Sample Case Study on Consequence of Mergers & Acquisitions

1. Mergers & Acquisitions TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

2. Table of Contents Introduction................................................................................................................................1 Task: Case study Evaluation......................................................................................................1 Overview of case....................................................................................................................1 Synergies from the merger of Automobile Association and Saga in 2007.............................2 Comparison of return.............................................................................................................5 Conclusion..................................................................................................................................9 References................................................................................................................................10 TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

3. INTRODUCTION Mergers and acquisitions have emerged as highly successful strategies for many of big corporate houses in recent past. However, there are some business houses that have faced negative consequence of mergers and acquisitions. It is therefore necessary to conduct an in- depth evolution of merger –deal so as to undergo appropriate decision making process (Cartwright and Cooper, 2014). The report proposed herewith helps in developing deep understanding of mergers and acquisition strategies of the organization. THIS IS A SAMPLE ASSIGNMENT BUY COMPLETE ASSIGNMENT FROM OUR EXPERTS CONTACT US: TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com It emphasizes on evaluating the case for acquisition of Automobile Association. The report provides deep understanding of synergy created as a result of series of acquisition. It also throws light on comparison of return generated by private equity houses and FTSE 100 index. The case of acquisition for Automobile Association is evaluated deeply with various perspectives through the report. It is through analysis of case that in-depth evaluation of mergers and acquisition strategies can be conducted. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

4. TASK: CASESTUDY EVALUATION Overview of case Automobile Association is a British Motoring association that was founded in 1905. In order to become a private limited company the organization was demutualized in 1999. It is during the period of demutualization that the business unit was acquired by Centrica, the gas supply company. The deal for takeover of Automobile Association by Centrica happened at £ 1 billion. The Centrica had made investments in acquisition of Automobile Association so as to expand business operations. However, outcomes turned up wrong after the takeover due to lack of interest on part of Centrica and its shareholders. It was in 2004 when Centrica’s chairman Roy Gardner decided to sell the company to two private equity firms. The business unit was then sold to private equity firms: CVC and Permira. The private equity firms adopted strategy to cut-off jobs, reducing cost and re-engineering process. However, strategies do not help in improving the organization’s performance. The situations worsened when the business operations were handed to private equity firms. Thereafter, the Automobile Association announced its merger with Saga in 2007. The news of merger itself brought a sense of relief to shareholders. Saga is an organization that offers holidays, magazines and financial services to its clients. The merger of Saga and American Association leads to formation of Acromas in 2007 (Acromas Holdings Ltd., 2015). The ownership at Acromas was divided in following manner: 35% ownership was in hands of Charterhouse, 20.2% by staff, 19.9% each by Permira and CVC and 5% of stake is in hands of different private investors. Saga was known for its efficient operations and performance at the time of merger (Saga, 2015). The company had achieved significant growth in short span of time. On one hand Saga was enjoying good reputation and on other Automobile Association was facing a tough time at the time of merger. Nevertheless, merger proved to be highly beneficial for all the stakeholders due to creation of synergy. The merger deal of £ 6.2 billion was signed between the two companies with additional investment from private equity firms and other investors (Bowers and Griffiths, 2007). The merger happened in surveillance of CVC, one of the private equity firms who acquired operations at Automobile Association. It is through the merger of Saga and Automobile Association that strengths of the two organizations were combined together. Acromas Holding ltd that was developed through merger of Saga and Automobile Association has achieved significant growth in short span of time. The merged business TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

5. works as a parent company for both Automobile Association and Saga. The organization has gained high repute in country of United Kingdom. Saga planned to announce Initial Public Offering in late April 2014. It is seen that the merger of Automobile Association proved to be highly successful in nature. It provides a way to recovery for AA and to growth for Saga. Moreover, prior acquisitions of Automobile Association proved to be failure. It can be therefore said that the merger and acquisition deal needs to be deeply evaluated beforehand so as take right decision. Synergies from the merger of Automobile Association and Saga in 2007 The case for merger of Automobile Association and Saga indicates the manner in which combination of two organizations helped in improving overall business performance. It is seen that merger deal of AA and Saga proved to be highly successful in nature. According to Weber (2013), combination of two firms creates a synergy. The term synergy suggests that value created by amalgamation of two businesses is always higher than their respective individual operations. As per Cartwright and Cooper (2012), merger not only leads to combination of two businesses but also results in combining expertise of each of them. Many-a-times, merger provides a healthy recovery to some of the business houses. Synergy created not only help in improving business operations but also generates financial benefits for the new venture. Clark, (2011) claimed that merger leads to benefit the newly established venture in the form of increasing revenue and reducing costs. Synergy that is created through combination of two firms takes form of operational excellence and cost efficiencies. The amalgamated firm is said to receive benefits due to following reasons: Economies of scale: The amalgamation of two organization results in reducing cost of production/operations due to economies of scale. The newly established venture carries large scale production that in turn results in reducing cost of operations. It can be therefore said that amalgamation benefits new venture of economies of scale. Staff cutting: It is seen that the most of amalgamated organizations adopts strategy to lay off staff members. The reduction in staff members is considered to be the strategy adopted for reducing costs (Goyal and Joshi, 2012). It can be said that staff cutting helps in reducing cost and improving efficiencies on part of the organization. Acquisition of new technology: The venture that is established as a result of amalgamation acquires novel technology. It is essential for the organizations in present TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

