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In the area of business law and enterprises, the internationalization of business activities and the transnational choice of legal form is playing an increasingly important role. This is especially true in times of globalization and a common internal market within the European Union (EU). Consequently, companies are increasingly confronted with legal questions of cross-border choice of legal form and transformations. Here, the cross-border change of legal form can offer an alternative to a merger. Compared to mergers, the cross-border change of legal form of corporations within the EU/EEA is easier to carry out and more flexible. This study introduces the concept and the functioning of the cross-border change of legal form, and elaborates its potential and its limitations in comparison to transnational mergers. The cross-border change of legal form offers a new possibility of transnational reorganization. This article provides the theoretical and legal basis and supports the decision-making in transnational conversions, in which cases a cross-border change of legal form and in which cases a transnational merger should be carried out. [ABSTRACT FROM AUTHOR]

We investigate whether the COVID-19 pandemic initiated merger waves at the aggregate and industry levels. The COVID-19 pandemic coincides with economic shocks, wide adoption of new technologies, and volatility in stock and energy markets, all potential triggers of restructuring activity. Our sample covers 104,464 acquisition deals of US targets from 2012 to 2022. We identify 37 industry-level merger waves. Twenty-three merger waves start during the COVID-19 pandemic. Eighty percent of the deals during the pandemic were part of an industry merger wave. This concentration of industry waves drove an aggregate merger wave starting on April 2020. [ABSTRACT FROM AUTHOR]

Merger, acquisition and restructuring activity has long been conducted by public and private entities to minimise cost through increased scale of business operations. Past literature is mixed on the realised gains from this activity. Utilising a dataset of New Zealand-based regulated electricity distribution businesses we find limited potential gain from unit cost reduction purely through increasing scale. Instead, we find that potential benefits come from increasing the population density of service. This is important and often overlooked in policy conversations, particularly in relation to infrastructure activities operating highly capital-intensive businesses. [ABSTRACT FROM AUTHOR]

Recent years have seen an increasing institutionalisation of the regional mission of universities, coinciding with mergers of institutions from different regions to form large multi-campus universities that span across them. This study examines how such a merger has shaped the regional mission of a polycentric higher education institution in Western Norway. We find that even when the regional mission is at the core of a merged HEI’s identity, translating it into practice can be challenging because the regional mission can be understood and implemented in very different ways within the merged institution. These differences can emerge from the geographical stretch of merged multi-campus HEIs, exposing such institutions to several regional eco-systems with varying needs; from the identity stretch of old institutional structures, where pre-merger HEIs may have taken different roles in their respective regions; and from differences in modes of regional collaboration across faculties. Whilst managing the tensions that arise from these differences, merged multi-campus HEIs must also create synergies within the institution to serve regional needs better, on which the legitimacy of such mergers may critically depend. This in turn leads to a tricky balancing act between local adaptation and the harnessing of synergies within multi-campus HEIs. We conclude that managing these tensions effectively is key to successfully solving the regional mission for such institutions. [ABSTRACT FROM AUTHOR]

Recent gravitational wave (GW) observations include possible detections of black hole—neutron star binary mergers. As with binary black hole mergers, numerical simulations help characterize the sources. For binary systems with neutron star components, the simulations help to predict the imprint of tidal deformations and disruptions on the GW signals. In a previous study, we investigated how the mass of the black hole has an impact on the disruption of the neutron star and, as a consequence, on the shape of the GWs emitted. We extend these results to study the effects of varying the compactness of the neutron star. We consider neutron star compactness in the 0.113–0.2 range for binaries with mass ratios of 3 and 5. As the compactness and the mass ratio increase, the binary system behaves during the late inspiral and merger more like a black hole binary. For the cases with the least compact neutron star, the GWs emitted, in terms of mismatches, are the most distinguishable from those by a binary black hole. The disruption of the star significantly suppresses the kicks on the final black hole. The disruption also affects, although not dramatically, the spin of the final black hole. Lastly, for neutron stars with low compactness, the quasi-normal ringing of the black hole after the merger does not show a clean quasi-normal ringing because of the late accretion of debris from the neutron star. [ABSTRACT FROM AUTHOR]

