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Mergers and Acquisitions: A Research Overview

• October 2018
• ISBN: 9780429469459

• Florida State University

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The Big Idea: The New M&A Playbook

• Clayton M. Christensen,
• Richard Alton,
• Curtis Rising,
• Andrew Waldeck

Why you should pay top dollar for a “killer deal”—and other new rules for making acquisitions

Reprint: R1103B

Companies spend more than $2 trillion on acquisitions every year, yet the M&A failure rate is between 70% and 90%. Executives can dramatically increase their odds of success, the authors argue, if they understand how to select targets, how much to pay for them, and whether and how to integrate them.

The most common reasons for making an acquisition include holding on to a premium position or cutting costs. But to realize those benefits, the acquirer needs to achieve economies of scale by absorbing the target’s resources into its operations. CEOs, who are often unrealistic about the performance boost from such acquisitions, must be sure not to pay too much for them.

A less-familiar reason for making an acquisition is to fundamentally change a company’s growth trajectory. In those deals, the acquirer uses the target’s business model as a platform for growth. Because the business models with the most transformative potential are often disruptive, they can be difficult to evaluate, and CEOs often believe that such acquisitions are overpriced. In fact, however, those are the ones that can pay off spectacularly.

When a CEO wants to boost corporate performance or jump-start long-term growth, the thought of acquiring another company can be extraordinarily seductive. Indeed, companies spend more than $2 trillion on acquisitions every year. Yet study after study puts the failure rate of mergers and acquisitions somewhere between 70% and 90%. A lot of researchers have tried to explain those abysmal statistics, usually by analyzing the attributes of deals that worked and those that didn’t. What’s lacking, we believe, is a robust theory that identifies the causes of those successes and failures.

• Clayton M. Christensen was the Kim B. Clark Professor of Business Administration at Harvard Business School and a frequent contributor to Harvard Business Review.
• RA Richard Alton is a senior researcher at the Forum for Growth and Innovation at Harvard Business School.
• CR Curtis Rising is the managing director of Harvard Square Partners, a consulting practice focused on inorganic growth and leadership assessment, based in Cambridge, Massachusetts.
• Andrew Waldeck is a senior partner at the growth strategy consulting firm Innosight , where he leads the firm’s healthcare practice.

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A blueprint for M&A success

Large mergers and acquisitions (M&A) tend to get the biggest headlines, but, as McKinsey research  indicates, executives should be paying attention to all the small deals, too. These smaller transactions, when pursued as part of a deliberate and systematic M&A program, tend to yield strong returns over the long run with comparatively low risk. And, based on our research, companies’ ability to successfully manage these deals can be a central factor in their ability to withstand economic shocks. 1 Martin Hirt, Sven Smit, Chris Bradley, Robert Uhlaner, Mihir Mysore, Yuval Atsmon, and Nicholas Northcote, “ Getting ahead of the next stage of the coronavirus ,” April 2020.

The execution of such a programmatic M&A strategy  is not easy, however. Consider the situation at one global cosmetics company (a hypothetical case based on real-world experiences). Enthusiastic executives all had different ideas about which M&A opportunities the company should pursue (exhibit).

Undue influences

The hypothetical case of the global cosmetics company points to two common cognitive biases that can emerge when any company attempts to pursue programmatic M&A: the shiny-object syndrome and Maslow’s hammer.

The shiny-object syndrome —also known as extreme distraction. Companies that continually chase down the next new thing run the risk of pursuing initiatives in the wrong order, skipping foundational tasks, or duplicating efforts and investments.

The M&A team at the cosmetics company, for instance, was reactive. It was swayed by deals sourced by third parties, and it ended up inventing growth strategies around possible, exciting targets without a clear understanding of how they could generate value.

Maslow’s hammer. In his 1966 book The Psychology of Science (HarperCollins), psychologist Abraham Maslow stated, “I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail.” This is the approach the cosmetics company favored—establishing a well-organized M&A team but then using it to drive almost all growth rather than applying it only to those opportunities best suited to be bought, not built.

Without an M&A blueprint to provide an incontrovertible fact base and action plan, the cosmetics company’s efforts to implement programmatic deal making turned into a quixotic, time-wasting effort.

The CEO was pushing for a big bet on digital given the company’s superior financial position. Some senior leaders proposed expansion in greater China, the fastest-growing market for premium cosmetics. Other business-unit leaders saw poten­tial in the markets for organic products and men’s grooming. All had their own agendas (see sidebar, “Undue influences”).

Propelled by a healthy dose of FOMO (or fear of missing out) but lacking a clear set of priorities, the M&A team made multiple small bets on a range of businesses—even on some unexpected targets in adjacent markets (such as pet grooming). But the team did not have a clear plan for creating value from these targets nor for integrating them into the current business structure. The result? The organization ended up wasting time and resources on deals that were mostly unsuccessful, and its executives unintentionally created an unwieldy portfolio of businesses.

The M&A blueprint prompts business leaders to conduct a thorough self-assessment along with a comprehensive market assessment.

As this example illustrates, success in programmatic M&A requires much more than just executing on a long string of deals. Acquirers must articulate exactly why and where they need M&A to deliver on specific themes and objectives underlying their overarching corporate strategies. In addition, they must give careful thought as to how they plan to pursue programmatic M&A—including constructing a high-level business case and preliminary integration plans for each area in which they want to pursue M&A.

Taken together, these factors combine into what we call an M&A blueprint. In this article we discuss how it can be implemented to help organizations remain unrelentingly focused on their investment thesis throughout the deal process. Having a clear M&A blueprint is even more critical as com­panies begin to consider how to rebound from COVID-19. Without an M&A blueprint, it will be more difficult for companies to distinguish between through-cycle opportunities  that are consistent with their corporate strategy and “low hanging, distressed asset” deals that are not.

M&A blueprint: The building blocks

The M&A blueprint can help executives answer three main questions: Why and where should we use programmatic M&A to achieve our corporate strategy? And how should we use programmatic M&A to achieve our corporate strategy? Answering these questions will require asking still more clarifying questions about specific organizational strengths and capabilities, resources available, and other inputs to effective deal making.

Understanding ‘why’ and ‘where’

The M&A blueprint prompts business leaders to conduct a thorough self-assessment along with a comprehensive market assessment. The self-assessment helps establish the baseline from which to identify gaps in corporate ambitions as well as the opportunities for M&A to fill these gaps. It involves examining a company’s key sources of competitive advantage and testing their scalability to determine whether they would still play to the company’s advantage after a transaction. For its part, the market assessment acts as a “sense check” for business leaders, ensuring that the company’s M&A strategy capitalizes on the most recent and relevant trends, accounts for potential disruptions, and acknowledges competitors’ likely actions and reactions.

An M&A blueprint should also define any boundary conditions, or limits to the company’s use of M&A. These conditions, which are typically imposed by the CFO or the board investment committee, provide an important reality check: they define the con­straints on certain types or sizes of deals, thereby further narrowing the scope of potential targets. In setting these conditions, business leaders should account for preexisting financial hurdles—for instance, a rule that “deals must be accretive in the first year” likely would not apply to deals targeting growth and might therefore overly constrain M&A activity. Establishing these boundary conditions at the outset—with explicit agreement from the CFO and the board—can help put teeth into investment commitments and align everyone on negotiable and nonnegotiable terms.

Taken together, the self-assessment, market assessment, and review of boundary conditions can help executives understand the circumstances under which the pursuit of M&A makes the most sense, as well as the markets they are best positioned to enter. Indeed, the output of business leaders’ discussions about “why and where” will be a set of M&A themes that reflect the company’s best value-creation opportunities—those for which the company has the capabilities and resources to achieve intended strategic goals.

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What does a good M&A theme entail? For each theme, senior leaders should identify important deal criteria (categorizing potential targets by geog­raphy, sales channel, product type, and so on) as well as standard screening metrics like company size, number of employees, revenue growth, product port­folio, ownership, and so on. With this detailed information, organizations and M&A deal teams can continually cultivate potential targets within focused M&A themes while still being opportunistic about deals that present themselves.

Once these themes have been identified, business leaders should test them to ensure that they can execute against them—for instance, are there enough targets available, and do the right targets exist to fill gaps in the company’s capabilities? The M&A blueprint will be particularly critical in target-rich environments to help narrow down the list of potentials.

A “gold standard” M&A blueprint is detailed and focused on critical competitive information (value-creation levers, company capabilities, and so on). To understand whether their companies’ M&A themes are detailed enough, business leaders should consider whether they would be comfortable broadcasting those themes to competitors. The answer should be “no.” If the answer is “yes,” more work on the blueprint will be needed, as it and the related themes are likely not specific enough to be useful to M&A teams.

Understanding ‘how’

An M&A blueprint also prompts senior leaders to come up with a plan for “how” they will use M&A to further their overarching corporate strategies. Specifically, the M&A blueprint should delineate the high-level business case and preliminary integration plans associated with each M&A theme.

The business case should explain how the acqui­ring company plans to add value to the target or targets within a given M&A theme—for instance, the capital and operating expenditures needed (beyond the acquisition price) to integrate and scale the asset or assets. It should also outline the operational changes and capabilities that will be required to integrate the new assets—for instance, the creation of a new business unit or a set of new business processes to manage an acquired digital platform.

One large US healthcare company had committed to a strategy of building scale in its services businesses through M&A. First, it consolidated existing disparate service businesses under a new brand and organized them into three distinct units: pharmacy-care services, diversified health and wellness services, and data-analytics and tech­nology services. These became their three M&A themes. Then, over a ten-year period, this program­matic acquirer closed more than 60 deals, spending well over $20 billion, as it sought to fill out its portfolio along these three themes. The organization knew where it wanted to play and how.

Of course, the business case should include a preliminary integration plan for the acquired asset or assets that is consistent with the deal’s value-creation thesis—for instance, all shared services will be absorbed by the acquirer, and the target company’s product portfolio will be cross-sold to the acquirer’s existing customers.

Through their use of the M&A blueprint, business leaders can stay focused on those parts of the deal that can create the most value—especially impor­tant when companies are pursuing multiple deals within the same M&A theme. What’s more, they can prepare functional leaders, suppliers, and others well in advance for the actions they may need to take to integrate an asset or multiple assets.

How lots of small M&A deals add up to big value

M&a blueprint: putting it all together.

An M&A blueprint cannot and should not be developed based on “gut instinct” by a single execu­tive or defined post hoc to validate the theory behind an exciting deal. An executive or business-unit leader should lead its development but should be supported by corporate-strategy and corporate-development executives. The blueprint itself can take the form of a frequently updated and disseminated written report, or it can be a standing agenda item in every M&A and corporate-strategy meeting. Regardless of format, it can help decision makers assess critical factors relating to deal sourcing, due diligence, and integration planning before making any moves and taking steps to identify targets.

Looking back at the case of the cosmetics company, it becomes clear how an M&A blueprint could have helped the organization prioritize a bunch of scattershot ideas into a comprehensive programmatic M&A strategy.

With its market assessment, for instance, it might have seen that the market for digital cosmetics is projected to grow five times faster than the market for nondigital cosmetics. What’s more, market data might have revealed that customers want and expect to buy cosmetics through digital channels, and that there is no clear leader in the space. In its self-assessment, the M&A team might also have seen a gap in the company’s product portfolio com­pared with peers. And a look at boundary conditions might have revealed the time and latitude required to pay off initial acquisition investments, enabling the team to look beyond “base hit” deals with lower acquisition costs.

The M&A blueprint would have led the cosmetics company to a different outcome—perhaps a laser focus on acquiring the set of assets and capabilities needed to build a digital platform for selling cosmetics.

Spending time up front creating an M&A blueprint will pay off over the long term—particularly given the volume of deals associated with a programmatic M&A strategy. With M&A themes and criteria well defined and understood by all, companies can not only be more proactive but also more opportunistic. The top team will be aligned on strategy and focused on deal must-haves prior to reaching out to potential targets. Negotiations with potential targets can be grounded in the business case. Diligence processes can be accelerated and focused only on the most critical sources of value. Integration planning can begin early, with a focus on realizing the strategic intent of the deal rather than just stabilizing companies, people, and processes in the wake of change. Most important, the M&A blueprint can help executives tell a compelling story (inside and outside the company) about its deal-making strategy and its vision for the future.

