Bankers braced for advisory challenge?

Article Abstract:

The conduct of deals in the Japanese mergers and acquisitions (M&A) market is undergoing significant change as many clients seek to control costs in the face of a tight credit market. In the 1980s, when Japanese M&A activity flourished, virtually all deals were conducted with accountants, lawyers and merchant bankers serving in the team of advisers. In the 1990s, the downturn in M&A activity has led to radical cost control measures such as dispensing with the advice provided by merchant banks, particularly in the case of smaller deals worth from between 10 million and 50 million pounds sterling. Thus, an increasing number of clients are opting to retain just accounting firms and legal firms as advisers on smaller M&A deals. The largest western accounting firms in Japan have responded to this trend by actively seeking out smaller M&A transactions where they could act as the principal financial advisers.

Accounting, auditing, & bookkeeping, Industry Overview, Japan, Corporations, Accounting firms, Accounting services, Corporations, Japanese

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Successful mergers are not made in heaven

Article Abstract:

The planning of a successful corporate merger is discussed from the perspective of screening potential merger candidates for the benefits realizable from their incorporation into the acquiring company. Both positive and negative screening techniques are identified and their usefulness examined. Various motivations for mergers are also analyzed for their effect on the merger planning process. Negotiating a merger, managing the actual merger once the proper candidate has been identified, maintaining corporate integrity and the confidentiality of corporate plans throughout the merger process, the concepts of synergy and integration with respect to the merger process, and mergers among Great Britain's financial services industries are discussed in some detail.

Management, Business planning

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Merchant banks have the muscle to back advice

Article Abstract:

In Great Britain nearly all mergers and acquisitions involve the services of a merchant bank; reasons for this include: merchant banks are one of the few types of organizations legally allowed to circulate merger offers to corporate shareholders, merchant banks have established corporate finance departments comprised of experts on mergers and acquisitions, and merchant banks are frequently willing to become involved in the financing required by proposed mergers and acquisitions. The services that merchant banks can provide to acquiring companies are detailed, as are the bank selection process generally followed by acquiring companies and the various procedural stages involved in corporate takeovers.

Banking industry

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