The Proposed Merger of the Australian and Singaporean Exchanges: A Match Made in Heaven?

The Singapore Exchange Limited (SGX) proposed takeover of the ASX Limited (ASX) is a watershed event, and the first of its kind involving two exchanges in Asia-Pacific. This case showcases the multifaceted dimensions and intricacies in forging corporate marriages. It covers several issues, including: Was the offer price right? Was the takeover strategy appropriate? Were the preparations adequate for key stakeholders’ buy-ins for the takeover? Were employees’ job security assured? What were the synergies and sustainable value-propositions and how were these transacted into corporate financial and cultural wellbeing? The case also presents the “twists and turns” of events that unfolded upon the announcement of the deal. It focuses on the concerns of key stakeholders critical to the success of this pioneering endeavour.

The case can be used to discuss takeover strategy. It can also generate discussion on governance, particularly with regard to board by asking what would make for a “perfect” board size and composition? Finally, identification of potential deal breakers from key stakeholders’ perspectives as well as the potential risk of overpayment for the target can be articulated in a risk management course.

Inspection copies and teaching notes are available for university faculty. To receive an inspection copy and teaching note, please email cmpshop [at] smu.edu.sg with your registered faculty email ID and a link to your contact information on the faculty directory at your university as verification. An inspection copy and teaching note will then be sent to your faculty email account.

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SMU Faculty/Staff can download the case & teaching note on iNet with your SMU login ID & Password via the following links:

· The Case (SMU-12-0004)

· Teaching Note (SMU-12-0004TN)

For purchase of the case and supplementary materials via The Case Centre, please access the following links:

· The Case (SMU-12-0004)

· Teaching Note (SMU-12-0004TN)

For purchase of the case and supplementary materials via Harvard Business Publishing, please access the following links:

· The Case (SMU-12-0004)

· Teaching Note (SMU-12-0004TN)