flexible from other sources of finance.[25]

Laws That Are Applicable in Mergers and Acquisitions

The laws that are applicable for a non-resident company are as follows:

  • Foreign Exchange Management Act 1999 and the rules and regulations related to it.
  • The Foreign Investment Policy of the Government of India.[26]

The following are the laws that are applicable for listed companies:

  • Securities and Exchange Board of India Act 1992 (SEBI) and its rules and regulations are applicable.[27]
  • SEBI (Securities Acquisition of Shares and Takeovers) Regulations 2011 (Takeover code).[28]
  • SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 (ICDR Regulations).[29]
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (LODR Regulations).
  • Indian Contract Act 1872.[30]

Following are the laws that are applicable if the acquisition is financed through debt:

  • Transfer of Property Act 1882.[31]
  • Securitisation and Reconstruction of Financial Assets and Enforcement of Security Act 2002 (SARFAESI Act).[32]
  • Recovery of Debts due to Banks and Financial Institutions Act 1993.
  • Old Companies Act and Companies Act are prevalent in today’s date.
  • Income Tax Act 1961.

Parties That Are Involved in the Process of Mergers and Acquisitions

  • Investments in India includes both domestic as well as Foreign Direct Investments (FDI).
  • Investments from India, including overseas direct investments.

Other than equity players in the market, some other significant players include the following:

  • Foreign venture capital investors.
  • Foreign portfolio investors (formally foreign institutional investors).
  • Non-bank financial companies (NBFCs) (which are funded by Indian entities and private equity investors).
  • Entities such as debt funds and mutual funds who subscribe to non-convertible debentures issued by an acquiring company incorporated in India.

Documentations Required in An Acquisition[33]

  • Loan agreement.
  • Inter-creditor agreement.
  • Security agreement.
  • Non-disposal undertaking and power of attorney (only in case of “lock box” arrangements).
  • Subscription agreement (in case of equity-linked transactions).

Valuating Mergers and Acquisitions

The most important part of ‘mergers and acquisitions’ is the valuation of the deal involved.

The value of the deal is the crux of the whole negotiations. The deal’s value is always written down in the Letter of Intent (LOI) and is made based on the ‘Enterprise Value’.[34]

The Letter of Intent (LOI) is a binding document that states the agreement in principle for the buyer to purchase the seller’s business.[35] The important intangible aspects that are involved while deciding the value include:

  • Quality and fit of the management team[36]
  • Company culture and how liked it is by the ranking lists[37]
  • Intellectual Property and trade secrets[38]
  • Employee talent that exists in the company[39]
  • Brand Value of the company[40]
  • Industry buzz or media attention on the company[41]

Formally, two methods are used while calculating the valuation of the deal:

Intrinsic Value

The value is derived by taking its projected future dividends and discounting them by a discount rate that reflects the shareholders’ return requirement on the amount invested and its growth.

It is an archaic and not-so-practical method of finding out the value. Still, it also suffers from various issues like lack of an agreement on the appropriate discount rate to use and a declining number of companies that pay dividends.

However, if we look at it today, companies that use this method focus on the discounted cash flow methodology. In this method, the companies’ future cash flow and discounts at approximately the company’s capital cost are considered.[42]

Relative value Approach

This approach is based on metrics derived by comparing with a company’s peers. Later, it is then compared to the current stock prices of the company. To find out the day-to-day stock price, the investors are found to use this method. To make a blockbuster deal, a combination includes strategy and business evaluation, valuation, and financial analysis.[43]

Stand-Alone Value

This approach means the present value of the company.

In the case of public limited companies, it determines whether the value has been relatively taken and whether the transaction (or deal) is worth it. In the case of private companies, this method can be used as a basis for negotiation, as it establishes a benchmark value of the company.

The Stand-Alone Value method is a combination of intrinsic value, relative value and expectation approach. The most common valuation techniques are Discounted Cash Flow and Comparable Company Analysis.[44]

  • Discounted Cash Flow Analysis: This method is used to evaluate the projected cash flows of the targeted company using a discount rate that approximates the target’s cost of financing. The present value of the targeted company can be determined by adding the cash flows for a defined projection period, with the terminal value approximating the cash flows beyond the projection period for the company are discounted back to the present.[45]
  • Comparable Company Analysis: This analysis method is used to target the public or private companies in the context of their peer group.[46]

Transaction Value

This method helps the company to derive the value of the company. There are two methods:

Comparable Transaction Multiples Analysis and Premium Paid Analysis.

