CENTRAL UNIVERSITY OF SOUTH

BIHAR

SCHOOL OF LAW AND

GOVERNANCE

SUBJECT: MERGER & ACQUISITIONS (LAW 507)

PROJECT ON: FACTORS IN POST-MERGER
REORGANISATION AND POST-MERGER INTEGRATION
MODEL

SUBMITTED TO-

DR. MANI PRATAP

FACULTY (ASSOCIATE

PROF.), SLG CUSB

SUBMITTED BY-
VISHAL RANJAN
B.A. LLB 9TH (SEMESTER)
CUSB1613125059
SESSION: 2016-
2021
CONTENT:

Sr TITLE Page
No. No.

1 Acknowledgement 3

2 Research Methodology 4

3 Objectives 4

4 Introduction 5

5 Factors in Post-Merger Reorganisation 6-10

6 Cultural Factors & Post-Merger Example 11

7 Post-Merger Integration Model 12-18

10 Conclusion 19

11 Bibliography 20

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 ACKNOWLEDGEMENT

At this point of time I would like to express my gratitude to all those who gave me their
support to complete this project.

I am grateful to my Merger & Acquisition Law teacher who is Dr. Mani Pratap (Associate
Prof.) SLG, for giving me permission to commence this project in the first instance and to do
necessary study and research. I want to thank law faculty members and other faculty
members for all their professional advice, value added time, effort and enterprise help,
support, interest and valuable hints that encouraged me to go ahead with my project.

I am deeply indebted to my colleagues for their meticulous planning, layout, presentation

and above all for their consideration and time.

My heartfelt appreciation also goes to seniors and my classmate for their stimulating
suggestions and encouragement which helped me at each level of my research and in writing
of this project.

Especially, I would like to give my special thanks to my parents, family members and god
whose patient love enabled me to complete this project in this ongoing pandemic situation in
the world.

I have tried my best to enclose practical approach of Merger & Acquisition Law and also
theoretical approach to my project.

(Signature of the Student)

Vishal Ranjan

RESEARCH METHODOLOGY

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The research is based on Factors in post-merger reorganisation and post-merger integration
model. Basically the data which has been collected for the research purpose is particularly
of doctrinal in nature. It has been collected from various books, sites, magazines and newspaper
articles. So basically the analysis has been done through case study.

OBJECTIVES OF RESEARCH
 To understand the factors in Post-Merger Reorganization.
 To understand the Factors in Post-Merger Integration Model.
 To know about the Cultural Factors of Post-Merger Example
.

INTRODUCTION

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We know that mergers result in an increase in the new organisation’s resources and workforce,
they affect the efficient functioning of the newly merged entity. This transformation is a critical
period for the organisation and the workforce, which experiences extra pressure and
responsibility in the form of problems of job security, identity crises, etc. Hence, it is important
to motivate the employees and show them the brighter side of the merger and how it would
benefit them.

Equally true is the fact that a merger and acquisition may not always cause disorientation in the
combined organisation. There are several examples where two or more organisations have
merged in a harmonious fashion, resulting in a bigger and more efficient entity.

A combined organisation enjoys an edge over its competitors, and has better opportunities of
growth. However, this may not be possible without paying adequate attention to the grievances
and training of the workforce, alignment of diverse processes, and utilisation of all the critical
information. In addition, proper assessment of the time and method of the merger is highly
essential to facilitate successful merger of organisations.

To meet these ends post-merger reorganisation of a company is necessary. But what is this ‘post-
merger reorganisation’? Post-merger reorganization is the wide term which covers the
reorganization of each & every aspect of the company’s functional areas to achieve objectives
planned & aimed at. The new company formed as a result of merger feels problems in
establishing synchronisation and harmony between the inputs of old companies. So, a planned
initiative is necessary to cope with this problem. This process is called post-merger
reorganisation. Parameters of post-merger reorganization are to be established by the
management team of each amalgamating company differently depending upon its requirements,
objectives of the merger & the management corporate policy. Reorganizations can be a useful
management tool for finding new value and are often essential as part of a merger or acquisition
integration. Getting this type of reorganization right allows business units from the merging
companies to be brought together smoothly, corporate activities to be standardized and
streamlined, people to be aligned behind desired outcomes, and integration synergies to be
delivered quickly.