The purpose of this study is to analyze the structural elements from mergers in higher education institutions (HEIs) of a small European country, Greece, and evaluate how merger morphology is related to performance criteria and ratios imposed by the Greek state. More specifically, this study provides a depiction of ten mergers of HEIs in Greece that were introduced by the state in order to absorb the previously existent thirteen technological educational institutes (TEIs) from Greek universities. The morphology of mergers is provided by examining several factors, such as: type of merger (merger by absorption or consolidation); type and number of entity involvement (two-partner or multi-partner); geographical area of newly formed HEIs (single-campus or multi-campus), with provision of number of campuses in different cities, etc. These merger characteristics are associated with the HEI performance in the post-merger era, and their performance is evaluated with public accounting metrics and funding on specific ratios imposed by the Greek state. The results provide evidence that public HEIs in Greece throughout the process of joining entities have demonstrated different levels of synergies after mergers, in terms of state funding, with better results for the case where there are campuses in three different cities. Also, this study supports that a state initiative for legislative intervention in HEI mergers could lead to different levels of synergies. Last, this study tries to provide new knowledge for the gap of economic impact of mergers’ characteristics of HEIs and offers an open framework for further research on a fruitful area. [ABSTRACT FROM AUTHOR]

Copyright of Revue d'Économie Régionale & urbaine is the property of Librairie Armand Colin and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We examine a signaling game where the merging entity privately observes the cost-reduction effect from the merger, but the competition authority does not. The latter, however, observes the firm's submission costs in the merger request, using them to infer its type. We identify pooling equilibria where all firm types, even those with small efficiencies, submit a merger request, which is approved by the regulator. This merger profile cannot be supported under complete information, thus leading to inefficiencies. We investigate under which parameter conditions inefficient mergers are less likely to arise in equilibrium, and which policies hinder them, ultimately improving information transmission from firms to the competition authority. [ABSTRACT FROM AUTHOR]

The frequency and scale of mergers and acquisitions (M&A) have significantly increased in the last two decades, in spite of continuous reports on their high failure rates. M&A scholars call for insights to be sought on the merger process to help understand the complexity of these operations and decrease their failure rate. M&A scholars advocate paying attention to institutional logics' configuration shaping a firm's decisions to grasp merger process complexity. Institutional studies show how specific logics have a powerful influence on the strategic decisions and priorities of organizations. Yet, few studies have empirically combined multiple levels by framing logics' configuration fostering specific strategic decisions. This study addresses this issue. Using a longitudinal case study, we analyze how institutional logics' configuration at organizational and inter‐organizational levels supports firms' strategic decisions to merge and to end the deal. We demonstrate that despite the alignment of logics at the organizational level, the multiplicity of logics at the inter‐organizational level led to deal failure. [ABSTRACT FROM AUTHOR]

In the last 30 years, major changes have taken place in the Danish library sector, mainly due to digitization and the reduction in the number of library organizations. These changes are not directly related to political upheavals such as the 'Wende' and 'Zeitenwende'. Danish library development is mainly driven by digitization and globalization. The number of library organizations has been reduced, and common solutions have been organized. Digitization has led to a high degree of digitalization in Danish society, with digital identity (MyID) playing an important role. Consolidation and collaboration between libraries are important trends in the Danish library landscape. [Extracted from the article]

What brings competing parties to coalesce into new entities? I present a model of electoral competition in which parties can form alliances and decide how binding these should be. Parties face a dynamic trade-off between insuring themselves against significant shifts in public opinion and allowing flexibility to respond to future electoral changes. The model shows that more binding alliances such as mergers emerge in equilibrium when electoral volatility is high; instead, when voters are predictable (e.g., highly partisan), parties either run alone or form more flexible preelectoral coalitions. When the electorate is sufficiently volatile, a risk-averse centrist party might prefer to merge with an ideologically extreme party than with a moderate one. [ABSTRACT FROM AUTHOR]