Sophie Clarke is a consultant in McKinsey’s New Jersey office, where Liz Wol is an associate partner; Robert Uhlaner is a senior partner in the San Francisco office.

The authors wish to thank Anthony Chui, Jack Gordon, Steve Santulli, and Lexi Wang for their contributions to this article.

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Mergers & Acquisitions (M&A)

Be in the know: how to do a comprehensive M&A research.

Pursuing company acquisitions with the right focus

Mergers and acquisitions are pursued for reasons that include corporate growth, enlarging the product range, developing new markets or expanding a company’s leading position. Horizontal or vertical product diversification is a classical driver of companies’ M&A activities. Mergers and acquisitions often make it easier to extend your range to products in the same sector (horizontally) or to products either upstream or downstream in the manufacturing process (vertically).

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Frequently Asked Questions

Answers to some popular questions

It is the buying, selling and merging of companies to achieve corporate growth, expansion of the product range/ portfolio, developing new markets or expanding a company’s leading position. 

Mergers and acquisitions make it easier to extend your own offering to products from the same industry or to products at an upstream or downstream level in the manufacturing process. 

• There are several advantages to Merger or an Acquisition:
• Economic Trends
• Quick growth, bigger market share
• Larger companies, more efficiency
• Efficient processes allow lowering of prices
• Diversification of portfolio
• Acquisition of a bigger pool of skill and talent
• Avoid duplication of resources
• Tax advantages
• New market opportunities (for both companies)

There are sometimes a few disadvantages following a merger or an acquisition:

• Sometimes companies M&A is done to gain Monopoly
• Monopoly may lead to higher prices, inefficient distribution of power within the industry
• Operational issues, companies with different natures, processes and cultures may struggle to merge
• Fewer choices for customers, may also lead to fewer improvements or innovations, loss of productivity
• M&A often leads to job losses.
• Hence, an efficient due diligence is a must to evaluate the company being considered for merger or acquisition, with respect to its key players, stakeholders, investors and vendors; their finances, product development and more.

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M&A Screening: New Strategies Require a Wider View

Growth and capability assets are more likely to be found outside traditional business boundaries.

By Les Baird, David Harding, Andrei Vorobyov and Shikha Dhar

• January 14, 2020

At a Glance

• A differentiated end-to-end M&A capability that links directly to the corporate growth strategy is the common denominator of the most successful companies.
• One of the cornerstones of a strong M&A capability is an ongoing and systematic search for acquisition targets as well as early relationship building.
• In today’s disruptive environment, traditional target screening is rapidly evolving into developing broader market-sensing capabilities as corporate growth strategy demands developing new growth engines.
• New approaches enable you to widen the aperture on sectors and targets and expand your understanding of the broader ecosystem.

This article is Section 4.1 of Bain's 2020 Global Corporate M&A Report. Explore our latest annual M&A report here .

Ongoing target identification underpins the M&A capabilities of leading acquirers

Leadership begets leadership. One of the advantages of being a leader is the information advantage. From a higher vantage point, it is easier to not only spot market trends, emerging technologies and business models but also any acquisition opportunities that come on the market.

Consider this q­uote: "If anyone in the world wants to sell a beauty business, the first people they will call is us,” said L’Oréal CEO Jean-Paul Agon. “So we are looking every year at every opportunity, and continue to. Makeup, skin care, hair care, hair color—everything."

However, L’Oréal does not solely rely on its leadership pull; the company complements this advantage with a rigorous and thoughtful process for finding new acquisition targets.

“We are always busy studying good potential acquisitions,” said Agon.

This is common among the most successful companies that we’ve studied over the past two decades. Sure, they have built a strong M&A capability over time with the right teams and processes. Yet the behavior that trumps it all is their continuous lookout for acquisition opportunities that guides them toward success. It never stops.

In fact, many successful acquirers resemble private equity firms when they scout for and assess potential targets, with a formal investment board and ongoing updates to the target list. That said, the M&A roadmap starts with a defined corporate strategy and investment themes.

The hunt for new lines of business and capabilities requires quite a future-back mindset

Charting out an M&A roadmap for finding and developing new growth engines starts by deeply understanding your unique strategic direction and differentiated capabilities. The M&A roadmap should be derived from corporate strategy. M&A in support of developing new sources of growth also requires a strong in-house capability supplemented by external sources.

Identifying growth and capability assets means widening the aperture on potential sectors and targets, likely venturing beyond existing business boundaries. If not guided by a cohesive strategic direction and done systematically, however, there is a real risk of catching deal fever and buying expensive assets that don’t fit.

To sum up, a successful M&A screening capability for new growth engines looks something like this:

• Develop a high-level M&A roadmap derived from the corporate strategy.
• Open the aperture on potential sectors for investment, considering future profit pool shifts.
• Conduct an ongoing Agile approach to screening for targets and engaging with them.

KLA Corporation’s moves to expand into adjacent businesses illustrates how successful acquirers operate. KLA is a leading player in the process control systems and solutions industry, serving the semiconductor and related nanoelectronics industries. In this highly consolidated sector, there are limited options to make further scale deals. Therefore, KLA embarked on a strategy to build sustained profitable sources of growth by moving into adjacent markets.

M&A roadmap down on paper

A clear M&A roadmap in service of the broader corporate growth strategy brings cohesion to M&A efforts. KLA defined the objectives for M&A moves across multiple time horizons and the types of M&A deals that would help meet those objectives, and it set the financial targets for each time horizon. For instance, short-term business objectives required tuck-in deals, whereas medium- and long-term objectives relied more on scope deals and venture capital–style investments, respectively. This blueprint guided the entire process for the M&A team.

Open the aperture

Most companies take an inside-out approach to M&A. They start with the current business and think about the vectors along which they can expand. Effectively scouting for new growth and capability targets, however, requires an unconstrained view. That means not being bound by historical knowledge and experience.

Indeed, the emerging approach is outside in. It starts with identifying high-growth sectors in a broader addressable market, involving an assessment of how profit pools may shift in the future and where the smart money is heading (see Figure 4.1). You then narrow it down to sectors that have a strong match with your existing differentiated capabilities that define your right to win in these newer businesses. Sectors and targets identified using the outside-in approach still need to be relevant to the existing portfolio of assets. You are likely to be more successful going after attractive businesses in which you can deploy your unique capabilities to create joint value.

M&A screening is evolving to an outside-in approach

KLA’s distinct technical and go-to-market expertise provided the guardrails to evaluate worthy segments and categories in the broader ecosystem. To validate the short list, the company also tracked the career paths of former employees to confirm prioritized sectors, using publicly available data from a professional networking database.

Traditional M&A screening is quickly evolving into broader market sensing. Several market leaders have set up their own corporate venture capital units to bring them closer to grassroots innovations that they might miss when using a traditional M&A lens. Some have CVC units operating within their M&A teams, offering M&A as a service to business units. While direct M&A resulting from a company’s own CVC unit is modest, the broader market-sensing capabilities it offers for a minimal capital investment is fully justified. Everyone recognizes that CVCs are a route to the long game and that they enable executives to have a broader perspective on things they may want to own outright in the future.

Companies are also increasingly adding founder and start-up scans and immersions to their M&A screening. For example, a retail company wanted to understand the robotics space to evaluate potential investments. But since this was outside its existing business boundaries, the company partnered with the Venture Ecosystem to conduct an ecosystem scan and assess various use cases. The Venture Ecosystem is a global community of change-makers, entrepreneurs, futurists, venture capitalists, and innovation experts who connect with one another to push the boundaries of digital transformation.) This group performed a robust global screening to lay out the robotics market, evaluate key start-ups and assess strategic fit with the retailer. The Venture Ecosystem also enabled the retail company to connect with founders in the space to get a firsthand look at robotics solution developments and the requisite talent pool.

Agile approach to decision making and target engagement

Target screening was traditionally conducted using a funnel approach in which acquirers would create a long list, narrow it down to a short list based on defined screening criteria and then proceed with further target profiling. Ideas from investment banks would typically flow into the long list or be evaluated opportunistically.

The canvas needs to be broader in a search for scope targets. Companies are required to expand their view of the sectors in which to invest, the investment themes (single play or multitarget play) and the sequence of these investments.

KLA managed these dynamics by using an Agile approach that not only enabled faster decision making but also helped the company prioritize the most valuable efforts (see Figure 4.2).

A successful screening approach is an ongoing one, using a “living” dashboard

Most companies are slow to act on target short lists. In scope deals, and particularly capability deals, in which the level of familiarity tends to be low, target engagement needs to start earlier so that an acquirer can learn more about the capabilities over time. The best acquirers start a dialogue with targets and keep it going to prepare the ground for an eventual deal.

This was the case in lockmaker Assa Abloy’s recent acquisition of August Home, a smart lock company. The acquisition grew out of an ongoing relationship. Assa Abloy had participated in August’s access program, which introduced investors to an open software platform that enables in-home delivery. For Assa Abloy, learning more about the development of August’s capabilities in the smart lock space and identifying the complementary capabilities to Assa Abloy’s existing Yale brand hardware was a key reason behind its investment in August Home.

Companies that develop the capabilities to search outside immediate business boundaries create a proprietary deal flow and get differentiated assets earlier than anyone else. That gives them a massive advantage in today’s competitive deal market.

This article is part of Bain’s 2020 Global Corporate  M&A Report. Explore the contents of the report here or download the PDF to read the full report.

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Mergers and Acquisitions Research

M&A Research can be a crucial strategy for growth and competitive advantage.

If you are looking to find a potential merger or acquisition candidate, it’s not so easy for several reasons.

• Many potential targets may not know who would be interested in merging with, or acquiring them.
• Others have not even thought about the synergies of a merger or realized that they were worth being acquired.
• Finally, companies that wish to merge or be acquired may not want to make that fact public as it could disrupt their current business. This is unlike an employee actively seeking another job—discretion and confidentiality are common.

How do businesses navigate the complexities of M&A to ensure survival and growth? This question sets the stage for exploring the nuanced world of mergers and acquisitions research, a field that has become the compass for navigating the turbulent waters of the global marketplace.

What Is Mergers and Acquisitions Research?  

Mergers and acquisitions research evaluates potential synergies, identifies risks, and assesses target companies’ financial health and strategic fit. This research is foundational in crafting strategies that enhance value creation, ensuring that when two companies become one, the result is greater than the sum of its parts. By diving deep into the intricacies of each prospective deal, mergers and acquisitions research uncovers the hidden gems and red flags that could make or break a merger or acquisition’s success.

Why Do Companies Conduct Mergers and Acquisitions Research?

Mergers and acquisitions research provides invaluable insights into the financial health, operational efficiencies, and market positioning of target companies, enabling acquirers to assess risks and opportunities precisely. 

Moreover, in today’s interconnected global economy, mergers and acquisitions research is essential for identifying potential synergies and strategic fit between acquirer and target. By conducting comprehensive due diligence, businesses can uncover synergistic opportunities in product portfolios, customer bases, geographic reach, and technological capabilities. This synergy analysis is crucial for maximizing the value creation potential of mergers and acquisitions, ensuring that the combined entity is greater than the sum of its parts. 

Among other strategies, growth by merging with a competitor offers an excellent way to gain customers, increase market share and revenues while decreasing overhead and other redundant expenses.  Merging with a supplier offers the benefits of vertical integration plus expanding your market. In addition, here are a few reasons why companies pursue M&A.

• Operating Synergy . Companies can realize gains in Economies of Scale and Economies of Scope. One motivation is that a company can lower the fixed cost/unit for a single product. Another advantage is a lower total across the company.

• Diversification.   A company can position itself in higher-growth products or markets with:

• New Products in Current Markets
• New Products in New Markets
• Current Products in New Markets

• Strategic Realignment.   A company can acquire capabilities to adapt more rapidly to changes in the Business Environment, Technological Change, Regulatory, and Political changes.

• Financial Advantages. A company can lower its WACC (Weighted Average Cost of Capital).