The former means the application of comparable acquisitions and helps to understand whether the deal should be a finalist. This approach is mainly applied when the target is in metrics. The latter one is used to derive the average premiums over the prices of the stocks.[47]

  • Proforma Merger Analysis: This shows whether the acquirer company can pay the necessary amount while acquiring the company. It depicts whether the company can pay.[48]
  • Accretion or Dilution Analysis: This analysis depicts the impact of the company’s surviving transaction by evaluating its proforma earnings post transaction relative to the stand-alone earnings of the predecessor acquirer company engaged in the deal.[49]
  • Contribution Analysis: This method helps determine the relative contribution of the revenues, gross profits, operating profits and earnings of the companies that are a party to the deal or transaction.[50]

Challenges Involved While Calculating the Values for Mergers and Acquisitions

From the above, it can be well understood that calculating the values of mergers and acquisitions is not easy; it offers some challenges. These are:[51]

  • There can be mistakes while calculating the financial data of the target company.[52]
  • Instances can be there where the key or essential information are missed out.[53]
  • There can be issues in reading the buy-side competition for the target company.[54]
  • Issues while evaluating the quality of the management team.[55]

Latest Trends in Mergers and Acquisitions Research

New Pattern of Globalization

Trompennars and Asser (2010) had considered that the whole world could expand through the concept of mergers and acquisitions and strategic alliances. Even during 2008/2009, when the financial crisis had emerged, more ‘share for share’ deals was being proposed and effected.[56]

Cross-border transactions mean two nations are involved in a transaction in which one of the parties offers an enticing prospect for enlargement in the global market. This type of transaction consists of many legal complications and cultural complexes, like understanding the dynamics in foreign markets and management bias to fit in the companies effectively.

Globally, a classic example of a cross-border merger is Swedish Asea and Swiss Brown Boveri Inc. in 1987. [57] The merger entity had later become the world’s leading supplier in the $50 billion electric power industry. Not only that, the company went on to complete 850 subsidiaries. And almost 1,80,000 employees were found to be operating in nearly 140 countries.[58]

In today’s world, the corporates have understood that they have to operate within the ecology of the business where there is interdependence and no independence or singular dependence. Due to mergers and acquisitions, employees are either absorbed within the new setting or are laid off. And sometimes, even the buyer goes bankrupt due to rigorous buying and selling. Yet, there is an advantage to the process of mergers and acquisitions.

Calipha et al. (2010) had pointed out that mergers and acquisitions are the most prominent mode of future growth and creating a sustainable value.

It is known that several new businesses that had merged performed far much better than its predecessor, especially where they were able to handle the evolutionary pressures.[59]

The reason that makes mergers and acquisitions a lucrative proposition is that they are strategic alliances that manage growth by sharing the risk.

In the year 2011, Rosinski had said that some authors think that there are mainly three mechanisms to accomplish growth: organic growth, alliances and mergers and acquisitions.[60]

While some say that there were mostly five ways in increasing the order of cultural risk to expand internationally: greenfield start, international strategic alliance, a joint venture with a global partner, foreign acquisition and lastly, cross-national merger.[61]

Cross-border mergers and acquisitions help firms acquire knowledge, resources, human resources, technology, and most importantly, the acquirer firm gets access to the local firm at a cheaper rate. (Sonenshine & Reynolds, 2014).

Also, due to cross-border mergers, there are massive chances of globalisation and an enormous modification in the internal orientations of the business. (Calipha et al., 2010).

As per the comments of Trompenaars and Asser (2010), even though the success rate is one-third, some organisations have had a success rate higher than that.[62]

It has been found out that even though there are various types of deals, like joint venture, real type deal, etc., the acquirer frequently opts for mergers and acquisitions. The reason could be either a regulatory issue or a failure in resolving the outstanding agreements.

A study by Harvard Business School and the CFOs of Bain and Company was performed. It was depicted that the main reason behind the failure is the failure to create shareholders’ value, where the earnings are lesser than the cost of capital.[63]

In 2003, Rosinski presented a success story.

In the 2000s, Bestfoods was acquired by Unilever for over $25 billion. The deal had acquired its place amongst the twenty largest mergers and acquisitions globally in that year. The main reason behind the success was that there was an understanding of the companies’ cultural differences.[64]

If we try to analyse the success rate of mergers and acquisitions, it can be well understood using the two most celebrated cross-national cases: Dutch Shell (1907) and Unilever (1930). Seeing them, it is easier to explain why.

