PROJECT SUBMITTED IN PARTIAL FULFILMENT OF

THE REQUIREMENT FOR THE DEGREE OF B.COM.

(HONOURS)

BY : VIKAS GARG SUBMITTED TO:

B.COM (HONS.) DR. AJAY NARAIN
III YEAR
ROLL NO: 07/029009
 ACKNOWLEDGEMENT

I am extremely grateful to my mentor, DR. AJAY NARAIN of

Commerce Department, DYAL SINGH COLLEGE ,who
provided valuable comments and suggestions from time to time for
the accomplishment of my project.

His valuable encouragement made it possible for me to complete

the project in its present form.

 DECLARATION

This is to certify that the present project work is based on my understanding

of the subject and has not been copied from some published source or

website. My indebtedness to the other works on the subject has been

acknowledged at relevant places.

This project work has not been submitted in part or full for any other degree

or diploma of any University.

 TABLE OF CONTENTS

S. NO. TOPICS

1. CONCEPT OF MERGERS & ACQUISITIONS

2. MERGERS & TAKEOVERS

3. TYPES OF TAKEOVER BID

4. TYPES OF MERGERS

5. BENEFITS OF MERGERS & ACQUISITIONS

6. MERGERS AND ACQUISITIONS IN INDIA

7. THE CHANGING PHASE OF INDIAN BUSINESS

8. MERGERS & ACQUISITIONS IN INDIA IN 2007

9. MERGERS & ACQUISITIONS IN INDIA IN 2008

10. MERGERS & ACQUISITIONS IN INDIA IN 2009

11. INDIA’S NEW FOUND CONFIDENCE

12. CHANGING ASPECT OF MERGERS & ACQUISITIONS

13. BIBLIOGRAPHY
MERGERS AND ACQUISITIONS

CONCEPT

Corporate Restructuring

Restructuring of business is an integral part of the new economic paradigm.

As controls and restrictions have given way to competition and free trade,

restructuring and reorganization become essential. Restructuring usually

involves major organizational change such as shift in corporate strategies to

meet increased competition or changed market conditions.

This activity can take place internally in the form of new investments in

plant and machinery (green field investments), R & D at product and process

levels, hiving-off of non-core activities, sell-offs, etc.

It can also take place externally through mergers and acquisitions (M & As)

by which a company may acquire another company or by forming joint

ventures with other companies.

ACQUISITION

An acquisition may be effected by either of the following:

(a) An agreement with the person holding majority interest in the

company management,

(b) purchase of new shares by private agreement,

(c) purchase of shares in the open market (open offer),

(d) acquisition of share capital of a company by means of cash,

issuance of share capital, and etc.

(e) making a buyout offer to general body of shareholders.

MERGER

Merger has been defined as an arrangement whereby the assets of two or

more companies become vested in, or under the control of one company

(which may or may not be one of the original two companies), which has, as

its shareholders, all or substantially all the shareholders of the two

companies.

It may also include fusion of two or more companies. In merger, one of the

two existing companies merges its identity into another existing company, or

one or more of existing companies may form a new company and merge

their identities into the new company by transferring their businesses and
undertakings including all other assets and liabilities to the new company

(i.e., merged company)

The situation may be illustrated as under:

There are two companies A and B which decide to merge:

Where A Company merges into B Company.

Option I
Where B Company merges into A Company. Combined

Option II merged company emerges as A Ltd.

A Company and B Company both merge to form a new

Option III Company C. Combined merged company as C Ltd.

Examples: Examples of mergers are:

• Conglomerates-corporations that are not customers or suppliers to each

other or competitors.

• Corporations-union of 2 or more by transferring property to one that

survives, and issuing its shares to stockholders of the corporation that

ceases to exist.

DEMERGER
Demerger is the converse of a merger or acquisition. It is a corporate

strategy to sell off subsidiaries or divisions of a company. It describes a form

of restructure in which shareholders or unit holders in the parent company

gain direct ownership in a subsidiary (the ‘demerged entity’). Underlying

ownership of the companies and/or trusts that formed part of the group does

not change. The company or trust that ceases to own the entity is known as

the ‘demerging entity’. If the parent company holds a majority stake in the

demerged entity, the resulting company is referred to as the subsidiary.

Demergers can also result from government intervention, usually by way of

anti-trust/competition law, or through decartelization.

