Dissertation Proposal

on

Cross Border Merger and Acquisition Pre-empting PMI HR Challenges Understanding effect of M&A Motive and Type on Post Merger/Acquisition Integration process

By Yashodhara Rajaraman Student Id - 7527084

Table of contents

1. 2.

Introduction............................................................................................................................. 3 Introduction to problem statement and purpose of the study: - ............................................. 4

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a. b.
3. 4. 5. 6. 7.

Purpose of the study .......................................................................................5 Research questions .........................................................................................7

Literature Review: .................................................................................................................. 7 Methodology: - ...................................................................................................................... 13 Limitations ............................................................................................................................ 16 Contingency Plan .................................................................................................................. 16 Timetable for completing the various elements of dissertation ............................................ 16

1.

Introduction

The phrase mergers and acquisitions (abbreviated M&A), refers to the aspect of corporate strategy, corporate finance and management which deals with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity. In theory, merging joint venture are a means to create value by acquiring technologies, products and market access, which generate economies of scale and create global presence (Miller and Fernandes 2010). Due to the impact of globalization and increased competition, Mergers and Acquisition strategies offer organization a unique path for growth and development. However, although Mergers and Acquisition are lucrative approaches to business growth and development, it is also notorious for high failure rates, due to an inability to sustain the value or realize the synergy. The PMI (Post Merger Integration) phase of M&A deals, is a key phase that determines the success, sustainability, and growth of an organization. Hence the achievement of success at PMI stage, is a lynchpin for a successful Mergers. In this regard one can agree that a M&A transaction would seem to have failed to live-up to the shareholder expectations for non-achievement at PMI stage of the integration process. There are many reasons that account for PMI failures; a key reason cited is the ensuing cultural difference between the two organizations. In 2006, in a paper from the Economist Intelligence Unit, claims that 67 percent of survey respondents attributed cultural integration as a critical factor in a successful M&A deal (Bundy and Hukins, 2009). According to R. Bruner Its difficult enough for two domestic firms with markedly different cultures to combine. But in cross border context, opportunities to misunderstand and disagree multiply like weeds. Harvard Business Review, May 2004. The M&A activity in economic history is divided into different periods or socalled waves (Sudarsanam, 2003); the most recent from 2010, shows an increase in cross-border activities in Emerging economies. Recent economic turmoil, has profoundly affected the emerged economies and capital surplus in emerging economies. In this period, strategic issue for successful mergers into new markets, improved deals selection, better deal governance and postmerger integration with reference to culture in the M&A process, are valid as the key for M & A success (Moeller & Brady, 2007). M&A is a complex process, and when deals are struck between firms from different economic regions of the world, motives, expectations, and the impat of differences in culture add another complex dimension to the PMI HR Integration process. Theoretically Merger and Acquisition represent two types of transactions but most of the studies use these terms interchangeable.

Only 3% of M&A are really mergers (UNCTAD), hence for simplicity this study shall use merger or acquisition / M&A, and Cross Border M&A or CBMA is the same sense.
2. Introduction to problem statement and purpose of the study: -

According to Chancel, Rodgers, and Raynaud (2002), there are two dimensions in PMI- HR integration strategy Cultural and Operational. Cultural Dimensions: M&A Literature, states that Target Management attitudes and cultural differences heads the list of impediments to the successful melding of two organizations (Davenport 1998), and the motive or purpose of the merger influences the extent to which two firms and their human resources practices are integrated after the merger (Shrivastava, 1986) When CBMA deals ensue between companies from two developed economies, the reasons or usual M&A motives are cutting cost and creating growth possibilities and can be dubbed as a Merger of equals. However, when the M&A deal is struck between emerging and developed economies (where bidder is a company from emerging economic region), the Merger Motives are, swift access to new technologies, Brand value and productions. There is therefore a clear difference between the wants of the above two strains of CBMA deals. The initial wants manifests itself into M&A motives and determines the M&A type. Employees perception (from both Acquiree and Acquirer) of these motives,depend on Cultural differences. Cultural differences can be manifested in a variety of observational ways i.e. physical layout, structure, and style of work organization, rituals and organizational folklore. (Schein, 1985) Operational Dimension: Operational dimension is related to process of integrating the organization systems, HR procedures and Policies. Succession Planning and Reward strategy tops the list of concerns. There is great danger in creating two classes of employees. if the HR Procedures and Policies are not harmonised. As in the case of Hindustan Lever acquiring TOMCO, the employees in TOMCO had better compensation structure than HLL counterparts. And, hence there is need to understand and differentiate various types of mergers, to provide managers with guidance in future decisions. (Nancy K. Napier, 1989) In addition to the above, there needs to be a consistent study of how and what decides/influences the Culture assimilation, and HR Policies.

a.

Purpose of the study

The central theme is underpinned by Cultural Tolerance or cultural integration and HR Procedural integration. It is my view that the difference in perception of Merger Motives by acquirer and acquiree, leads to conflict of interest and have an effect on PMI HR integration process. Therefore the overall view is that Culture determines employees perception of the motive; motive has two fold effects one on the HR Policies and Procedures which is tangible and effect on Employees Behaviours . An aim of this study is to compare PMI HR Integration challenges two different types of CBMA transactions, Merger between Equals and Merger between unequal and demonstrate how motives define the degree of tolerance between two cultures. As highlighted by (Nancy K. Napier, 1989), there is a need to understand and differentiate various types of mergers, to provide managers with guidance in future decisions with specific reference to successfully managing the PMI process. The central theme of this study is therefore to demonstrate how M&A motives are impacted on in a joint venture, with specific reference to cultural differences, employees perception, HR Policies, and in total how it affects the PMI HR process. This view will be supported by analysis of two cases or two Strains of CBMA deals, Lenovo- IBM and Daimler-Chrysler to prove the thesis that motives affect the Cultural and HR Integration process. The strategic importance of managing the differences of culture in synergy at the PMI stage of the integration process is interrogated by the following hypothesis: a. Cultural Distance Hypothesis: The difficulties, costs and risks associated with cross-cultural contact increase with growing cultural differences (Hofstede, 1980). b. Cultural fit (e.g., Cartwright & Cooper, 1996) and acculturation models (Nahavandi & Malekzadeh, 1988) c. Social identity theory (e.g., Hogg & Terry, 2000) and trust research (e.g., Stahl & Sitkin, 2005)

Therefore using the hypotheses and the central theme of this study, this dissertation will be underpinned by Trautweins theories of merger motive and culture, in demonstrating the strategic importance of culture and how it affects the employees perception, and its impact on CBMA PMI.

Company A

Company B

M&A Motive

Employee and Management Perception A

Employee and Management Perception B

HR Policies and Procedures

Conflict of Interest?

PMI HR Integration Process Cultural and Operational

The above topic definition framework tries to correlate the M&A motive with HR Integration Process. The case studies are introduced and studied separately to gather findings and relate it with the Culture and Motives theory. b. Research questions

Below research questions are related to CBMA Transactions where Bidder Developed Economies (Germany) Emerging economies (China) Target Developed Economies (US) Developed Economies (US) Case Study Daimler Chrysler

Lenovo IBM

1. 2. 3. 4. 5. 6. 7.

What are the Root Causes of PMI HR Integration Issues? Can these be mapped against M&A Motives and M&A Merger types? How do employees and management from both acquirer and acquiree perceive M &A deals How different are CBMA deals between Merger of Equals and Merger of Unequal How do you decide the HR Change Management policy for harmonization? Can the failure and success of an M&A transaction be predicted based and preemptive actions be taken? Can M&A Mergers models be created to pre-empt the PMI HR Challenges How motives affect the operational HR Challenges like Reward management. How do economical, political and social factors act as a mediating factor?

To prove or disprove following Statements 1. 2. 3. The difference in perception of Merger Motives by acquirer and acquiree, leads to conflict of interest and have an effect on PMI HR Cultural integration process. Culture determines managements perception of the motive. How does an economical factor act as mediators? M&A Motive has a direct effect on HR Policies and implementation strategy and how it gets perceived by employees.

3.

