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Cross-Border Mergers and Acquisitions

The Case of Merger Control v. Merger Deregulation

Mohammad Bedier

This book provides the reader with an overview of the origin of corporations and the history of mergers and acquisitions. It demystifies the dynamics of mergers and identifies the unique impediments facing cross-border mergers and acquisitions, with great attention to the pre-merger control laws and regulations, in several regions (US, EU, and Middle East). Most importantly, it discusses and assesses merger deregulation and other key reforming proposals.
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Contents

Mohammad Bedier

List of figures
List of tables
List of abbreviations
Table of cases
Table of legislation
Introduction
1.  Demystification of mergers and historical overview
I.   Historical overview
1.  Origin of the corporation
(a)  Greek and Roman origins
(b)  Islamic origins
(c)  Italian origins
(d)  Jewish contributions
2.  Early characteristics and classifications of corporations
3.  Breakthroughs in corporations’ history
(a)  The East India Company as the mother of modern corporations
(b)  South Sea Company and the Bubble Act
(c)  Trusts and antitrust law
(d)  Merger waves
(e)  Multinational corporations
4.  Relation between state and corporations
(a)  Early history and feudalism
(b)  Granting charters and monopolies
(c)  Corporation as a financing institution
(d)  Incorporation by registration
(e)  Protectionism
(f)  Privatization and industry deregulation
(g)  Corporation counterattacking state
II.   Demystification of mergers
1.  Definition of mergers
2.  Merger types and classifications
(a)  Economic classifications
(b)  Structural and procedural classifications
(c)  Financial classifications
(d)  Other restructuring trends and forms
(e)  Distinction between mergers and other growth alternatives
3.  Merger dynamics
(a)  Preparation and screening
(b)  Preliminary agreement
(c)  Due diligence and valuation
(d)  Structuring and financing the transaction
(e)  Closing the transaction
III.    Conclusion
2.  Merger incentives, efficiencies, and impediments
I.  Mergers incentives
1.  Synergies
(a)  Operational synergies
(b)  Financial synergies
2.  Misvaluation
3.  Managerial purposes
(a)  Hubris and winner’s curse
(b)  Mismanagement
4.  Technological alignment
5.  Exchange rates
6.  Strategic and market incentives
7.  Tax efficiencies
II.    Mergers efficiencies
1.  Mergers efficiencies in theory and empirical findings
2.  Factors for success and failure
3.  The full domestic picture and drawbacks
4.  Mergers and the semi-globalized world
III.    Cross-border mergers impediments overview
1.  Employment issues
2.  Environmental issues
3.  Foreign currency-related issues
4.  Foreign corrupt practices issues
5.  Foreign investment authorizations
6.  Industry-specific limitations
7.  Integration issues
8.  National security clearance
9.  Professional services
10.  Stock exchange issues
11.  Taxation issues
12.  Successorship issues
IV.    Merger control as a cross-border merger impediment
1.  Merger control at a glance
(a)  US premerger control
(b)  EU premerger control
(c)  Egypt post-merger control
2.  Drawbacks of merger control
(a)  Costs
(b)  Different policies and enforcements
(c)  Ex ante is an additional layer
(d)  Exclusion of behavioral antitrust
(e)  Extraterritorial reach
(f)  Foundational errors
(g)  Political influence
(h)  Privacy and data-related issues
(i)  Remedies
(j)  Time consuming
V.    Conclusion
3.  Proposals for reform
I.  Bilateral cooperation agreements
1.  Proposal description
2.  Proposal assessment
II.    International merger control rules
1.  Proposal description
2.  Proposal assessment
III.   Supranational premerger control institution
1.  Proposal description
2.  Proposal assessment
IV.   Procedural proposals
1.  Jurisdictional rules
(a)  Proposal description
(b)  Proposal assessment
2.  Common online filing system
(a)  Proposal description
(b)  Proposal assessment
3.  Multilevel monitoring system
(a)  Proposal description
(b)  Proposal assessment
V.  Merger deregulation
1.  Proposal description
2.  Proposal assessment
VI.   Conclusion
Conclusion and recommendations
Bibliography
Index