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Dynamic patterns of M&A

4. Empirical analysis

4.2. Identification of patterns of M&A at the industry level

4.2.3. Identification of Dynamic & Structural patterns of M&A

4.2.3.1. Dynamic patterns of M&A

26 value and Average-invested deal value.

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belonging to the antecedent industry will concentrate on the companies belonging to the consequence industry to consolidate the market situation.

The third quadrant (Fading & Weakly-connected area): The patterns of M&A belonging to the third quadrant area have a low appearance rate over time, and the connectivity between the antecedent industry and the consequence industry is loosened. These patterns may be due to the cases where companies affiliated with the antecedent industry have withdrawn from the companies of the consequence industry due to failure of realization of their business purpose, and have been involved in M&A into other industries.

The fourth quadrant (Emerging & Weakly-connected area): The patterns of M&A belonging to the fourth quadrant area have a high appearance ratio over time, but the linkage between the antecedent industry and the consequence industry is loosened. These patterns may be due to the case that companies belonging to antecedent industry are more actively engaged in M&A with companies belonging to various other industries compared to companies belonging to consequence industry. It is a pattern that can be seen when the market confirms that the consequence industry is a promising industry but uncertainty is high.

Table 7. Change in π‘†π‘’π‘π‘π‘œπ‘Ÿπ‘‘π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ) and πΆπ‘œπ‘›π‘“π‘–π‘‘π‘’π‘›π‘π‘’π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ) of each M&A transaction rules between Phase 1 and 2

M&A transaction rules Change in

π‘†π‘’π‘π‘π‘œπ‘Ÿπ‘‘π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ)

Change in

πΆπ‘œπ‘›π‘“π‘–π‘‘π‘’π‘›π‘π‘’π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ)

1311β†’1311 0.0093 0.0662

7372β†’7372 0.0047 0.0548

6035β†’6035 -0.0101 -0.3121

6798β†’6512 -0.0076 -0.1142

… … …

2011β†’2011 0.0002 0.6000

5331β†’5331 0.0000 0.4481

2033β†’2033 -0.0001 -0.5635

7538β†’7538 0.0000 -0.3750

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Table 8. Change in π‘†π‘’π‘π‘π‘œπ‘Ÿπ‘‘π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ) and πΆπ‘œπ‘›π‘“π‘–π‘‘π‘’π‘›π‘π‘’π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ) of each M&A transaction rules between Phase 2 and 3

In between Phase 1 and 2, the typical M&A transaction rules classified as Emerging & Strongly- connected pattern are as follows. 5171 (oil bulk station and terminal industry) β†’ 4612 (crude oil

M&A transaction rules Change in

π‘†π‘’π‘π‘π‘œπ‘Ÿπ‘‘π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ)

Change in

πΆπ‘œπ‘›π‘“π‘–π‘‘π‘’π‘›π‘π‘’π‘Žπ‘β†’π‘‘π‘Ž(𝑋 β†’ π‘Œ)

6798β†’6512 0.0230 0.0556

6798β†’7011 0.0053 -0.0238

7372β†’7372 -0.0124 -0.0545

4832β†’4832 -0.0071 -0.1773

… … …

8361β†’8361 0.0008 0.5494

3572β†’3572 0.0005 0.4039

2015β†’2015 -0.0001 -0.7000

4491β†’4491 0.0000 -0.6364

Figure 8. Dynamic patterns of M&A map between Phase 1 and 2

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pipeline industry), 8744 (facility support management service industry) β†’ 8744 (facility support management service), 2761 (various office print industry) β†’ 2761 (various office print industry) and the representative acquirer corporation and the target corporation by transaction each rule are 5171(Crude oil pipeline industry) β†’4612 (crude oil pipeline industry): Tesoro Alaska Petroleum Co β†’ Kenai Pipe Line, 8744 (crude oil pipeline industry) β†’ 8744 (crude oil pipeline industry): Corrections Corp. of America β†’ Eden Detention Center, 2761 (various office printing industry) β†’ 2761 (various office printing industry): Ennis Business Forms Inc β†’ Northstar Computer Forms Inc.

4731 (cargo and freight transport industry) β†’ 4731 (freight and freight transport industry), 5093 (scrapped waste and waste disposal industry) β†’ 5093 (scrapped and waste disposal industry), 8244 (business and secretarial education industry) β†’ 8221 (university and professional education industry) are the representatives classified as Fading & Strongly-connected pattern. The representative acquirer corporation and the target corporation by each transaction rule are 4731 (freight and cargo transportation industry) β†’ 4731 (freight and cargo transportation industry): Geo Logistics Corp β†’ Goldman Industries Inc, 5093 (scrapped waste and waste disposal industry) β†’ 5093 (scrapped and waste disposal industry): Metal Management Inc β†’ Goldin Industries Inc, 8244 (business and secretarial education industry) β†’ 8221 (business and secretarial education industry): Corinthian Colleges Inc β†’ Georgia Medical Institute.

