ABSTRACT
The research study of corporate merger and acquisition. The purpose of this research study is to highlight the quality dimension and time dimension of the expected financial benefit quantifiable in monetary terms (as measured by the change in earning per share) and it is consistent with maximizing the wealth of owners
(ordinary share holder)
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The study will be of immense significance to companies and firms in Nigeria in exposing them to the implication i.e effect of earnings and synergistic advantages of acquiring another company or merging with another as a means of growth diversification.
In an attempt to cover the area of study in depth working hypothesis were formulated as a guideline for the researcher. These were later tested after data collection and analysis and certain inferences were drawn.
TABLE OF CONTENT
TITLE PAGEPAGES
CERTIFICATION
ACKNOWLEDGEMENT
DEDICATION
ABSTRACT
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY 1
STATEMENT OF THE PROBLEM 5
SCOPE OF STUDY 5
OBJECTIVE OF THE STUDY
RESEARCH OF HYPOTHESIS
FORMULATION OF HYPOTHESIS
LIMITATION OF THE STUDY
CHAPTER TWO
LITERATURE REVIEW
THE CONCEPT OF ACQUISITION AND MERGER
ACQUISITIONS AND MERGER PROCEDURE
SITUATIONS THAT MAY GIVE RISE TO ACQUISITIONS AND MERGER
FINANCIAL IMPLICATION OF ACQUISITION AND MERGER
PROBLEMS ASSOCIATED WITH ACQUISITION AN MERGER
BENEFITS OF MERGERS AND ACQUISITION
TERMS AND CONDITIONS FOR MERGERS AND ACQUISITION
CHAPTER THREE
RESEARCHER APPROACH 30
DATA COLLECTION METHOD 30
INTERVIEW 31
QUESTIONNAIRE 31
SELECTION OF THE SAMPLE SIZE 31
METHODS OF DATA ANALYSIS 33
CHAPTER FOUR
DATA ANALYSIS AND INTERPRETATION 35
TESTING AND INTERPRETATION OF HYPOTHESIS 40
CHAPTER FIVE
SUMMARY OF FINDINGS CONCLUSION AN RECOMMENDATIONS
SUMMARY OF FINDINGS 57
CONCLUSION 58
RECOMMENDATION FOR FURTHER STUDIES 59
BIBLIOGRAPHY
APPENDIX
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Merger and acquisition in business refers to the coming together of two or more companies to form a single company. Technically, merger differs in some ways from acquisition there is a merger when two or more companies come together to form a new company bears name different from company’s for instance, if A limited and B limited are said to have merger or amalgamated into C limited Alliteratively A limited and B limited an come together or merge to form AB limited.
Acquisition occurs when one company acquires the assets and liabilities buys shares of another company when one losses its corporate existences for instance, if company A take over all the shares of company is B and company B disappears we say that an acquisition or take over has occurred.
A big company may acquire a smaller company because of the smaller company comparative advantages in the sourcing of raw materials needed by the bigger company. In which case, the acquiring or acquired companies will explore channels to market their products.
The intention might be to render services to a more spread out geographical area under one body of organization with uniform policies prices and higher market share.
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According to a statement on page 17 of the Guardian Newspaper of Tuesday March 3rd 1998 credited of that the equity-ownership consolidated strategy is said to have been facilitated by the natures new laws on foreign investment which allow off-share investors to own same business 100 percent.
The new policy, establish to attract inflow of foreign capital is generally considered by proponents as an improvement on the country indigenization policy which had in the 1970 directed multinational, of wholly ownership of such companies as lever brother and CFAO. UACN, P2 industries, Johu HOA which late strengthened the establishment of the Lagos stock exchange.
Under the scheme foreign multinationals and founders of such companies were restricted to a maximum equity-holding of 40 percent with the majority exclusively for Nigerians. In particular and through selected acquisition lever Brothers Nigeria Plc has strengthened its hold in ports and personal products through its mergers with Lipton Nigeria Limited in 1985, chesebrough products limited in 1988 and lately in 1995 with Unilaver Nigeria Limited which effectively transferred to LBN the sewards business.
Lever Brother Nigeria Plc (RC113) is the longest surviving manufacturing outfit in Nigeria. The company was incorporated as a private company 1923 to manufacture soaps based on local palm oil.
Over the years, the company diversified and expended its operations to the production and marketing of personal wash products mainly toilet soap non-soapy detergents, foods and body care hair care product.
The company is fully committed to backward integration and self-sufficiency and has made considerable progress its effort towards local sourcing and development of raw materials. The company has also built a large palm kernel millat its Aba factory to improve the supply of vegetable oil, an essential raw material in soap and edibles production. It is also making investment in oil palm plantation in order to improve its local sourcing.
Lever Brothers Nigeria Plc Range of quality products is distributed and sold at uniform prices all over the country through an established and tested distribution net work using appointed distributor supervised by a well trained sales force. The company has direct staff strength of about 2,250 employees in its four manufacturing sites and various distribution points throughout the country of this numbers, only five are expatriates. This is the extent to which the company has give at training and developing management resources.
The objective is to bring in expatriates who are willing and able to work in Nigeria and who will contribute, help and train Nigerians. They give the business and international flavour and are in exchange for LBN managers working overseas to obtain international experience, expatriates are therefore brought into meet our specific needs. The company also provides indirect employment for over six thousand people.
Lever Brother Nigeria Plc has been dedicated to the production of top quality brand for Nigerians for seventy years.
STATEMENT OF THE PROBLEM
In the past, it was discovered there was not enough information of the above stated subject matter. Hence, there is the need for better understanding of the problems and prospect of mergers and acquisition.
Many investors/shareholders are not enlightened on the benefits/advantage of that companies result from mergers acquisition some even discontinue a proposal for merges and acquisition to mean a dwindling features of the companies concerned.
It is for this reasons that I decided to carry my research on corporate merger and acquisition in Nigeria.
Loss or gain of control effect.
SCOPE OF STUDY
This research work focused mainly on the problems encountered by companies engaged in corporate merger and acquisition advantages to be derived there in, the economic implications of mergers and acquisition well as how company who may possibly merge in the future may avoid such problems.
OBJECTIVE OF THE STUDY
The objectives of this study will among other things include this following
To carry out a comprehensive appraisal of the prospects of corporate mergers and Acquisitions in Nigeria.
To create awareness on the benefits/advantages of corporate merger and acquisition
To examine various procedures and statutory regulations of mergers and acquisitions.
RESEARCH HYPOTHESIS
For the purpose of this study, the following hypothesis were formulated to serve as a guide to
That corporate merger/Acquisition merger has the potentiality of increasing the growth and profitability.
That the combination of two companies do have a positive effect on the earning per shares of the shareholders.
That merger and acquisition has a synergistive effect on a company
That merger would be in interest of all parties concerned
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