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M&A Criteria &
Definitions
All tables are Year to Date (Jan1st to present) updated weekly and based
on the following:-
Asia includes North Asia, South East Asia and the Indian
Sub Continent
North Asia: China, Hong Kong, Korea, Macau, Mongolia, Taiwan.
South East Asia: Brunei Darussalam, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam.
Indian Sub Continent: Bangladesh, Bhutan, India, Maldives, Mauritius,
Nepal, Pakistan, Sri Lanka.
Australasia includes Australia, New Zealand and the South
Pacific Islands.
Acquiror/Bidder:
refers to the corporation/entity making the bid for merger or acquisition.
Target: refers to the corporation/entity that is targeted
by the bidder for merger or acquisition.
Rank value: is defined as amount paid by the acquiror
for the target, including net debt, either published in the offer documentation
or calculated as target short-term and long-term debt minus cash on the
balance sheet and marketable securities.
Transaction Value: is defined as the declared amount
paid by the acquiror for the target. Dealogic will make no assumption
as to the inclusion of debt figures, unless it is specifically mentioned
in supporting documentation.
League Tables
• Announced M&A – Asia (excluding Japan):
lists the top 10 Advisors, by rank value (see below), of all announced
mergers and acquisitions, involving an Asian (excluding Japan) target
, bidder or divestor.
• Completed M&A – Asia (excluding Japan):
lists the top 10 Advisors, by rank value (see below), of all completed
mergers and acquisitions, involving an Asian (excluding Japan) target
, bidder or divestor
• Announced M&A – Australasia: lists
the top 10 Advisors, by rank value (see below), of all announced mergers
and acquisitions, involving an Australasian target , bidder or divestor.
Advisors providing fairness opinions are excluded from these tables.
• Completed M&A – Australasia: lists
the top 10 Advisors, by rank value (see below), of all completed mergers
and acquisitions, involving an Australasian target , bidder or divestor.
Advisors providing fairness opinions are excluded from these tables.
Transaction Eligibility
• Acquisitions: 100% of another entity; acquisitions of business
units, divisions, product lines or other operations of another entity;
acquisitions of stakes, acquisition of pharmaceutical rights and brands.
• Mergers: The target is deemed to be the company for which the
offer is being made, the owner of the smaller equity stake in the combined
entity, or the one with smaller market capitalization. If the merger is
a 50/50 split of equals, and there is no clear indication of the larger
firm, Dealogic will use its discretion in the selection of target.
• Joint Ventures are eligible for league table credit if two or
more companies combine their existing assets or equity to form a new entity.
• Spin-offs and Split-offs are eligible.
• Privatizations (but not government carve outs) are eligible for
league table credit. • Government-awarded PCS/wireless licenses
are tracked and eligible for league table credit.
• Real estate property transactions are tracked and eligible for
league table credit (excluding
• purchases consisting solely of land which fall outside the oil
& gas and mining industries)
• Buy-back transactions structured as public tender offers, as divestments
or as a defensive technique in response to an unsolicited takeover approach
are eligible for league table credit.
Exclusions:
• Rumours, preliminary discussions, repurchases and withdrawn deals
are not included in league tables, unless otherwise specified.
• Collapsing dual listings and share unification schemes are not
tracked by the system, and are not eligible for league table credit.
• Equity carve outs.
• Acquisition of licenses, except for PCS/wireless licenses.
• Acquisition of rights, except for pharmaceutical rights.
• Acquisition of financial instruments.
• Sale or exchange of options and warrants.
• Buy-back programs, except as itemized above.
• Government, public, or independent regulatory agency consolidations
or breakups.
• Government carve-outs.
Ranking Methodology
• Both target and acquiror advisors are eligible for league table
credit. (Dealogic will assign credit only once in transactions in which
an advisor is acting on behalf of both target and acquiror.)
• Credit in league tables is given only to parent advisor companies.
In the case of a merger or consolidation, the surviving company only will
receive credit. The group head, which is the investment banking division
name of the parent entity, appears in league tables.
• Financial advisor league tables include the following roles: Financial
Advisor, Providers of Fairness Opinions and Independent Expert Reports
(unless otherwise specified).
• Advisors to the acquiror are eligible for full league table credit
when advising the acquiror or its parent. Advisors to companies with a
controlling stake, but less than 50%, of the target are eligible for full
league table credit. Advisors to acquiring investment groups, consortia,
or joint ventures are also eligible for full league table credit. In the
case of competing offers, upon completion, the acquiror advisor to the
successful offer only will receive credit.
• Advisors to the target are eligible for full league table credit
when advising a shareholder with an interest of at least 50% in the target.
Advisors to shareholders with minority interest in the target are also
eligible for league table credit in proportion to the stake held. In the
case of pending competing offers, the target advisor to the largest offer
only is eligible for league table credit. Upon completion, advisors to
successful offer only will receive credit.
• Advisors to a target not involved in the transfer of a minority
stake between seller and acquiror are not eligible for league table credit.
• The consideration for nationality-specific league tables is based
upon the target or acquiror’s ultimate parent nation, primarily
the nationality of the headquarters of the parent, and if that is unclear,
the nationality of incorporation. Transactions that involve the sale of
multinational assets are classified as to nationality as follows:
- The nationality where the majority of the assets are based, or
- The region in which the majority of the assets are based, or
- The “International” signifier.
• The Dealogic valuation methodology defines the value of a transaction
as the cost to acquiror. In all cases, only the percentage acquired is
eligible for league table credit.
Dealogic uses Rank Value in league table rankings according to the table
criteria below:
|
Transaction
Type |
Rank
Value |
Transaction
Value |
Transaction
and Debt Value are disclosed |
Accepted |
|
Offer
for more than 50% of Public Target |
Accepted |
|
Target
is private |
|
Accepted |
Target
is a bank, insurance or financing organization |
|
Accepted |
Offer
for less than 50% of a public company |
|
Accepted |
Submission Guidelines
Submissions to Dealogic can be sent to the below contact details:-
Tables will be updated each week on Friday. Deals must be received by
10am on Friday for inclusion.
Dealogic (Hong Kong)
Tel: 852 3698 4700
Email: hkinfo@dealogic.com
Dealogic (Japan)
Tel: 813 6731 2000
Email: jpinfo@dealogic.com
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