The typical M&A transaction rules classified as Fading & Weakly-connected pattern are 5712 (furniture) β†’ 5712 (furniture), 4512 (air transportation planning) β†’ 4512 (air transportation planning), 7312 (security service system industry) β†’ 7382 (security service system industry) and representative acquirer corporation and target corporation by each rule are 5712 (furniture industry)

β†’ 5712 (furniture industry): Heilig-Meyers Co β†’ Rhodes Inc, 4512 (air transportation planning) β†’ 4512 (air transport planning): American Airlines Inc β†’ Trans World Airlines Inc, 7382 (Security Service System Industry) β†’ 7382 (Security Service System Industry): Alarmguard Holdings Inc β†’ Sentry Protective Systems.

Finally, the typical M&A transaction rules classified as Fading & Weakly-connected pattern are 6712 (bank holding company) β†’ 6712 (bank holding company), 2043 (grain bread industry), 2043 (grain bread industry), 7819 (services allied to motion picture production) β†’ 7819 (services allied to motion picture production). The representative acquirer corporation and the target corporation by each transaction rule are 6712 (bank holding company) β†’ 6712 (bank holding company): Banc Kentucky Inc β†’ Murray Banc Holding Co, 2043 (cereal breakfast) β†’ 2043 (cereal breakfast): Ralcorp Holdings β†’ Inc Post Cereal, 7819 (Film Production Related Service Industry) β†’ 7819 (Film Production Related Service Industry): Four Media Co β†’ Visualize Inc.

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Figure 9. Dynamic patterns of M&A map between Phase 2 and 3

In between Phase 2 and 3, the typical M&A transaction rules classified as Emerging & Strongly- connected pattern are as follows. 6798 (real estate investment trust industry) β†’ 6512 (non-residential building operation industry), 4922 (natural gas transportation industry) β†’ 4922 (natural gas

transportation industry), 7389 (business services, not elsewhere classified) β†’ 7389 (business services, not elsewhere classified). The representative acquirer corporation and the target corporation by each transaction rule are 6798 (real estate investment trust industry) β†’ 6512 (non-residential building operation industry): General Growth Properties Inc β†’ First Colony Mall, Sugar Land, 4922 (natural gas transportation industry) β†’ 4922 (natural gas transportation industry): Energy Transfer Partners LP

β†’ PennTex Midstream Partners LP, 7389 (business services, not elsewhere classified) β†’ 7389 (business services, not elsewhere classified): eBay Inc β†’ Internet Auction Co Ltd.

The typical M&A transaction rules classified as Fading & Strongly-connected pattern are 6021 (national commercial banking industry) β†’ 6021 (national commercial banking industry), 6712 (bank holding company) β†’ 6712 (bank holding company), 7375 (information search service industry)

β†’ 7372 (prepackaged software). The representative acquirer corporation and the target corporation by

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each transaction rule are 6021 (national commercial banking industry) β†’ 6021 (national commercial banking industry): MB Financial Inc β†’ American Chartered Bancorp Inc, 6712 (bank holding company) β†’ 6712 (bank holding company): Yorktown Financial Holdings β†’ CNBO Bancorp Inc, 7375 (information search service industry) β†’ 7372 (prepackaged software): Facebook Inc β†’ Instagram Inc.

The typical M&A transaction rules classified as Fading & Weakly-connected pattern are 7372 (software industry) β†’ 7372 (software industry), 4832 (wireless communication broadcasting industry) β†’ 4832 (wireless communication broadcasting industry), 4911 (power supply service industry) β†’ 4911 (power supply service industry). The representative acquirer corporation and the target corporation by each transaction rule are 7372 (software industry) β†’ 7372 (software industry):

Samsung SDS Co Ltd β†’ Miracom Inc, 4832 (wireless communication broadcasting industry) β†’ 4832 (wireless communication broadcasting industry): Archway Broadcasting Group LLC β†’ New East Commun-Radio Stn (2), 4911 (power supply service industry) β†’ 4911 (power supply service industry): Korea East-West Power Co Ltd β†’ Dongbu Power Dangjin Corp.

Finally, the typical M&A transaction rules classified as Fading & Weakly-connected pattern are 6798 (Real estate investment trust industry) β†’ 7011 (Hotel and motel industry), 2869

(Uncategorized industrial organic chemical industry) β†’ 2869 (Uncategorized industrial organic chemical industry), 4922 (Natural gas transportation industry) β†’ 1311 Crude oil and natural gas industries). The representative acquirer corporation and the target corporation by each transaction rule are 6798 (Real estate investment trust industry) β†’ 7011 (Hotel and motel industry): Hersha

Hospitality Trust β†’ Holiday Inn Express Hotel, 2869 (Uncategorized industrial organic chemical industry) β†’ 2869 (Uncategorized industrial organic chemical industry): GlyEco Inc β†’ Evergreen Recycling Co Inc, 4922 (Natural gas transportation industry) β†’ 1311 Crude oil and natural gas industries): Western Gas Partners LP β†’ Mountain Gas Resources LLC.

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