In both cases, the smaller countries held most of the shares. Apart from that, two head offices were established to mitigate daily issues and manage routine affairs. Plus, there was least government interference. [65]

As per Rosenbloom (2002), the two most important factors that made mergers and acquisitions preferrable include the quantifiable value of the deal and the level of cultural barriers or execution risk.[66]

Is Cross-Border Mergers and Acquisitions A Challenge For Sustainable Business?

In the global market, cross-border mergers and acquisitions have become the most significant phenomena in the last two decades. Buoyant mergers and acquisitions can serve as a powerful tool for growth and survival in the global economy. However, statistically,  globally, 70% of the deals fail to go through.[68]

In the European zone, financial trade and liberalisation in the European Union (EU) and the European Monitory Union (EMU) has made a significant contribution[69]. Cross-borders and acquisitions represent a unique global phenomenon regarding cheap assets, creating tax savings, improving new technologies, expanding, diversifying, etc.[70]

According to the Brundtland Report issued by the Brundtland Commission and released by the World Commission for Environment and Development (WCED) in 1987:

“business sustainability can be defined as the development of the needs and requirements of the present, without compromising the ability of future generations to meet their own needs; this aspect has recently become the subject of interest for businesses.” [71]

The kernel of business sustainability is the attention on all-inclusive development that incorporates social, environmental, and economic sustainability. It also focuses on the corporate social responsibility (CSR) of the company.

The Scope of Cross-Border Mergers and Acquisitions As Understood by Laypeople: Research

This paper surveyed 32 people to understand the scope of mergers and acquisitions, which required them to answer seven questions.

The sample size included people from across occupations, like teachers, assistant professors, business owners, people from the service sector, students and some law graduates. Their occupation is presented in graph 1.

Cross-Border Mergers and Acquisitions

Source: By author

Second: Do you think mergers and acquisitions are beneficial for an economy? If so, how?

In this question, most of them had commented that due to covid many business organisations are shutting down. So, to sustain, mergers and acquisitions do seem like a saving grace.

Third: Are cross-border mergers and acquisitions are good for a developing economy like India? If so, how?

Here, the answer was affirmative and positive. Several participants said that it would drive competition, boost the economy, and the country would get global recognition.

Also, no country is self-sufficient, cross border mergers are necessary for the transfer and sharing of knowledge and resources. Since competition will increase, new goods and services will flow in the economy, providing consumers with varied choices and rising expenditure. Other organisations will also manufacture those items and (maybe at a low cost) and give those to the customers to sustain the competition. And, lastly, Foreign Direct Investments (FDI) will help the economy.

Many believed that the small and newly emerging companies often struggle to sustain themselves, especially at the start. Also, the brand value of new startups drops, giving them minimal scope to be recognised.

Some said that since the quality of the products and services is poor compared to the recognised ones, people tend not to use those.

Thus, in the present question, most said ‘yes’. But they stated that since cross border mergers involve foreign parties, the products are counterproductive to the concept of ‘Made in India’.

Fourth: Are mergers and acquisitions the future post-COVID-19 pandemic?

It was found that there were varied answers. Amongst these three options, an equal number of people had said ‘Yes’ and ‘No’. Students and homemakers mainly had said ‘Yes’, while those within the service sector and assistant professors had disagreed.

The rest of the ten participants were confused. The graph below shows the same.

Cross-Border Mergers and Acquisitions

Source: By author

Fifth: Do mergers and acquisitions sustain for a long period of time?

In this question, most of the people were confused. Graph 3 can well depict the answer.

Source: By author

Sixth: Did the prices of goods and services increase due to cross-border mergers and acquisitions?

Here, too,  most participants were on the fence, claiming that it depends on the economic circumstances. Nevertheless, from graph 4, it can be well understood that half of the people were confused while the other half agreed.

Those who had agreed to the point mainly were law graduates and homemakers. Those in disagreement were primarily teachers and assistant professors.

Cross-Border Merger and Acquisition

Source: By author

Seventh: If anyone would ask you whether mergers and acquisitions are beneficial or not, would you give a positive or negative answer?