For example: In 2001 British Telecom did a de-merger of its mobile phone

arm, BT Wireless, in an attempt to boost the performance of its stock. British

Telecom took this action because it was struggling under high debt levels

from the wireless venture.

When a company is acquired by another company, the acquiring company

has two options:

  Merge both the companies into one and operate as single

entity

 Operate the taken over company as an independent

company, probably with changed management and changed

policies.

The first option is known as merger and the second option is known as

takeover.

MERGERS AND TAKEOVERS

The distinction between a takeover and merger is that, in a takeover, the

direct control over the assets of the acquired company passes to the acquirer;

in a merger, the shareholding in the combined enterprises will be spread

between the shareholders of the two companies

In both cases of takeover and merger, the interests of the shareholders of the

company are as follows:

(1) Company should takeover or merge with another company only if in

doing so, it improves it’s profit earning potential measured by

earning per share, and

 (2) Company should agree to be taken over if and only if, shareholders

are likely to be better-off with the consideration offered, whether

cash or securities of the company, than by retaining their shares in the

original company.

TYPES OF TAKEOVER BID

There are two types of takeover bid-

(1) Friendly takeover bid

(2) Hostile takeover bid

FRIENDLY TAKEOVER

Takeover takes place generally through negotiations, i.e., with willingness

and consent of acquirer company’s executives or board of directors. Such

takeover is called friendly takeover. This takeover is through negotiating

and if parties do not reach an agreement during negotiations, the proposal of

takeover stands terminated and dropped out. Friendly takeover bid is thus

with the consent of majority or all of the shareholders of target company.

HOSTILE TAKEOVER

When a company does not propose to acquire another company but silently

and unilaterally pursues efforts to gain controlling interest in it against the

wishes of the management, it is called an attempt at hostile takeover.

There are various ways in which the acquirer company may pursue the

matter to acquire controlling interest in another company. These acts are

called takeover raids or hostile takeover bids.

Hostile takeovers are small but significant part of global M & A market.

They are frequently used in developed markets of US and UK to unlock

value for shareholders.

They have beneficial impact on the economy. They keep the company

management on guard and compel them to perform at higher levels of

efficiency. They encourage optimum utilization of resources.

For minority shareholders, hostile takeovers are again beneficial since they

ensure that management works for improving shareholder value.

TYPES OF MERGERS

A merger refers to the process whereby at least two companies

combine to form one single company. Business firms make use of mergers

and acquisitions for consolidation of markets as well as for gaining a

competitive edge in the industry. Merger types can be broadly classified into

the following five subheads as described below:-

They are Horizontal Merger, Conglomeration, Vertical Merger, Product-

Extension Merger and Market-Extension Merger.

• Horizontal Merger refers to the merger of two companies who are

direct competitors of one another. They serve the same market and sell

the same product.

• Conglomeration refers to the merger of companies, which do not

either sell any related products or cater to any related markets. Here,

the two companies entering the merger process do not

possess any common business ties.

• Vertical Merger is effected either between a company and a customer

or between a company and a supplier.

• Product-Extension Merger is executed among companies, which sell

different products of a related category. They also seek to serve a

common market. This type of merger enables the new company to go

 in for a pooling in of their products so as to serve a common market,

which was earlier fragmented among them.

• Market-Extension Merger occurs between two companies that sell

identical products in different markets. It basically expands the market

base of the product.

Benefits of Mergers and Acquisitions

Merger refers to the process of combination of two companies, whereby a

new company is formed. An acquisition refers to the process whereby a

company simply purchases another company. In this case there is no new

company being formed. Benefits of mergers and acquisitions are quite a

handful.

Mergers and acquisitions generally succeed in generating cost efficiency

through the implementation of economies of scale. It may also lead to tax

gains and can even lead to a revenue enhancement through market share

gain.

BIRDS EYE VIEW OF THE BENEFITS ACCRUING

FROM MERGERS AND ACQUISITIONS:

The principal benefits from mergers and acquisitions can be listed as

increased value generation, increase in cost efficiency and increase in market

share. Mergers and acquisitions often lead to an increased value generation

for the company. It is expected that the shareholder value of a firm after

mergers or acquisitions would be greater than the sum of the shareholder

values of the parent companies.

An increase in cost efficiency is affected through the procedure of mergers

and acquisitions. This is because mergers and acquisitions lead to economies

of scale. This in turn promotes cost efficiency. As the parent firms

amalgamate to form a bigger new firm the scale of operations of the new

firm increases. As output production rises there are chances that the cost per

unit of production will come down.