• Tax Considerations.  A company can obtain NOLs, tax credits, and asset write-ups.

Benefits of Mergers and Acquisitions Research  

Before delving into the specific benefits, it’s essential to understand that mergers and acquisitions research is the bedrock upon which successful deals are built. By conducting thorough research, businesses can unlock several benefits, including: 

• Informed Decision-Making : Mergers and acquisitions research gives decision-makers the insights they need to make informed and strategic decisions about potential deals. 
• Risk Mitigation : One of the primary benefits of mergers and acquisitions research is its ability to identify and mitigate risks inherent in deal-making. From regulatory compliance issues to cultural integration challenges, many risks can derail mergers and acquisitions if left unaddressed. 
• Synergy Identification : Mergers and acquisitions research enables businesses to identify potential synergies between acquirers and target companies. 
• Value Creation : M&A research aims to create value for the acquirer and its shareholders. By identifying opportunities to enhance operational efficiencies, expand market presence, and capitalize on growth opportunities, businesses can create value far exceeding the sum of its parts. 
• Strategic Alignment : Mergers and acquisitions research is crucial in ensuring strategic alignment between acquirers and target companies. This strategic alignment is essential for ensuring the merged entity is well-positioned to capitalize on growth opportunities and drive long-term value creation.

Who Uses Mergers and Acquisitions Research

Corporate Executives rely on mergers and acquisitions research to inform strategic decision-making and drive growth initiatives. Additionally, Investment Bankers are pivotal in facilitating mergers and acquisitions transactions, serving as intermediaries between buyers and sellers and providing financial advisory services. 

Private Equity Firms actively participate in the M&A market, seeking investment opportunities to deploy capital and generate returns for their investors. Mergers and acquisitions research is integral to private equity firms’ investment strategies, enabling them to identify undervalued assets, conduct due diligence, and execute value-enhancing transactions through operational improvements and strategic initiatives.

Mergers and acquisitions research helps Legal Advisors assess compliance issues, evaluate contractual agreements, and mitigate legal risks to ensure the smooth execution of transactions and protect the interests of their clients. Moreover, Financial Analysts leverage mergers and acquisitions research to evaluate the financial implications of proposed transactions, including assessing the impact on earnings per share, return on investment, and shareholder value. 

Questions to Ask Before Conducting Mergers and Acquisitions Research

Before embarking on mergers and acquisitions research, companies must consider several key factors to ensure informed decision-making and mitigate risks associated with transactional activities.

• Strategic Alignment : Is the proposed transaction aligned with the company’s strategic objectives and long-term vision? Assessing strategic fit ensures that the merger or acquisition contributes positively to the company’s growth trajectory and competitive positioning.
• Financial Viability : What is the target company’s financial health and performance? Conducting thorough financial analysis, including examining revenue trends, profitability metrics, and cash flow dynamics, helps assess the target’s financial viability and valuation considerations.
• Market Dynamics : How does the target company fare within its industry or market segment? Evaluating market dynamics, including competitive positioning, customer preferences, and industry trends, provides insights into the target’s market share, growth potential, and competitive advantages.
• Operational Capabilities : Are any operational synergies or challenges associated with the proposed transaction? Assessing operational capabilities, including evaluating supply chain efficiency, technological infrastructure, and scalability, helps identify potential synergies and integration risks.
• Regulatory Compliance : What are the regulatory requirements and compliance considerations associated with the transaction? Conducting regulatory due diligence helps identify legal and regulatory risks, assess antitrust implications, and ensure compliance with applicable laws and regulations.

When to Conduct Mergers and Acquisitions Research  

Mergers and acquisitions research should be conducted throughout the deal-making process to ensure informed decision-making and strategic alignment. Here are key factors to consider: 

Market Conditions:  

Before initiating mergers or acquisitions, businesses must assess current market conditions to determine the right time to pursue deals. Researching market trends, economic indicators, and industry dynamics can help businesses identify opportune moments for deal-making. For example, businesses may pursue mergers or acquisitions during periods of economic stability or industry consolidation when favorable valuations and growth opportunities abound. 

Strategic Objectives:  

Businesses should research mergers and acquisitions when their strategic objectives align with potential deal opportunities. Whether seeking to expand into new markets, diversify product offerings, or achieve cost synergies, conducting research early in the strategic planning process can help businesses identify suitable targets and assess their strategic fit. 

Target Identification:  

Once strategic objectives are defined, businesses should research to identify potential acquisition targets or merger partners. This involves analyzing market landscapes, competitive dynamics, and industry trends to pinpoint companies that align with strategic goals and offer value-creating opportunities. 

Due Diligence:  

Perhaps the most critical stage for conducting mergers and acquisitions research is during due diligence. This involves comprehensively analyzing target companies’ financial statements, operational performance, legal compliance, and market positioning to assess their viability and uncover potential risks or issues. 

Post-Merger Integration:  

Mergers and acquisitions research should also be conducted during the post-merger integration phase to ensure a smooth transition and maximize synergies. This involves analyzing cultural differences, operational efficiencies, and customer overlaps to develop integration plans that minimize disruption and maximize value creation. 

Periodic Reviews:  

Finally, businesses should conduct periodic mergers and acquisitions strategy reviews to assess performance, evaluate outcomes, and adjust course as needed. This involves researching key performance metrics, market dynamics, and competitive landscapes to identify areas for improvement and optimization.

Regional Insights

Regional insights are crucial in informing M&A strategies, as market dynamics, regulatory landscapes, and cultural factors vary significantly across different regions.

• North America : North America boasts mature M&A markets with well-established legal frameworks, sophisticated financial markets, and a robust ecosystem of advisors and service providers. The region offers ample opportunities for strategic acquisitions, divestitures, and market consolidation, particularly in sectors such as technology, healthcare, and financial services. However, M&A transactions in North America are subject to stringent regulatory scrutiny, including antitrust regulations and industry-specific compliance requirements, necessitating thorough due diligence and regulatory compliance efforts.

• Europe : Europe presents a diverse landscape of M&A opportunities, encompassing mature markets and emerging economies with varying regulatory environments and cultural norms. While countries within the European Union (EU) benefit from harmonized regulatory frameworks and free market access, cross-border transactions may encounter challenges related to language barriers, legal complexities, and geopolitical uncertainties. Regional insights into European markets are essential for navigating regulatory requirements, understanding local market dynamics, and assessing cross-border risks associated with M&A transactions.

• Asia-Pacific : The region is a dynamic hub of M&A activity, fueled by rapid economic growth, technological innovation, and demographic shifts. Emerging markets such as China, India, and Southeast Asia offer attractive investment opportunities in sectors ranging from e-commerce and digital technology to renewable energy and healthcare. However, conducting M&A transactions in Asia-Pacific requires a nuanced understanding of cultural nuances, regulatory frameworks, and business practices unique to each market. Regional insights enable companies to identify market-specific opportunities, navigate regulatory complexities, and forge strategic partnerships with local stakeholders.

• Latin America : Latin America presents a mix of opportunities and challenges for M&A transactions, characterized by diverse economies, regulatory environments, and political landscapes. While countries such as Brazil, Mexico, and Chile offer vibrant M&A markets with strong economic fundamentals and growth potential, challenges such as political instability, currency fluctuations, and regulatory uncertainties pose risks to investors. Regional insights into Latin American markets are essential for assessing market dynamics, identifying investment opportunities, and mitigating risks associated with cross-border transactions.

Key Target Audience

The key target audience for mergers and acquisitions research comprises diverse stakeholders, each with distinct roles and objectives within the deal-making process.

• Corporate Executives : Corporate executives, including CEOs, CFOs, and business unit leaders, are key decision-makers in M&A transactions. They rely on mergers and acquisitions research to assess strategic fit, evaluate potential targets, and align transactional activities with broader business objectives. 

• Investment Professionals : Investment professionals, including private equity investors, venture capitalists, and asset managers, play a crucial role in financing and structuring M&A transactions. They utilize mergers and acquisitions research to identify investment opportunities, conduct due diligence, and assess proposed transactions’ financial viability and valuation implications.

• Legal and Financial Advisors : Legal advisors, financial analysts, and investment bankers provide critical support and expertise throughout the M&A process, from deal origination to post-transaction integration. They leverage mergers and acquisitions research to navigate legal and regulatory complexities, assess financial implications, and negotiate favorable terms on behalf of their clients.

SIS International’s Approach to Mergers and Acquisitions Research

SIS International, a market research and strategy consulting leader with over 40+ years of market experience, brings a unique and practical approach to mergers and acquisitions research and M&A strategy consulting. Our methodology is characterized by thoroughness, precision, and a keen focus on aligning acquisitions with long-term and unique strategic goals.

Client-Centric Initial Consultation:

SIS begins with a client-centric consultation process to establish a tailored approach that aligns with the client’s specific needs and goals in the mergers and acquisitions research process. This initial stage involves understanding the client’s strategic objectives, market positioning, and long-term vision. 

Comprehensive Market and Industry Analysis:

Our team delves into the target industry’s market trends, competitive landscape, and potential growth opportunities. This detailed analysis is key to understanding the market forces and dynamics affecting the potential acquisition.

Data-Driven Financial and Operational Assessment:

SIS International employs a data-driven approach to evaluate the target company’s financial stability and operational efficiency. Our experts meticulously examine financial statements, operational processes, and business models to assess the acquisition’s viability and potential return on investment.

Legal Compliance and Risk Management:

We place a strong emphasis on legal compliance and risk management. Our highly skilled team conducts a comprehensive legal review to ensure that all regulatory requirements are met – and identifies any potential legal risks associated with the acquisition. 

Strategic Fit and Synergy Evaluation:

A key aspect of SIS International’s approach is evaluating the strategic fit and potential synergies between the acquiring and target companies. This involves assessing how well the target complements our client’s existing business – and the potential for creating added value through synergies in areas like technology, customer base, and market reach.

Customized Strategy Development:

We develop a customized M&A strategy consulting plan based on the insights gathered. This plan outlines the best approach for the acquisition, including negotiation tactics, valuation models, and post-acquisition integration strategies. The focus is always on maximizing value while minimizing risks.

Ongoing Support and Post-Acquisition Integration:

SIS provides ongoing support during and after the acquisition process by assisting clients with implementing the integration strategy and ensuring a smooth transition.

Considerations in Mergers and Acquisitions Research

Below are factors to consider in considering mergers and acquisitions research:

• Price. Is a control premium paid?  What is the Reference Price?
• Legal Structure: What are the disadvantages of the target’s legal structure?
• Treatment of ESOPs: Cash out? Re-write? May be subject to Options contracts
• Governance Issues : Are there issues with the CEO, Board, or Organization structure?
• Marketing Issues: Will the deal result in changes in Brand Value?
• Closing Date: How long will the deal take?
• Pricing Protection: Could there be changes in stock price before and after?
• Financing Requirements: Will cash be financed?  Is security needed?
• Working Capital: Are there protections for the buyer from a seller bleeding the company of capital?
• Termination Fee: Will compensation be needed if the deal “breaks” after the closing announcement?
• Representations & Warranties: Are protections needed due to the limitations of the due diligence process?
• Material Adverse Changes:   Are protections needed in case of a MAC between announcement and closing?

Opportunities in Mergers and Acquisitions Research 

Mergers and acquisitions also offer several compelling opportunities for businesses willing to navigate the challenges effectively:

• Access to Talent: M&As can facilitate access to specialized talent pools, helping businesses acquire key skills and expertise they may not have in-house. This can drive innovation and improve overall competitiveness.

• Innovation Acceleration: Combining resources and knowledge from merging entities can lead to accelerated innovation. This is particularly important in industries with rapidly evolving technologies.

• Competitive Advantage: M&A strategies can position a business as a dominant player in its industry, offering a competitive advantage through increased market share, resources, and capabilities.

• Increased Profitability: By optimizing operations, reducing costs, and capitalizing on economies of scale, M&As can significantly enhance profitability.

• Enhanced Product Portfolio: Acquiring another company can complement a business’s existing product or service portfolio, allowing for more comprehensive customer offerings.