We examine the association between the social capital—social norms that encourage altruism and discourage opportunism—in the state of the firm's headquarters and the acquisitions it makes. We find that the cumulative abnormal return around an acquisition announcement is high when an acquirer is headquartered in a high social capital state in the United States. This effect is robust and incremental to the effect of a firm's corporate social responsibility (CSR) ratings and economically comparable to the effect of corporate governance. The effect of social capital is stronger for firms that have lower CSR ratings, which indicates social capital may act as a substitute for CSR. An additional analysis shows that social capital's effect is stronger in a subsample of firms with weak corporate governance. Acquirers from states with high social capital also demonstrate less hubris in acquiring targets than those from states with low social capital as the evidence of lower bid premiums indicates. Overall, our results show that the social norms that social capital measures mitigate potential agency problems in acquisitions by inducing managers to honor their obligations to shareholders. [ABSTRACT FROM AUTHOR]

This paper uses business segment revenue data to examine the determinants of firm diversification over firm life cycles and whether diversification affects the survival of the firm. I analyze the life cycles and diversification choices of 727 firms that had their initial public offerings in 1998 and 1999 for twenty-one years. The results of this paper provide evidence of the life cycle theory of diversification in that firms are more likely to be diversified in the Mature life cycle stage and less likely to be diversified in the Introduction stage, regardless of the firm's age. The paper's results also support the agency theory of diversification, as diversifying firms are less likely to be acquired but not less likely to have a negative ending. A higher degree of diversification is related to a decreased likelihood of the firm being acquired. Firms that focus on creating growth opportunities with their diversification are less likely to be acquired than those that diversify by growing their existing business segments. JEL classification codes: G3, G32, G33, G34 [ABSTRACT FROM AUTHOR]

Disputes about market definition are often regarded to be dispositive of litigated merger cases. Yet the market definition process is illogical—circular at best but actually far worse because it distorts or discards much of the available information on a proposed merger's effects. Against this background, the 2023 Merger Guidelines present a paradox. On one hand, they double down on market definition through what may be their most important change: tightening and augmenting the so-called structural presumption, under which high market shares are sufficient to presumptively block a merger. The importance of market definition is thereby elevated because one cannot know what market shares to use unless a market is defined. On the other hand, the 2023 Merger Guidelines' longest segment—on market definition and market shares—demotes the familiar methods (including the hypothetical monopolist test) and expresses a clear preference for the use of direct evidence on a proposed merger's effects. But direct evidence, as is well known, is a substitute for market definition, not a way to define a market in which market shares can then be calculated. This change thus disables the structural presumption. The analysis here identifies and deepens the resulting conundrum by elaborating the disconnect between the proper economic analysis of mergers and the market definition paradigm. [ABSTRACT FROM AUTHOR]

Declining industries are characterized by prolonged declines in demand and excess capacity. Mergers of firms in declining industries often lead to rationalization of capacity, which makes production more efficient and makes firms better off. This benefit, however, may not be merger-specific, since capacity could be rationalized via firm exit. But the exit process itself may lead to inefficiencies, such as delays and inefficient ordering of exit (i.e., low-cost capital exits before high cost capital), which could warrant a merger. Increased market power of the combined firm, however, may lead to higher prices for consumers, which would be anticompetitive. This article considers the procompetitive efficiencies and anticompetitive consequences of mergers in declining industries and will discuss how the Agencies may evaluate these mergers. [ABSTRACT FROM AUTHOR]

The 2023 Merger Guidelines devote a section to mergers that eliminate potential competition. This is an important contribution because agency guidelines have not discussed the subject in detail for almost 50 years. The new Guidelines follow the traditional distinction that has been upheld in the courts between a merger's effects on incumbent responses to perceived potential competition and the potential effects of actual entry. Antitrust enforcement should assess both possible aspects of potential competition in an integrated fashion because harm from a merger occurs not infrequently from the elimination of actual potential competition; and when the elimination of perceived potential competition has an effect, it often occurs along with and as a consequence of the elimination of actual potential competition. Economic studies suggest that the benefits of perceived potential competition are less than some courts have assumed and that the benefits of actual potential competition are greater. Rather than focusing solely on the probability of harm from the elimination of a potential entrant, antitrust enforcement should adopt a sliding scale that takes into account the magnitude of the benefits for consumers or suppliers if entry is successful. Mergers with potential and nascent competitors can be harmful even if the probability of actual entry absent the merger is small. [ABSTRACT FROM AUTHOR]