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FACTORS IN THE POST-MERGER REORGANISATION
The parameters for post-merger reorganisation are to be set by the management of the
amalgamating companies. Post-restructure actions foresee the actions required to be taken after
approval from the Court is obtained in case of the merger of two or more than two companies.
But overall, the factors for setting and going with the parameters are the same. These are:

1. Change of name & logo

In case the restructure is going to result in the change of name or where the Board of
Directors (BOD) decide to change the name of entity post restructuring, then the company will
need to plan to carry out the change of name on all the name boards and letterheads and all
branches/ locations where the name of Company has been posted or displayed, including
company’s website or on internet. Similarly, the arrangements need to be made to modify
corporate logo, if the same is going to change as well.

2. Revised organization chart

A company will need to work on apprising its organization chart at all the levels. It will also
need to reflect new vision/mission & the new thinking post-restructure. In the event of a
takeover, the organization chart may not change expressively; but the acquired entity may need
to align its organizational structure with acquiring entity.

3. Communication

A company should provide proper & timely communication about the restructuring

organization to every single of its employees that would provide updated status, bring clarity on
what’s happening at the organizational level & avoid the miscommunication. Also, it would be
useful to send the communication regarding such changes in the company policies. The company
shall also consider sending an appropriate communication to the bankers & auditors & advisors,
etc. upon formal completion of restructuring activity.

4. Employee compensation, benefits & welfare activities

Companies need to be sensitive with respect to the terms & conditions of the employment.
Usually, the courts would uphold the terms of employment to be not less favourable than existing
the terms & conditions. Post-acquisition, a parent company may want an acquired company to

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adopt compensation structure of such parent entity. It would result in re-aligning structure as
well as the pay scales of the existing employees. A company will have to carefully handle such
sensitive areas to make sure about the employee satisfaction & comfort that pays in long run in
building an image in addition to preventing or reducing low employee turnout.

Additionally, the company would need to consider the prevailing fringe benefits & the amenities
provided to employees & feasibility of continuing same in the new set up (post restructure). For
example – The Company may re-negotiate insurance premium for the employee-related
insurance policies like (life, accident, medical as applicable) depending on conditions of the
existing policy or preferred insurance vendor recommended by the acquiring entity.

5. Aligning company policies

A company would need to align or amend its internal policies to reflect organization in post
restructure scenario. This might not apply to all the types of restructuring. Particularly in the case
of a takeover, an acquiring entity is likely to claim all its policies of the acquired entity to bring
consistency in the group’s policies.  Specific changes to group policies may be needed depending
on nature & size of business, location, the applicability of relevant State laws. The challenge
continues further in the terms of implementing the changes in companies’ policies e.g. if
acquired company has the policy to use laptops/ computers manufactured by DELL. If AN
acquiring company uses laptops/ computers manufactured by HP, the company would need to
take the decision to implement a group policy or to make the exception until the time the existing
laptops consume expected life & new ones are due for the procurement. Similarly, it would be
appropriate for revisit policies with the respect to the employee uniforms, the mobile phones
provided by a company, to tie up with the insurance agents to the provide cover as per terms &
conditions acceptable to the parent company, HR-policies that impact office timings & leaves
soon.

6. Aligning accounting & internal database management systems

Besides passing appropriate accounting entries to capture the merger/ acquisition/ financial
structure, the company may need to adopt accounting policies, practices based on those followed
by its new parent organization post-acquisition. The company needs to understand any reporting
& database requirements of acquiring a company or merged entity to provide relevant data to the

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new management & to align existing systems with those of the parent/ merged entity. This may
involve providing suitable training to concerned personnel & understanding issues, if any, to
avoid incorrect reporting.

7. Re-visiting internal processes

The company which is subjected to the restructuring will need to align its internal processes with
that of a merged entity, e.g. the domestic travel processor reimbursement of the expenses
process. The Company’s current process may involve the issue of cheques to the employees
against the expenses claimed; whereas the merged or acquiring entity credits its employee claims
to the bank account maintained for such purpose. Accordingly, the company will need to open a
bank account (expense reimbursement account) for all its employees. The company will also
need to create e-mail ids for employees of merging entity & ensure access to their previous data
as well. In case of an acquisition, acquiring company may insist on changing the email ids of an
acquired entity to ensure consistency with its internal requirements.

