Purpose – The purpose of this study is to provide a new perspective for effective management of the merger and acquisition (M&A) process by making use of a case study of a merger in the Japanese pharmaceutical industry. As corporate governance and culture are notably employee‐oriented in Japanese firms, the paper seeks to explore whether M&As in the industry may follow different paths from those in Western companies and lead to competitive advantage. Design/methodology/approach – The paper examines the case of a merger of a Japanese pharmaceutical company, Astellas Pharma, which was formed as a result of one of the largest M&As in Japanese M&A history. The case is analyzed in line with previous theories on M&A process management. Findings – The case was characterized by a strong momentum created by a core merger team consisting of a few members of management and workforce representatives, and the merger process was facilitated by both top‐down leadership and ground‐level support from the workforce. While broad engagement and non‐rapid rationalization of the workforce can slow the execution of the merger process and delay efficiency savings, it can also consistently drive the merger process and place the merged firm on a solid foundation with strong commitment from all levels. Originality/value – This study suggests a new mode of the M&A process by focusing on a particular merger case of a Japanese pharmaceutical company. The mechanisms observed in the case should be applied with appropriate modifications to the M&As of Western companies.
Corporate Governance – Emerald Publishing
Published: Feb 22, 2011
Keywords: Acquisitions and mergers; Pharmaceuticals industry; Japan
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera