{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/121373"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/121373","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"The Monsanto - Bayer acquisition case, factors that influence M&A premiums, a teaching case study","abstract":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01","abstract_html":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01","abstract_has_math":false,"creators":["Bort, Guillermo Hernan"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"M.S.","degree_level":"Thesis","degree_discipline":"Agricultural Economics","degree_department":null,"school":null,"contributors":["Goldsmith, Peter M","Paulson, Nicholas D","Schnitkey, Gary D","Blumthal, Meredith"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2023,"date_issued":"2023-08","date_published":"2023-08","updated_at":"2026-07-22T22:24:57Z","subjects":["M&a Premium","Hubris Theory","Agricultural Inputs Industry","Factors Influencing M&a Premium"],"languages":["en","eng"],"rights":["Copyright 2023 Guillermo Bort"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/2142/121373","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Goldsmith, Peter M","Paulson, Nicholas D","Schnitkey, Gary D","Blumthal, Meredith"]},{"key":"dc:creator","label":"Author","values":["Bort, Guillermo Hernan"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2023-08","2023-07-19"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Agricultural Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Thesis"]},{"key":"thesis:degree_name","label":"Degree Name","values":["M.S."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["M&a Premium","Hubris Theory","Agricultural Inputs Industry","Factors Influencing M&a Premium"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en","eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2023 Guillermo Bort"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://hdl.handle.net/2142/121373"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01","The student, Guillermo Bort, accepted the attached license on 2023-07-17 at 10:07.","The student, Guillermo Bort, submitted this Thesis for approval on 2023-07-17 at 10:29.","This Thesis was approved for publication on 2023-07-19 at 16:18.","DSpace SAF Submission Ingestion Package generated from Vireo submission #19708 on 2023-12-04 at 17:18:50","During the past decade, the merger of Dow with Dupont/Pioneer, the acquisition of Syngenta by Chem-China, and the acquisition of Monsanto by Bayer have reshaped the global agricultural input sector, signaling the final stages of a long process of market concentration. Increasing complementarities among companies involved with seeds, biotechnology, crop protection chemicals, and biological products drove this process as agricultural production was increasingly viewed as a complex and integrated system. These large and complex M&As received intense media coverage, price premium being a major highlight of widespread attention. I examined the literature about what determines price premiums, the multiple strategic and financial factors in play when a large acquisition is decided and explored different approaches to understand what drives an acquisition decision and whether they create or destroy value for shareholders. I focused my study on the Monsanto acquisition by Bayer and created a case study with accompanying teaching notes to discuss the main factors contributing to an acquisition decision and determining acquisition premium. I identified three main sets of factors: a) macro factors: related to culture, industry trends, acquisition waves, R&D-focused investments and expectations of future technology developments; b) enterprise factors: connected with competitive strategy, firm size, firm ownership structure, mode of payment and financial performance; and c) managerial factors: where management ownership, principal-agent theory and hubris theory come into play. The Monsanto/Bayer case study created here presents a unique learning opportunity to discover the complex decision-making process of a large acquisition and exposes students to a holistic approach combining qualitative and quantitative elements to form a solid opinion about the drivers of a major M&A in agribusiness."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["The Monsanto - Bayer acquisition case, factors that influence M&A premiums, a teaching case study"]}]}],"canonical_facts":{"dc:contributor":["Goldsmith, Peter M","Paulson, Nicholas D","Schnitkey, Gary D","Blumthal, Meredith"],"dc:creator":["Bort, Guillermo Hernan"],"dc:date":["2023-08","2023-07-19"],"dc:description":["Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01","The student, Guillermo Bort, accepted the attached license on 2023-07-17 at 10:07.","The student, Guillermo Bort, submitted this Thesis for approval on 2023-07-17 at 10:29.","This Thesis was approved for publication on 2023-07-19 at 16:18.","DSpace SAF Submission Ingestion Package generated from Vireo submission #19708 on 2023-12-04 at 17:18:50","During the past decade, the merger of Dow with Dupont/Pioneer, the acquisition of Syngenta by Chem-China, and the acquisition of Monsanto by Bayer have reshaped the global agricultural input sector, signaling the final stages of a long process of market concentration. Increasing complementarities among companies involved with seeds, biotechnology, crop protection chemicals, and biological products drove this process as agricultural production was increasingly viewed as a complex and integrated system. These large and complex M&As received intense media coverage, price premium being a major highlight of widespread attention. I examined the literature about what determines price premiums, the multiple strategic and financial factors in play when a large acquisition is decided and explored different approaches to understand what drives an acquisition decision and whether they create or destroy value for shareholders. I focused my study on the Monsanto acquisition by Bayer and created a case study with accompanying teaching notes to discuss the main factors contributing to an acquisition decision and determining acquisition premium. I identified three main sets of factors: a) macro factors: related to culture, industry trends, acquisition waves, R&D-focused investments and expectations of future technology developments; b) enterprise factors: connected with competitive strategy, firm size, firm ownership structure, mode of payment and financial performance; and c) managerial factors: where management ownership, principal-agent theory and hubris theory come into play. The Monsanto/Bayer case study created here presents a unique learning opportunity to discover the complex decision-making process of a large acquisition and exposes students to a holistic approach combining qualitative and quantitative elements to form a solid opinion about the drivers of a major M&A in agribusiness."],"dc:format":["application/pdf"],"dc:identifier":["https://hdl.handle.net/2142/121373"],"dc:language":["en","eng"],"dc:rights":["Copyright 2023 Guillermo Bort"],"dc:subject":["M&a Premium","Hubris Theory","Agricultural Inputs Industry","Factors Influencing M&a Premium"],"dc:title":["The Monsanto - Bayer acquisition case, factors that influence M&A premiums, a teaching case study"],"dc:type":["text"],"thesis:degree_discipline":["Agricultural Economics"],"thesis:degree_level":["Thesis"],"thesis:degree_name":["M.S."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:24:57Z"}