An increase in market share is one of the plausible benefits of mergers and

acquisitions. In case a financially strong company acquires a relatively

distressed one, the resultant organization can experience a substantial

increase in market share. The new firm is usually more cost-efficient and

competitive as compared to its financially weak parent organization.

It can be noted that mergers and acquisitions prove to be useful in the

following situations:
 • Firstly, when a business firm wishes to make its presence felt in a

new market.

• Secondly, when a business organization wants to avail some

administrative benefits.

• Thirdly, when a business firm is in the process of introduction of new

products. New products are developed by the R&D wing of a

company.

MERGERS AND ACQUISITIONS IN INDIA

India is the land of marriages and we are experiencing the rush of the

corporate marriages.

The process of mergers and acquisitions has gained substantial importance in

today’s corporate world. This process is extensively used for restructuring

the business organizations. In India, the concept of mergers and acquisitions

was initiated by the government bodies. Some well known financial

organizations also took the necessary initiatives to restructure the corporate

sector of India by adopting the mergers and acquisitions policies. The Indian

economic reform since 1991 has opened up a whole lot of challenges both in

the domestic and international spheres. The increased competition in the

global market has prompted the Indian companies to go for mergers and

acquisitions as an important strategic choice. The trends of mergers and

acquisitions in India have changed over the years. The immediate effects of

the mergers and acquisitions have also been diverse across the various

sectors of the Indian economy.

MERGERS AND ACQUISITIONS ACROSS INDIAN

SECTORS

Among the different Indian sectors that have resorted to mergers and

acquisitions in recent times, telecom, finance, fmcg, construction

materials, automobile industry and steel industry are worth mentioning.

With the increasing number of Indian companies opting for mergers and

acquisitions, India is now one of the leading nations in the world in terms of

mergers and acquisitions.

MERGERS AND ACQUISITIONS IN INDIA: THE

LATEST TRENDS
Till recent past, the incidence of Indian entrepreneurs acquiring foreign

enterprises was not so common. The situation has undergone a sea change in

the last couple of years. Acquisition of foreign companies by the Indian

businesses has been the latest trend in the Indian corporate sector. There are

different factors that played their parts in facilitating the mergers and

acquisitions in India. Favorable government policies, buoyancy in economy,

additional liquidity in the corporate sector, and dynamic attitudes of the

Indian entrepreneurs are the key factors behind the changing trends of

mergers and acquisitions in India.

The Indian IT and ITES sectors have already proved their potential in the

global market. The other Indian sectors are also following the same trend.

The increased participation of the Indian companies in the global corporate

sector has further facilitated the merger and acquisition activities in India.
 MERGERS &
ACQUISITIONS

Amalgamations Acquisitions

Takeovers
Merger De-merger

Horizontal
merger

Conglomeration Friendly Hostile

takeover takeover
Vertical merger

Product-
extension

Market-
extension
INDIAN MERGERS AND ACQUISITIONS: THE CHANGING FACE

OF INDIAN BUSINESS

Until upto a couple of years back, the news that Indian companies

having acquired American-European entities was very rare. However, this

scenario has taken a sudden U turn. Nowadays, news of Indian Companies

acquiring foreign businesses is more common than other way round.

Buoyant Indian Economy, extra cash with Indian corporates, Government

policies and newly found dynamism in Indian businessmen have all

contributed to this new acquisition trend. Indian companies are now

aggressively looking at North American and European markets to spread

their wings and become the global players.

The Indian IT and ITES companies already have a strong presence in foreign

markets, however, other sectors are also now growing rapidly. The

increasing engagement of the Indian companies in the world markets, and

particularly in the US, is not only an indication of the maturity reached by

Indian Industry but also the extent of their participation in the overall

globalization process.

Here are the top 10 acquisitions made by Indian companies worldwide:

GRAPHICAL REPRESENTATION OF INDIAN

OUTBOUND DEALS SINCE 2000:-

The above graph shows that the mergers and acquisitions in the Indian

Corporate World are rising every year by an enormous amount.

MERGERS AND ACQUISITIONS IN INDIA IN 2007

India Inc's appetite for mergers and acquisitions has seen deal value nearly

double in just two months of 2007 to about 37 billion dollars from 20 billion

dollar in the entire 2006.