Challenges in Mergers and acquisitions research for Businesses

M&As can be a strategic move for businesses to expand their market presence and diversify their portfolio. However, navigating the complexities of M&As can be a formidable task, involving significant financial investments and potential risks. 

• Integration Issues: Post-merger integration can be challenging, as merging two distinct organizational cultures, systems, and processes is no small feat. It’s essential to ensure a smooth transition to avoid disruptions and maintain business continuity.

• Valuation Accuracy: It is crucial to determine the accurate valuation of a target company. Overvaluation can lead to financial strain, while undervaluation may result in missed opportunities.

• Talent Retention: Retaining key talent within acquiring and targeting companies is vital. Loss of critical employees can impact the success of the merger or acquisition.

• Financial Risks: M&As often involve substantial debt or leveraging assets. Managing the associated financial risks and ensuring the deal is financially sustainable is a significant challenge.

• Communication Challenges: Effective communication throughout the M&A process mitigates uncertainty and resistance among employees, stakeholders, and customers.

Market Drivers

Several key drivers influence M&A activity, shaping deal-making trends and driving strategic decision-making among businesses and investors.

• Economic Growth and Market Expansion : Economic growth and market expansion drive M&A activity by creating opportunities for companies to expand their market presence, diversify revenue streams, and capitalize on emerging market trends. Strong economic conditions, favorable financing terms, and increased consumer spending often coincide with heightened M&A activity as companies seek growth opportunities through strategic acquisitions and market consolidation.

• Industry Consolidation and Competitive Pressures : Industry consolidation and competitive pressures fuel M&A activity as companies seek to strengthen their competitive positions, gain market share, and achieve economies of scale. In mature industries facing heightened competition and margin pressures, consolidation through M&A transactions enables companies to enhance operational efficiencies, reduce costs, and drive profitability through synergies and scale advantages.

• Technological Disruption and Innovation : Technological disruption and innovation drive M&A activity across sectors as companies seek to acquire or invest in cutting-edge technologies, intellectual property, and talent to maintain competitiveness and drive growth. Industries undergoing rapid technological advancements, such as software, biotechnology, and renewable energy, witness heightened M&A activity as companies strive to stay ahead of the curve and leverage innovation to create value for customers and stakeholders.

• Strategic Growth Initiatives and Portfolio Optimization : Strategic growth initiatives and portfolio optimization drive M&A activity as companies seek to expand into new markets, diversify product offerings, and streamline operations. Strategic acquisitions enable companies to access new customer segments, enter adjacent markets, and strengthen their competitive positioning through complementary capabilities and assets. 

• Globalization and Market Access : Globalization and market access drive cross-border M&A activity as companies seek to expand their geographic footprint, access new growth markets, and leverage international partnerships and distribution channels. Globalization trends such as trade liberalization, cross-border investment flows, and regional integration agreements facilitate M&A transactions by reducing barriers to market entry and fostering cross-border collaboration and investment.

Market Restraints

Despite the numerous drivers of M&A activity, several market restraints and challenges can impact deal-making dynamics and constrain transactional activities.

• Regulatory Uncertainty and Compliance Risks : Regulatory uncertainty and compliance risks pose significant challenges for M&A transactions, particularly in highly regulated industries and cross-border deals. Antitrust regulations, foreign investment restrictions, and compliance requirements can delay deal timelines, increase transaction costs, and pose legal risks for involved parties. 

• Economic Volatility and Market Uncertainty : Economic volatility and market uncertainty can dampen M&A activity by eroding investor confidence, increasing risk aversion, and impacting deal valuations. Uncertain economic outlooks, geopolitical tensions, and global macroeconomic factors such as trade disputes, currency fluctuations, and interest rate fluctuations can disrupt M&A transactions and lead to deal cancellations or renegotiations. 

• Integration Challenges and Execution Risks : Integration and execution risks pose significant hurdles to realizing the anticipated benefits of M&A transactions. Cultural differences, organizational alignment, and operational complexities can impede integration efforts and erode synergies post-transaction. Poorly executed integrations can destroy value, lose key talent, and erode customer trust. 

• Valuation Discrepancies and Pricing Pressures : Valuation discrepancies and pricing pressures can complicate deal negotiations and impact deal outcomes, particularly in competitive bidding situations and highly contested M&A processes. Divergent views on valuation metrics, market multiples, and future growth prospects can lead to pricing discrepancies between buyers and sellers, resulting in deal impasses or failed negotiations. Pricing pressures may also arise from heightened competition, limited deal synergies, and shareholder expectations, necessitating creative deal structures and negotiation strategies to bridge valuation gaps and reach mutually acceptable terms.

• Execution Risks and Integration Challenges : Execution risks and integration challenges pose significant hurdles to realizing the anticipated benefits of M&A transactions. Issues such as cultural misalignment, operational complexities, and organizational resistance can impede integration efforts and erode the deal’s value proposition. Poorly managed integrations can destroy value, lose key talent, and erode customer trust. 

Real Life Samples of Successful M&As

Disney’s Acquisition of Pixar (2006):

Disney’s acquisition of Pixar is a classic example of a successful M&A. Through meticulous due diligence research helped Disney recognize the creative talent within Pixar. This move allowed Disney to enhance its animation capabilities and expand its content portfolio with hits like “Toy Story” and “Frozen.”

Amazon’s Purchase of Whole Foods (2017):

Amazon’s acquisition of Whole Foods was a game-changer in the retail and grocery industry. M&A due diligence research guided Amazon’s strategy to analyze consumer behavior and market trends, resulting in a significant market impact.

AT&T’s Merger with Time Warner (2018):

This merger showcased the importance of regulatory due diligence. AT&T conducted extensive research on potential regulatory challenges and sought expert legal advice. As a result, they successfully merged with Time Warner, creating a media and telecommunications powerhouse.

Microsoft’s Purchase of LinkedIn (2016) :

Microsoft’s acquisition of LinkedIn highlighted the synergy between technology and professional networking. M&A strategy consulting was key in identifying how LinkedIn’s user data and networking capabilities could enhance Microsoft’s software and services, leading to successful integration.

Pfizer and BioNTech’s Collaboration (2020) :

Pfizer’s expertise in vaccine production and BioNTech’s innovative mRNA technology were combined to develop a highly effective COVID-19 vaccine. In this case, thorough research and strategic collaboration were instrumental in addressing a global health crisis.

Industry Attractiveness: Porter’s Five Forces Analysis of the M&A Market

Porter’s Five Forces analysis helps assess the bargaining power of buyers and suppliers, the threat of new entrants and substitutes, and the intensity of competitive rivalry, shaping the overall attractiveness of the M&A landscape.

1. Bargaining Power of Buyers : 

Buyers’ bargaining power is influenced by factors such as the availability of alternative investment opportunities, access to financing, and the level of competition for attractive targets. In highly competitive M&A markets with abundant capital and strong demand for assets, buyers may have limited bargaining power, leading to higher valuations and competitive bidding scenarios.

2. Bargaining Power of Suppliers : 

Factors such as the availability of alternative buyers, the quality of assets being sold, and the level of demand for acquisition targets influence suppliers’ bargaining power. In seller-friendly M&A markets with a limited supply of desirable assets and high demand from potential buyers, suppliers may have greater bargaining power, enabling them to negotiate favorable deal terms and pricing.

3. Threat of New Entrants : 

Barriers to entry into the M&A market include regulatory requirements, capital constraints, and the need for specialized expertise and networks. In markets with low barriers to entry and intense competition, the threat of new entrants may exert downward pressure on deal fees and margins, leading to increased competition among market participants.

4. Threat of Substitutes : 

Substitutes for M&A activity include organic growth, strategic partnerships, joint ventures, or divestitures. The availability and attractiveness of substitutes depend on factors such as market conditions, industry dynamics, and strategic objectives. Companies may opt for alternative strategies in markets where viable substitutes are readily available, reducing the overall demand for M&A transactions.

5. Intensity of Competitive Rivalry : 

Factors influencing competitive rivalry include the number of players in the market, the level of differentiation among service offerings, and the aggressiveness of pricing and deal-making strategies. In highly competitive M&A markets, firms may engage in aggressive bidding wars, offer discounted fees, or differentiate themselves through value-added services to gain a competitive edge and win deals.

Industry Attractiveness: SWOT Analysis of the M&A Market

A SWOT analysis provides a comprehensive overview of a particular industry or market’s strengths, weaknesses, opportunities, and threats. When applied to the M&A market, a SWOT analysis helps identify internal and external factors influencing deal-making dynamics and market attractiveness.

• High Growth Potential : The M&A market offers significant growth potential driven by globalization, technological innovation, and evolving market dynamics. Companies can leverage M&A transactions to expand market presence, diversify revenue streams, and achieve strategic objectives.
• Strategic Value Creation : Well-executed M&A transactions have the potential to create substantial value for stakeholders through synergies, cost savings, and revenue enhancements. Strategic acquisitions enable companies to strengthen competitive positions, access new markets, and capitalize on growth opportunities.

Weaknesses:

• Integration Challenges : M&A transactions often face integration challenges, including cultural differences, operational complexities, and organizational alignment issues. Poorly managed integrations can result in value destruction, loss of key talent, and erosion of customer trust, undermining the transaction’s success.
• Regulatory Risks : Regulatory risks pose challenges to M&A transactions, particularly in highly regulated industries and cross-border deals. Antitrust regulations, foreign investment restrictions, and compliance requirements can delay deal timelines, increase transaction costs, and pose legal risks for involved parties.

Opportunities:

• Market Consolidation : Market consolidation presents opportunities for M&A transactions as companies seek to strengthen their competitive positions, gain market share, and achieve economies of scale. Consolidation enables companies to enhance operational efficiencies, reduce costs, and drive profitability through synergies and scale advantages.
• Technological Innovation : Technological innovation fuels M&A activity as companies seek to acquire or invest in cutting-edge technologies, intellectual property, and talent. Industries undergoing rapid technological advancements, such as software, biotechnology, and renewable energy, offer attractive strategic acquisitions and partnership opportunities.
• Economic Volatility : Economic volatility and market uncertainty can dampen M&A activity by eroding investor confidence, increasing risk aversion, and impacting deal valuations. Uncertain economic outlooks, geopolitical tensions, and global macroeconomic factors can disrupt M&A transactions and lead to deal cancellations or renegotiations.
• Competitive Pressures : Intense competition and pricing pressures threaten M&A transactions, particularly in highly competitive markets and sectors. Divergent views on valuation metrics, market multiples, and future growth prospects can lead to pricing discrepancies between buyers and sellers, resulting in deal impasses or failed negotiations.

How SIS International’s Research Solutions Help Businesses

SIS offers comprehensive research solutions and strategic advisory services designed to support businesses throughout the M&A process, from deal origination to post-merger integration. Our tailored research solutions are tailored to address the specific needs and objectives of our clients, enabling them to make informed decisions, mitigate risks, and drive successful outcomes in the competitive M&A landscape.

Market Research and Due Diligence : 

SIS conducts rigorous market research and due diligence to provide clients with actionable insights into target markets, industry dynamics, and competitive landscapes. Our research methodologies include primary and secondary research, competitive analysis, and market sizing to assess market opportunities, identify growth drivers, and evaluate potential risks associated with M&A transactions.

Strategic Advisory Services : 

Our team of experienced consultants offers strategic advisory services to assist clients in developing M&A strategies, assessing target companies, and navigating regulatory complexities. We provide strategic guidance, valuation analysis, and transaction support to help clients identify value creation opportunities, negotiate deal terms, and execute successful transactions aligned with their strategic objectives.

Global Network and Expertise : 

With a global network of research professionals, industry experts, and strategic partners, SIS International offers localized insights and market intelligence to support clients in conducting cross-border M&A transactions. Our international presence enables us to provide regional insights, cultural expertise, and market-specific knowledge essential for navigating diverse markets and achieving successful outcomes in global M&A deals.

Customized Research Solutions : 

SIS International tailors research solutions to meet the unique needs and objectives of each client, providing customized services and deliverables aligned with their specific requirements. Whether conducting market assessments, competitive analysis, or customer surveys, we leverage our expertise and resources to deliver actionable insights and strategic recommendations tailored to drive value creation and mitigate risks in M&A transactions.

