Abstract
This chapter outlines various parameters used for evaluating the performance of an M&A deal. The calculation of profitability and valuation measures of combined entity in post-merger period vis-à-vis pre-merger period has been covered through numerical examples. It also puts forth the key findings of studies conducted on the success/failure of M&As all across USA and India along with Author’s individual study on the performance of M&A deals in India. The empirical work on performance evaluation of M&A indicates the mixed result. Some study shows that M&A results in improvement of performance while some other studies show that there is no significant impact of M&A on performance of combined entity.
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Annexure-I: List of Sample Mergers and Acquisitions for Empirical Study
Annexure-I: List of Sample Mergers and Acquisitions for Empirical Study
S.No. | Acquirer company | Target company |
|---|---|---|
1 | AI Champdany Inds. Ltd. | Champdany Industries Ltd. |
2 | Aarti Industries Ltd. | Alchemie Organics Ltd. |
3 | Aban Offshore Ltd. | Hitech Drilling Services India Ltd. |
4 | Ambuja Cements Ltd. | Ambuja Cement Rajasthan Ltd. |
5 | Ambuja Cements Ltd. | Ambuja Cement Eastern Ltd. |
6 | Asahi India Glass Ltd. | Floatglass India Ltd. |
7 | Bharat Petroleum Corpn. Ltd. | Kochi Refineries Ltd. |
8 | Bilt Paper Holdings Ltd. | Janpath Investments and Holdings Ltd. |
9 | Cadila Healthcare Ltd. | German Remedies Ltd. |
10 | Chambal Fertilisers & Chemicals Ltd. | India Steamship Co. Ltd. |
11 | Clariant Chemicals (India) Ltd. | Clariant (India) Ltd. and Vanavil Dyes and Chemicals Ltd. |
12 | Coromandel International Ltd. | Godavari Fertilisers and Chemicals Ltd. |
13 | Cosmo Films Ltd. | Gujarat Propack Ltd. |
14 | Dr. Reddy’s Laboratories Ltd. | Cheminor Drugs Ltd. |
15 | Eveready Industries (India) Ltd. | Powercell Battery India Ltd. |
16 | Forbes & Co. Ltd. | FAL Industries Ltd. |
17 | Gateway Distriparks Ltd. | Snowman Frozen Foods Ltd. |
18 | Gillanders Arbuthnot & Co. Ltd. | GIS Ltd. |
19 | Gitanjali Gems Ltd. | Gemplus Jewellery India Ltd. |
20 | GlaxoSmithKline Pharmaceuticals Ltd. | Smithkline Beecham Pharmaceuticals (India) Ltd. |
21 | GlaxoSmithKline Pharmaceuticals Ltd. | Burroughs Wellcome (India) Ltd. |
22 | Gujarat Narmada Valley Fertilizers Co. Ltd. | Narmada Chematur Petrochemicals Ltd. |
23 | Henkel India Ltd. | Henkel Spic India Ltd. |
24 | Himachal Futuristic Communications Ltd. | HTL Ltd. |
25 | Hindalco Industries Ltd. | Indian Aluminium Co. Ltd. |
26 | Hyderabad Industries Ltd. | Malabar Building Products Ltd. |
27 | ITC Ltd. | ITC Bhadrachalam Paperboards Ltd. |
28 | ITC Ltd. | ITC Hotels Ltd. |
29 | ITC Ltd. | Wimco Ltd. |
30 | IVRCL Ltd. | Hindustan Dorr-Oliver Ltd. |
31 | Indian Oil Corpn. Ltd. | Bongaigaon Refinery & Petrochemicals Ltd. |
32 | Indian Oil Corpn. Ltd. | Chennai Petroleum Corpn. Ltd. |
33 | Indian Oil Corpn. Ltd. | IBP Co. Ltd. |
34 | Ispat Industries Ltd. | Ispat Metallics India Ltd. |
35 | JSW Steel Ltd. | Jindal Iron & Steel Co. Ltd. |
36 | Mahindra & Mahindra Ltd. | Mahindra Hinoday Inds. Ltd. |
37 | Mahindra & Mahindra Ltd. | Punjab Tractors Ltd. and Swaraj Engines Ltd. |
38 | Matrix Laboratories Ltd. | Medicorp Technologies India Ltd. and Vorin Laboratories Ltd. |
39 | Megasoft Ltd. | Visualsoft Technologies Ltd. |
40 | Mirc Electronics Ltd. | Onida Savak Ltd. |
41 | NRB Bearings Ltd. | SNL Bearings Ltd. |
42 | Nirma Ltd. | Saurashtra Chemicals Ltd. |
43 | Novartis India Ltd. | Ciba Ckd Biochem Ltd. |
44 | Pfizer Ltd. | Parke-Davis (India) Ltd. |
45 | Philips Electronics India Ltd. | Philips Glass India Ltd. and Punjab Anand Lamp Inds. Ltd. |
46 | Punjab Chemicals & Crop Protection Ltd. | Alpha Drug India Ltd. |
47 | Punjab Chemicals & Crop Protection Ltd. | I A & I C Chem Pvt. Ltd. |
48 | RSWM Ltd. | Cheslind Textiles Ltd. |
49 | Raymond Ltd. | Ring Plus Aqua Ltd. |
50 | Reliance Industries Ltd. | Indian Petrochemicals Corpn. Ltd. |
51 | Reliance Industries Ltd. | Reliance Infrastructure Ltd. |
52 | Salzer Electronics Ltd. | Salzer Controls Ltd. |
53 | Siemens Ltd. | Siemens VDO Automotive Ltd. |
54 | Spentex Industries Ltd. | Amit Spinning Inds. Ltd. |
55 | Sterlite Industries (India) Ltd. | Bharat Aluminium Co. Ltd. |
56 | Sterlite Industries (India) Ltd. | Hindustan Zinc Ltd. |
57 | Sundaram-Clayton Ltd. | TVS Motor Co. Ltd. |
58 | Sundram Fasteners Ltd. | TVS Autolec Ltd. |
59 | Supreme Industries Ltd. | Siltap Chemicals Ltd. |
60 | TVS Motor Co. Ltd. | Lakshmi Auto Components Ltd. |
61 | Tata Chemicals Ltd. | Hind Lever Chemicals Ltd. |
62 | Tata Sons Ltd. | CMC Ltd. |
63 | Tata Steel Ltd. | Tata SSL Ltd. |
64 | Torrent Power Ltd. | Torrent Power AEC Ltd. and Torrent Power SEC Ltd. |
65 | Uflex Ltd. | FCL Technologies & Products Ltd. and Flex Engineering Ltd. |
66 | United Spirits Ltd. | Shaw Wallace & Co. Ltd. |
67 | VIP Industries Ltd. | Blow Plast Ltd. |
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Kumar, V., Sharma, P. (2019). Performance Evaluation of M&A. In: An Insight into Mergers and Acquisitions. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-13-5829-6_7
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DOI: https://doi.org/10.1007/978-981-13-5829-6_7
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