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Lernmaterialien für Merger & Acquisition Lecture 4 an der accadis Hochschule

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Aufzählung aller Merger Waves+ Thema und Dauer

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1. Merger Wave (Monopoly) 1897-1904

2. Merger Wave (Oligopoly) 1916-1929

3. Merger Wave (Conglomerate) 1965-1969

4. Merger Wave (Hostile and Mega Mergers) 1981-1989

5. Merger Wave (Finance, Telecom)1994-2001

6. Merger Wave (Leveraged Mergers) 2004-2007

7. Merger Wave (International and Tax Mergers)2014-...

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Was verursacht eine Merger Wave

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Economic, technological and regulatory shock. Also sufficient capial liquidty 

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First Merger Wave Characteristics 5 Punkte

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Started after the Depression of 1893

Many horizontal Mergers-> resulted in monopolistic near industries

Companies formed DuPont

Development of Transportation systems

Specialization of Management

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Erste Regulations

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Sherman Act 1890, did not work. Justice Department was understaffed and not interested in aggressive antitrust enforcement 

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Second Merger Wave Characteristics

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Facilitated by cooperations among businesses as a part of the war effort

Investment bankers were aggressive in funding mergers. Much of the capital was controlled by few investment bankers

Most mergers were horizontal, and characterized by economies of scale.

Ended with the stock market crash

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Second Merger Wave- Industries with the most mergers

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Primary Metal

Petroleoum Products

Food Products

Chemicals

Transportations equipment

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Third Merger wave Characteristics

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Long economic expansion

Intense antitrust enforcement

Resulted in companies buying outside of the company`s industry

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First big hostile merger Inco vs. ESB

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Supported by Morgan Stanley

Inco had excess cash

Pressured Morgan Stanley to support the deal

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Characteristics of the fourth merger wave

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Number of hostile mergers grew

Size of the targets were larger

More mergers within certain industries

Deregulations

Raiders

Development of Anti Takeover strategies

Development of the Junk Bond Market

High Number of Leveraged Buyouts and going-private transactions

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Fifth Merger Wave

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Roll Ups

Major Industries:

Funeral homes

Office products

Floral products

Failed to deliver on promised gains

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Roll Ups

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Market enthralled with consolidating deals

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In which year during the first merger wave were the most


(unimportant I think) 

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In the year 1899

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Beispielhafte Karteikarten für deinen Merger & Acquisition Lecture 4 Kurs an der accadis Hochschule - von Kommilitonen auf StudySmarter erstellt!

Q:

Aufzählung aller Merger Waves+ Thema und Dauer

A:

1. Merger Wave (Monopoly) 1897-1904

2. Merger Wave (Oligopoly) 1916-1929

3. Merger Wave (Conglomerate) 1965-1969

4. Merger Wave (Hostile and Mega Mergers) 1981-1989

5. Merger Wave (Finance, Telecom)1994-2001

6. Merger Wave (Leveraged Mergers) 2004-2007

7. Merger Wave (International and Tax Mergers)2014-...

Q:

Was verursacht eine Merger Wave

A:

Economic, technological and regulatory shock. Also sufficient capial liquidty 

Q:

First Merger Wave Characteristics 5 Punkte

A:

Started after the Depression of 1893

Many horizontal Mergers-> resulted in monopolistic near industries

Companies formed DuPont

Development of Transportation systems

Specialization of Management

Q:

Erste Regulations

A:

Sherman Act 1890, did not work. Justice Department was understaffed and not interested in aggressive antitrust enforcement 

Q:

Second Merger Wave Characteristics

A:

Facilitated by cooperations among businesses as a part of the war effort

Investment bankers were aggressive in funding mergers. Much of the capital was controlled by few investment bankers

Most mergers were horizontal, and characterized by economies of scale.

Ended with the stock market crash

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Q:

Second Merger Wave- Industries with the most mergers

A:

Primary Metal

Petroleoum Products

Food Products

Chemicals

Transportations equipment

Q:

Third Merger wave Characteristics

A:

Long economic expansion

Intense antitrust enforcement

Resulted in companies buying outside of the company`s industry

Q:

First big hostile merger Inco vs. ESB

A:

Supported by Morgan Stanley

Inco had excess cash

Pressured Morgan Stanley to support the deal

Q:

Characteristics of the fourth merger wave

A:

Number of hostile mergers grew

Size of the targets were larger

More mergers within certain industries

Deregulations

Raiders

Development of Anti Takeover strategies

Development of the Junk Bond Market

High Number of Leveraged Buyouts and going-private transactions

Q:

Fifth Merger Wave

A:

Roll Ups

Major Industries:

Funeral homes

Office products

Floral products

Failed to deliver on promised gains

Q:

Roll Ups

A:

Market enthralled with consolidating deals

Q:

In which year during the first merger wave were the most


(unimportant I think) 

A:

In the year 1899

Merger & Acquisition Lecture 4

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