There were total 102 M&A deals worth 36.80 billion dollars in January and

February 2007 as against 480 deals for 20.30 billion dollar in 2006,
according to data complied by research and advisory firm GranThornton

India.

The deals in 2007 are much larger as is evident from the fact that only 102

transactions were worth over 36 billion dollars.

There were 41 domestic deals with a total value of 0.62 billion dollar.

Besides, there were 21 in-bound cross-border deals worth 15.18 billion

dollar and 40 out-bound deals with a total value of 21 billion dollars.

THE SIGNIFICANT MERGERS AND ACQUISITIONS IN THE

INDIAN CORPORATE WORLD IN 2007 INCLUDE:

MAHINDRA & MAHINDRA

One of the first overseas acquisitions by India Inc. in 2007 which received

little or no notice was Mahindra & Mahindra Ltd's takeover of 90 per cent

stake in Schoneweiss & Co. GmbH, a family-owned German forgings

company with over 140 years of experience in the sector.

Among the top five axle beam manufacturers in the world, the company

specialises in suspension, power train and engine parts, and its top customers

include the DaimlerChrysler Group, MAN, Scania and Volkswagen.

Schoneweiss has three manufacturing plants in Hagen and Gevelsberg,

Germany, with a total manpower of 550 people.

M&M was convinced that the acquisition would create a strong European

base and would consolidate its position towards becoming a globally

significant player in the forgings business.

TATA-CORUS DEAL

INDIAN conglomerate Tata’s £6bn acquisition of Corus Group Plc that

made it the world’s sixth-largest steelmaker has been ranked among the 10

best business deals of 2007. Tata Steel’s acquisition of Corus for £6bn

($11.3bn) was the biggest overseas acquisition by an Indian company.

The Tata-Corus (the Anglo-Dutch steelmaker), which hit the headlines on

the last day of January, illustrated that Indian companies who used to do

small deals are now prepared to use their cash mountains for larger

acquisitions.
Tata won the battle to take over Anglo-Dutch steelmaker Corus in January

after offering 608p per share, ahead of rivals Brazilian firm CSN. This deal

apparently offered the promise of access to high-end European markets

combined with low-cost Indian manufacturing. It is incredible and makes

Indians hold their heads high in pride.

BIRLA’S HINDALCO BUYS ALUMINIUM GIANT NOVELIS

Indian business conglomerate Aditya Birla group-owned flagship company

Hindalco Industries Ltd. agreed to take over Atlanta-based aluminum giant

Novelis Inc. which was seen as the second largest foreign acquisition by an

Indian company.

On 10 February 2007, Hindalco entered into an agreement with Novelis to

acquire the company in an all-cash transaction which values Novelis at

approximately US$ 6.0 billion, including debt.

 The transaction made Hindalco the world's largest aluminium rolling

company and one of the biggest producers of primary aluminium in Asia, as

well as being India's leading copper producer.

In 2007, Hindalco was among the top 10 copper producers in the world by

capacity. With this acquisition, Hindalco has achieved economies of scale,

an increased global reach and also got access to advanced technology.

VODAFONE ACQUIRED INDIAN CELLPHONE OPERATOR

HUTCHISON ESSAR

In the year 2007, the world's largest telecom company in terms of revenue,

Vodafone Plc (Vodafone) made a major foray into the Indian telecom market

by acquiring a 52 percent stake in the Indian telecom company, Hutchison

Essar Ltd (Hutchison Essar), through a deal with the Hong Kong-based

Hutchison Telecommunication International Ltd. (HTIL). It was the biggest

deal in the Indian telecom market. Vodafone's main motive in going in for

the deal was its strategy of expanding into emerging and high growth

markets like India. Though some critics felt that Vodafone had overpaid for
Hutchison Essar, Vodafone contended that the price was worth paying as the

deal would help it get a massive footprint in one of the most competitive

telecommunication markets in the world. Vodafone planned to bring world

class branding to India after the 'Hutch' brand was replaced by the Vodafone

brand name and wanted to build up its numbers in the Indian market mostly

by expanding into the rural areas.

MERGERS AND ACQUISITIONS IN INDIA IN 2008

2008 has not kept pace with the momentum gained last year. This year has

not been good for India overall. The total number of Merger & Acquisition

deals has seen huge negative growth. During the first six months of 2008,

total M&A deals stand at 265 with value at $18.54 billion as against 335

deals amounting to $ 43.97 billion in the corresponding period in 2007.