This is the introduction to a Special Issue on the 2023 Merger Guidelines. [ABSTRACT FROM AUTHOR]

This article is designed to explicate the somewhat misunderstood analysis in the 2023 Merger Guidelines (MGs) and situate the MGs in the context of the legal as well as economic environment in which they operate. The MGs refine economic analyses in previous MGs, renew emphasis on certain competitive concerns and approaches, and add several emerging new competitive issues. They also integrate certain goals of post-Chicago and Neo-Brandeisian approaches to merger analysis. The MGs integrate the economic analysis into the traditional legal structure of the "prima facie" and "rebuttal" evidentiary stages and place greater weight on avoiding false negatives over false positives in various places, which is a principal element in both post-Chicago and Neo-Brandeisian approaches. An important theme that runs through the 2023 MGs is that competitive effects analysis should not be limited to static competitive effects analysis of the immediate unilateral or coordinated price effects of a merger. They stress that the analysis should also account for the dynamic effects that result from the change in market structure that follows from the merger as well as the changes in the incentives of the firms. As in the seminal Spence-Dixit models, the entrant would rationally anticipate that the lower marginal costs of the merged firm could produce more intense post-entry price competition and a higher likelihood that the entry would be unprofitable. Thus, higher barriers to entry or expansion may result, which means that the merged firm's rebuttal burden of production under the sliding scale should be increased accordingly under the decision theory risk analysis that places greater weight on avoiding false negatives. [ABSTRACT FROM AUTHOR]

The final version of the 2023 Merger Guidelines, which were issued in December 2023, is a vast improvement over an earlier draft—which indicates that the Agencies took the many comments that they received on a draft very seriously. These Guidelines break some new ground that older Guidelines did not address, and make many positive contributions, which this paper spells out. They are also excessively nostalgic for a past era, however, and this may explain their propen sity to treat empirical questions as issues of law: This is one way to insulate these Guidelines from further revision. The excessive reliance on one decision, Brown Shoe, is unfortunate—particularly since that decision has been so often repudiated, even by the Supreme Court itself. This paper pays particular attention to: the Guidelines' treatment of structural triggers and direct measures of competitive effects; their aggressive position on potential competition mergers; their willingness to weigh a "trend" toward concentration as a factor; and their treatment of serial acquisitions. The Guidelines include a welcome new section on mergers involving multi-sided networks, although their view of networks is too one-sided; and the Guidelines also contain an expanded section on mergers with harmful effects on suppliers—including labor. The Guidelines' treatment of market definition is likely to lead to underenforcement because they define markets too broadly. Finally, the Guidelines could have made better use of recent retrospective studies—many of which would have provided further support for the substantive positions that the Guidelines take. [ABSTRACT FROM AUTHOR]

