Asset Swap in Mergers and Acquisitions

By

ACKNOWLEDGEMENT

My thanks go out to all who have helped me complete this study and with whom this project may have not been possible. In particular, my gratitude goes out to friends, facilitator and family for extensive and helpful comments on early drafts. I am also deeply indebted to the authors who have shared my interest and preceded me. Their works provided me with a host of information to learn from and build upon, also served as examples to emulate.

DECLARATION

I [type your full first names & surname here], declare that the following dissertation and its entire content has been an individual, unaided effort and has not been published or submitted before. Furthermore, it reflects my opinion and take on the topic and is does not represent the opinion of the University.

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TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

CHAPTER 01: INTRODUCTION1

Background of the Study1

Aims and Objectives5

Research Questions5

Rationale of the Study6

Significance of the Study6

Layout of the Study7

CHAPTER 02: LITERATURE REVIEW9

Mergers and Acquisitions9

Different types of M&A deals -Asset swap11

Theory of Wealth Creating in M & A13

Challenges in Mergers and Acquisitions15

M&A trend in Spain in the IT and Defence sectors16

Difference between Asset Swap and Classic Merger and Acquisition19

Strengths and Weaknesses and Implications- Thales of Spain Case Study20

Conclusion23

CHAPTER 03: RESEARCH METHODOLOGY24

Semi-structured Interview24

Pros and Cons of Chosen Methodology25

Semi-Structured Interview25

Pros25

Cons26

Research Method and Design Appropriateness27

Case Study Analysis27

Confidentiality28

Validity29

Data Analysis30

Qualitative Data Analysis30

CHAPTER 04: DISCUSSION AND ANALYSIS31

Analysis of the Interview Responses31

Question 1: Introducing question: Have you ever heard about Mergers and Acquisitions and what does that means for you?31

Question 2: What do you see as being difficult to do an asset swap Merger & Acquisition?34

Question 3: Could you say what are the advantages of an asset swap M&A versus a traditional Mergers & Acquisitions?35

Question 4: Could you say what are the disadvantages of an asset swap M&A versus a traditional Mergers & Acquisitions?36

Question 5: What kind of information and knowledge would you expect to have access to for an asset swap Mergers & Acquisitions that you might not require for a traditional Mergers & Acquisitions?37

Question 6: In what way do you find that an asset swap Mergers & Acquisitions could be disturbing for an organisation?37

Question 7: Is that the way you feel too?38

Question 8: Assuming that your organisation has decided to pursue a growth strategy through an asset swap Mergers & Acquisitions, what will be, according to your knowledge, experience or the findings brought to light during this interview:39

Question 9: Is there anything you wish to add that could help me answering my research question: 'is it a good thing to do asset swap in Mergers and Acquisitions?'39

CHAPTER 05: CONCLUSION41

REFERENCES43

CHAPTER 01: INTRODUCTION

Background of the Study

This study undertakes to discuss the most important aspect of the mergers of projects. It performs an in-depth research on the topic of mergers and acquisitions, which has proven to be one of the most applicable and debatable subjects of the significant management issues of the modern days. Managers who face with uncertain environments often consider strategic alliances to control costs, supplies, competitors or ...