Indian firms have announced deals worth $6.8 billion so far in 2008, down

39 percent from the same period last year. However, the month of August

has seen a record high in the value of mergers and acquisitions (M&A) deals

announced in the country. According to reports, the total value of M&A and
PE deals, reached a high of more than $5.57 billion in August 2008. This in

turn, implies a more than 352% growth in the value of such deals compared

to that witnessed in the preceding month. The total value of such deals

amounted to a mere $1.23 billion in July 2008. The jump in the value of

such deals is mainly on account of large M&As.

THE SIGNIFICANT MERGERS AND ACQUISITIONS IN

THE INDIAN CORPORATE WORLD IN 2008 INCLUDE:

TATA MOTORS ACQUISITION OF JAGUAR AND LAND ROVER

BRANDS

Tata Motors created history by acquiring the British marquees Jaguar and

Land Rover, part of Ford Motors' Premier Automobile Group. With this

purchase, Tata Motors also acquired a slice of automotive history. Tata

Motors acquired the Jaguar Land Rover businesses from Ford Motor

Company for a net consideration of US $2.3 billion, as announced on March

26, in an all-cash transaction adding the luxury brands to a line-up that also
includes the low-cost Nano. Ford has contributed about US $600 million to

the Jaguar Land Rover pension plans.

The all-cash deal, which was agreed in March, includes all necessary

intellectual property rights, manufacturing plants, two advanced design

centers in the U.K and a worldwide network of sales companies. The deal

allows Ford to raise a significant amount of money for its restructuring

effort, yet maintain its ties with the two brands.

JAPAN’S DAIICHI SANKYO ACQUIRED RANBAXY

Marking the largest ever deal in Indian pharma industry, Japanese drug firm

Daiichi Sankyo announced the acquisition of a majority stake of more than

50 per cent in domestic major Ranbaxy for over Rs15,000 crores (Rs 150 b).

Under the deal structure that would create the 15th biggest drug maker

globally, the Japanese firm would acquire the entire 34.82% stake in the

Gurgaon-based firm from its current promoters Malvinder Singh and family.
Even as Malvinder Singh would continue as CEO and MD of the entity,

which would retain its Ranbaxy brand, the family would net in about

Rs 10,000 crore (Rs 100 billion) by selling their stake.

Singh would also assume the position of chairman of the board upon the

deal's closure that is expected by March 2009.

Post acquisition, Ranbaxy would become a debt-free firm with a cash

surplus of around Rs 2,800 crore (Rs 28 billion).

Daiichi Sankyo has operations in 21 countries and by entering into

agreement with Ranbaxy; it will have presence in 60 countries globally.

There would be 10 members in the board and Ranbaxy would appoint four

members, including Malvinder Singh, while the rest of the members would

be from Daiichi Sankyo.

The deal puts Ranbaxy on a new and much stronger platform to harness its

capabilities in drug development, manufacturing and global reach.

According to Malvinder Singh, with this, they will see significant growth in

their business in Japan as the generic drugs market in the country is also

opening up.
Idea-Spice deal 4th largest M&A in India

The buyout of Spice Telecom by Idea Cellular is the fourth largest merger

and acquisition deal involving an Indian entity and may be a pre-cursor to

more such transactions in the telecom space.

The country's fifth-largest mobile operator in terms of subscribers, Idea

Cellular acquired B K Modi-owned Spice group's 40.8 per cent stake in

Spice Communications.

The deal consists of 4 transactions:

• Idea will acquire the Modi’s 40.8% stake in Spice (for Rs 2,720

crore).

• Idea will launch the mandatory 20% open offer for the Spice

shareholders, jointly with Telekom Malaysia International (TMI).

• Idea will merge Spice with itself and offer a 14.99% stake to TMI

through a preferential allotment.

• The Idea-TM combine will launch the open offer at Rs 77.30 jointly

with TMI, which now holds 39.2%in Spice

Idea will earn Rs 7,294 crore ($1.7 billion, assuming an exchange rate of Rs

43) by selling the 20% stake to TMI (making it one of the largest infusions

of FDI into India.)

Spice shareholders will get 49 Idea shares (after the TMI preferential

allotment) for every 100 shares they hold and the deal is supposed to be over

by end of 2008.

The deal gives Idea an entry into the Punjab and Karnataka markets, and

Spice’s 4.4 million customers, while Spice founders, Modi plans to expand

into entertainment, handset business.

