Mergers and acquisitions (M&As) are increasingly becoming a strategy of choice for companies attempting to achieve and sustain competitive advantage. However, not all M&As are a success. In this paper, we examine the three main reasons highlighted in the literature as major causes of M&A failure (clashing corporate cultures, absence of clear communication, and employee involvement) in three Indian pharmaceutical companies, and we analyze the role played by the HR function in addressing them. Also, we discuss the importance of gaining the commitment and focus of the workforce during the acquisition process through employee involvement.
The number of mergers and acquisitions (M&A) in emerging markets is growing at a rapid pace partly as a result of their usefulness as a corporate tool to pursue strategic growth. In this study, we investigate abnormal returns to shareholders of bidder firms around the day of M&A announcement for ten emerging Asian markets: China, India, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. Using a sample of 1,477 M&A deals in the ten emerging Asian markets, we find that the stock markets have expected positive cumulative abnormal returns in three different event windows: a two-day (0, 1) window, a three-day (-1, +1) window, and a five-day (-2, +2) window. Valuation effects of information leakage about M&A deals are statistically s...
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