Thought Leadership and Industry Insights : 

SIS International is committed to thought leadership and industry insights, providing clients with access to the latest trends, best practices, and emerging opportunities in the M&A market. Through white papers, webinars, and industry reports, we share our expertise and insights to help clients stay informed, anticipate market trends, and make data-driven decisions in the dynamic landscape of mergers and acquisitions.

About SIS Mergers and Acquisitions Market Research Solutions

SIS Strategy provides strategic and financial Buy-and Sell-Side Mergers and Acquisitions advisory to multinationals and domestic players. Our services include:

• Buyer and Target identification
• M&A strategic and tax implications in various international markets
• Financial valuation (DCF, Transaction Comparables)
• Financial & strategic due diligence

Our relationship with industry specialists, developed over the last three decades, allows SIS to explore industry verticals, from finance to retail to manufacturing.

As part of each mandate, the SIS strategy team combines the latest industry research with an extensive pool of intelligence from around the world. Working closely with our local offices abroad, we can also tap into local knowledge of key markets of interest to our clients.

Contact us for your next M&A Research project.

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Mergers and Acquisitions Research Centre

The M&A Research Centre (MARC), founded in 2008, is the only such research centre at any major business school focused on both the research and practice of M&A. With its proximity to the City of London, Bayes is perfectly placed to maintain close contacts with M&A bankers, lawyers, consultants, accountants, journalists and other key players.

The result has been and is new, cutting-edge insights into the entire M&A field, from deal origination to completion, from financing to integration, from emerging markets to the boardrooms of the world's largest companies.

A valuable addition

MARC is one of over 20 research centres at Bayes Business School, which consistently achieves the highest independent ratings. A number of corporations, regulators, professional services firms, exchanges and universities are already using MARC for swift access to the latest research and practical ideas.

The Centre is proud to have its Senior Sponsors, Credit Suisse and SS&C Intralinks, and Sponsors, Acuris (formerly Mergermarket), Ardian, ICAEW and Willis Towers Watson, as research partners.

In September 2011, the M&A Research Centre was chosen by The Association to Advance Collegiate Schools of Business (AACSB), one of the three 'triple-crown' organisations (along with AMBA and EQUIS) from which Bayes Business School holds accreditation, to be the 'Spotlight' feature in its Research/Scholarship Resource Center.  This is a great honour for both MARC and Bayes, and it emphasises the unique nature of the Centre's work and structure.

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• Business Essentials

Mergers and Acquisitions (M&A): Types, Structures, Valuations

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• Mergers and Acquisitions (M&A)
• Understanding M&As
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How Mergers Are Structured

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• Valuing Mergers and Acquisitions

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• Mergers and Acquisitions FAQs

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

• Mergers and Acquisitions (M&A): Types, Structures, Valuations CURRENT ARTICLE
• Acquisition
• Why Do Companies Merge With or Acquire Other Companies?
• How M&A Can Affect a Company
• What's the Difference Between Mergers and Acquisitions?
• What You Should Know About Corporate Mergers
• Inorganic Growth
• Merger vs. Takeover
• Takeover Bid
• Hostile Takeover
• Hostile Takeovers vs. Friendly Takeovers
• What Are Some of the Top Hostile Takeovers of All Time?
• How Can a Company Resist a Hostile Takeover?
• Poison Pill
• Reverse Takeover
• Reverse Mergers: Advantages and Disadvantages
• Reverse Triangular Merger
• A Guide to Spotting a Reverse Merger
• How Does a Merger Affect Shareholders?
• How Company Stocks Move During an Acquisition
• What Happens to Call Options If a Company Is Bought?
• Stock-for-Stock Merger
• All Cash, All Stock Offer
• Acquisition Premium
• Exchange Ratio
• SEC Form S-4
• Special Purpose Acquisition Company (SPAC)
• Understanding Leveraged Buyout Scenarios
• Vertical Merger
• Horizontal Merger
• Conglomerate Merger
• Roll-Up Merger
• The Five Biggest Mergers in History
• The 5 Biggest Acquisitions in History
• 4 Cases When M&A Strategy Failed for the Acquirer

What Are Mergers and Acquisitions (M&A)?

The term mergers and acquisitions (M&A) refers to the consolidation of companies or their major business assets through financial transactions between companies. A company may purchase and absorb another company outright, merge with it to create a new company, acquire some or all of its major assets, make a tender offer for its stock, or stage a hostile takeover. All are M&A activities .

The term M&A also is used to describe the divisions of financial institutions that deal in such activity.

Key Takeaways

• The terms "mergers" and "acquisitions" are often used interchangeably, but they differ in meaning.
• In an acquisition, one company purchases another outright.
• A merger is the combination of two firms, which subsequently form a new legal entity under the banner of one corporate name.
• A company can be objectively valued by studying comparable companies in an industry and using metrics.

What's an Acquisition?

Understanding mergers and acquisitions.

The terms mergers and acquisitions are often used interchangeably, however, they have slightly different meanings .

When one company takes over another and establishes itself as the new owner, the purchase is called an acquisition.

On the other hand, a merger describes two firms, of approximately the same size, that join forces to move forward as a single new entity, rather than remain separately owned and operated. This action is known as a merger of equals . Case in point: Both Daimler-Benz and Chrysler ceased to exist when the two firms merged , and a new company, DaimlerChrysler, was created. Both companies' stocks were surrendered, and new company stock was issued in its place. In a brand refresh, the company underwent another name and ticker change to the Mercedes-Benz Group AG (MBG) in February 2022.

A purchase deal will also be called a merger when both CEOs agree that joining together is in the best interest of both of their companies.

Unfriendly or hostile takeover deals, in which target companies do not wish to be purchased, are always regarded as acquisitions. A deal can be classified as a merger or an acquisition based on whether the acquisition is friendly or hostile and how it is announced. In other words, the difference lies in how the deal is communicated to the target company's board of directors , employees, and shareholders .

Lara Antal/Investopedia

M&A deals generate sizable profits for the investment banking industry, but not all mergers or acquisition deals close.

Types of Mergers and Acquisitions

The following are some common transactions that fall under the M&A umbrella.

In a merger, the boards of directors for two companies approve the combination and seek shareholders' approval. For example, in 1998, a merger deal occurred between the Digital Equipment Corporation and Compaq, whereby Compaq absorbed the Digital Equipment Corporation. Compaq later merged with Hewlett-Packard in 2002. Compaq's pre-merger ticker symbol was CPQ. This was combined with Hewlett-Packard's ticker symbol (HWP) to create the current ticker symbol (HPQ).

Acquisitions

In a simple acquisition, the acquiring company obtains the majority stake in the acquired firm, which does not change its name or alter its organizational structure. An example of this type of transaction is Manulife Financial Corporation's 2004 acquisition of John Hancock Financial Services, wherein both companies preserved their names and organizational structures. The target company may require the buyers to promise that the target business remains solvent for a period after acquisition through the use of a whitewash resolution .

Consolidations

Consolidation creates a new company by combining core businesses and abandoning the old corporate structures. Stockholders of both companies must approve the consolidation, and subsequent to the approval, receive common equity shares in the new firm. For example, in 1998, Citicorp and Travelers Insurance Group announced a consolidation, which resulted in Citigroup.

Tender Offers

In a tender offer, one company offers to purchase the outstanding stock of the other firm at a specific price rather than the market price. The acquiring company communicates the offer directly to the other company's shareholders, bypassing the management and board of directors. For example, in 2008, Johnson & Johnson made a tender offer to acquire Omrix Biopharmaceuticals for $438 million. The company agreed to the tender offer and the deal was settled by the end of December 2008.

Acquisition of Assets

In an acquisition of assets, one company directly acquires the assets of another company. The company whose assets are being acquired must obtain approval from its shareholders. The purchase of assets is typical during bankruptcy proceedings, wherein other companies bid for various assets of the bankrupt company, which is liquidated upon the final transfer of assets to the acquiring firms.

Management Acquisitions

In a management acquisition, also known as a management-led buyout (MBO) , a company's executives purchase a controlling stake in another company, taking it private. These former executives often partner with a financier or former corporate officers in an effort to help fund a transaction. Such M&A transactions are typically financed disproportionately with debt, and the majority of shareholders must approve it. For example, in 2013, Dell Corporation announced that it was acquired by its founder, Michael Dell .

Mergers can be structured in a number of different ways, based on the relationship between the two companies involved in the deal:

• Horizontal merger : Two companies that are in direct competition and share the same product lines and markets .
• Vertical merger : A customer and company or a supplier and company. Think of an ice cream maker merging with a cone supplier.
• Congeneric mergers : Two businesses that serve the same consumer base in different ways, such as a TV manufacturer and a cable company.
• Market-extension merger : Two companies that sell the same products in different markets.
• Product-extension merger : Two companies selling different but related products in the same market.
• Conglomeration : Two companies that have no common business areas.

Mergers may also be distinguished by following two financing methods, each with its own ramifications for investors.

Purchase Mergers

As the name suggests, this kind of merger occurs when one company purchases another company. The purchase is made with cash or through the issue of some kind of debt instrument. The sale is taxable, which attracts the acquiring companies, who enjoy the tax benefits. Acquired assets can be written up to the actual purchase price, and the difference between the book value and the purchase price of the assets can depreciate annually, reducing taxes payable by the acquiring company.

Consolidation Mergers

With this merger, a brand new company is formed, and both companies are bought and combined under the new entity. The tax terms are the same as those of a purchase merger.

A company can buy another company with cash, stock, assumption of debt, or a combination of some or all of the three. At times, the investment bank involved in the sell of one company might offer financing to the buying compnay. This is known as staple financing and is done to produce larger and timely bids.

In smaller deals, it is also common for one company to acquire all of another company's assets. Company X buys all of Company Y's assets for cash, which means that Company Y will have only cash (and debt, if any). Of course, Company Y becomes merely a shell and will eventually liquidate or enter other areas of business.

Another acquisition deal known as a reverse merger enables a private company to become publicly listed in a relatively short time period. Reverse mergers occur when a private company that has strong prospects and is eager to acquire financing buys a publicly listed shell company with no legitimate business operations and limited assets. The private company reverses merges into the public company , and together they become an entirely new public corporation with tradable shares.

How Mergers and Acquisitions Are Valued

Both companies involved on either side of an M&A deal will value the target company differently. The seller will obviously value the company at the highest price possible, while the buyer will attempt to buy it for the lowest price possible. Fortunately, a company can be objectively valued by studying comparable companies in an industry, and by relying on the following metrics.

Price-to-Earnings Ratio (P/E Ratio)

With the use of a price-to-earnings ratio (P/E ratio) , an acquiring company makes an offer that is a multiple of the earnings of the target company. Examining the P/E for all the stocks within the same industry group will give the acquiring company good guidance for what the target's P/E multiple should be.

Enterprise-Value-to-Sales Ratio (EV/Sales)

With an enterprise-value-to-sales ratio (EV/sales) , the acquiring company makes an offer as a multiple of the revenues while being aware of the price-to-sales (P/S ratio) of other companies in the industry.

Discounted Cash Flow (DCF)

A key valuation tool in M&A, a discounted cash flow (DFC) analysis determines a company's current value, according to its estimated future cash flows. Forecasted free cash flows (net income + depreciation/amortization (capital expenditures) change in working capital) are discounted to a present value using the company's weighted average cost of capital (WACC) . Admittedly, DCF is tricky to get right, but few tools can rival this valuation method.

Replacement Cost

In a few cases, acquisitions are based on the cost of replacing the target company. For simplicity's sake, suppose the value of a company is simply the sum of all its equipment and staffing costs. The acquiring company can literally order the target to sell at that price, or it will create a competitor for the same cost.

Naturally, it takes a long time to assemble good management, acquire property, and purchase the right equipment. This method of establishing a price certainly wouldn't make much sense in a service industry wherein the key assets (people and ideas) are hard to value and develop.

How Do Mergers Differ From Acquisitions?