Most of them had opted for ‘Positive’. While two participants, a student and homemaker, respectively, went with ‘Negative’. The same is evident through the graph below:

Cross-Border Merger and Acquisition

Source: By author

Conclusion

Even after several drawbacks, companies prefer to move for mergers and acquisitions. After an acquisition, it becomes easier for companies to handle day-to-day operations, like planning, staffing, controlling, directing, forecasting, etc.[72]

Highly experienced organisations are primarily able to handle the deal, which later leads to a proper synergy, as they become more skilled in dealing with negotiations and understanding the target. However, there can be some drawbacks in cross-border mergers and acquisitions the laws in the said country, tax regime and cultural differences. [73]

For several Indian organisations, it has become challenging to repay their debt capital. The same also hampers conditions to open a startup. [74]

Even after so many disadvantages, some mergers in the past looked promising, for instance, the recent merger between Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Network India (SPNI), which are the two biggest conglomerates in the media industry.

The two companies took a step forward towards this multi-dollar merger. In the deal, Sony Pictures Entertainment invested $1.575 billion. The grand merger was successful in 2021, where the Directors had given their permission to execute a non-binding term sheet with Sony Pictures Network India (SPNI). The two parties have signed a non-competent agreement.[75]

The second most successful merger in India was between Vodafone and India in the year 2021. The merger is valued at $23 billion. Even though the deal had resulted in a telecom giant that the two companies had pushed Reliance Jio and the price war had begun. The deal between Idea and Vodafone India had been successful, where Vodafone held 45.1 per cent stake in the combined entity, and Aditya Birla held 26 per cent. The remaining share is held by Vodafone India. [76]

The third example of a successful merger is the Arcelor Mittal merger in the year 2006. The deal was valued at $38.3 billion, where Mittal steel had announced an initial bid of$23 billion for Arcelor, which later increased to $38.3 billion. After the deal, the steel production in the global market had increased to 10%.[77]

Even though these examples seem rosy, there have been promising mergers that could never establish a competent association.

Firstly, the merger between HDFC and Max Life. This merger was initiated in the year 2016 and was valid till the year 2017. Max Life is the fourth largest private insurance company in India. It is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company, a Japanese company holding 26 per cent of the world stake. HDFC Standard Life Insurance was a formerly unlisted company and a joint venture between (HDFC) Housing Development Financial Corporation Limited holding 61.5% shares and Standard Life Aberdeen PLC, holding 35 per cent merger of Standard Life and Aberdeen Asset Management rest by others.

The reason for the failure is that the proposed merger was not approved by the sectoral authorities and by the Insurance Development Authority of India (IRDAI). Section 35 of the Insurance Act also bards the merger between an insurance company with a non-insurance company.[78]

The second most renowned failure was the merger between IDFC and Shriram Finance, attempted in 2017. The proposed merger was between a Non-Banking Financial Institution (NBFC) and an infrastructure company. The shareholding pattern of Shriram Limited, a listed entity during the merger time, was 33.77% held by the promoters, Domestic Institutional Investor (5.58%) and Foreign Institutional Investor (22.42%).

Few investors included Dynasty Acquisitions Ltd (FPI), Piramal Enterprise Limited. Shriram Group is an Indian Conglomerate. Shriram Capital is the holding company for two listed companies Shriram City Union Finance Ltd Shriram Transport Finance Company Ltd. The biggest reason why the deal was a huge failure was that some of the investors of IDFC had demanded a 60% premium due to the generation of fear of the diminution of their holdings in the swap.[79]

Third, a merger between Reliance Communication and Aircel. The merger was initiated in the year 2016. Reliance Communication Ltd is a listed company; 59% was held by the Promoter and Promoter group, 10.09% held by Foreign Institutional Investors, 9.84% by Domestic Institutional Investors and 27.07% by others. Two entities, namely, Maxis Communications and Sindhya Securities and investments, had around 74% and 26% stake respectively in Aircel.

The reason for the failure is that there was extreme opposition from the creditors and the China Development Bank, which was highly opposed by the National Company Law Tribunal (NCLT). Secondly, the procedure was extremely time consuming and lastly, there was a high levy of tax charges.[80]

In this competitive economy, mergers and acquisitions are required to fight against the big shot companies. Only a few indeed turn out to be a grand success. Most of the deals are pretty predatory and initiate when the acquiring company does exceptionally well. 