The 2023 Merger Guidelines make some notable improvements over the 2010 Horizontal Merger Guidelines. They give greater emphasis to the idea that predicting the competitive effects of a proposed merger is inherently difficult and that to block a merger the government need only show a risk that the merger may substantially lessen competition – not that it will do so. They also give greater emphasis to dynamic competition and innovation – especially with regard to acquisitions of potential entrants – and they add useful material on multi-sided platforms. However, the treatment of market definition in the 2023 Merger Guidelines may weaken horizontal merger enforcement by demoting the role of the "hypothetical monopolist test," which is used to define markets for the purpose of measuring market shares, and by removing extensive material from prior guidelines that explained why market shares measured in narrower markets tend to be more informative than market shares measured in broader markets. The 2023 Merger Guidelines lower the market concentration thresholds that trigger a presumption by the antitrust enforcement agencies that a merger may substantially lessen competition, but the enforcement data suggest that change will have little effect in practice. The 2023 Merger Guidelines also may lead to less effective deterrence of harmful mergers because they are not well targeted at the mergers that are most likely to substantially lessen competition. One cannot prioritize everything. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS) is the property of Dinasti Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Mergers in higher education are large‐scale, complex organisational change processes seeking to integrate former independent institutions into a new organisational entity. Mergers are often justified by reference to broad overarching goals such as quality, relevance, and efficiency. In practice, mergers entail attempts at organisational integration which can be inhibited by several obstacles, increasing and large internal distances can be such a hindrance to integration. In this paper, we explore how different forms of distance to leadership in the context of higher education can be conceptualised, and how experiences of different forms of distance interrelate. This paper shows that geographical distance can also mask other conceptualisations of distances and that geographical distance can also interact with other forms of distances. The empirical basis consists of data from a large‐scale research project addressing the organisational transformations taking place in Norwegian higher education due to mergers between 2016 and 2017. [ABSTRACT FROM AUTHOR]

We present an analysis showcasing how the Advanced X-ray Imaging Satellite (AXIS), a proposed NASA Probe-class mission, will significantly increase our understanding of supermassive black holes undergoing mergers—from kpc to sub-pc scales. In particular, the AXIS point spread function, field of view, and effective area are expected to result in (1) the detection of hundreds to thousands of new dual AGNs across the redshift range 0 < z < 5 and (2) blind searches for binary AGNs that are exhibiting merger signatures in their light curves and spectra. AXIS will detect some of the highest-redshift dual AGNs to date, over a large range of physical separations. The large sample of AGN pairs detected by AXIS (over a magnitude more than currently known) will result in the first X-ray study that quantifies the frequency of dual AGNs as a function of redshift up to z = 4 . [ABSTRACT FROM AUTHOR]

In today's dynamic corporate environment, mergers and acquisitions are crucial strategies for firms striving for long-term sustainability and effectiveness. This is especially pertinent in the Indian banking sector, which caters to a large customer base where exemplary customer service is essential for business prosperity. This study investigates the repercussions of mergers and acquisitions on customers within the Indian banking sector. Employing a descriptive approach, the research utilizes both primary and secondary data sources. Primary data is gathered through a convenient sampling method from customers in Manipur yielding 56 completed questionnaires out of 60. The collected data undergoes quantitative analysis using IBM SPSS, employing techniques such as percentage analysis and factor analysis. The results highlight three significant factors - technological improvement, customer orientation, and speed of integration - that collectively account for 60.74% of the variance. While acknowledging limitations such as potential variability due to sample size, the study offers valuable insights into the impact of recent mergers and acquisitions on Indian banking customers. By focusing on this specific demographic, it enriches the existing literature with a nuanced examination of their experiences and perspectives. [ABSTRACT FROM AUTHOR]

This review examines the relationship between black hole activity and kinematic gas–star misalignment in brightest group galaxies (BGGs) with different merger rates. The formation history of galaxy groups is assessed through "age-dating" as an indicator of distinct major mergers involving the BGGs. BGGs within groups characterized by a higher frequency of major mergers are more likely to host active SMBHs. A consistent correlation is identified between the level of black hole activity, as indicated by the 1.4 GHz and 325 MHz radio emissions, and the degree of kinematic misalignment between the gas and stellar components in BGGs. In dynamically fossil groups, where black hole accretion rate is relatively (∼1 dex) lower due to the lack of recent (≤1 Gyr) major mergers, there is reduced (∼30%) misalignment between the gas and stellar components of BGGs compared to non-fossil groups. Additionally, this study reveals that BGGs in non-fossil groups show higher levels of star formation rate and increased occurrence of mergers, contributing to observed color differences. Exploring the properties and dynamics of the gas disk influenced by mechanical AGN feedback through hydrodynamic simulations suggests that AGN wind-induced effects further lead to the persistent gas misalignment in the disk around the supermassive black hole. [ABSTRACT FROM AUTHOR]