In general, "acquisition" describes a transaction, wherein one firm absorbs another firm via a takeover . The term "merger" is used when the purchasing and target companies mutually combine to form a completely new entity. Because each combination is a unique case with its own peculiarities and reasons for undertaking the transaction, the use of these terms tends to overlap.

Why Do Companies Keep Acquiring Other Companies Through M&A?

Two of the key drivers of capitalism are competition and growth. When a company faces competition, it must both cut costs and innovate at the same time. One solution is to acquire competitors so that they are no longer a threat. Companies also complete M&A to grow by acquiring new product lines, intellectual property, human capital, and customer bases. Companies may also look for synergies. By combining business activities, overall performance efficiency tends to increase, and across-the-board costs tend to drop as each company leverages the other company's strengths.

What Is a Hostile Takeover?

Friendly acquisitions are most common and occur when the target firm agrees to be acquired; its board of directors and shareholders approve of the acquisition, and these combinations often work for the mutual benefit of the acquiring and target companies.

Unfriendly acquisitions, commonly known as hostile takeovers, occur when the target company does not consent to the acquisition.

Hostile acquisitions don't have the same agreement from the target firm, and so the acquiring firm must actively purchase large stakes of the target company to gain a controlling interest, which forces the acquisition.

How Does M&A Activity Affect Shareholders?

Generally speaking, in the days leading up to a merger or acquisition, shareholders of the acquiring firm will see a temporary drop in share value. At the same time, shares in the target firm typically experience a rise in value. This is often due to the fact that the acquiring firm will need to spend capital to acquire the target firm at a premium to the pre-takeover share prices.

After a merger or acquisition officially takes effect, the stock price usually exceeds the value of each underlying company during its pre-takeover stage. In the absence of unfavorable  economic conditions , shareholders of the merged company usually experience favorable long-term performance and dividends.

Note that the shareholders of both companies may experience a  dilution  of voting power due to the increased number of shares released during the merger process. This phenomenon is prominent in  stock-for-stock mergers , when the new company offers its shares in exchange for shares in the target company, at an agreed-upon  conversion rate . Shareholders of the acquiring company experience a marginal loss of voting power, while shareholders of a smaller target company may see a significant erosion of their voting powers in the relatively larger pool of stakeholders.

What Is the Difference Between a Vertical and Horizontal Merger or Acquisition?

Horizontal integration and vertical integration are competitive strategies that companies use to consolidate their position among competitors. Horizontal integration is the acquisition of a related business. A company that opts for horizontal integration will take over another company that operates at the same level of the  value chain  in an industry—for instance when Marriott International, Inc. acquired Starwood Hotels & Resorts Worldwide, Inc.

Vertical integration refers to the process of acquiring business operations within the same production vertical. A company that opts for vertical integration takes complete control over one or more stages in the production or distribution of a product. Apple, for example, acquired AuthenTec, which makes the touch ID fingerprint sensor technology that goes into its iPhones.

Daimler. " Company History ."

Mercedes-Benz Group. " Daimler Embarks on a New Era as Mercedes-Benz Group ."

McKinsey & Company. " Done Deal? Why Many Large Transactions Fail to Cross the Finish Line ."

U.S. Securities and Exchange Commission. " Compaq Computer Corporation, Form Q-10, For the Quarterly Period Ended September 30, 1999 ." Page 6.

Hewlett-Packard Company Archives. " A Pact With Compaq ."

Manulife Financial. " Manulife Financial and John Hancock Complete Merger Creating North America’s Second Largest Life Insurance Company ."

Federal Reserve System. " Federal Reserve Press Release, September 23, 1998 ."

U.S. Securities and Exchange Commission. " Tender Offer ."

U.S. Securities and Exchange Commission. " Offer to Purchase for Cash All Outstanding Shares of Common Stock of Omrix Biopharmaceuticals, Inc. at $25.00 Net per Share by Binder Merger Sub, Inc., a Wholly-Owned Subsidiary of Johnson & Johnson ."

Fierce Biotech. " Johnson & Johnson Completes Acquisition of Omrix Biopharmaceuticals, Inc ."

Dell. " Open Letter to Shareholders From Michael Dell ."

Marriott International. " Marriott International Completes Acquisition of Starwood Hotels & Resorts Worldwide, Creating World's Largest and Best Hotel Company While Providing Unparalleled Guest Experience ."

U.S. Securities and Exchange Commission. " AuthenTec, Inc., Form 8-K, July 26, 2012 ."

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M&A Statistics

M&A Statistics

IMAA offers extensive and up-to-date information, data, research on M&A and Mergers & Acquisitions statistics for registered users. Corporate members have access to tailored research services.

We provide you with selected, regularly updated M&A statistics

In this section the Institute of Mergers, Acquisitions and Alliances (IMAA) provides you with selected, regularly updated M&A statistics worldwide and for various regions or industries. As a free user or individual / corporate member of our Institute you have full access and can also download M&A data and statistics with the actual numbers in spreadsheets (google sheets and excel format). Please see our Membership section to sign up.

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Number & value of m&a worldwide.

Since 2000, more than 790’000 transactions have been announced worldwide with a known value of over 57 trillion USD. In 2018, the number of deals has decreased by 8% to about 49’000 transactions, while their value has increased by 4% to 3.8 trillion USD.

Login or Become a Member or Free User to download Number and Value not only in USD but also in EUR, GBP, and YEN as a Spreadsheet

Number & Value of M&A North America

Number & value of m&a europe, number & value of m&a western europe, available programs, international mergers & acquisitions expert (im&a), mergers & acquisitions professional (m&ap), legal mergers & acquisitions expert (lm&a), certified post merger integration expert (cpmi), hr mergers & acquisitions expert (hrm&a), valuation training with prof. aswath damodaran, international hospitality mergers & acquisitions expert (ihm&a).

This training goes beyond the introduction level and theoretical concepts as it’s designed with ready-to-use tools and practices for industry professionals. Every session is crafted and taught by our M&A veterans who share their insights and know-how gained through years of real-world practice.

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The Mergers & Acquisitions Professional (M&AP) is a program designed to meet the needs of auditing, consulting, deal advisory, investment banking, and legal professionals. The M&AP covers all aspects of the transaction process and provides insight into running a successful M&A boutique. Gain knowledge in best practices for the M&A process, valuation, due diligence and also for a unique module on Running a Successful M&A Practice. Gaining the M&AP designation signals to employers, colleagues and clients that you invest in being the best M&A practitioner you can be.

Promising deals can go awry because of poor understanding of legal aspects or simply, a lack of preparation and negligence. The Legal Mergers and Acquisitions Expert certification training program covers all relevant topics within the M&A process from a legal standpoint: pre-deal, during due diligence and negotiations, as well as post acquisition. Join a global network of legal experts and M&A professionals interested in legal issues and become a LM&A Charterholder!

The Certified Post Merger Integration Expert (CPMI) is a tailored program to address the needs of advisors, Human Resource professionals, Project Managers, management consultants, change specialists, corporate M&A and integration teams. The program covers all aspect of the post-merger integration process from planning to implementation. The CPMI program is the only globally oriented Post Merger integration certification in existence and is internationally recognized.

The HRM&A program is designed to meet the needs of Human Resource professionals involved in M&A transactions in both corporate and consulting roles. The HRM&A program covers all aspects of the transaction process relevant for HR including strategy, due diligence, Post Merger Integration (Best of PMI), and compensation and benefits. Gain knowledge in best practices for the M&A process and better understand the HR function and its significance during pre-deal or the post-merger integration phase. The HRM&A designation prepares HR practitioners in preparing for the challenges and practical realities of M&A transactions.

The objective of the training is to provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of the application of each.

As a dedicated training for professionals involved in transactions in the hospitality industry this program does not only provide introduction to M&A and its theoretical concepts but is designed with ready-to-use tools and practices for industry professionals. Every session is crafted and taught by our M&A veterans and Hospitality experts who share their insights and know-how gained through years of real-world practice.

Number & Value of M&A Eastern Europe

Number & value of m&a asia-pacific, number & value of m&a south east asia / asean, contact to us if you need some consultation, number & value of m&a gulf cooperation council (gcc), number & value of m&a middle east & north africa (mena), number & value of m&a south america, largest m&a transactions worldwide.

The latest trasnactions to make it into the global top 10 transactions was Walt Disney’s acquistion of 21st Century Fox for 84 bil. USD in 2017 and Bristol-Myers Squibb’s acquisition of Celgene (see table below). Last year, two transactions got on the list of the top 50 (available as a download), nameley Cigna’s acquisition of Express Scripts, Tadeka Pharmaceutical’s acquisition of Shire.

Largest M&A Transactions North America

Largest M&A Transactions Europe

Largest M&A Transactions Western Europe

Largest m&a transactions eastern europe.

Largest M&A Transactions Asia-Pacific

Largest M&A Transactions South East Asia / ASEAN

Largest M&A Transactions Gulf Cooperation Council (GCC)

Largest M&A Transactions Middle East & North Africa (MENA)

Largest M&A Transactions South America

M&A Mega Deals Down in 2020

In the first few weeks of 2020, megal deals (transactions above 1 bil. or 5 bil. USD) are down to their levels of 2009/2010. Please download data below, if you like.

M&A Heat Maps

The Institute for Mergers, Acquisitions and Alliances (IMAA) publishes regularly Heat Maps. The most current heat maps have been published on January 09, 2019. In order to download a copy of the latest repornt, the detailed ranking, and graphs, please login with your account (if you have no account yet, you can register for free).

Unless otherwise stated source for all statistics is: Thomson Financial, Institute for Mergers, Acquisitions and Alliances (IMAA) analysis.

• Download the M&A Heat Maps Report 2018

M&A Statistics & Valuation

M&A Worldwide and by Region

M&A by Industries

M&A by Deal Types

M&A Education & Trainings

International M&A Certificate

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Company Overview

• Stories of Successful Deals
• Why Do We Get Chosen?
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Successful Deals

• M&A Cases

Head office location

Team introduction

Our experienced members will support your M&A. We can handle a wide range of sales from about 100 million yen to about 10 billion yen for transferor companies.

In addition, the members who are enrolled are not only those who have accumulated a lot of experience at the M&A Research Institute Inc. There are many members who have transferred from famous M&A intermediary companies all over Japan. We have grown into an M&A intermediary company that boasts top-class quality in Japan by sharing M&A knowledge, experience, and know-how.

*Adviser names and numbers are updated quarterly.

Akito Tsuji

Executive Officer, Head of Corporate Information Dept. and General Manager of Corporate Information Dept. 1

After graduating from Ritsumeikan University Graduate School, joined Daiwa Securities Co.

Yuichi Iwasawa

General Manager, Corporate Information Dept. 1, Div 2

After graduating from Keio University, joined Keyence Corporation.

Yuta Kobayashi

General Manager, Corporate Information Dept. 1, Div 3

After graduating from Aoyama Gakuin University, joined a foreign financial institution.

Kengo Masuda

General Manager, Corporate Information Dept. 1, Div 4

After graduating from the School of Political Science and Economics at Waseda University, joined Keyence Corporation.

Eichiro Kozuka

General Manager, Corporate Information Dept. 1, Div 5

After graduating from Keio University with a Bachelor of Commerce, Joined Keyence Corporation.

Taisuke Mori

General Manager, Corporate Information Dept. 1, Div 6

After graduating from Waseda University Faculty of Law, joined SMBC Nikko Securities Inc.

We would like to share the achievements that led to M&A deals.

* This page lists some of our customers in the past, regardless of when the contract was concluded.

Transferor company

Transferee company

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M&A Advisory Services

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People expertise. Sustained performance.

In a world characterized by business model disruption, inorganic growth strategies are increasingly critical to success. With investor pressure coming from all sides, the current dynamic deal environment requires a combination of knowhow and effective execution to deliver sustainable value today, tomorrow and well into the future. It also demands a dynamic mergers and acquisitions strategy.

Thanks to our global scale and local footprint, Mercer has the business acumen, deal experience and people expertise to solve your toughest people challenges — we can work anywhere in the world and act at a moment’s notice. We aim to help you maximize value, mitigate risk and moderate costs to capture the full value of your deal.