Endnotes

[1] Adam Hayes, Guide to Mergers and Acquisitions. (Aug. 11, 2021, 3:33PM) https://www.investopedia.com/terms/m/mergersandacquisitions.asp

[2] Adam Hayes, Guide to Mergers and Acquisitions. (Aug. 11, 2021, 3:33PM) https://www.investopedia.com/terms/m/mergersandacquisitions.asp

[3] Adam Hayes, Guide to Mergers and Acquisitions. (Aug. 11, 2021, 3:33PM) https://www.investopedia.com/terms/m/mergersandacquisitions.asp

[4] Adam Hayes, Guide to Mergers and Acquisitions. (Aug. 11, 2021, 3:33PM) https://www.investopedia.com/terms/m/mergersandacquisitions.asp

[5] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[6] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[7] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[8] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[9] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[10] Mark Harndon, What REALLY Happened to Daimler-Chrysler, (October 02, 2021, 5:20PM), https://www.mapartners.net/insights/what-really-happened-daimler-chrysler

[11] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[12] 1995-2007. “World Corp”. Vision, (Oct. 02, 2021, 5:15PM), https://www.daimler.com/company/tradition/company-history/1995-2007.html

[13] Paul Hanson The Main Types of Mergers and Acquisitions. (Aug. 11, 2021, 3:45PM) https://www.docurex.com/en/the-main-types-of-mergers-and-acquisitions/

[14] Will Kenton Acquisition Financing. (Aug. 12, 2021, 4:00PM) https://www.investopedia.com/terms/a/acquisition-financing.asp#:~:text=Acquisition%20financing%20is%20the%20funding,purpose%20of%20acquiring%20another%20company.&text=Bank%20loans%2C%20lines%20of%20credit,common%20choices%20for%20acquisition%20financing

[15] Will Kenton Acquisition Financing. (Aug. 12, 2021, 4:00PM) https://www.investopedia.com/terms/a/acquisition-financing.asp#:~:text=Acquisition%20financing%20is%20the%20funding,purpose%20of%20acquiring%20another%20company.&text=Bank%20loans%2C%20lines%20of%20credit,common%20choices%20for%20acquisition%20financing

[16] Will Kenton Acquisition Financing. (Aug. 12, 2021, 4:00PM) https://www.investopedia.com/terms/a/acquisition-financing.asp#:~:text=Acquisition%20financing%20is%20the%20funding,purpose%20of%20acquiring%20another%20company.&text=Bank%20loans%2C%20lines%20of%20credit,common%20choices%20for%20acquisition%20financing

[17] Will Kenton Acquisition Financing. (Aug. 12, 2021, 4:00PM) https://www.investopedia.com/terms/a/acquisition-financing.asp#:~:text=Acquisition%20financing%20is%20the%20funding,purpose%20of%20acquiring%20another%20company.&text=Bank%20loans%2C%20lines%20of%20credit,common%20choices%20for%20acquisition%20financing

[18] Will Kenton Acquisition Financing. (Aug. 12, 2021, 4:00PM) https://www.investopedia.com/terms/a/acquisition-financing.asp#:~:text=Acquisition%20financing%20is%20the%20funding,purpose%20of%20acquiring%20another%20company.&text=Bank%20loans%2C%20lines%20of%20credit,common%20choices%20for%20acquisition%20financing

[19] Cyril Shroff, Dhananjay Kumar, Ramgovind Kuruppath, Acquisition Finance in India: Overview, (August 13, 2021, 6:00PM), https://uk.practicallaw.thomsonreuters.com/5-628-8328?transitionType=Default&contextData=(sc.Default)&firstPage=true

[20] What is a 7(a) loan?, (Oct. 2, 2021, 12:58PM), https://www.sba.gov/funding-programs/loans/7a-loans

[21] What is a 7(a) loan?, (Oct. 2, 2021, 12:58PM), https://www.sba.gov/funding-programs/loans/7a-loans

[22] What is a 7(a) loan?, (Oct. 2, 2021, 12:58PM), https://www.sba.gov/funding-programs/loans/7a-loans

[23] What is a 7(a) loan?, (Oct. 2, 2021, 12:58PM), https://www.sba.gov/funding-programs/loans/7a-loans

[24] Cyril Shroff, Dhananjay Kumar, Ramgovind Kuruppath, Acquisition Finance in India: Overview, (August 13, 2021, 6:00PM), https://uk.practicallaw.thomsonreuters.com/5-628-8328?transitionType=Default&contextData=(sc.Default)&firstPage=true

[25] Cyril Shroff, Dhananjay Kumar, Ramgovind Kuruppath, Acquisition Finance in India: Overview, (August 13, 2021, 6:00PM), https://uk.practicallaw.thomsonreuters.com/5-628-8328?transitionType=Default&contextData=(sc.Default)&firstPage=true

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