6. scenario to implement the latest technology. The amalgamation of two firms benefit newly established venture to adopt the best technology for improving business operations. Increasing customer base: Every business unit caters to the demand of specific group of consumers. It is through amalgamation that the organization is able to reach large number of customers (Bose, 2014). It can be said that the customer base of two firms combine together in case of merger. It is seen that synergy for business established as a result of amalgamation and merger is created in different ways. The merger provides an opportunity to improve business performance by combining expertise of two business houses. The synergy was also created in case of merger of Automobile Association and Saga. It is through merger with Saga that Automobile Association was able to get recover and improve its performance. Saga is a prominent player in service industry within United Kingdom. The company provides range of financial services, holidays, cruises and so on to its target group of consumers. The organization mainly targets people above 50 years of age. The unique range of business services and customized services helps the organization to satisfy demand of large number of customers. Automobile Association on other hand was operating as a leading motoring organization. The business unit provides services such as motor/home insurance, roadside recovery and so on. The organization had granted membership to around 15 million people. The merged business that was established as Acromas has achieved huge success in short span of time. Acromas is able to serve demand for existing customers of Saga and Automobile Association. It is seen that the combined database of two organizations provided an opportunity to serve needs for around 24-million customers. All members of Automobile Association who were above 50 years of age were targeted by Saga. As a part of Acromas, Saga offered variety of its products and services to Automobile Association’s customers aged 50 or more. On other hand, AA was able to deliver its services such as roadside recovery and insurance to customers of Saga. It was estimated that approximately 40 % of 15 million members of AA were aged above 50. This in turn provided an opportunity to Saga for adding to its increasing customer base. It can be said that synergy was mainly created in form of combination of customer base for the two companies. The newly established venture provided some stake of ownership to its employees. This in turn results in increasing their level of participation so as to improve business performance. The deal was created in a manner that 20.2% of ownership was granted to staff TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

7. members. This in turn resulted in increasing level of satisfaction on part of employees by imbibing them sense of belongingness among them (Weber, Tarba and Rozen Bachar, 2012). It can be said that Acromas was highly benefited by efforts of employees. Moreover, through amalgamation of expertise of employees of two businesses combined together. Henceforth, it can be said that the amalgamation has benefits in the form of increasing efficiency and participation on part of organization’s employees. THIS IS A SAMPLE ASSIGNMENT BUY COMPLETE ASSIGNMENT FROM OUR EXPERTS CONTACT US: TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com Automobile Association was facing a saviour financial crunch during the period and was regarded as a sleeping giant. The business unit needed a fresh start to support its operations in long run. It was the merger with Saga that the business operations are supported for long. AA was looking forward an opportunity to expand its operations across financial services sector. It was estimated that insurance services were availed by only 1 million members out of total membership of 15 million people. The Saga’s competencies of direct marketing, systems expertise and underwriting business had proved to highly beneficial to support the expansion plan. It indicates that on one hand Automobile Association was benefited by Saga’s competencies for expanding operations. On other hand, Saga was able to offer its services to existing client of AA. The combined operations also helped Acromas to improve efficiency and achieve operational excellence. Saga possessed highly sophisticated IT system that supported entire operations for Acromas. The technology was considered as efficient in handling operations of both business groups. The sophisticated IT system provided by Saga proved to be a big opportunity for AA to support its expanded operations of financial services. The organization would have required investment of significant money and time for the purpose of TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