8. Re-allocation of people

Restructuring typically would entail re-allocation of persons operating in various positions/

grades in similar functions. At times, allocation in support functions becomes a challenge as now
two persons h & le the similar profile e.g. personnel in HR, finance, administration etc. This
would require reallocation of responsibilities or re-defining the responsibilities to specific
geography/ line of business/ business units. In addition, the situation may rise the new positions
to get created to fit into a new organization structure post-restructure. A careful planning is
needed to avoid overlapping, underutilization of staff & to take care of career progression.

9. Engagement with statutory authorities

This is one of the important areas that deals with legal requirements & are close to the company
secretary. It is crucial to identify the government authorities that are needed to be intimated
formally about a merger or amalgamation or takeover e.g. SEBI, Stock Exchange etc.
Restructuring is likely to require the reflection of changes to numerous government permissions,
as well as licenses &approvals granted in the past for e.g. under labor & industrial laws, sales tax
& service tax registrations, permissions under SEZ/STPI requirements where a unit of a merging

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entity now becomes part of the merged entity. Proper steps to be taken for updating the
registration of the vehicles owned by the merging entity prior to the merger.

10. Record keeping

Maintenance of records of merging entity & making suitable entries in the records (e.g. registers
under Companies Act reflecting changes in shareholding, directors etc. as applicable) of merged
entity is a must. One will need to dive deep to ensure maintenance of all past records including
statutory & non-statutory registers, original copies of various forms, returns, certificates,
approvals, litigation & property records. The company may need to relocate the records to
centralized storage maintained by the merged/new entity.

11. Immovable Property

A restructuring may cause changes in property records e.g. consequent to the merger if merging
entity stops to exist, the merged entity will need to take steps to make sure that the property
records are updated to reflect a name of a merged (new) entity. If a company is occupying leased
premises, one should check conditions under the lease agreement & complete necessary
formalities such as intimation to the like. If a company has borrowed money against mortgage of
property, the company will need to inform the bank about the restructure & check if any
formalities need to be completed as per bank’s policies. While the order of the Hon’ble Court is
sufficient to bring legal effect to a merger/ amalgamation, the bank may require formal
intimation in the prescribed form within 7 days or so.

12. Expansion of the existing teams to support the larger organization

The restructuring is likely to put the pressure on a support staff, which was supporting an
employee strength before amalgamation e.g. in-house training department was probably h & ling
technical training for 2000 employees. Post amalgamation with another company, the training
function needs to cater to training requirements for 5000 employees. It is further likely that the
amalgamating entity had an independent training department or had a sophisticated training
module to conduct online training, which the amalgamated entity may not have; which would
require further deliberations to implement better practices in the new organization.

13. Revised ISO certification & similar other certifications

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Restructuring could lead to changes in existing certifications such as ISO or similar other
certifications. With the addition of locations or changes in organization structure, suitable
changes need to be reflected to the certifications obtained e.g. post-acquisition, the acquiring
company may decide to close down a branch of acquired company located in Bangalore, since
acquiring company may have a large set up in Bangalore; which would require intimation to
concerned bodies & completing necessary formalities to ensure all locations/ Functions in new
set up are certified.

14. Integration of businesses and operations

Along with the other factors of post-merger reorganisation, integration of businesses and
operations need to be done at a fast pace. It is so because one of the main objectives of merger
and acquisition is the expansion of businesses and operations of the company. This could be
done only by integrating the business and operation of the merged company into the business and
operation of the merged company, or the acquirer.

15. Miscellaneous

The restructure would require the changes to data displayed on the website of the company or
new entity as the case may be. It would want bringing the appropriate changes in the company’s
branding strategy, marketing material, employee visiting cards, employee identity cards, changes
to any power of attorneys issued by the erstwhile entity, consolidation of existing bank accounts
with the same bank, any action related to existing bank guarantees & other miscellaneous items
such as crockery bearing company’s logo, etc. There could be many other aspects to the
restructure beyond those that are stated above, depending on peculiarities of the restructuring by
a company. A company should plan for a restructure & try to cover as many aspects as possible
to ensure smooth transition & taking necessary actions to complete the restructuring process to
its logical end.