Literature Review:

In presenting the research, a body of literature has been reviewed with reference to the effect of motives/Merger types and culture on PMI (Post Merger Integration). (Shrivastava, 1986) states that Post Merger Integration or PMI accounts for failure for almost half to two-thirds of mergers. Integration across departments involves (1) coordinating activities to achieve overall organizational goals (2) monitoring and controlling individual departmental activities to ensure they are complementary and are being performed at adequate levels of quality and output and (3) resolving between fragmented interests of specialized departments , individuals and their

inconsistent sub-goals. Hence we have three problems of integration coordination, control, and conflict resolution. Factors that complicate the post merger integration of companies are diverse motives behind these mergers, diverse strategies used to acquire firms and complex technologies and systems that need to be integrated after merger. (Shrivastava, 1986). Diverse motives complicate the post merger integration because each motive requires different level of integration (Shrivastava, 1986). In the M&A literature, motives for mergers come primarily from research in Finance, economics and strategic management. Ojanen et al. (2008) have classified the motives of an M&A with the perspective of an acquirer company: -Expansion and development Geographic and/or product expansion Client following Re-deployment of resources to or/and from target -Increase internal efficiency Economies of scale -Improved competitive environment Increase market share and power Gain size to face global competition Defense Mechanism Acquire a competitor Create a barrier to market entry Decrease industry overcapacity Benefit from cost disparities (e.g. labor) -Financial motives Diversify risk Invest in fast-growth markets Turnaround of a failing target -Personal motives Increased sales and asset growth Gain personal power and prestige Cashing in on short-term stock market reactions (incentive system) -Others Benefit from exchange rate differentials Bypass protective tariffs, quotas, etc.

Alternate school of thoughts have different perspective, Trautwein (1990) identified seven theories of merger motive as efficiency theory, monopoly

theory, valuation theory, empire-building theory, process theory, raider theory and disturbance theory. Efficiency theory - This theory views mergers as being planned and executed to achieve synergies. In general, three types of synergies can be distinguished. Financial synergies result in lower costs of capital. Operational synergies can stem from com-bining operations of hitherto separate units (for example a joint sales force) or from knowledge transfers (Porter, 1985). Managerial synergies are realized when the bidder's managers possess superior planning and monitoring abilities that benefit the target's performance. Monopoly theory - This theory views mergers as being planned and executed to achieve market power. Valuation theory - This theory views that mergers are planned and executed by managers who have better information about the target's value than the stock market (Steiner, 1975; Holderness and Sheehan, 1985; Ravenscraft and Scherer, 1987). Bidders' managers may have unique information about possible advantages to be derived from combining the target's businesses with their own. Empire-building theory - According to this theory, mergers are planned and executed by managers who thereby maximize their own utility instead of their shareholders' value. Process theory The only rudimentarily developed theory of merger motives has its background in the literature on the strategic decision process. Raider theory - This label can be applied to a sixth possible merger motive discussed especially in the business press. Its basic hypothesis is seldom stated overtly but is implied in the term 'raider'. Holderness and Sheehan (1985) interpret the term as meaning a person who causes wealth transfers from the stockholders of the companies he bids for. These wealth transfers include greenmail or excessive compensation after a successful takeover. Disturbance theory - In Gort's (1969) theory merger waves are caused by economic disturbances. They cause changes in individual expectations and increase the general level of uncertainty. Thereby, they change the ordering of individual expectations. Previous no owners of assets now place a higher value on these assets than their owners, and vice-versa. The result is a merger wave. Allen et all(2002) work based on Trautwein (1990) work implies that M&A motives are complex and cannot be explained using one motive. An M&A motive tend to reflect managerial rather than shareholders interest. (Taffler, Holl 2006). Amit, Livnat and Zarowin(1989) have investigated ownermanager conflict of interest.

Pritchett (1985) describes the M&A motives from a managerial perspective , that the relationship between two merging firms as more or less cooperative and offers four types of mergers: rescue, collaborative, contested, and raid. Schweiger and Ivancevich (1987) define merger and acquisition transactions as being mergers, planned divestitures, friendly acquisitions or hostile takeovers. Walter (1987) describes four reasons for mergers: to pursue related diversification, increase competitive strength, maximize earnings, or limit risks. The above typology proposes, that there are two accepted categories of motives for mergers: (1) financial or value maximizing motives, and (2) managerial or nonvalue maximizing motives (Halpern, 1983; Mueller, 1977), that defines a Merger Type. Cartwright and Cooper (1993) suggest several types of combinations of organizational culture in an M&A: - The redesign merger type: traditional marriage with one dominant part - The collaborative merger type: modern marriage with winwin situation taking the best of both parts - Extension merger: Open marriage where each part accepts the differences of the othersculture and do not have the intention to change it. Tjosvold and Leung (2003) give four prototypical approaches in order to manage crossborder alliances. Portfolio: Managers from the organizations in the alliances keep a high degree of autonomy. (e.g. TOMCO - HLL) Blending: Here, the two organizations involved in the alliance will merge into a new organization, which will retain only the best of both partners. (E.g. Daimler Chrysler) New creation: In that case, the two organizations agree to build up a new company very different from the originals one. Absorption: In some acquisitions, the buyer wants to take over and control the target. The acquirer is interested in the targeted company because it may have valuable assets, and for some reasons the target could not survive alone. (TATA Jaguar, Lenovo - IBM)