The stated main goal of restructuring the network of scientific organizations that was accompanied by the creation of Federal Research Centers (FRCs) was to increase their efficiency, that is, specific research performance. The first FRCs were established in 2014. Despite the ambiguous attitude of the academic community to the amalgamation of institutes and the FRC management experience accumulated to date, there are still no quantitative studies of the effect of the amalgamation of institutes and the creation of multidisciplinary regional research centers. This work attempts to fill this gap with the help of a specially developed research performance indicator that allows a comparison of scientific organizations by efficiency in different areas of research, with multitopic studies included. The results show that, generally speaking, the expected rise in performance has not been achieved and the success of individual research centers is quite comparable to the rise in performance of top institutes that were not exposed to restructuring. [ABSTRACT FROM AUTHOR]

Studies of global university rankings often assume that rankings as Anglo-American policy scripts have an increasing influence resulting in a convergence of policies and practices, or that the ideas of rankings continue to diverge into national types. In this article, we take a middle ground by arguing that when an idea of ranking is grounded in a particular place, it takes on hybrid forms because of individual agency and of national and local contingencies that are found at that place. A key concept is "a frictional translation", by which we refer to more than one way in which capable actors can interpret and translate the idea of ranking within a given geographical and organizational context. We use university mergers in Finland as an example of the translation process, in which global university rankings are interpreted through nationally and locally specific assemblages of institutional forms that support, resist or hybridize them. [ABSTRACT FROM AUTHOR]

Purpose: Aspects of ESG have become key considerations during many M&A transactions. This ranges from the type of assets a firm purchases, to evaluating the management practices of target firms, to incorporating ESG assessments into due diligence checklists and valuation models, to including specific ESG provisions in the sale and purchase agreement (SPA). Companies are increasingly concluding that a more robust focus on ESG in deal-making allows for greater value to be captured. This article identifies how companies can go about incorporating ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example is provided. Design/methodology/approach: This article provides key actions firms can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example from a large state-owned Norwegian utility is provided. Findings: Various components of ESG have rapidly become key considerations in transactions. Firms that incorporate ESG across their M&A process, both pre- and post-deal can reap significant benefits. While firms that ignore ESG during M&A not only miss the upside potential, but also risk making damaging and costly deal mistakes. Practical implications: M&A practitioners will find this article particularly useful, as many firms struggle with how to effectively include ESG in their transactions. This article provides M&A practitioners with key actions they can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example from a large state-owned Norwegian utility is provided. Originality/value: The body of literature about M&A transactions is extensive, as is the recent writing about the importance of ESG to firms' costs, revenue, and societal impact. This article brings these two aspects together by providing M&A practitioners with key actions they can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. [ABSTRACT FROM AUTHOR]

Antitrust policymakers in the United States and the European Union have announced that certain mergers should be blocked because of the presumed harm to innovation. Companies increasingly engage in innovation as a primary means of competing with rivals. This article considers the implications of innovation competition for antitrust merger policy. We argue that the presumption of innovative harm risks diminishing competition and reducing innovation. We propose an approach to evaluating whether mergers may lead to innovative efficiencies or harm. Furthermore, we suggest that the application of advances in the economics of technology and innovation can help determine the effects of mergers on welfare. We find that horizontal mergers can promote innovation competition by increasing innovative investment and expanding the benefits of innovation. We also find that vertical mergers can promote innovation competition by increasing innovative investment and improving commercialization. We further find that acquisition of entrants can increase entrepreneurship and innovation. We recommend that the Department of Justice and Federal Trade Commission Merger Guidelines should apply economic analysis to evaluate the effects of mergers on innovation competition. [ABSTRACT FROM AUTHOR]