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CULTURAL FACTORS AND POST-MERGER –EXAMPLES

Hindustan Lever Ltd. (HLL) and TOMCO merger

In Hindustan Lever Ltd. (HLL) (known as Hindustan Unilever Ltd. Since July 2007) & Tomco
merger case, HLL had been known for its result oriented, systems-driven work environment,
where a strong emphasis is placed on performance. Accordingly, it always has & strives for the
team of the high performing & high-profile executives, carefully selected from best management
institutes. Discussing the product profitability & target achievement is the only language that its
managers understand. The work culture is very demanding and only the best survives. In fact,
about hundred managers at that time for Unilever Group Company had quit their jobs, as they
were not able to cope with demanding work culture. It was felt that more difficult part would be
a manager of the 2 totally different work cultures & ethos, after the merger. In TOMCO the
employee productivity was only 60% of HLL. It was opined that HLL would have to rationalize
TOMCO’s workforce. HLL itself had launched a voluntary retirement package, in order to get
rid of about 500 workers, however only a few resigned. However, TOMCO employees had been
assured that their employment conditions were to be protected and service conditions would be
honoured. All the employees of TOMCO were to be absorbed as HLL employees.

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POST-MERGER INTEGRATION MODEL

Post-merger integration is a complex process of combining and rearranging businesses to

materialise potential efficiencies and synergies that usually motivate mergers and acquisitions.
This is a critical aspect of mergers; it involves combining the original socio-technical systems of
the merging organisations into one newly combined system.

The process of combining two or more organizations into a single organization involves several
organizational systems, such as assets, people, resources, tasks, and the supporting information
technology.1 The process of combining these systems is known as 'integration'. Integration
Planning is one of the most challenging areas to address pre-close during a merger or
acquisition.2 Even though culture clash between companies can cause integration problems, only
4% of the executives in a survey by Pritchett, LP reported that their organizations include
culture-specific questions in their due diligence checklists. 3 Culture specific due diligence may
include cultural screening and creating a cultural profile of the target firm.

An example of a typical structure for integration consists of three layers: a steering committee,
an integration management office (led by an integration manager) and a variety of additional
teams organized by function (i.e. sales, human resources, finance, and information technology,
etc.) and/or by business unit, product line, process, or geographic location.

More communication to employees is usually necessary during post-merger integrations than

during day-to-day operations. Fortunately, many of the questions from employees can be
anticipated.

Achieving successes early in an integration can help build confidence in a deal and quiet
skeptics.

Common problems that may be encountered during post-merger integrations include resistance
to change, divided loyalties, blurred roles and responsibilities, unclear reporting relationships,
communication tangles, job insecurity, unusual employee turnover, and infighting.

1
Anthony F., Buono; Bowditch, James L. (1989). The human side of mergers and acquisitions: Managing collisions
between people, cultures, and organizations. San Francisco: Jossey-Bass Publishers. ISBN 1-55542-135-0.
2
Dr. K.M. Popp. "Merger Integration Due Diligence". Mergerintegration.eu. Retrieved 2014-07-21.
3
"Corporate Culture: The "X Factor" in Merger Success and Failure". from Mergerintegration.com.

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The post-merger integration can be classified into four types of models:

1. Absorption

2. Preservation

3. Symbiosis

4. Holding

However, two factors are important in every integration model. These are

i. Necessity for strategic interdependence

The necessity for strategic interdependence arises from the fact that the mergers should attain
those advantages for the merging companies, which would not have been possible without the
merger. These merger advantages are nothing but synergies at different alliance through a
combi9nation or rationalisation of operating finds, economies of scale and/or economies of
scope, assignment of functional skills like the most modern manufacturing methods or detailed
knowledge about sales channels, and the like.

In order to benefit from these synergies, the corresponding strategic abilities must be transferred
from one company to another. This presupposes that management sets the right direction for the
necessary organisational interweaving. It is generally agreed that the higher the degree of
abilities to be transferred between the merging companies, the greater the distinct relations and
interweavings between them, and higher the necessity for strategic interdependence would be.
These interdependences blur the ‘boundary’ or the invisible line between the companies, which
separate the target company from the buyer. However sometimes, the managers and the
employees of the target company often resist this blurring as they want to keep their own identity
and their own method of operation separately. In order to transfer the abilities between the
companies and overcome the possible resistance, the interdependence between the two
companies must be carefully handled. That is why the strategic interdependence is a key factor in
the integration.