8. implementing similar kind of Information Technology system. Henceforth, the merged organization was highly benefitted by efficient technology. According to Maksimovic, Phillips and Yang (2013), the businesses adopt strategy of merger and acquisition for the purpose of lowering costs of operations and increasing business revenue. It is seen that the merger of Saga and Automobile Association provided an opportunity to increase sells and acquire goods at lower costs. The bargaining buyer of two companies helped in acquiring goods at the lowest cost possible. Moreover, access to customers of both the organizations benefits business to satisfy demand of large number of customers. The merger of Saga and Automobile Association created a synergy in form of huge number of customers, acquisition of products at the lower costs, technological development, motivated employees and operational excellence. It is due to synergy created with amalgamation of two firms that significant value is gained by Acromas. The merger proved to be highly valuable for both Automobile Association and Saga. The merger was considered as need of an hour for the Automobile Association. Nevertheless, it also proved to be highly beneficial for Saga. The merger leads to formation of profitable venture and also resulted in generating sufficient level of return for all stakeholders. It can be said that the amalgamation of two organizations have created synergy for developed of successful venture. Comparison of return Private equity houses emphasize on making direct investment in private limited companies. They majorly constitute of institutional investors who tends to invest sufficient sum of money in equity capital of private companies or buyouts for public organizations (Harris, Jenkinson and Kaplan, 2014). The investment made on part of private equity houses provides them a respective amount of equity share in the business unit. In case of formation of Acromas the ownership was divided into various groups. It was divided in following manner: 35% ownership was in hands of Charterhouse, 20.2% by staff, 19.9% each by Permira and CVC and 5% of stake is in hands of different private investors. The majority of ownership lies in hand of three of private equity houses: Charterhouse, Permira and CVC. The private equity houses make an investment with a view of generate sufficient level of return. However, they have access to wide range of investment opportunities as investors. The institutional investors can generate return through investment in indices and stocks. The TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

9. direct purchase of equity provides an opportunity to enjoy adequate ownership stake within business unit (Rodrigues and Child, 2010). They tend to assume high level of risk in order to generate high returns. The approximate level of return generated by private equity houses are compared to return generated by FTSE 100 index during the same period. As indicated from financial information extracted for FTSE 100 the indices generate return of approximate 6.1% on annual basis (World indices, 2015). The annual return is estimated for year ending in 2015. The return generated by investment in FTSE 100 if investment would have been made in 2004 and 2007 are estimated underneath (FTSE 100 indices, 2015). Levelof FTSE100indexasonJanuary2004=4390.70 Levelof FTSE100indexasonDecember2007=6456.90 Levelof FTSE100indexasonDecember2008=4434.20 Levelof FTSE100indexasonDecember2014=6566.10 Levelof FTSE100indexasonMarch2015=7019.70 Return generated on FTSE 100 in 2007 if investment would have been made into 2004 CVC and Permira have made first level of investment in purchasing operations of Automobile Association in 2004. Further, merger with Saga happened in year 2007. Therefore, the return generated on FTSE 100 during same period is estimated below. ReturnonFTSE100∈2007(investment∈2004)=6456.90−4390.70 ∗100 4390.70 ReturnonFTSE100∈2007(investment∈2004)=47.06 Return generated on FTSE 100 in 2014 if investment would have been made into 2004 ReturnonFTSE100∈2014(investment∈2004)=6566.10−4390.70 ∗100 4390.70 ReturnonFTSE100∈2014 (investment∈2004)=49.55 Return generated on FTSE 100 till date (March 2015) if investment would have been made into 2004 ReturnonFTSE100till March2015(investment∈2004)=7019.70−4390.70 ∗100 4390.70 ReturnonFTSE100till MArch2015(investment∈2004)=59.88 TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

10. Return generated on FTSE 100 in 2014 if investment would have been made into 2007 ReturnonFTSE100∈2014(investment∈2007)=6566.10−6456.90 ∗100 6456.90 ReturnonFTSE100∈2014(investment∈2007)=1.69 Return generated on FTSE 100 till date (March 2015) if investment would have been made into 2007 ReturnonFTSE100till March2015(investment∈2007)=7019.70−6456.90 ∗100 6456.90 ReturnonFTSE100till MArch2015(investment∈2007)=8.71 The above calculations show return generated on part of investors if they have made investment into FTSE 100. The stock market on average has moved in upward direction during the period. However, in 2008 the negative return was generated through investment into indices and stock. During year 2008 and 2009 entire world economy had suffered financial turmoil. This in turn results in negative returns on investment made during the period in financial markets. It is seen that if Perimra and CVC would have made investment into FTSE 100 in year 2004, they would have earned return of 47.06%, 49.55% and 59.88% respectively in 2007, 2014 and till date. The equity investors even would have significant return if the amount was withdrawn in year 2007 and reinvested during financial downturn. In case all three equity investors would have made investment in 2007, the return of approximately 1.69% and 8.71% is generated till 2014 and March 2015. It is seen that the stock market has undergone significant downturn in year 2008 and 2009 due to financial turmoil around the globe. Moreover, the investors might have taken back investments out of market due to high panic situation during economic recession. It is essential for them to wait for long so as to generate sufficient return on investments made in year 2004 and 2007. The private equity houses had decided to make investment into direct equity of the private limited companies. The two of big private equity houses CVC and Permier got an opportunity to acquire share of Automobile Association in 2004 (Wachman, 2007). The equity houses had made an investment into same so as to generate sufficient level of return. In year 2007, the ownership of Automobile Association was restructured due to its merger with Saga. The private equity firms received £ 2 billion as a result of restructuring business ownership. The two companies acquire business operations merely at £1.75 million in 2004. This in turn indicates that the private equity investors have made mind boggling profits by TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