There are several problems with much of the literature on motives. First, there is a lack of research linking motives to what happens after the merger, resulting in little information or knowledge about how mergers may, for different reasons, affect the subsequent structure or characteristics of the merged firms in the implementation stage.( NANCYK . NAPIER, 1989). In addition, the motives literature is not linked to changes in policy or practice within the firms. The research does not address whether or how mergers undertaken to achieve economies of scale affect careers, reporting

relationships, or compensation policies of both firms. Although researchers acknowledge that these are important topics (Uensen and Ruback, 1983), the questions are not formally addressed. Likewise, it is unclear whether mergers carried out for different motives are related to outcomes such as employee reactions. Finance researchers argue that there are a variety of reasons for mergers and acquisitions but neglect the question of what impact those reasons may have on the mergers implementation or how it affects human resource aspects.( NANCYK . NAPIER, 1989). Evidences show that M&A motives have a immense effect on Integration spirit , HR Policies For e.g. M&A deal with Cost Reduction motive would impact the HR Policies like Recruitment, like in the case if Lenovo IBM M&A deal , recruitment clause to ensure that Lenovo didn't hire away IBM workers following the acquisition was part of the deal.

Another crucial thing to note here is the M&A Literature developed so far is in context to Developed countries, so there is an unexplored / limited research done in contact to emerging economies. Deals currently struck by companies from BRIC (Brazil, Russia, India and China) show disparity in the intentions of the acquisitions. When the M&A deal is struck between emerging and developed economies (where bidder is a company from emerging economic region), Since cheap labour and capital excess is key advantage in Emerging countries therefore the human Cost can be drastically reduced, the Merger Motives are, swift access to new technologies, Brand value and productions.

As Merger motive have effect on how HR Policies and Procedures gets formulated, it also key to note here that culture also equally influences the perception and tolerance level. Culture according to (Schneider and Barsoux, 2003) can be discovered at following spheres :  National cultures and regional cultures within nations  Industry cultures  Corporate cultures and subcultures  Professional culture  Functional culture All the spheres may influence the business at hand to some extent (Schneider and Barsoux, 2003). According to researches, cultural differences are the largest problem and source of difficulty in integrating cross border acquisitions, and cultural differences is considered by 35 percent of senior executives as the number one problem in cross border acquisitions (Schneider and Barsoux, 2006).

Here, challenge for any Change Management / Cultural Leadership team to provide reasons to individual that the motive and culture complement each other. This becomes even more difficult when the companies engaging in a deal come from different regions with no cultural, economical or political

common ground. Like in the case of Lenovo (China) IBM (US), TATA (India) (Jaguar) UK . There is bound to be bewilderment when east meets west. Hofsteds Cultural distance hypothesis states that difficuklties , costs and risks is directly propotional to cultural distance. Hence Cultural theory predicts negative effect to cross border Merger and Acquisition. As cited by Walsh (Hill, 2005: 498) After an acquisition, many acquired companies experience high management turnover, possibly because their employees do not like the acquiring companys way of doing thing. The attrition rate is highest in first two to three years of merger.