The diversity of our clients — in terms of size, maturity, industry sector and geographic location — means we can collaborate with all types of organizations to tackle a broad range of issues. Simply put, we know what needs to be done — when, how, why and by whom. We can work with you to manage the most complex deals, streamlining every step of the process to drive growth and help your business soar to new heights.

What makes Mercer different?

years of deal experience

transactions annually

country operations

cross-border transactions

Throughout the lifecycle of the deal

Strategy and readiness

• Investment thesis research
• M&A readiness assessment
• M&A playbook development
• M&A Ready™ training
• M&A talent insights

Due diligence

• Human capital due diligence
• Separation diligence

Pre-close planning

• Integration planning
• Separation planning
• Turnaround planning
• Project management office
• Day One readiness
• Integration management
• Transition service agreement support
• Separation management
• Synergy capture

Successful M&As require integration planning

Driving long-term deal success requires thoughtful and well-executed integration. Building on the findings of due diligence, our approach to integration planning includes:

• Developing a comprehensive integration strategy and roadmap to deliver on the end-state vision for Day One and beyond 
• Establishing project-governance principles, including those relating to decision-making, issue escalation and communications 
• Understanding and identifying the critical components of the cultures of both organizations, and developing an integration approach that will maintain them
• Outlining a communication and change-management strategy to support the new operating environment

To deliver enhanced deal value, buyers and sellers need workforce expertise combined with real-world, practical and tactical execution experience on a global scale. 

Driving value across all transaction types

Mergers and acquisitions (M&As) In a world characterized by business model disruption, inorganic growth strategies are increasingly critical to success. We have the business acumen, deal experience and people expertise to solve your toughest M&A challenges. We can act at a moment’s notice.

Divestitures Divestitures can unlock hidden shareholder value and generate cash to fund growth and innovation. Paying close attention to workforce risks can maximize sale price, increase speed of sale and enhance profitability.

Restructurings and turnarounds Successful turnarounds require both financial restructuring and planned operational recovery. Aligning human capital strategy with strategic objectives is crucial for success.

Joint ventures and strategic alliances Joint ventures and strategic alliances provide quicker results than building an entirely new business. They also appear to present less complex logistical challenges than acquisitions. Yet misaligned strategic goals, unclear governance, skewed operating models, indistinct workforce strategies and cultural mismatches can lead to underperformance.

Workforce strategy

Operating model, talent assessment, retention and onboarding, change management and communication, talent insights, hr technologies, global benefits and policies, introducing our team, related insights, get in touch with our team.

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M&a research institute holdings inc. (9552.t).

• Previous Close 3,905.00
• Open 3,765.00
• Bid 3,430.00 x --
• Ask 3,440.00 x --
• Day's Range 3,425.00 - 3,770.00
• 52 Week Range 2,605.00 - 7,500.00
• Volume 1,629,100
• Avg. Volume 887,959
• Market Cap (intraday) 201.173B
• Beta (5Y Monthly) --
• PE Ratio (TTM) 51.74
• EPS (TTM) 66.39
• Earnings Date Apr 30, 2024
• Forward Dividend & Yield --
• Ex-Dividend Date --
• 1y Target Est 7,661.20

M&A Research Institute Holdings Inc. Overview Capital Markets / Financial Services

M&A Research Institute Holdings Inc. engages in the mergers and acquisitions (M&A) intermediary activities in Japan. It operates M&A sites and media. The company serves various industries comprising construction, human resources, IT/communication/system development, transportation, real estate, treatment/welfare/nursing, finance/insurance, travel, food and beverages, education, retail, service, manufacturing, leisure facilities, and environment/bio. M&A Research Institute Inc. was incorporated in 2018 and is headquartered in Tokyo, Japan.

Full Time Employees

September 30

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Recent News: 9552.T

Performance overview: 9552.t.

Trailing total returns as of 6/10/2024, which may include dividends or other distributions. Benchmark is Nikkei 225 .

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3-year return, 5-year return, compare to: 9552.t.

Select to analyze similar companies using key performance metrics; select up to 4 stocks.

Statistics: 9552.T

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Research Analysis: 9552.T

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The effect of omega-3 fatty acid supplementation on weight loss and cognitive function in overweight or obese individuals on weight-loss diet

Affiliations.

• 1 Faculty of Health Sciences, Department of Nutrition and Dietetics, Eastern Mediterranean University.
• 2 Department of Anesthesiology, Reanimation and Algology. Guven Hospital.
• PMID: 35815739
• DOI: 10.20960/nh.03992

Abstract in English, Spanish

Objective: omega-3 polyunsaturated fatty acids (PUFAs) are important nutrients that play role in obesity, body lipids, inflammation, and neural function. There is controversy in studies on the effect of omega-3 PUFA supplementation on weight loss and cognitive function. The aim of this study was to investigate the effect of omega-3 PUFA supplementation on weight loss and cognitive function in obese or overweight adults on a weight loss diet. Methods: 40 adult volunteers aged 30-60 years, with body mass index (BMI) between 27.0 and 35.0 kg/m2, were randomly allocated into two groups. All subjects were involved in a weight loss diet program. The subjects in the omega-3 group (n = 20) also received daily supplementation with 1020 mg of omega-3 PUFAs (580 mg eicosapentaenoic acid (EPA), 390 mg docosahexaenoic acid (DHA), 50 mg other omega-3 PUFAs) for 12 weeks. Anthropometric measurements and body composition analysis were obtained at onset and at weeks 4, 8, and 12 of the study. The Montreal Cognitive Assessment (MoCA) test was used for evaluating cognitive functions at diet onset and at the end of week 12. Results: significant decreases were observed in weight, waist, and BMI in both groups. Abdominal fat mass and percentage decreased more in the omega-3 group than in the control group (p ≤ 0.05). MoCA scores increased in both groups within time, without statistical significance between groups. Conclusion: omega-3 PUFA supplementation augmented the reduction of abdominal fat mass and percentage in overweight or obese individuals on a weight loss diet. Further studies are required to identify the relationship and mechanisms of action of omega-3 PUFA supplementation on cognitive performance and weight loss.

Objetivo: los ácidos grasos poliinsaturados (AGPI) omega-3 son nutrientes importantes que intervienen en la obesidad, los lípidos corporales, la inflamación y las funciones neuronales. Existe controversia en los estudios sobre el efecto de la suplementación con AGPI omega-3 sobre la pérdida de peso y las funciones cognitivas. El objetivo de este estudio fue investigar el efecto de la suplementación con ácidos grasos poliinsaturados omega-3 sobre la pérdida de peso y la función cognitiva en adultos obesos o con sobrepeso que siguen una dieta para adelgazar. Métodos: 40 voluntarios adultos de entre 30 y 60 años, con índice de masa corporal (IMC) entre 27,0 y 35,0 kg/m2, fueron distribuidos aleatoriamente en dos grupos. Todos los sujetos participaron en un programa de dieta para adelgazar. Los sujetos del grupo con omega-3 (n = 20) también recibieron suplementos diarios de 1020 mg de AGPI omega-3 (580 mg de ácido eicosapentaenoico (AEP), 390 mg de ácido docosahexaenoico (ADH), 50 mg de otros AGPI omega-3) durante 12 semanas. Las mediciones antropométricas y el análisis de la composición corporal se obtuvieron al inicio y a las 4, 8 y 12 semanas del estudio. La prueba de la “Evaluación Cognitiva de Montreal” (MoCA) se utilizó para evaluar las funciones cognitivas al inicio de la dieta y al final de la semana 12. Resultados: se observaron disminuciones significativas en el tiempo en el peso, la cintura y el IMC en ambos grupos. La masa y el porcentaje de grasa abdominal disminuyeron más en el grupo con omega-3 que en el de control (p ≤ 0,05). Las puntuaciones MoCA aumentaron en ambos grupos en el tiempo, sin significación estadística entre los grupos. Conclusión: la suplementación con ácidos grasos poliinsaturados omega-3 aumentó la reducción de la masa y el porcentaje de grasa abdominal en personas con sobrepeso u obesidad que siguieron una dieta para adelgazar. Se necesitan más estudios para identificar la relación y los mecanismos de acción de la suplementación con ácidos grasos poliinsaturados omega-3 sobre el rendimiento cognitivo y la pérdida de peso.

Keywords: Omega-3. Ácidos grasos poliinsaturados. Dietas para adelgazar. Funciones cognitivas..

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• Body weight affects ω-3 polyunsaturated fatty acid (PUFA) accumulation in youth following supplementation in post-hoc analyses of a randomized controlled trial. Christian LM, Young AS, Mitchell AM, Belury MA, Gracious BL, Arnold LE, Fristad MA. Christian LM, et al. PLoS One. 2017 Apr 5;12(4):e0173087. doi: 10.1371/journal.pone.0173087. eCollection 2017. PLoS One. 2017. PMID: 28379964 Free PMC article. Clinical Trial.
• Effects of omega-3 supplementation in combination with diet and exercise on weight loss and body composition. DeFina LF, Marcoux LG, Devers SM, Cleaver JP, Willis BL. DeFina LF, et al. Am J Clin Nutr. 2011 Feb;93(2):455-62. doi: 10.3945/ajcn.110.002741. Epub 2010 Dec 15. Am J Clin Nutr. 2011. PMID: 21159785 Clinical Trial.
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Senior Director for Research, Medical School Office of Research

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A cover letter is required for consideration for this position and should be attached as the first page of your resume. The cover letter should address your specific interest in the position and outline skills and experience that directly relate to this position.

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Michigan Medicine improves the health of patients, populations and communities through excellence in education, patient care, community service, research and technology development, and through leadership activities in Michigan, nationally and internationally.  Our mission is guided by our Strategic Principles and has three critical components; patient care, education and research that together enhance our contribution to society.

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Reporting directly to the Executive Vice Dean for Research/Chief Scientific Officer (CSO), the Senior Director for Research will serve as the chief administrator and business manager of the Medical School Office of Research. This individual will be a key member of the Office of Research leadership team and advisor to the Executive Vice Dean for Research/CSO and will have additional accountability to the Executive Director of Administration and Chief Operating Officer for the Medical School.

The Senior Director is responsible for the operational and fiscal management of the Medical School Office of Research, strategic programs, and reporting units, with a cumulative operation totaling nearly $90M and greater than 600 FTEs. The Senior Director oversees the fiscal, personnel, operational, and administrative activities of the Office of Research and its units. Examples of responsibilities include, but are not limited to, sound financial management (budget preparation and management); human resource management of managers and staff (including hiring, terminating, professional development, and conflict resolution); operational and administrative management; and designing business plans to cost-effectively sustain the infrastructure and offerings of the Office of Research. The selected candidate will be responsible for strategic planning, development, implementation, and assessment of short- and long-range objectives. They will also provide direct supervision, mentorship, and professional development for research directors.

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• Models of research productivity and impact using traditional and non-traditional measures to aid in the identification of research strengths and opportunities.
• Initiatives and service offerings, including review and evaluation of outcomes.
• Administrative and research policies, procedures, and operational issues for the research enterprise.
• Innovative strategies to support faculty, streamline research processes, and reduce administrative burden.
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They will oversee micro and macro assessments of the economic drivers that impact the research enterprise to inform strategic and tactical planning and lead change to facilitate adoption of new initiatives, policies, and practices.

The Senior Director is expected to manage complex situations and multiple responsibilities simultaneously, mixing longer-term projects with the urgency of immediate demands. They must exercise discretion and demonstrate the ability to respect highly confidential information and act as a liaison between the Executive Vice Dean for Research/CSO and other internal and external constituencies.

The selected candidate will possess the skills to collaborate with and achieve actionable results through others, demonstrate the ability to build strong sustainable relationships, and exhibit the capability to interact with colleagues at all levels of the institution.

The Senior Director represents the Office of Research on institutional working groups and committees to advance the mission of the Medical School and university. Additionally, they will work closely with the Administrative Senior Directors of the Medical School as part of the Senior Administrative Staff team, on institution wide initiatives and deliverables. They are expected to be a strong, effective communicator with the ability to distill complex information into actionable steps, including the ability to collect and analyze data, interpret results, and prepare subsequent communications to inform Medical School leadership.

As a member of a greater team, the selected candidate will be called upon to perform other duties as assigned.

Required Qualifications*

• A bachelor's degree, or equivalent combination of education and experience, with practical work experience in the biomedical sciences and deep knowledge of a large research enterprise such as at an academic health center or equivalent.
• A minimum of five years of senior management experience with proven business acumen, preferably in a biomedical research or health care-related setting.
• Demonstrated experience with responsibility and accountability for the daily operations of many units, including priority setting and financial and human resources management.
• Successful experience leading and managing a complex team of multiple professionals, including hiring, setting direction and expectations, coaching and developing, assessing, and providing formal and informal performance feedback.
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• Ability to use astute judgment, think strategically, analyze logically, and cogently present summaries and recommendations.
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Michigan Medicine conducts background screening and pre-employment drug testing on job candidates upon acceptance of a contingent job offer and may use a third party administrator to conduct background screenings.  Background screenings are performed in compliance with the Fair Credit Report Act. Pre-employment drug testing applies to all selected candidates, including new or additional faculty and staff appointments, as well as transfers from other U-M campuses.

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Job openings are posted for a minimum of seven calendar days.  The review and selection process may begin as early as the eighth day after posting. This opening may be removed from posting boards and filled anytime after the minimum posting period has ended.

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Students research pathways for MIT to reach decarbonization goals

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A number of emerging technologies hold promise for helping organizations move away from fossil fuels and achieve deep decarbonization. The challenge is deciding which technologies to adopt, and when.

MIT, which has a goal of eliminating direct campus emissions by 2050, must make such decisions sooner than most to achieve its mission. That was the challenge at the heart of the recently concluded class 4.s42 (Building Technology — Carbon Reduction Pathways for the MIT Campus).

The class brought together undergraduate and graduate students from across the Institute to learn about different technologies and decide on the best path forward. It concluded with a final report as well as student presentations to members of MIT’s Climate Nucleus on May 9.

“The mission of the class is to put together a cohesive document outlining how MIT can reach its goal of decarbonization by 2050,” says Morgan Johnson Quamina, an undergraduate in the Department of Civil and Environmental Engineering. “We’re evaluating how MIT can reach these goals on time, what sorts of technologies can help, and how quickly and aggressively we’ll have to move. The final report details a ton of scenarios for partial and full implementation of different technologies, outlines timelines for everything, and features recommendations.”

The class was taught by professor of architecture Christoph Reinhart but included presentations by other faculty about low- and zero-carbon technology areas in their fields, including advanced nuclear reactors, deep geothermal energy, carbon capture, and more.

The students’ work served as an extension of MIT’s Campus Decarbonization Working Group , which Reinhart co-chairs with Director of Sustainability Julie Newman. The group is charged with developing a technology roadmap for the campus to reach its goal of decarbonizing its energy systems.

Reinhart says the class was a way to leverage the energy and creativity of students to accelerate his group’s work.

“It’s very much focused on establishing a vision for what could happen at MIT,” Reinhart says. “We are trying to bring these technologies together so that we see how this [decarbonization process] would actually look on our campus.”

A class with impact

Throughout the semester, every Thursday from 9 a.m. to 12 p.m., around 20 students gathered to explore different decarbonization technology pathways. They also discussed energy policies, methods for evaluating risk, and future electric grid supply changes in New England.

“I love that this work can have a real-world impact,” says Emile Germonpre, a master’s student in the Department of Nuclear Science and Engineering. “You can tell people aren’t thinking about grades or workload — I think people would’ve loved it even if the workload was doubled. Everyone is just intrinsically motivated to help solve this problem.”

The classes typically began with an introduction to one of 10 different technologies. The introductions covered technical maturity, ease of implementation, costs, and how to model the technology’s impact on campus emissions. Students were then split into teams to evaluate each technology’s feasibility.

“I’ve learned a lot about decarbonization and climate change,” says Johnson Quamina. “As an undergrad, I haven’t had many focused classes like this. But it was really beneficial to learn about some of these technologies I hadn’t even heard of before. It’s awesome to be contributing to the community like this.”

As part of the class, students also developed a model that visualizes each intervention’s effect on emissions, allowing users to select interventions or combinations of interventions to see how they shape emissions trajectories.

“We have a physics-based model that takes into account every building,” says Reinhart. “You can look at variants where we retrofit buildings, where we add rooftop photovoltaics, nuclear, carbon capture, and adopting different types of district underground heating systems. The point is you can start to see how fast we could do something like this and what the real game-changers are.”

The class also designed and conducted a preliminary survey, to be expanded in the fall, that captures the MIT community's attitudes towards the different technologies. Preliminary results were shared with the Climate Nucleus during students’ May 9 presentations.

“I think it’s this unique and wonderful intersection of the forward-looking and innovative nature of academia with real world impact and specificity that you’d typically only find in industry,” Germonpre says. “It lets you work on a tangible project, the MIT campus, while exploring technologies that companies today find too risky to be the first mover on.”

From MIT’s campus to the world

The students recommended MIT form a building energy team to audit and retrofit all campus buildings. They also suggested MIT order a comprehensive geological feasibility survey to support planning regarding shallow and deep borehole fields for harvesting underground heat. A third recommendation was to communicate with the MIT community as well as with regulators and policymakers in the area about the deployment of nuclear batteries and deep geothermal boreholes on campus.

The students’ modeling tool can also help members of the working group explore various decarbonization pathways. For instance, installing rooftop photovoltaics now would effectively reduce emissions, but installing them in a few decades, when the regional electricity grid is expected to be reducing its reliance on fossil fuels anyways, would have a much smaller impact.

“When you have students working together, the recommendations are a little less filtered, which I think is a good thing,” Reinhart says. “I think there’s a real sense of urgency in the class. For certain choices, we have to basically act now.”

Reinhart plans to do more activities related to the Working Group and the class’ recommendations in the fall, and he says he’s currently engaged with the Massachusetts Governor's Office to explore doing something similar for the state.

Students say they plan to keep working on the survey this summer and continue studying their technology areas. In the longer term, they believe the experience will help them in their careers.

“Decarbonization is really important, and understanding how we can implement new technologies on campuses or in buildings provides me with a more well-rounded vision for what I could design in my career,” says Johnson Quamina, who wants to work as a structural or environmental engineer but says the class has also inspired her to consider careers in energy.

The students’ findings also have implications beyond MIT campus. In accordance with MIT’s 2015 climate plan that committed to using the campus community as a “test bed for change,” the students’ recommendations also hold value for organizations around the world.

“The mission is definitely broader than just MIT,” Germonpre says. “We don’t just want to solve MIT’s problem. We’ve dismissed technologies that were too specific to MIT. The goal is for MIT to lead by example and help certain technologies mature so that we can accelerate their impact.”

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9 tips for finding quality furniture at a price you can live with

A little research and a close look at the tiniest of details can help you choose pieces that will work for the long haul.

An previous version of this article misspelled the name of Amy Panos, the home editor at Better Homes & Gardens. The article has been corrected.

Whether you’re decorating an entire home or just looking for a few key pieces, buying furniture is a big — and sometimes overwhelming — task. A little bit of research and a healthy dose of impulse control, along with an eye for the tiniest of details, can help you choose pieces that will work for the long haul . Here, home experts share their top tips for getting what you want at a price you can live with.

Know where to invest — and where to save

“Spend more money on items you sit on or lay on,” says Amy Panos, home editor at Better Homes & Gardens . “I would prioritize a sofa and comfortable chairs. Then, save on case goods such as dressers, bookshelves, side tables and armoires. It’s important for those to look good, but they’re not related to comfort.”

Do your research

Gather images of rooms you love and analyze the furniture. Are you drawn to sectionals, low sofas or something with a high back? What look, style or colors appeal to you? Go in person, if possible, to see the items you’ve liked, and while you’re in the store, ask to look at similar pieces. Doing this saves time looking at inventory you aren’t interested in, Panos says. Bring along a pillow or fabric swatch to help with color choices.

Read reviews for pieces you like. Are they overwhelmingly positive, so-so or negative? Kelli Lamb, editorial director of Rue Magazine , says it’s easy to go down the rabbit hole of reviews on sites like Reddit, where you’ll find entire threads on specific brands. But if you can cut through the noise, social media can be a great place to get opinions. “If you see a piece you’ve been eyeing on Instagram, message the account owner asking if they like the piece,” she says.

Take measurements

The only essential tool for furniture shopping is a tape measure. Of course, you need to know room dimensions, but that’s not enough. Create a detailed floor plan (including molding and electrical outlets) showing where each piece will go and what size it should be — including length, width and ideal height, Panos says. Try different sofas and chairs to find a comfortable seat depth, size and scale, and note the dimensions. The same goes for the depth and height of a coffee table or dining room set. Also, measure every door, hallway and entry point in your home to ensure you can get furniture into the space.

Pay attention to details

Whether you shop in-store or online, ask plenty of questions, says Noel Gatts, an HGTV host as well as the founder and principal designer of Beam & Bloom Interiors : Where is the piece fabricated? Where are the materials sourced? What fabrics and wood species are used? Can you provide a recommended care and cleaning guide? What is the return policy? “If the seller can’t answer, maybe go elsewhere, especially if it’s a bed, sofa or investment piece,” Gatts says.

You may also want to ask if the piece can be customized and how much time that adds to the delivery. Is delivery free? Does the store outsource delivery to a third-party service? Do they offer white-glove service — with pieces brought in, unwrapped, assembled and placed — or curbside drop-off? Will they haul away old pieces?

Inspect wood pieces carefully

For case goods such as dressers, cabinets and consoles, open the drawers and doors to look inside. Is it constructed with solid wood or laminate film over particle board? Solid wood pieces are stronger but more expensive.

Check the hinges and mechanisms. High-end pieces will often use strong metal parts and screws instead of plastics. Are cabinet doors even? Do they have loose glass panes that rattle?

And while the word “veneer” can make people cringe, don’t be put off. Veneers are commonly used in high-quality artisan furniture. It simply means there is a thinner facing of a more luxurious or expensive wood, such as walnut, on top of a more durable wood, such as maple, Gatts says.

Test upholstered pieces

Be careful not to buy something that’s trendy but uncomfortable. Sit or lie on furniture pieces and move them around the way you would at home. Pay close attention to patterns and seams: Patterns should line up to continue in an even repeat at the seams. Are cushions removable (preferred) or attached (cheaper)?

If a sofa is against the showroom wall, pull it out and check the back and sides. Push on the back. Is it thick, with ample filling, or just a piece of fabric stretched over the structure? The latter is a telltale sign of a cut corner. You may even want to sit or perch on the back of a sofa to see if it feels sturdy.

Also note the filling material. While polyester or foam can be durable, it may lose shape over time. Feather- or down-filled cushions and pillows can be re-fluffed. Gatts suggests giving cushions a simple test: Chop your arm into the middle of the pillow. If the V-shaped indent stays, it’s probably a down-filled quality piece, she says. Check for zippers. Having them makes it easier to clean a soiled cushion or replace the insert.

Consider shopping secondhand

One of the best ways to get a “collected-over-time look” and the most value for your dollars is to shop at thrift or consignment stores. “There’s no shame in shopping smart, and you often find amazing treasures,” Panos says. Just be sure to do the same quality checks outlined above. Even if you have to touch up a scratch or reupholster a piece, the cost can still be a fraction of a new item.

What to know about shopping online

While Panos says she wouldn’t buy anything sight unseen unless there’s a generous and flexible return policy, online retailers are an option. When shopping online for upholstered pieces, take extra time to order a fabric swatch to ensure it’s what you expect. You can also shop secondhand online, Lamb says, on websites such as kaiyo.com , which stocks refurbished quality furniture from top brands at discounted prices and offers home delivery.

Furniture shopping should not be impulsive. Don’t get everything in one place. Instead, get the best you can afford at the time. There is a movement toward “slow decorating” — taking the time to get the exact pieces you want and need, however long that takes. “The most interesting rooms don’t look like a showroom,” Lamb says.