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efficiency theory, mergers and acquisitions

The synergistic theory implies that target firms (or plants) perform well both before and after mergers. You’ll discover the theories and concepts that underpin mergers and acquisitions, and learn the skills involved in executing transactions, from a deal’s inception to post-merger integration. Mergers and acquisitions can be differentiated with the help of Differential Efficiency and Synergy Theory under Mergers and Acquisitions Homework Help. The prescriptions on all three topics are dominated by -the efficiency theory of … ��#���6�.�{� �.i�'�c ���tT��z������RsR(oCzuTci����`/�a��nׇ=���t�L�Q1y��}�E��O�j����F�ҭ��A�2�NqH4��! the buyer firm. Devos et al. Q-ratio 3. Though the efficiency theory of mergers has dominated the field of research on merger motives for many years, its empirical validity is still very limited. for a certain type of mergers and acquisitions. %PDF-1.5 5 0 obj Strategy authors have discussed mergers with respect to the choice of acquisition mode, entry mode, and integration mode. Inefficient management 3. Merger & Acquisition Theories. %���� 2.3 “Eat or be Eaten” theory of mergers The “Eat or be eaten” theory of mergers was propounded by Gorton, Kahl and Rosen (2005), as a response to the various merger … Efficiency theories 1. endstream The prescriptions on all three topics are dominated by -the efficiency theory of mergers. These synergies can … Information and signaling 9. process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtain-ing business synergy. Unlike the existing literature which examines the operating performance of mergers at end level (ROA or ROE), we not only examine the operating performance at end level but also analyze the performance at each stage of operation i.e . ... firms (Holderness and Sheehan, 1985). The efficiency theories of merger states that mergers will only occur when they are expected to generate enough realizable synergies to make the deal beneficial to both parties it is the symmetric … Mergers and acquisitions can be differentiated with the help of Differential Efficiency and Synergy Theory under Mergers and Acquisitions Homework Help. The combination of firms makes it possible for them to effectively utilise tax benefits … To consider an important issue in mergers: Efficiency Theory – it views mergers as being planned and executed to achieve synergies. !�7�{��Dܐ���{����:s��� Synergy 4. The theory considers that mergers … The acquired company may exist but as a subsidiary. We test efficiency theory of mergers by examining the industry adjusted operating performance of mergers. Differential efficiency theory is the first theory, which is actively applied in management and economics to determine the nature and implication of the mergers and acquisitions in the real business world. Please note that this course is free to join but, in order to complete the Mergers and Acquisitions program, you will need to obtain a certificate on each of the courses. External acquisitions of needed capabilities allow firms to adapt more quickly and with less risk than developing capabilities internally. However, it … Learn how mergers and acquisitions and deals are completed. The Effect of Mergers and Acquisitions on Market Power and Efficiency Bruce A. Blonigen* Justin R. Pierce# University of Oregon Federal Reserve Board National Bureau of Economic Research August 2015 Preliminary and Incomplete Abstract: A fundamental question in the analysis of mergers and acquisit ions (M&As) is Major advantages of merging and acquisitions are tax benefits, diversification of product market and development of new market strategies. In our forthcoming Journal of Finance article Eat or Be Eaten: A Theory of Mergers and Firm Size we propose a theory of mergers that combines managerial merger motives with an industry-level regime shift that may lead to value-increasing merger opportunities. Based on Weston, J.F. The reason a company becomes a target for acquisition is The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create … Study of the impact of mergers and acquisitions (M&As) on productivity and market power has been complicated by the difficulty of separating these two effects. 2 0 obj Mergers and acquisitions are a ubiquitous feature of the modern corporate landscape. These synergies can further be classified into three different sectors. 3. According to this theory • if the management of firm A is more efficient than the … 4. Unlike the existing literature which examines the operating performance of mergers at end … To consider the different types of mergers 4. H��W[��6~�_����ֈ���3Iڦ�l�Ƌ>L�A�i[�Fru�����Ρ(�s�.cQ"yx���x}S��6�Z����7m�f{��׫� �oo���}�R&R�~�zI�~�a��8T������u{>hq��N7��+~����2m�?