11. making investment into acquisition of Automobile Association. In the newly established venture Goodell’s stake was valued at £ 80 million. However, it takes 108 million approximately 35% more than the value estimated. It was seen that the private equity firms have earned sufficient level of return with merger of Saga and Automobile Association. The game didn’t end up in 2007 when Acromas was established with merger of Saga and AA. The private equity investors CVC and Permier have owned stake of 19.9% each in new venture. Moreover, the Charterhouse entered into deal and owned stake of approximately 35%. THIS IS A SAMPLE ASSIGNMENT BUY COMPLETE ASSIGNMENT FROM OUR EXPERTS CONTACT US: TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com The Charterhouse had made some of investments in 2007. Besides, investment in 2007 Charterhouse had invested £481.8 million in 2004 for acquisition of stake in Saga. The amount was repaid in full within duration of two years that is till 2007. In addition, interests amounting to £ 101.5 million were paid to them (Saga/AA merger hailed as ‘good for all’, 2007). This indicates the return of more than 20% was generated for Charterhouse in two years duration. It is seen that the private equity houses CVC and Permier had earned sufficient level of return on investments in acquisition of AA in 2004. The private equity investors had not only earned sufficient level of return on the investment made but also received stake in the new joint venture formed as Acromas. This in turn suggests that private equity houses had made huge earnings through investment in acquisition. Charterhouse was also able to earn return on its borrowings made to Saga and purchase sufficient level of stake in new firm at reasonable price. At the time of restructuring the investment of approximately £20 in October 2004 valued at £ 10500. The return is significantly higher than 100% on initial investment. The chief executive of Saga, Andrew Goodsell had an ownership of 8% in Saga’s operations. He received stake worth £ 128 million in new business venture. Tim parker TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

12. of AA on other hand moved out with £40 million in return for his stake in the venture. The total valuation of business unit in 2007 provided sufficient sum of money for the private equity firm, Charterhouse. The company’s management and staff had stake of approximately 20% that amounted to £ 258 million. This in turn resulted in leaving amount of £ 642 million for Charterhouse in return of its 80% stake. The charterhouse therefore had received back its initial investment of £ 481.8 million and generated additional returns of £ 743.5 million (Guthrie, 2013). The private equity house had also received stake of 37.5% ownership in Acromas plus debt value of £1.4 billion. The value of equity and debt held by Charterhouse in 2007 amounted to approximately £525 million. The returns generated by private equity houses are significant in three years duration. The initial investment made on part of private equity firms had almost tripled in duration of three years. The private equity investors had generated sufficient level of profits on the respective investments made in merger and acquisition deal. In addition to the return generated during the time of restructuring in year 2007. The private equity firms have enjoyed sufficient level of return due to ownership in Aromas. It is seen that the Acromas has achieved significant growth in recent past. The organization formed with merger of Saga and Automobile Association has emerged as huge success in history of merger. The business profitability has increased significantly in short span of time. This in turn helps in generating sufficient level of return for private equity houses who posses stake in newly established venture. This in turn indicates that return generated on FTSE 100 is significantly lower as compare to return generated by private equity houses through investments in acquisition of AA and final merger with Saga. It can be said that the private equity houses were capable enough to make high profits by taking appropriate investment decisions. Henceforth, the return generated by private equity investors are significantly higher as compare to investment made in FTSE 100. The private equity houses have generated mind boggling profits in short-duration by materializing the opportunities arise as a result of merger and acquisitions. It can be said that investment if would have been made into FTSE 100 it has generated little returns of 8% till 2014 or may resulted in loss. Therefore, the private equity houses have taken right decisions of making investments into Automobile Association, Saga and their joint venture. The returns generated by private houses are not in line with equity or debt investments. The market had witnessed various ups and downs during the period. Henceforth, didn’t guarantee adequate returns on investment made during the TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

