Mergers
Chapter One
Introduction to Mergers
and Acquisitions
The field of mergers and acquisitions (M&As) has greatly expanded
over the past quarter of a century. While M&As used to be somewhat
more of a U.S. business phenomena, this changed significantly in the
1990s, and now M&As are more commonly used by corporations
throughout the world to expand and pursue other corporate goals.
This was very much the case in the latest merger wave of the 1990s
and early 2000s, where the numbers of deals in Europe were comparable
to those in the United States. In addition, other markets,
such as the Asian economies, also saw much M&A activity as well as
other forms of corporate restructuring. Restructuring, sell-offs, and
acquisitions become more common in Asia, where countries such as
Japan and South Korea began the slow process of deregulating their
economies in an effort to deal with economic declines experienced
during that period.
In this book we will analyze how mergers and acquisitions can be
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