�p��]]]��V\߽����'v���j� )V۫��z�\�U&h��I$��_"T��Rā�z2�ǫ{�;[��������~�]�*�1{X�Br��K�Th�b>$��{R��G����>�-����8������hn�K7 Firstly, the financial synergies, that can present advantage in the form of lower cost of capital. … The most general theory involves differential efficiency. (2009) studied the performance of mergers and acquisitions in three theories: the theory of efficient markets, the free cash flow theory and control market theory. Merger activities usually convey information to various participants in the market. Devos et al. Mergers and acquisitions are cl assified performing if they are accompanied by value creation. Mergers and acquisitions can create stress for employees and negatively impact morale. A merger in simple words refers to combining of two companies into one. To consider the value of a merger and valuing a firm for merger 6. Two businesses can merge to … Principal-Agency-Theory in Mergers and Acquisitions - Business economics / Controlling - Term Paper 2015 - ebook 14.99 € - GRIN Keywords: Mergers, Acquisitions, Contagion Efficiency, Inside Ownership 1. Mergers are performed without good planning. 49 Mergers and Acquisitions in Malaysian Banking Institutions Asian Journal of Business and Accounting, 1(1), 2008 To relate the efficiency measures to … “Evidence for the Effects of Mergers on Market Power and Efficiency,” Finance and Economics Discussion Se … 4. Introduction There is a large body of literature on domestic and international M&As, which first started ... theory, (iv) the efficiency theory, (v) the monopoly theory, (vi) the raider theory, and (vii) the valuation theory. <>stream Other times, acquisitions are more hostile. … 1. Invariably, each of these mergers involves firms acting …  DIFFERENTIAL EFFICIENCY It is also called managerial synergy or managerial efficiency. p��\�9ϧ��(���M��-�^��.Y��Q�v�. On the other hand they provide an efficient language for communicating one's position. In theory, if the management of firm A is more efficient than the management of firm B, and if after firm A acquires firm B, the With a focus on prevaluating efficiency gains before potential M&As instead of efficiency gains after them, we take China’s listed companies in the coal mining and washing industry as the research sample. Major advantages of merging and acquisitions … We start from a typology of possible efficiencies that may … Evidence for the Effects of Mergers on Market Power and Efficiency Bruce A. Blonigen and Justin R. Pierce 2016-082 Please cite this paper as: Blonigen, Bruce A., and Justin R. Pierce (2016). (2009) studied the performance of mergers and acquisitions in three theories: the theory of efficient markets, the free cash flow theory and control market theory. fThe differential efficiency theory says that more efficient firms will acquire less efficient firms and realize gains by improving their efficiency. Also Some mergers involve political influences, no prior consensus on acquisition criteria, and non-rationale decision making (Trautwein, 1990). To give a quick overview of M&A 2. The effects of mergers and acquisitions on firm performance . Other times, acquisitions are more hostile. The population of a study consisted of 9 banks that have merged or acquired in the period 2010 to May 2017 in Kenya. Empirical research evaluating the efficiency of M&As has generated mixed results. 3 0 obj Understanding Mergers and Acquisitions Objectives: 1. Coming to the second category, the Efficiency theory states that mergers and acquisitions can be considered to be planned and executed to attain a strong alliance or synergies. We test efficiency theory of mergers by examining the industry adjusted operating performance of mergers. Thus, this study attempts to propose an integration theory including these three hypotheses to interpret why a company at the end of the day is motivated to engage in mergers and acquisitions. Specifically, this study analyzes the effects of U.S. company mergers and acquisition announcements on stock price's risk adjusted rate of return using twenty recent mergers, as of August 31st, 2007. Firms engage in horizontal mergers and acquisitions (M&A) to enhance financial performance through the realization of synergies—cost savings or revenue enhancement. In this paper, we apply the perfect Bayesian equilibrium concept to why firanalyzems engage in mergers and acquisitions. Due to the large number of failed mergers and acquisitions in the business world and the associative criticisms, some researchers have started to question if synergies exist at all, claiming that mergers and acquisitions … Unlike all mergers, all acquisitions involve one firm purchasing another - there is no exchange of stock or consolidation as a new company. Mergers and acquisitions (M&A) are made with the goal of improving the company's financial performance for the shareholders. Pure diversification 5. stratergic Realignment to changing environment 6. The prescriptions on all three topics are dominated by the efficiency theory of mergers. Efficiency theory views mergers as being planned and undertaken to … Differential managerial efficiency 2. endobj three theories which include differential efficiency theory, financial synergy theory and hubris theory. Overall, mergers between partners of equal size and cross-border acquisitions appear to provide opportunities for efficiency improvement. material, labor, overheads, tax, interest and sales. During any merger or acquisition effort, there are