Şirket birleşmeleri

Abstract

ÖZET İşletmelerin tek başına ayakta kalma çabaları, günümüz ekonomik koşullarında ve artan rekabet şartlarında yetersiz kalınca şirket evlilikleri daha sık raslanır bir hale geldi. içinde bulunduğumuz dönemlerde, neredeyse her firma bir başkasıyla beraber bir çalışma içinde. Genellikle gelişmiş ve gelişmekte olan işletmelerin baş vurduğu bu yöntemin en etkili örneğini I.B.M veriyor, i.B.M A.B.D'deki ve diğer ülkelerdeki farklı şirketlerde dörtyüzün üzerinde stratejik birleşme gerçekleştirdi. İşletmeler arası birleşmeler çağdaş stratejik düşüncenin tamamlayıcı bir parçası haline geldi. Yapılan araştırmalara göre uluslar arası ortak girişimler 1935'ten bu yana % 27 arttı. Ancak bu ortaklıklar, işletmeler için belirlenen hedeflere ulaşmakta başarılı oluyor mu ? Kısaca stratejik birleşmeler işe yarıyor mu? Bazı durumlarda cevap 'HAYIR', kabaca bu birleşmelerin 1/3 başarısızlıkla sonuçlanıyor. Ancak bu acı dersler sayesinde işletmelerin kazandıkları deneyimler ile yöneticiler artık bu tip bağlantılardan neler bekleyeceklerini ve sağlıklı bir birleşmeyi nasıl gerçekleştirecekleri konusunda daha akılcı davranıyorlar. Yani yatırımcılar kısa vadede bir kaç kuruş kazanmak yerine uzun vadeli birleşmeler ile ilgileniyorlar. Bir birleşmeyi gerçekleştirmek için asıl neden ya yeni bir pazara veya özel uzmanlık alanına geçiş olmalı, yada pazardaki rakipleriyenmek için sektör içinde güçlenme olmalıdır. Eğer birleşme bu amaçlardan herhangi birine hizmet etmiyecekse, hiç gerçekleşmeme!!. Yöneticiler, tıpkı yeni evliler gibi, şirket birleşmeleri sonucunda etraflarında görecekleritalepler ve yenilikler konusunda genellikle şaşırırlar. İşin zor olan yanı işletmeyi yönetmek değildir, sorunlar farklı şirket ve yönetim kültürlerinden gelen yöneticiler arasındaki sağlıklı ilişkileri kurmak gibi belirgin olamayan konularda yatar. Çelişkiler ve problemler ortaya çıktığı zaman, çözümler normal ve bağımsız bir işletmede olduğundan daha zor. Katılımcı firmaların yöneticilerinin tecübeli olması olası sorunlar ve çelişkilerden doğacak zararları azaltabilir, 'yöneticiler başlangıçta çok dikkatli hazırlanan anlaşmalar aracıyla bu öğreniyorlar. Anlaşmalar her zaman % 50'şer bazlarda yapılanmak zorunda değil. Önemli olan ortajklığın ahengi ve her iki ortağında avantajlarının süreklilik kaydetmesidir.