But there are few evidences, portray a complete opposite and a positive picture. Quoted from (Source IRS Employment Trends, Issue: 634) A Llanelli-based automotive components manufacturer - once part of British Leyland, now the subsidiary of a Japanese corporation - has combined new technology with new ways of working to create a lean organisation, gaining accreditation to the ISO 9001 quality hallmark, receiving the Investors in People standard and increasing turnover by two-thirds in five years. Managerial and Socio-cultural integration is perhaps the most difficult and examined with inconclusive results. This is because (Shrivastava, 1986) it involves complex combination of issues related to selection, transfer , changes in organization structure , development of consistent organization culture , and a frame for reference to guide the decision making , the gaining of commitment and motivation from personnel and establishment of new leadership. So, rightly mentioned by (Schneider and Barsoux, 2006), The symptoms of cultural problems must be recognized to find out the causes. Taking this a bit further, we should also try to understand, if these causes are detrimental to cultural integration or adds value to the process. Hence, understanding human resources issues (operational and Cultural) in merger is important for several reasons. Firstly, until very recently much of the available information on human resource impacts were dated (Kitehing, 1967, Leighton and Tod, 1969, Mace and Montgomery 1963, Stewart, Wingate and Smith 1963). A meta analysis of 93 prior empirical studies on the determinants of merger and acquisition performance by King et al (2004), which incorporates the variables most frequently studied in finance and strategy literatures concluded : Our results indicate that post acquisition is moderated by variables unspecified in existing research. An implication is that changes to both merger and acquisition theory and research methods may be needed (King et al 2004, p.188). A second meta analysis, concerned with the impact of cultural differences on acquisition performance, reaches similar conclusions in stating that a huge portion of variance remains unexplained (Stahl and Voight,2004, p.14).

Lees (2003), links the cultural aspect and the merger concept states culture only becomes a problem when there is a mismatch of values or beliefs or priorities or assumptions on each side and the difference impacts upon performance. If there is no impact on performance, there is no significant management problem (Lees, 2003). Hence it becomes vital to understand and not to separate the M&A Motive (strategic and Financial aspect) to HR Integration process (Operational and cultural) to explain the causes of that leads to inefficient PMI HR Integration process and provide an direction to Management for successful PMI HR Integration.
4. Methodology: -

This section details the methodology that will be used for in presenting my dissertation.

In field research the factors to be considered would be based on the research key questions and an understanding of the recent trends in the world, of crossborder merger and acquisition (CBMA). This happens to be more complex in nature and in terms of area coverage (with respect to geographical area or industrial sectors wise) which is vast, and will embody statistical findings. And considering previous research in this area of CBMA (mainly based on qualitative methods). Filed research will help to gain insights into the target and bidder companies environment, based on experiment. There will also be hypothetical merger and acquisition scenarios involving samples which validate M & A data be weekend by response bias and representation sample (Cartwright and Cooper 1997:2005). As discussed above, the approach of this kind of analysis will be an in-depth (comparative perspective) study, hence inductive approach (leads to theory building). In this research, the findings would be presented in two sections respectively: Firstly highlighting the HR challenges (the integration phase of both companies) and key success and failure determinant across two combinations of the M and A bidders and buyers nature. Secondly, trying to build a lean HR framework, this could be used as re-usable component across all combinations of the CBMA. The qualitative research data collection is through survey questionnaires, interviews and case study research methods. Overage of the large geographical areas will necessitate use of Internets (cost effective) to send the survey questionnaires to HR personnel involved in merger and acquisition processes both target and bidder companies, and the employees of the companies. The interviews will consist of open-ended questions and semi structured with HR persons, which will have follow up questions to gather the real time situations and how they faced this situation or steps taken by them. Most importantly case studies strategy is How or Why questions are being posed ,where the research having very little control over the events , and when the focus is on the contemporary phenomenon within the real life context (Yin , 1994 ). This helps to construct systematic theory building and

testing (Ashkanasy, 1985; Krug, 2002) . With awareness of present world theory building is more appropriate than theory testing (Eisenhardt, 1989; Snow and Thomas, 1994). In this case there will be multiple case studies, which will explore the situations. Hence this qualitative research will lead to an intermediate level of analysis - strategy, procedural, personnel and cultural aspects. The field of cross-border merger and acquisition (CBMA) has shown a lot of dynamism that led to more complexity which makes it hard to understand. Also the coverage area is wide (in terms industry sector wise and geographical area] and requires findings to more valid data facts and figures. And it is also evident that the problem doesnt lie on the targeted company only but also the buyer company in terms of economical, political and cultural fits. Hence, for the researcher to understand and analyze the CBMA activities requires an in-depth study of the operational strategies (integration process) and how they were deployed and what were the results in both companies of seller and buyer and whether that M and A is successful or not.