13. same period. The private equity houses were able to triple their investments in short span of time. They had not only recovered initial amount but are also enjoying share of profit due to ownership stake in new firms. IT can be therefore said that the private equity houses have generated high level of return from the investment made in merger and acquisition. CONCLUSION The report proposed herewith emphasizes on analysing the case for merger of Saga and Automobile Association. It has thrown on light on the case since 1999 when AA was first acquired by Centuria. It is seen that the acquisition was not proved to be beneficial for AA in 1999 and 2004. However, the merger with Saga in 2007 had changed the scenario completely. The new business venture was stabled in name of Acromas who generated sufficient level of profit. It is seen that merger results in creation of synergy between two organizations in various forms. Moreover, report also suggested that investment made by private equity houses and other investors in merger deal have generated huge returns in short span of time. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

14. REFERENCES Books and Journals Bose, S., 2014. Mergers And Acquisitions: A Popular Tool For Financial And Operating Synergy In The Era Of Modern Economy. Sai Om Journal of Commerce & Management: A Peer Reviewed National Journal. 1(6). Pp. 23-29. Cartwright, S. and Cooper, C. L., 2012. Managing Mergers Acquisitions and Strategic Alliances. Routledge. Cartwright, S. and Cooper, C. L., 2014. Mergers and acquisitions: The human factor. Butterworth-Heinemann. Clark, I., 2011. Private equity,‘union recognition’and value extraction at the Automobile Association: The GMB as an emergency service?. Industrial Relations Journal. 42(1). Pp. 36-50. Goyal, K. A. and Joshi, V., 2012. Impact of merger on stress level of employees (A case study of Erstwhile Bank of Rajasthan Ltd). International Journal of Business Research and Management (IJBRM). 3(5).pp. 234-248. Harris, R. S., Jenkinson, T. and Kaplan, S. N., 2014. Private equity performance: What do we know?.The Journal of Finance. 69(5). Pp. 1851-1882. Maksimovic, V., Phillips, G. and Yang, L., 2013. Private and public merger waves. The Journal of Finance. 68(5). Pp. 2177-2217. Rodrigues, S. B. And Child, J., 2010. Private equity, the minimalist organization and the quality of employment relations. Human relations. 63(9). Pp. 1321-1342. Weber, Y., 2013. Handbook of research on mergers and acquisitions. Edward Elgar Publishing. Weber, Y., Tarba, S. Y.and Rozen Bachar, Z., 2012. The effects of culture clash on international mergers in the high tech industry. World Review of Entrepreneurship, Management and Sustainable Development. 8(1). Pp. 103-118. Online Acromas Holdings Ltd., 2015. [Online]. Available through : <http://www.acromas.com/ >. [Accessed on 25th March 2015]. Bowers, S. and Griffiths, I., 2007. Saga and AA to merge in £6.2bn deal engineered by private equity firms. [Online]. http://www.theguardian.com/business/2007/jun/26/privateequity.insurance [Accessed on 25th March 2015]. Available through : < >. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA

15. Current portfolio: CVC, 2015. Online]. Available through : < http://www.cvc.com/our- portfolio.htmx?ordertype=0&itemid=1461006121401>. [Accessed on 25th March 2015]. FTSE 100 indices, 2015. [Online]. Available through: <https://uk.finance.yahoo.com/echarts? s=%5EFTSE >. [Accessed on 25th March 2015]. Guthrie, J., 2013. Saga float will challenge logic of the Acromas merger. [Online]. Available through: <http://www.ft.com/intl/cms/s/0/998c20c4-30c1-11e3-b478- 00144feab7de.html#axzz3VND6B37g>. [Accessed on 25th March 2015]. Saga, 2015. [Online]. Available through : <http://www.saga.co.uk/contact-us.aspx >. [Accessed on 25th March 2015]. Saga/AA merger hailed as ‘good for all’, 2007. [Online]. Available through: <http://www.ft.com/cms/s/0/f8280d12-2350-11dc-9e7e- 000b5df10621.html#axzz3VND6B37g >. [Accessed on 25th March 2015]. Wachman, R., 2007. A sorry Saga at the AA? [Online]. Available through : <http://www.theguardian.com/business/2007/jul/01/privateequity.observerbusiness>. [Accessed on 25th March 2015]. World indices, 2015. [Online]. Available through: <http://markets.ft.com/research/Markets/Tearsheets/Summary?s=FTSE:FSI>. [Accessed on 25th March 2015]. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 450461655 WEBSITE: www.assignmentprime.com ASSIGNMENT HELP & ACADEMIC WRITING SERVICE IN AUSTRALIA