III SUMMARY İt is necessary to distinguish betvveen what is a ' merger' and what is a ' acquisition '. Whilst botj term are commonly used together. they are different in their meaning. İn general terms, a merger is where two ör more businesses combine under common ovvnership. By definition, mergers are normally friendly transactins whereby both parties plan, co-ordinate and implement together the merging of their operations. A merger is normally effected in öne of two ways : a ) öne party will seli its business to the entity of the other party, receiving equity ör shares in that entity as considerration; ör b) both parties seli their business into a nevvly formed entity, with each taking equity in the new venture in proportion to the value of equity contributed ; On the other hand, a takeover can range from being a friendly to an extremely hostile transaction. However, in ali cases, a takeover occurs where a bidder successfully obtains control of an existing business( the targer company). A successful takeover is normally achieved by the bidder acquiring control of the target company's shares, ör acquiring the business ör assets of target. This particular issue is futher discussed at a later stage in course. As a starting point, it is useful to think of two alterenative ways of making an acquisition : a ) Acquisition of Assets A company that wishes to acquire another business may effectively do so by purchasing ali, ör part of another company's assets and/or liabilities. This process simply entails the transfer of asset and liabilities of the target company to the acquiring company. From the target shareholders1 point of view the sale of assets may be less attractive than a sale of shares, particularly vvhere consideration in the latter case in cash.This's because a sale of shares is more straightforvvard and leaves target shareholders free to to deal with the proceed as they like. İf, however;the target company selis ıts assets receıves cash.dıstrıbutıon of that cash to shareholders vvould ınvolve lıquıdatıon of the target company;a faırly lengthy process.IV If the members dıdnot agree to lıquıdate the target company, it would have to ınvest the proceeds from the sale of assets and the target shareholders vvould have to be prepared to leave theır money m a very dıfferent entıty. b) Acquısıton of shares The other way in vvhıch the bıdder can gam control ıs buy acquırıng shares m the target company. VVhere the takeover ıs by acquısıtıon of shares, the target company contınues to exıst and ovvnershıps of ıts assets ıs unaffected. As dıcussed above, the acquırıng company usually aıms to acquıre suffıcıent voıtıng shares to gıve it management control. Irrespectıve of vvhıch of the above to acquısıtıon methods ıs adopted, it ıs then useful puttıng of beıng able to make an acquısıtıon m the followıng ways. a)Publıcly ı.e. of a company whıch ıs lısted on the istanbul Stock Exchange and hence subject to stocks exchange and the other corporate regulatıon. b)Prıvately ı.e. of a company not lısted exchange and not therefore subject to such a hıgh degree of regulatıon. c)By way of a partıal bıd for the shares of the target company. d)By way of full bıd for the shares of the target company. e)By way of leveraged buy out, m vvhıch turn may take the follovvıng three general forms: (1)püre leveraged buy out (2)management buy out, vvhere buy exıstıng management (3)management buy m vvhere buy new management buys ınto the company in addıtıon control över a company can be strengtened ör ınfact taken 100% usıng öne of the follovvıng two way : (1)share buy back under corporatıon law (2)a capıtal reductıon under corporatıon The selectıon of the most approprıate way to make an acqusıtıon wıll be governed by thee specıfıc characterıstıc and objectıves of the bıdder and the target, such as taxatıon posıtıon, lısted status exıstıng fınancıng mıx, and corporate strategy.In view of the significant financial and management resources expanded in the processof a mergers or acqusition, its appropriate to consider why such a move is undertaken by an organisation. there is a variety of commonly cited motives for takeovers ranging from commercial to personal reasons. Some of the more commonly suggested rationals are as follows :. Economies of scale : by integrating to complementary bussines units and rationalising duplication, its possible to increase efficiency and reduce costs through scale economies.This may be achieve may of the either horizontal or vertical integration.. Diversification : like portfolio managers, companies often seek to reduce risk by diversifying i.e. by a acquiring and unrelated bussines In recent years however diversified conglomerates have lost favour with investers.. Secure under volume assets : may takeovers motivate by the target company selling at a discount to its perceived underlying worth.It was a fundemental reason for the rise of the corporate raider, leverage buyouts and management buyouts during the 1 980s.. Growth : bussines can grow either organicaly or by external acquisitions. Where opportunities for internally generated growth are limited companies are forced to grow ny acquisition. This may result in fewer.albeit larger, competitors who are then forced offshore in the quest for further growth.. Defence : companies fearing that are vulnerable to takeover may seek to grow or alter the composition of their share registers by taking over the companies.. Tax advantages : Taxation laws permitting, a bitting company may be able to take advantage of tax losses in a target company to shelter its own profits in the future.. Raising equity : A company may bid using its own shares as consideration for a lowly geared target in other to strengthen its own financial position.in other words a bitter is effectively expanding its equity base by issuing shares for lowly geared assets. A 1990 study by the amencan based rubicon group international is of interest in light of the above discussion.RGI circulated a questionaire to a large number of respondents asking about acquisition objectives. Table 1 below summarises the result of their study.{Table : 1):VI Table 1 : Percent of the Companies Targeting the Following M&A Objectives Access to new markets 81 % Growth in the market share 64% Access to new products 56% Enhanced reputation 53% Scale economies in operating expenses 47% Access the distribution channels 36% Reduction in number of competitors 28% Scale economies in distribution 28% Access to additional management talent 28% Preventing competition from acquiring company 25% Access to new tecnologies 22% Access to lower cost of capital 1 9% Entering a new industry 17% Scale economies in manufacturing 14% Access to manufacturing capacity 1 1 % Access to manufacturing know-how 1 1 % Tax adventages 1 1 % Access to supplies 6% Avoidance of a hostile takeover 6% It is infesting to note that the three most common objectives are clearly linked to securing new scores of revenue.This suggest an obsession by manegement with growth. On the other hand forth most common objective enhanced reputation supports a strong concern with market profile and customer perception.In particuler more manifactunng companies sought access to new products where as service organisation were more concerned with reducing competition and obtaining access to cheaper sources of capital When analysing the adjust succes of takeover objectives RGI found the following result (Table 2) :In view of the significant financial and management resources expanded in the processof a mergers or acqusition, its appropriate to consider why such a move is undertaken by an organisation. there is a variety of commonly cited motives for takeovers ranging from commercial to personal reasons. Some of the more commonly suggested rationals are as follows :. Economies of scale : by integrating to complementary bussines units and rationalising duplication, its possible to increase efficiency and reduce costs through scale economies.This may be achieve may of the either horizontal or vertical integration.. Diversification : like portfolio managers, companies often seek to reduce risk by diversifying i.e. by a acquiring and unrelated bussines In recent years however diversified conglomerates have lost favour with investers.. Secure under volume assets : may takeovers motivate by the target company selling at a discount to its perceived underlying worth.It was a fundemental reason for the rise of the corporate raider, leverage buyouts and management buyouts during the 1 980s.. Growth : bussines can grow either organicaly or by external acquisitions. Where opportunities for internally generated growth are limited companies are forced to grow ny acquisition. This may result in fewer.albeit larger, competitors who are then forced offshore in the quest for further growth.. Defence : companies fearing that are vulnerable to takeover may seek to grow or alter the composition of their share registers by taking over the companies.. Tax advantages : Taxation laws permitting, a bitting company may be able to take advantage of tax losses in a target company to shelter its own profits in the future.. Raising equity : A company may bid using its own shares as consideration for a lowly geared target in other to strengthen its own financial position.in other words a bitter is effectively expanding its equity base by issuing shares for lowly geared assets. A 1990 study by the amencan based rubicon group international is of interest in light of the above discussion.RGI circulated a questionaire to a large number of respondents asking about acquisition objectives. Table 1 below summarises the result of their study.{Table : 1):