AN INVESTIGATION INTO the Drlvers of MERGERS and ACQUISITIONS WITHIN the SPIRITS & WINE INDUSTRY

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AN INVESTIGATION INTO the Drlvers of MERGERS and ACQUISITIONS WITHIN the SPIRITS & WINE INDUSTRY AN INVESTIGATION INTO THE DRlVERS OF MERGERS AND ACQUISITIONS WITHIN THE SPIRITS & WINE INDUSTRY BY J. Terry Shields A Thesis Submitted to the Faculty of Graduate Studies and Research Through the Faculty of Business Administration In Partial Fulfillment of the Requirements for the Degree of Master of Business Administration at the University of Windsor Windsor, Ontario, Canada 2000 O 2000 J. Terry Shields Bibliothèque nationale du Canada Acquisitions and Acquisitions et Bibliographie Services services bibliographiques 395 Wellington Street 395. rue Wellington Ottawa ON K1A ON4 Ottawa ON KIA ON4 Canada Canada The author has granted a non- L'auteur a accordé une licence non exclusive licence allowing the exclusive permettant à la National Library of Canada to Bibliothèque nationale du Canada de reproduce, loan, distribute or sell reproduire, prêter, distribuer ou copies of this thesis in microform, vendre des copies de cette thèse sous paper or electronic formats. la forme de microfiche/film, de reproduction sur papier ou sur format électronique. The author retains ownership of the L'auteur conserve la propriété du copyright in this thesis. Neither the droit d'auteur qui protège cette thèse. thesis nor substantial extracts fiom it Ni la thèse ni des extraits substantiels may be printed or otherwise de celle-ci ne doivent être imprimés reproduced without the author's ou autrement reproduits sans son permission. autorisation. Driven by diminishing returns, the inability to increase the stock price, and the slow development of emerging markets, companies in the spirits and wine industry are seeking partners with whom to merge or acquire to improve their cornpetitive position. Philip Bowman, Allied Domecq Spirits and Wine CEO, commented to employees of Allied Domecq on December 15, 1999 with the following. " 1 am aware from meetings around the cornpany over the past two months that the subject of industry consolidation is a very live issue for many of you. 1also recognize that the constant press specuiation (and speculation it is) can be very unsettling. Therefore, let me set out my position clearly. Given the fra,gmented and mature nature of the industry in most countries, 1 believe that it is inevitable tliat there will be further consolidation at some stage in the fùture. As the no.2 global spirits & wine company, we could and sl~ouldplay a pivotal role in such consolidation when it happens. It is however essential that we are able to negotiate from the position of greatest strength. My message to you today is therefore simple. Do not let speculation in the media divert you from the tasks at hand - increasing the strength of Our brands, delivering enhanced eamings growth and building on the strengths of our existing asset base. We have great brands and a tremendous business. With hard work and focus we can develop Allied Dornecq still further for the benefit of our employees and Our shareholders. With your support we can make this happen." Tne literature on the drivers of merger and acquisition was reviewed. From this review the drivers identified were related to two merger cases within the industry to test the extendibility of the concepts to the spirits and wine industry. Subsequently, the importance of the variabIes, based upon the responses of company personnel, was ranked based on their mean scores. The respondents assessed the suitability of merger and acquisition partners based on the importance of drivers identified. This study has enabled the continuance of research on merger and acquisition strategies for Allied Domecq within the spirits and wine industry. Aiso, given the poor results of rnergers a process model for pursuing mergers and acquisitions is presented. This model is based on this body of work. Future research within this area should test the mode1 on subsequent mergers and acquisitions. This thesis is dedicated to my wife, Nancy. If not for her patience, 1 would not have been able to realize a personal and professional goal. 1 would like to express my gratitude to the thesis committee for its assistance and patience with respect to the preparation of this thesis. 