Mergers Acquisitions & Corporate Restructuring – Strategies & Practices is a comprehensive, practice-oriented text on the full lifecycle of M&A and corporate restructuring—strategy, screening, valuation, financing, accounting, tax, regulation, integration, cross-border execution, governance and market impact. This Edition is thoroughly revised with updated Indian regulations (Companies Act, Competition Act, SEBI Takeover Code) and the Insolvency & Bankruptcy Code, plus an all-new chapter bringing Indian Knowledge System (IKS) perspectives to corporate governance and M&A, and a dedicated capstone chapter of market-reaction case insights. Chapters carry ‘Summary,’ ‘Test Your Knowledge,’ and case studies, making the book equally suited to coursework and practice.

This book is intended for the following audience:

• MBA/LL.M./Commerce Students taking Strategy/Corporate Finance/Company Law/M&A courses
• CA/CS/CMA Aspirants & Professionals (advisory, audit, deals, tax, insolvency)
• Corporate Managers, Investment Bankers, PE/VC, Consultants
• Regulators, Policy Professionals & In-House Counsels needing an India-focused, case-rich treatment

The Present Publication is the 4^th Edition, authored by Prof. Rabi Narayan Kar and Prof. Minakshi, with the following noteworthy features:

• [Comprehensive Coverage] Covers every aspect of Mergers and Acquisitions, from strategic rationales and deal design to valuation, financing, accounting, taxation, legal frameworks, competition law, integration, and corporate governance
• [Focused on Indian Context] Explains all relevant Indian laws and regulations, including Companies Act 2013 (Sections 230–240), SEBI (SAST) Regulations, Competition Act (Combinations), and recent updates under the Insolvency and Bankruptcy Code 2016
• [Incorporation of Indian Knowledge System (IKS)] Introduces a pioneering chapter that integrates Dharma-based governance principles—such as Sarvodaya, Purushartha, and insights from Chanakya Niti and Vidura Niti—to illustrate ethical and sustainable decision-making in M&A
• [Learner-friendly Pedagogy] Each chapter includes concise summaries, self-assessment questions under ‘Test Your Knowledge’, illustrative examples, mini-cases, and detailed case studies to strengthen conceptual understanding and practical application
• [Analytical Case Insights] A dedicated section analyses share-price movements and market reactions to major M&A transactions, offering insights from Indian and global deal experiences
• [Enhanced & Updated Edition] Based on reader feedback, this Edition includes thoroughly revised chapters (notably on corporate restructuring under IBC), expanded case studies, integrated question banks, and updated regulatory content to align with the latest business and policy environment
• [Depth on Indian Procedures] The legal chapter provides a step-by-step guide to Indian merger and amalgamation procedures. It covers the drafting and approval of schemes, NCLT processes, and regulatory requirements for domestic and foreign mergers under Section 234 and Rule 25A. Practical compliance pointers, timelines, and filing checklists are integrated throughout to help readers understand both the legal framework and its real-world application
• [Hands-on Execution Aids] The deal-making chapter serves as a practical toolkit for transaction professionals. It outlines deal timelines, document and due diligence checklists, and data-room management practices. The due diligence framework spans all key domains—corporate structure, contracts, intellectual property, litigation, tax, environmental obligations, and people-related risks—offering readers a complete view of execution essentials
• [Authorial Perspective] This Edition embodies the authors’ academic depth and practitioner insight, refined through years of research, classroom feedback, and field experience. Several chapters have been extensively rewritten, and new content—such as the Indian Knowledge System (IKS) approach to governance and the dedicated case-insights chapter—has been developed to address emerging trends and contemporary relevance.

The coverage of the book is as follows:

• Foundations & Strategy
  • These chapters introduce the core concepts of corporate restructuring and M&A strategies. They explain why companies merge, the strategic choices available, and how M&A activity has evolved in India. Readers are guided through analytical frameworks such as portfolio and GE–McKinsey matrices, PIMS models, and value-creation logics, along with leading M&A theories including internalisation, technological competence, transaction cost, hubris, and free-cash-flow hypotheses
• Indian and International Perspectives
  • These chapters trace India’s merger waves and highlight the operational and cultural integration issues that accompany them. Global experiences—from the United States, Europe, and Japan—are analysed to show patterns of merger movements, performance outcomes, and the risks of cultural misalignment in cross-border transactions
• Legal Dimensions
  • A detailed explanation of the Companies Act 2013 (Sections 230–240) covering compromises, arrangements, minority squeeze-outs, public-interest amalgamations, and mergers with foreign companies under Section 234 and Rule 25A. It also explains the Competition Act’s combination provisions, updated through 2023, linking each to practical corporate applications
• Takeovers and Defence Strategies
  • These chapters explore the SEBI (SAST) Regulations in depth—covering bid structures, consideration, and stamp duty implications. They also discuss early-warning signals and anti-takeover mechanisms, such as financial, charter-based, and managerial defences. Illustrative cases include India Cements–Raasi, Mittal–Arcelor, L&T–Mindtree, and ICI–Asian Paints
• Restructuring Alternatives
  • Focuses on various restructuring routes—demergers, spin-offs, reverse mergers, cross-border mergers, and buy-backs. The chapter demonstrates how these techniques enhance value through case studies such as L&T’s restructuring and spin-off strategy
• Strategic Alliances and Leveraged Buy-outs (LBOs)
  • Examines the motivations, structures, and challenges of strategic alliances and joint ventures in the Indian context. The section on LBOs discusses financial structuring, SPVs, debt capacity, and risk assessment, illustrated through landmark deals like Tata Tea–Tetley, Hindalco–Novelis, and Dell’s privatisation
• Revival and Insolvency (IBC 2016)
  • Covers the evolution from the Sick Industrial Companies Act (SICA) to the Companies Act and finally to the Insolvency and Bankruptcy Code (IBC 2016). It explains the mechanisms, tribunals, and procedures that support corporate revival and distressed restructuring in modern India
• Valuation and Financing
  • Provides a rigorous approach to valuation through asset-, dividend-, earnings-, and DCF-based models, supported by EVA and sensitivity analysis. It also covers the valuation of intangibles such as brands, goodwill, and human capital, along with EPS impact, financing choices, SEBI valuation rules, and annexed dividend models (e.g., the Gordon model)
• Accounting and Taxation
  • Explains the accounting treatment of amalgamations under AS-14, including pooling-of-interests and purchase methods, goodwill, reserves, and IFRS-3 convergence. The taxation section covers amalgamations, demergers, slump sales, and loss-set-off provisions with clarity on related incentives and compliance
• People and Cross-Border Integration
  • Focuses on the human and cultural dimensions of mergers, reasons for integration failure, and the application of Bharatiya philosophies to promote harmony and alignment post-merger. It also analyses cross-border M&A drivers, strategies, and lessons from Indian outbound cases such as Dr Reddy’s acquisition of Betapharm
• Execution
  • A practitioner’s guide to deal execution—detailing negotiation roles of bankers, counsels, accountants, and senior leadership; comprehensive due diligence processes (financial, legal, and operational); checklists; data-room management; and India-specific execution challenges
• Governance and the Indian Knowledge System (IKS)
  • These chapters explore corporate-governance challenges and best practices in M&A—board accountability, conflict management, minority protection, and insider-trading safeguards—while integrating IKS-based ethical perspectives rooted in Dharma, fairness, long-term value creation, and stakeholder welfare. Real-life illustrations include Cadbury–Kraft, Tata–Corus/JLR, and Maruti–Suzuki transactions
• Market Reactions and Case Insights
  • The concluding chapter links M&A theory with capital-market behaviour, analysing empirical evidence on announcement effects, post-deal share-price movements, and wealth creation across Indian and global deals

The structure of the book is as follows:

• The book is organised into twenty-two chapters that trace the complete lifecycle of an M&A deal—from strategy formulation to market reactions. The progression follows a logical flow:
  • Strategy → Indian & International Context → Legal Framework, Takeovers, Defences & Alternatives → LBOs and Distressed Deals → Valuation, Financing, Accounting & Taxation → Integration & Cross-Border Issues → Deal-Making & Governance (including IKS) → Market Reactions
• A detailed ‘Chapter-Captions‘ section at the beginning of the book provides a quick visual map of this flow with corresponding page ranges for easy navigation
• Each chapter concludes with a Summary and a Test Your Knowledge segment to reinforce key learnings. Many chapters feature comprehensive case studies—such as Sterlite–Indal, Tech Mahindra’s Strategic Stake Transfer, Kingfisher–Air Deccan, and Scenario Media—alongside mini-cases like Raasi Cement, Mittal–Arcelor, and L&T–Mindtree. These examples bring theoretical concepts to life, offering practical insights into strategic intent, execution, and post-deal integration.