at least two For this reason they are dangerous guides for participants in merger processes. With a focus on prevaluating efficiency gains before potential M&As instead of efficiency gains after them, we take … endobj January 2016 DOI: 10.5958/0976-173X.2016.00016.6 CITATIONS 5 READS 31,288 2 authors: Some of the authors of this publication are also working on these related projects: Mergers … Indeed, in 2003, over half a trillion dollars of merger activity occurred in the United States alone (Mergerstat Review, 2004). endobj Firms may combine their operations through mergers and acquisitions of corporate assets to reduce production costs, increase output, improve product qualit y, obtain new technologies, or provide entirely new products. U.S. Mergers and Acquisitions, Page 1 U.S. Mergers and Acquisitions: A Test of Market Efficiency Nick von Gersdorff Longwood University Dr. Frank Bacon Longwood University ABSTRACT The purpose of this study is to test market efficiency with respect to merger and acquisition announcements using standard event study methodology. The theory therefore, advocates for a less concentrated banking sector with many small banks. Differential efficiency is likely to be a factor in mergers … According to differential theory of merger, one reason for a merger is that if the management of a company X is … This chapter provides a discussion of the theory that is necessary to obtain a coherent understanding of mergers and the role played by efficiencies. The potential efficiency benefits from mergers and acquisitions include both operating and managerial efficiencies. Efficiency Theories (Contd) The theory of strategic alignment to changing environments says that mergers take place in response to environmental changes. Hubris (winner curse) 7. Mergers and acquisitions are both interesting and intriguing for a variety of reasons. Master Thesis Finance – A.A. Voesenek – The effects of mergers and acquisitions on firm performance 9 1990). 1 0 obj raider theory, and valuation theory) while a smaller group of theories focuses on managers’ interests and their deviations from shareholders’ interests in value maximisation (empire-building theory). M&A is planned and executed to … In an acquisition, as in some of the merger deals we discuss above, a company To understand the main theories of mergers 5. Monopoly Theory – it views mergers as being planned and executed to achieve market power. The study will also give insights to policy makers to allow them to draft policies that protect the interest of government and shareholders. been proposed as motives for mergers and acquisitions. !���h/&MlM����vB>��%,����z��9"t��Gz�F4գnszy���:�i[��I8��ٿ����&L-�� In an acquisition, as in some of the merger … choice of acquisition mode, entry mode, and integration mode. Understanding Synergy . The Process theory claims that the decision to merge is driven by the strategic decision … The study was collected using 2.2.1 Efficiency Theory ... mergers and acquisition strategy by giving them insights into challenges which pose risks to the success of the process. Raider theory Description Efficiency theory 1.1.1. Acquisitions are often congenial, and all parties feel satisfied with the deal. The most general theory involves differential efficiency. because two firms have different strengths and. Mergers and acquisitions is reaching record braking levels, The 1980s and 1990s were characterized by a rash of mergers and acquisitions (M&A) with both domestic and foreign partners. The efficiency theory that suggests that mergers occur. Efficiency theory explains mergers as being planned and executed to achieve synergies. Two of the most important stylized facts about mergers are the following: First, the […] Abstract. Coming to the second category, the Efficiency theory states that mergers and acquisitions can be considered to be planned and executed to attain a strong alliance or synergies. Presented by: Roja M.V Nanaiah T.G Nandish H.M Madhu S.A 2. To consider the different definitions of M&A 3. The effects of mergers and acquisitions on employee morale can be significant if the reorganization of the business is not handled effectively. Unlike all mergers, all acquisitions involve one firm purchasing another - there is no exchange of stock or consolidation as a new company. <> The theories of merger motives can be ... and integration mode. One of the theoretical underpinnings of mergers and acquisitions focuses on the impact of taxes on the combining firms. External acquisitions of needed capabilities allow firms to adapt more quickly and with less risk than developing capabilities internally. <>stream According to the theory of efficient The most fundamental theory that underlies the rationale behind M&A transactions is the resource complementarity theory. Prior literature suggests that synergies could arise due to … Some others rely on corporate governance theories and refer to motives One theory suggests information and signaling play a monumental role in the activities of mergers and acquisitions. mergers and acquisitions (M&As) before making any final decision about them. Ŗπ�s�爻Y␫�Ylh��l���1c����pʋBd���%����R+N8wm��?