To Achieve Synergies : Know Your Targets
To Achieve Synergies : Know Your Targets
To achieve synergy; know your target!
An empirical research to determine which integration strategy is favourable for achieving operating synergy following a merger or acquisition in the Dutch SME market
MSc Thesis
Michiel Vos
Supervisors: Mrs. A. Sabidussi MSc Dr. E.F.M. Wubben F.A.J. Kuipers MBA RV Drs. D.A. Boissevain RC
Amsterdam, February 2008
To achieve synergy; know your target!
An empirical research to determine which integration strategy is favourable for achieving operating synergy following a merger or acquisition in the Dutch SME market
Amsterdam, February 2008
Student: Reg. No: College year: Department:
Michiel Vos 830927 908 070 2007 / 2008 Management Studies Group, Wageningen University & Research Centre
Specialization: Code:
Management Studies MST-80430
Supervisors WUR: Mrs. A. Sabidussi, MSc Dr. E.F.M. Wubben Supervisors AenF: F.A.J. Kuipers MBA RV Drs. D.A. Boissevain RC 1
TABLE OF CONTENTS
List of abbreviations ________________________________________________________ 5 Acknowledgements _________________________________________________________ 6 Management summary ______________________________________________________ 7 Introduction ____________________________________________________________
3.2.1 3.2.2 3.2.3
4.1 4.2 4.3 4.4 4.5 4.6 Transaction cost theory __________________________________________________ 24 Value chain theory ______________________________________________________ 25 Resource based view theory ______________________________________________ 26 Resources related with strategy ___________________________________________ 28 Firm performance improvement through M&A _____________________________ 30 Conclusion ____________________________________________________________
5.2.1 5.2.2