Method /Strategy

Form of research questions How, Why Who, What, Where, How many, How much Who, What, Where, How many, How much How, Why How, Why

Requires control of behaviour events Yes No

Experimental Survey

Focus on contemporary events Yes Yes

Archival Analysis

NO

Yes/NO

History Case Study

NO NO

NO Yes

Figure 1: - Relevant situation for different research strategies [Robert Yin, 1994] From the above table, there is overlap between case study and history strategies but case study has a unique strength as it has the ability to deal with full evidence documents, interviews, artefacts and observation (YIN, 1994). Hence, the best-suited research methodology to explore the field of CBMA is comparative case study method (YIN, 1994) which follows the strategy of HOW or WHY questions being posed, where researched have little control over the events and when the focus is on the contemporary phenomena with in real time context (Yin, 1994) which helps to construct systematic theory building and testing (Ashkanasy, 1985; Krug, 2002) and the approach for analyzing will be an inductive, which will help to gain detailed insights of the target and bidder companies environment as well direct observation of event being studied and interview of the person involved in events (Yin ,1994). The interview questions will deal with operational links which help to highlight the HR challenges (the integration phase of both companies).

The problem of theory building is difficult (Eisenhardt, 1989; Snow and Thomas, 1994) in CMBA, because they tend to be international and each M&A deals have different motives and based upon the motive, the HR practices will differ. Therefore, each case study will have different framework based on their motives. But in this case, we are considering M & A deals between unequals and there is very scarce research and literature in this area. Therefore constructing a theoretical framework of overall study will be difficult and facts addressed, based on data. will raise question of its validity and reliability. Hence , this analysis will show an exploratory study work of this trend in CBMA activity. And to check the quality of the research design will follow the following tests.

Tests Construct Validity

Case study tactic . Use multiple sources of evidence . Establish chain of evidence . Have key informants review draft case study report . Do Pattern matching . Do explanation building . Address rival explanation . Use logic models

Phase of research in which tactic source Data collection Data collection Composition

Internal Validity

Data analysis Data analysis Data analysis Data analysis

External Validity

. Use replication logic in Research design multiple case study . Use theory in single case Research design studies Reliability . Use case study protocol Data collection . Develop case study Data collection database Figure 2: - Case study tactics for four design tests (Yin, 2003) Source: -COSMOS Corporation With the help of the above test each phase of the research design will produce an triangular relationship, where the findings will be strongly backed up by the validity and reliability variables. Hence this qualitative research will lead to an intermediate level of analysis - strategy, procedural, personnel and cultural aspects. Data analysis phase, qualitative method using will be template analysis , which would help us to find the core themes or pattenrs in the multiple case studies on CBMA . Using those patterns , we can see the relation hip between those patterns using correlation ana;ysis with the help of the software ,namely SPSS. THe correlation analysis will tell us about the relationship exist between the variable , which are

found during the template analysis . Hence , it will help me to find variables which are dependent and independent variables and the assocaiated linked with it .

5.

Limitations

M & A literature continues to be dominated by financial and market studies with high concentration of interest in US and UK (Cartwright, 2005). Hence the literature on BRIC countries in M &A deal literature is very insufficient. The other problem is that a lot of details of integrations is not published or given out by companies. Often, when things have go horribly wrong (like Daimler- Chrysler, AOL Time Warner), the relevant data gets published. The more common PMI HR integration issues that cause labour turnover, impede productivity, raise costs and prevent realizing synergies of the deal are not seen by the outside world especially the data from emerging economies is even more difficult to access. This research deal with some HR Policies data related to Remuneration and benefits confidential to companies, so the analysis based on incomplete data set. The research conducted in this field in on cultural aspect, its an intangible aspect of an organization, hence sensitivity changes Since this is initial phase of seventh wave the information is not fully tested, success or failure cannot be determined because of the current economic climate and comparative study between CBMA deals from two different waves can be challenged.
6. Contingency Plan

My preferred route would be to access the data from the source, i.e. the companies HR Personnel, Employees, or Using data from M&A consulting firm. In an event where data from primary source is not accessible, this study will use secondary data sources Newspapers, Business Review, Annual Reports, and Business Journals. Additionally, this study shall use the online M&A forums like LinkedIn Groups and forums related to Merger and acquisition PMI HR Challenges to gain insights.

7.

Timetable for completing the various elements of dissertation Sr No 1 2 3 Tasks Scoping M&A Literature and Data Collection Case Study research Apply Motive Theory / Behaviour theory Duration 3 Weeks 6 Weeks 3 Weeks

8.

REFERENCES

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