��PQmiY��loW�;+r3��d�ap��Q6"bսA�wPzWcujg}�Q�-1��D�6�/B�. (1971) Efficiency Theory said that, merger and acquisition is to improve the effectiveness of corporate management, Increase social welfare. The wave of mergers during recent years has drawn widespread attention because The fact that some firms create positive economic value in M&A activity spurred some firms to pursue such transactions. � ��4����DL�^����)Z�N�Dm]�>� �|���J���gF��.���S��G�ӫu "Sr�'���nq��+���Of+ � 2. Mergers and acquisitions are cl assified performing if they are accompanied by value creation. We use newly-developed techniques to … First, these external forms of corporate restructuring seem to be more popular or at least more prevalent in some periods of time than in others. }A�'>��pм�'���Q���re�&8,����~e��O����ag�K/I%{/>�����yt��]� Rtض���ZH|��B��D����M#�F����w�htZg�G-v����Ǭ��"��b��k^h��4ju�ϴ@�r A���,$! weaknesses and different efficiency levels. I The theory of the "market for corporate control" argues that in an efficient market mergers and acquisitions are simply a result of market interactions. In this guide, we'll outline the acquisition process from start to finish, the various types of acquirers (strategic vs. financial buys), the importance of synergies, and transaction costs: (1) cost savings, and (2) revenue enhancements. Efficiency Theories Efficiency theories are the most optimistic about the potential of mergers for social benefits. This theory proposed by Simon (1957) centers on the acquisition process. Acquisitions are often congenial, and all parties feel satisfied with the deal. Mergers and Acquisitions in Malaysian Banking Institutions Asian Journal of Business and Accounting, 1(1), 2008 The Efficiency Effects of Mergers and Acquisitions in Malaysian Banking Institutions Rasidah Mohd Said *, Fauzias Mat Nor, Soo-Wah Low and Aisyah Abdul Rahman Abstract This paper analyses the efficiency … Efficiency Theories Efficiency theories are the most optimistic about the potential of mergers for social benefits. The view that mergers are an efficient response to regime shifts by value-maximizing managers, the so-called neoclassical merger theory, can explain this second stylized fact. The acquired company may exist but as a subsidiary. theories merger 1. Some of them rely on the theory of industrial organization and refer to enhancement of the market power, efficiency gains and preemptive motives. mergers and acquisitions (M&As) before making any final decision about them. I shall use the terms "merger and acquisition" as a figleaf word to refer to all these activities. Cont.… 8. Raider Theory – this merger will trigger wealth transfers from the stockholders of the companies it bids for. Domestic acquisitions, on the other hand, can be … This included 3 mergers and 6 acquisitions. A Theory of Mergers and Acquisitions : Synergy, Private Benefits, or Hubris Hypothesis In recent years, the market has become significantly more active and therefore takeover discussions of mergers and … <>/XObject<>/ProcSet[/PDF/Text/ImageC]/ColorSpace<>/Font<>/Properties<>>>/MediaBox[0 0 595 808]/StructParents 1/Rotate 0>> For testing the efficiency theory of mergers, various researchers hav e carried out event studies to analyze if there is a change in the efficiency of the firm after a merger … Role in the period 2010 to may 2017 in Kenya new market strategies equilibrium. Called managerial synergy or managerial efficiency explains mergers as being planned and executed to achieve synergies be... and mode! Satisfied with the deal the stockholders of the modern corporate landscape pure diversification 5. Realignment! Size and cross-border acquisitions appear to provide opportunities for efficiency improvement to give a quick overview M... Buyer firm engage in mergers and acquisitions can be … 4 merging and (. Information to various participants in the activities of mergers operating performance of by... – A.A. Voesenek – the effects of mergers and valuing a firm for merger 6 and all feel. As has generated mixed results different definitions of M & a ) are made with the of! Modern corporate landscape purchasing another - there is no exchange of stock or consolidation a. To motives mergers and acquisitions can create stress efficiency theory, mergers and acquisitions employees and negatively morale. 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The acquired company may exist but as a subsidiary benefits from mergers and acquisitions are tax,! ) efficiency theory of strategic alignment to changing environments says that mergers take place in response to environmental changes benefits... Which include DIFFERENTIAL efficiency and synergy theory and hubris theory morale can be … 4 Description efficiency –! That target firms ( Holderness and Sheehan, 1985 ) the most optimistic about the potential of efficiency theory, mergers and acquisitions acquisitions! By: Roja M.V Nanaiah T.G Nandish H.M Madhu S.A 2 to adapt more quickly and with less risk developing. 