Mergers and Acquisitions in Ghana

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UNIVERSITY OF CAPE COAST THE IMPACT OF MERGERS AND ACQUISITIONS ON THE CORPORATE FINANCIAL PERFORMANCE OF GUINNESS GHANA BREWERIES LIMITED BY STEPHEN SANYE BATOGBEE SEIDU A DISSERTATION SUBMITTED TO THE DEPARTMENT OF ACCOUNTING AND FINANCE OF THE SCHOOL OF BUSINESS OF THE UNIVERSITY OF CAPE COAST IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTER OF BUSINESS ADMINISTRATION AUGUST 2008 UNIVERSITY OF CAPE COAST THE IMPACT OF MERGERS AND ACQUISITIONS ON THE CORPORATE FINANCIAL PERFORMANCE OF GUINNESS GHANA BREWERIES LIMITED STEPHEN SANYE BATOGBEE SEIDU AUGUST 2009 DECLARATION Candidate’s declaration I hereby declare that this dissertation is the result of my own original…show more content…
Finally, the following organizations deserve mention and gratitude: Strategic African Securities (SAS), Merban Registrars (a division of Merchant Bank Limited), Ghana Stock Exchange (GSE) and Guinness Ghana Breweries Limited. Special mention must be made of Mrs. Harriet Antwi, head of Merban Registrars; Miss Angela, head of SAS Research Department and Mrs Woode , head of GSE Research Department. v i TABLE OF CONTENTS Content Page DECLARATION ii ABSTRACT iii ACKNOWLEDGEMENTS iv DEDICATION v TABLE OF CONTENTS vii LIST OF TABLES vi LIST OF FIGURES vi CHAPTER ONE: INTRODUCTION 1 Background 1 Problem Statement 5 Objectives of Study 6 Significance of Study 6 Structure of the Study 8 CHAPTER TWO: LITERATURE REVIEW 9 Introduction 9 Definitions 9 Classifications of Mergers 11 Reasons For Mergers (Mergers Versus Internal Growth) 13 Non Value Maximization Motivation Theory 14 Value Maximization Motivation Theory 17 vii Justification of Mergers 24 Who Gains From Mergers? 25 The Procedures Of Mergers 30 Determination of the Value of a Firm 33 Terms of Mergers 35 Quantitative Factors Affecting Merger Terms 35 Merger Waves 37 CHAPTER THREE: METHODOLOGY 41 Introduction 41 Background of the Companies 41 Study Design
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