MERGER OF HDFC BANK AND CENTURION BANK OF PUNJAB

On May 23, 2008, the amalgamation of Centurion Bank of Punjab with

HDFC Bank was formally approved by Reserve Bank of India to complete

the statutory and regulatory approval process. As per the scheme of

amalgamation, shareholders of CBoP received 1 share of HDFC Bank for

every 29 shares of CBoP. The name of the bank would remain as HDFC

BANK.

The shareholders of erstwhile CBoP have been allotted 6, 98, 83,956 equity

shares of Rs.10/- each pursuant to the share swap ratio. The merger has been
accounted for as per the pooling of interest method of accounting in

accordance with the scheme of amalgamation. The merger will allow HDFC

Bank to extend its reach in the country before a central bank review next

year that may allow foreign banks such as Citigroup and Standard Chartered

to buy Indian lenders.

The amalgamation added significant value to HDFC Bank in terms of

increased branch network, geographic reach, and customer base, and a

bigger pool of skilled manpower.

INDIA’S NEW-FOUND CONFIDENCE: GLOBAL ACQUISITIONS!

Most of the Americans may have never heard of these Indian companies:

Reliance Gatewaynet, VSNL, Scandent and GHCL - but these are growing

number of Indian companies who have recently acquired US firms. The

news of Indian company acquiring a US firm may have been a surprising to

most just a few years back, but not now - It is become a common place in

today’s world.

And these US acquisitions are a very small part of the bigger picture. Indian

companies have been on a buying spree in Continental Europe in the quest to

become players in the global market. Very recently, Tata Steel bought the

English-Dutch steel maker Corus for a staggering deal of $12 billion. These

are the signs that global commercial and industrial leadership is beginning to

pass from the West to emerging economies like India.

FROM WHERE HAS THIS CONFIDENCE COME IN INDIAN

BUSINESSES?

The outsourcing phenomenon, especially in IT Industry has helped Indian

companies in lot of direct and indirect ways. First and foremost, it has

ensured that Indian managers and executives are now far more exposed to to

Western business culture and practices. Over a period of time, the Indian

offshore companies have created an image of reliable low cost, yet high

quality products and services. Outsourcing/Off shoring companies have

increased their profits exponentially. There is a lot more cash available with
Indian companies than ever before. Their capacity to borrow large amount of

cash has also gone high.

WHAT DOES ALL THIS RESULT INTO - ACQUISITIONS

Indian companies are now eyeing Global markets instead of domestic to

move up the growth ladder. If you are a large company, you need to have a

presence in US and Europe. Managers and Executives of Indian companies

are taking much higher Risks than ever before.

Also, the regulatory changes have made the whole process of acquisition

much easier than ever before. Some restrictions like the amount of Foreign

exchange entering India have been relaxed. The result is that Indian

companies are flush with foreign exchange !

CHANGING ASPECT OF MERGERS AND ACQUISITIONS

With the non-availability of finance and the changing economic scenario,

2008 has seen drop in M&A activity of Indian companies, both domestically

and overseas. While lower valuations may attract further activity among

listed companies, the outlook is likely to remain subdued.

Indian M&A (mergers and acquisitions) has seen two distinct changes since

January 2008. First, following the precedent of the Ranbaxy deal, it is now

possible to contemplate Indian promoters giving up their flagship businesses,

and second, hostile takeovers are back on the agenda. When the Singh

family sold Ranbaxy Laboratories to Daiichi Sankyo it took everyone by

surprise. This deal may well have opened the door for other such

transactions in the future. Indian promoters, who were considered to be

sentimentally attached to their businesses, are now analyzing their business

portfolio and may be willing to cash out at right values.

Hostile takeovers, taboo in the Indian corporate world, are suddenly being

talked about. Emami is in the process of acquiring control of Zandu through

a hostile takeover. Ranbaxy Laboratories had also taken a significant stake in

Orchid Chemicals and forged a strategic tie-up with the company. Of late

there has been news of Videocon acquiring a stake in Archie’s and

Temptation Foods acquiring in Kohinoor through market purchases. The

success of one hostile takeover will pave the way for more.

BIBLIOGRAPHY:

 www.trak.in

 www.economywatch.com

 www.livemint.com

 www.walesonline.com

 www.domain-b.com

 www.financialexpress.com

 www.thehindubusinessline.com

 www.investopedia.com