The trend of mergers and acquisitions within technology companies is to strengthen their market positions, but the merger and acquisition process is not an easy one because it involves some complex, diverse legal procedures, and requires strict compliance. The Indonesian government has enacted many legal regulations related to mergers and acquisitions, yet many technology companies do not comply with existing laws. Law No. 5 of 1999 formed the basis for regulating the terms of mergers, consolidations, and acquisitions in articles 28 and 29, Act No. 40 of 2007 on limited companies, and Government Regulation No. 57 of 2010 on Mergers or Mergers of Enterprises and Acquisitions of Shares. This research is shown to better understand the legal consequences that will arise as a result of technology companies in Indonesia failing to comply with the law in the process of mergers and acquisitions. This research uses normative research methods with statute approaches and analytical conceptual approaches. It was found that the development of merger and acquisition law rules in Indonesia has undergone development, changes, and improvements, especially in the notification and merger process. There are several procedures to be followed and anticipated by the company, when one of them is violated, then mergers and acquisitions cannot be carried out and are void by law. Failure to comply with the law in the process of merger and acquisition can lead to serious legal consequences. In Article 29 (1) of the Anti-Monopoly Act entrepreneurs who do not report merger activities and acquisitions to KPPU are threatened with sanctions and cancellation of mergers and companies canceling their merger transactions by the KPPU is not considered as a subject of law, the absorbing company (an entity that merges itself) must carry out re-establishment under the regulations in force.

Objectives The article is devoted to the analysis of the legal status of a special negotiations team as a temporary participating entity in the Act on companies established as a result of cross-border transformation, merger or division. Material and methods The article uses the legal dogmatic method. Results Based on the directive of contractual freedom, I am of the opinion that there are no legal barriers that might prevent the parties from including other important issues in the agreement, for example those related to the legal mechanisms of maintaining the negotiations confidential. The special negotiations team may also include in the agreement a consent for limiting the employees’ participation rights in a company created as a result of trans-border transformation, merger or division of companies. Conclusions The special negotiations team as an entity of a participatory nature has a temporary status, because its main task is to enter in the participatory agreement with the competent body of the company. Upon concluding the agreement, the team is dissolved ex lege.

This article presents findings from our 2018 survey of over 331 institutions about the factors that impact Women's, Gender, and Sexuality programs and challenge their survival. Across the United States, significant changes have affected not just the stability of WGS programs, but their very existence. WGS academic programs are experiencing extreme precarity based on several factors: reductions in state funding for education; the rise of political conservatism/authoritarianism globally, and increased mistrust of liberal arts locally. These external factors have caused WGS Programs to be redefined, merged with other programs, or cut altogether. The onset of the pandemic intensified all these factors exponentially and is exacerbated by the interdisciplinarity of the field, the reliance on personality in leadership, and the lack of resources. We hope this article, in conversation with the brief data that NWSA gathered in 2020, will illuminate the challenges and pose some solutions. [ABSTRACT FROM AUTHOR]

The General Tax Directorate has recently followed the courts' criteria regarding the effects of regularising transactions falling within the scope of the tax neutrality regime applicable to mergers and other reorganisations. It analyses whether the regularisation of a stock exchange transaction could lead to the taxation of deferred capital gains under the tax neutrality regime. In its consultation, the public authority clarifies that the antiabuse rule under the neutrality regime requires a comprehensive examination of the transaction and cannot be automatically triggered in the absence of valid economic reasons. Moreover, in these cases, the deferral inherent to the neutrality regime cannot constitute the tax benefit that would be removed following a regularisation by the audit and control bodies. [ABSTRACT FROM AUTHOR]

Research on academic staff experiences with mergers in higher education points out that they often struggle with the change process. Reform appears to go hand in hand with uneasiness and even anxiety, but studies also report mixed results: part of those involved share concerns, others report positive experiences. This study on mergers in Norwegian higher education uses a survey among academic staff, enabling us to compare the experiences of academic staff at merged institutions with staff at institutions that did not merge. We find that academic staff at merged institutions are less positive about developments within their study programmes and research units compared to those not having been part of a merger process. Further fine-grained analyzes show that both background characteristics of respondents and discipline play a role as well. Our contribution to the literature on mergers is that attention should be paid to the background characteristics of academic staff, for these factors are important to understand impact. [ABSTRACT FROM AUTHOR]