ii. Necessity for organisational autonomy

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The necessity for organisational autonomy arises from the fact that every company has an
independent culture and identity in which strategic abilities are often securely embedded. If the
autonomy of the company is limited, these abilities can be lost. Management must therefore
investigate which level of independent cultural identity is required to protect the ‘strategic
abilities’, before the integration occurs. But the paradox is that while on the one hand there is a
blurring of the borders between the companies regarding the transfer of abilities and therefore
added value is necessary, on the other, it is the abilities which enable the borders to be retained,
thus protecting the autonomy of the company. This becomes particularly clear during
acquisitions involving the abilities of persons or groups of people. The loss of autonomy within
the company can cause these key personnel, who have crucial knowledge, to leave the company
as they cannot or do not want to identify themselves with the ‘newly’ created company any
more. Therefore, when considering the beginning of integration, the two central aspects listed in
the following have to be looked at:

a) The way in which the added value, concerning the dependencies that must be
created between the integrating companies to make the transfer of strategic
abilities possible should be realised and the planned added value should be
created.

b) The relationship with the companies, which refers to the maintenance of acquired
strategic abilities through the guarantee of autonomy after takeover.

Regardless of the significance and relationship between ‘strategic interdependence’ and

‘organisational autonomy’, the following models of integration arise:

1. Absorption

2. Preservation

3. Symbiosis

4. Holding

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The following diagram aptly depicts the four models of integration based upon varying
degrees of strategic interdependence and organisational autonomy that they have:

Need For Strategic Interdependence

Low High

Need For Organisational Low Holding Acquisition Absorption

Autonomy Acquisition

Hig Preservation Symbiotic

h Acquisition Acquisition

MODELS OF INTEGRATION

1. Absorption Acquisition

A high degree of interdependence and a low degree of autonomy is required to derive any added
value. Here, integration means complete consolidation of the operational activities, organisation
and culture of the companies involved. The aim is a complete fusion of the merging companies.
Absorption acquisition has the following features:

a. High rationalisation potential; primarily resource combination

b. Structured time planning; high rationalisation pressure

c. Optimisation of the composite added value

d. Clear claims to leadership of the buyer management

e. Nevertheless, no destroying in the sense of ‘raiding’

The frequent aims of absorption acquisition are to strengthen and widen business field, and or
improve the abilities forming the basis of the competitive position of a company in a particular
business field. For example, through a merger of two companies, cost structure can be improved
with economies of scale and scope, which as a consequence, strengthens competitiveness.

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Example: Two of the most important Swiss banks, Union Bank of Switzerland and Swiss
Banking Corporation were amalgamated in December, 1977. The merger was presented as a
(merger of equals, with the intention of merging both company’s activities fully at all levels. An
{5501mm strategy was pursued in the integration process. The reasons pointed out for the
merger: (l) world-wide branch development, (2) crossing critical size, (3) excellent positioning
and synergies augmentation taking a leading position in almost all the important bank markets.
The realisation of synergies stemming from the joining of company activities, the size, as well as
the combining of abilities led to a considerable increase in value.

2. Preservation Acquisition

This is characterised by a high degree of autonomy between the companies involved in the
merger. Through this, the abilities established in the company cultures are to be protected and
maintained. The source of the benefit is the sharing of abilities through learning processes a well
as the support of the target company. Preservation acquisitions frequently display the following
features:

a. Greater distance from established business

b. High significance of company at the target company

c. Study of added value and resources of the object

d. Avoidance of ‘encroachments’

e. Assignment of resources and management know-how

f. Accompaniment of the object growth by motivated ‘champions’ on the buyer’s

part

The main aim of preservation acquisitions is ‘reconnaissance’, which means that a company
penetrates into new lines of business, most requiring new basic abilities. These abilities are not
available in the acquirer company. Therefore, the acquisition should provide an access to these
abilities found in the target company.

Example: The purchase of a genetic engineering company by a food manufacturing corporation,

with the aim of building up a business field for genetically modified food. Another example is

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that of Elan taking over Athena. In 1996, Athena Neurosciences Inc. (USA) was taken over by
Elan plc. (IRL). Athena was a relatively small research company (turnover US$53.4 million in
1996, pre-tax profit US$29.8 million), which has specialised in the research and deve10pment of
neurological diagnostics and therapy (for Alzheimer and Parkinson disease among others). Elan
is also part of the pharmaceutical industry (turnover US$192.6 million in 1996, pre-tax profit
US$67.6 million) which until now dealt with amphetamines and various biopharmaceuticals. The
purchase price amounted to US$601 million, financed by a stock swap and an increase of capital,
which corresponds to a sales volume multiplier of 12.4. The acquisition is a classic case of
preservation acquisition, reasons being that Elan sought, in addition to improved access to the
US market, a reinforcement of the R&D area of pharmaceutical agents. This acquisition is linked
to Elan’s strategic aim of developing itself into a full-scale pharmaceutical supplier. The aim of
the acquisition was to obtain abilities in R&D. which were worth the high purchase price for
Elan although it was a company in deficit. Athena was purely a research company. This is
evident in that, of the 337 employees, 240 were working in research (figures from 1996 before
the merger). This means that the value of the company was almost exclusively justified by the
value of the abilities of the employees. Therefore, in such a merger, it is extremely important that
valuable employees do not leave the company, otherwise the structures and concentrations of
ability that have grown over the years could be lost. The form of integration which is
recommended in such a case, and which was also used in this concrete case is preservation, that
is Elan limited itself to utilising Athena’s research results by developing marketable products.
The autonomy of Athena remained largely untouched.

3. Symbiotic acquisitions

In symbiotic acquisitions, a high degree of strategic interdependence is necessary, as is a high

degree of autonomy, because the acquired abilities must be maintained in an organisational
context. The companies involved frequently work separately from each other and their
interdependence increases only gradually. Symbiotic acquisitions have the following features:

a. Similar positions which are nonetheless worth protecting (for example, another
strategic target group, particular resource structure)

b. Initiation of ‘Co-evolution’ between the buyer and the object: the purchasing
company also wants to change

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 c. Greater attention is paid to the boundary between the companies

d. Assignment of skills as intensive as possible.

e. Later connection of both companies

The main aim of symbiotic acquisitions is field expansion. In an acquisition which aims at
expanding the field of business, a company uses its abilities in new, related lines of business, or
new abilities are brought to the existing lines of business.

Example: Daimler Chrysler AG resulted from the merger of Daimler-Benz AG, Stuttgart and
Chrysler Corporation, Auburn Hills, Michigan, USA, in 1998. Through this merger, a leading
world motor company arose, which with regard to sales volume, stock exchange value and yield
counts as one of the leading companies of the industry. The main reason for the merger was
growing pressure from competition. The changes in the world of economics, particularly the
globalisation of the markets, present international companies like Daimler-Benz and Chrysler
with new challenges.

4. Holding Acquisition

This is not a type of integration in the conventional sense, since integration is not striven for in
the case. The characteristics of holding acquisition are:

a. Integration and value increase are not striven for, apart from risk distribution or
the assignment of general management capabilities through capital transfer.

b. The only integrational measure in such an acquisition is the administration in a

holding. So, it is purely a financial investment.

c. Holding acquisitions are purely financial investments.

d. No significant interest in prom combination, resource dividing or skills

assignment

e. Need for a judgement of the efficiency of the object management.

f. No strategic acquisition in the narrower sense.

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CONCLUSION

Post-merger reorganisation is an important step for any merger. Without this the whole process
of merger will be a futile one but even more important is the post-merger integration which is
needed for bringing closer the minds of the managers and directors of the two companies. Post-
merger integration is an evolving topic and it is due to the fact that corporations invent new
strategies for a merger in their best interest. The merger of Hindustan Lever Ltd. And TOMCO is
quite a great example of the merger of two companies with different work environment and
different work cultures in the Indian scenario. Hindustan Lever Ltd., which had a more
professional work culture, merged with TOMCO with had a very low degree of professionalism
in among its managers. The merger of these two companies required the assimilation of the ideas
and culture of the more professional one into the one having less professionalism.

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BIBLIOGRAPHY

 BOOKS

o Rabi Narayan Kar and Minakshi, Mergers Acquisitions & Corporate

Restructuring: Strategies & Practices, Taxmaan Publications (P.) Ltd., 3rd edition

o Kamal Ghosh Ray, Mergers and Acquisitions: Strategy, Valuation and

Integration, PHI Learning Pvt. Ltd., November 2015

o Rajinder S. Aurora, Kavita Shetty and Sharad R. Kale, Mergers and Acquisitions,
Oxford University Press, First edition

 Websites

o Mergerintegration.com

o academia.edu

o scribd.com

o enterslice.com

o hbr.org

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