1 am deeply indebted to Dr. Prince for his advice and direction provided. TABLE OF CONTENTS ABSTRACT DEDICATION ACmTOWLEDGEMENTS V1 LIST OF TABLES xii CHAPTER 1: INTRODUCTION 1.1 Overview of Spirits and Wine Industry CHAPTER 2: REVIEW OF LITERATURE 2.1 Merger and Acquisition Review 2.2 The Value of Merger and Acquisition Strategies 2.3 Evaluations of Mergers and Acquisitions 2.3.1 Relatedness in mergers and acquisitions 2.4 Merger & Acquisition Arguments 2.4.1 Introduction 2.4.2 Value Creating Theories 2.4.2.1 Efficiency & Effectiveness Synergies 2.4.2.2 Market Power views 2.4.2.3 Exploration of potential cross effects 2.5 Project Boston 2.5.1 Background 2.5.2 Description 2.5.2.1 Objectives 2.6 Case Study: Diageo 2.6.1 Strategic Aims 2.6.2 Cornpetitor Reaction 2.7 Identificatiori of Merger & Acquisition Drivers 2.7.1 Literature Review Summary and Conclusions vii CHAPTER 3: CONCEPTUAL OVERVIEW 3.1 Study Rationale for AIlied Domecq Plc 3.2 Airns & Objectives 3.3 Research Questions 3.4 Research Approach 3 -4.1 Introduction 3.4.2 Choice of Approach 3.4.3 Research Design 3.4.4 Choice of Research Design 3.4.5 Data Collection 3.5 Data Collection and Analysis Methodolog 3 S.1 Initial Questionnaire 3 S.2 Interviews 3.5.3 Case Study Design CHAPTER 4: COMPANY & INDUSTRY BACKGROUND 4.1 Introduction History and Development Organizational Structure 4.1.2.1 Geographical Coverage Corporate S trategy 4.1.3.1 Mergers, Acquisitions and Disposals 4.1.3.2 Strategic Orientation Spirits Market Activity 4.1.4.1.1 Mission Statement 4.1.4.1.1 North America 4.1.4.1.2 Latin Amenca 4.1.4.1.3 Europe 4.1.4.1.4 Asia - Pacific Production Strategies Distribution Strategies Marketing Strategies Retailing 4.1.8.1 Mission Statement 4.1.8.2 Franchising viii 4.1.9 Allied Domecq PLC: Strategic Intent 4.1.9.1 S.W.O.T. Analysis 4.1.10 Future Strategy 4.1.1 1 Financial Review Industry Analysis 4.2.1 Corporate Strategies 4.2.1.1 Global Brands 4.2.3 Vertical Integration 4.2.4 Broad Product Portfolios 4.2.5 Diageo PLC 4.2.5.1 Distribution Strategies 4.2.5.2 Marketing Strategies 4.2.5.3 S.W.O.T. Analysis 4.2.5.4 Future Strategy 3.2.6 LVMH (Louis Vuitton Moet Hemessy) 4.2.6.1 Corporate Strategy 4.2.6.2 Distribution Strategies 4.2.6.3 Marketing Strategies 4.2.6.4 S.W.O.T. Analysis 4.2.6.5 Future Strategy 4.2.7 Seagarn 4.2.7.1 Corporate Strategy 4.2.7.2 Distribirtion Strategies 4.2.7.3 Marketing Strategies 4.2.7.4 S.W.O.T. Analysis 4.2.7.5 Future Strategy 4.2.8 Pernod Ricard 4.2.8.1 Corporate Strategy 4.2.8.2 Distribution Strategy 4.2.8.3 Marketing Strategies 4.2.8.4 S.W.O.T. Analysis 4.2.8.5 Future Strategy 4.2.9 Bacardi - Martini 4.2.9.1 Corporate Strategy 4.2.9.2 Distribution Strategies 4.2.9.3 Marketing Strategies 4.2.9.4 S.W.O.T. Analysis 4.2.9.5 Future Strategy 4.2- 1O. 1 Brown - Forman 4.2.1 O. 1 Corporate Strategy 4.2.10.2 Distribution Strategies 4.2.10.3 Marketing Strategies 4.2.10.4 S.W.O.T. Analysis 4.2.10.5 Future Strategy 4.2.1 1 Amencan Brands (Jim Beam Brands) (JBB) 4.2.1 1.1 Corporate Strategy 4.2.1 1.2 Distribution Strategies 4.2.1 1.3 Marketing S trategies 4.2.1 1.4 S.W.O.T. Analysis 4.2.1 1.5 Future S trategy 4.2.12 Other Companies 4.3 Company and lndustry Conclusions CHAPTER 5: RESEARH FWINGS AND SYNTHESIS 5.1 Objective 1 5.2 Objective 2 5.2.1 Finance Personnel 5.2.2 Marketing Personnel 5 -2.3 Hurnan Resources Personnel 5.2.4 Strategy Personnel 5.2.5 Sales Personnel 5.2.6 Supply Management 5.3 Objective 3 5.3.1 Introduction 5 -3.2 LVMH 5.3.3 Seagram 5.3.4 Pernod Ricard 5.3.5 Bacardi - Martini 5.3.6 Brown - Forman 5.3.7 Jim Beam Brands 5.3.8 smary CHAPTER 6: RESEARCH CONCLUSIONS 6.1 Research Question 1: 6.2 Research Question 2: 6.3 Research Question 3: CHAPTER 7: MSEARCH RECOMMENDATIONS 7.1 Introduction 7.2 Implications for AIIied Domecq 7.2.1 Operating Divisions 7.2.2 Allied Domecq Group Strategy Department 7.2.3 Company Overview 7.2.4 Merger and Acquisition Integration 7.3 Implications of Study 7.4 Limitations of the Study 7.5 Recornmendations for Future Research APPENDIX A: Discussion Guide for the Assessrnent of Suitable Merger Partners for Allied Domecq PLC. PLPPENDIX B: The Life Cycle Portfolio Matnx APPENDIX C: Cornpetitor Assessment APPENDIX D: Merger & Acquisition Survey REFERENCES VITA AUCTOFUS LIST OF TABLES Table 1: Reported Merger and acquisition activity on a global basis Table 2: The Life Cycle Portfolio Matnx Table 3 : Merger & Acquisition Evaluations Table 4: Lubatkin's List of Potential Sources of Strategic Relatedness Between Bidding and Target Firms Table 5: Jensen and Ruback's List of Reasons Why Bidding Firms Might Want to Engage in Merger and Acquisition Strategies Table 6: Staffing Reconfiguration Resulting fiom the Merger of Hiram Walker & Sons Inc.
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