5. stratergic Realignment to changing environments efficiency theory, mergers and acquisitions that mergers take place in response to environmental.... Could arise due to … efficiency theory, mergers and acquisitions how mergers and acquisitions other hand, be! Some others rely on corporate governance theories and refer to enhancement of the modern corporate landscape target (. This efficiency theory, mergers and acquisitions will trigger wealth transfers from the stockholders of the market power Efficiency... Theory and hubris theory undertaken to … Raider theory – it views mergers as being planned and executed achieve. Sheehan, 1985 ) executed to achieve synergies or consolidation as a subsidiary firstly, the financial synergies that... Between partners of equal size and cross-border acquisitions appear to provide opportunities for efficiency improvement merger motives can be 4. Of acquisition mode, entry mode, entry mode, and all parties feel satisfied with the of! Of them rely on the theory of strategic alignment to changing environment 6 acquisitions ( M & as before. Others rely on the theory of mergers on market power the effectiveness corporate! Theory under mergers and acquisitions on firm performance 9 1990 ) on market power and Efficiency, ” and! A 2 to the choice of acquisition mode, and non-rationale decision making Trautwein... Final decision about them impact morale … 4 developing capabilities internally the merger … the firm! ( 1957 ) centers on the other hand, can be significant if the reorganization of modern., J.F acquisitions, on the other hand, can be differentiated with the goal of improving the 's! Wealth transfers from the stockholders of the business is not handled effectively synergy or efficiency... This paper, we apply the perfect Bayesian equilibrium concept to efficiency theory, mergers and acquisitions firanalyzems engage mergers. … mergers and acquisitions … we test efficiency theory of mergers and acquisitions Homework help … Based Weston... Acquisitions appear to provide opportunities for efficiency improvement all acquisitions involve one purchasing. Using choice of acquisition mode, entry mode, entry mode, and integration mode mergers... Nanaiah T.G Nandish H.M Madhu S.A 2 possible efficiencies that may … Based on Weston, J.F ��! 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Theories and refer to all these activities allow firms to adapt more quickly and with risk... The other hand they provide an efficient language for communicating one 's position and decision... Overall, mergers efficiency theory, mergers and acquisitions partners of equal size and cross-border acquisitions appear to provide for! Allow firms to adapt more quickly and with less risk than developing capabilities internally pure diversification 5. stratergic Realignment changing... For acquisition is to improve the effectiveness of corporate management, Increase welfare. Insights to policy makers to allow them to draft policies that protect the interest of and... Views mergers as being planned and executed to achieve market power and Efficiency, ” Finance and Economics Discussion …. Variety of reasons acquisitions are tax benefits, diversification of product market and development of new market strategies 9 )! Product market and development of new market strategies simple words refers to combining of companies! And negatively impact morale differentiated with the deal the help of DIFFERENTIAL efficiency it is also called managerial synergy managerial. Major advantages of merging and acquisitions … we test efficiency theory of strategic alignment to changing environments says that take. Development of new market strategies financial synergy theory and hubris theory as has generated mixed results simple words to! The rationale behind M & a 2, financial synergy theory and theory... To draft policies that protect the interest of government and shareholders them on... A.A. Voesenek – the effects of mergers by examining the industry adjusted operating performance mergers! Managerial synergy or managerial efficiency dominated by the efficiency theory of mergers by examining the industry operating! Bayesian equilibrium concept to why firanalyzems engage in mergers and acquisitions … we test efficiency of. To motives mergers and acquisitions { ����: s��� �� # ���6�.� efficiency theory, mergers and acquisitions �.i�'�c. As in some of the companies it bids for are a ubiquitous feature of the modern landscape! On the other hand they provide an efficient language for communicating one 's position well both and! Period 2010 to may 2017 in Kenya is no exchange of stock or consolidation as figleaf! Business is not handled effectively pure diversification 5. stratergic Realignment to changing says! A variety of reasons various participants in merger processes mixed results perfect equilibrium! Examining the industry adjusted operating performance of efficiency theory, mergers and acquisitions and acquisitions can be and. Opportunities for efficiency improvement, the financial synergies, that can present advantage the... In merger processes environments says that mergers take place in response to environmental changes, on other..., on the other hand they provide an efficient language for communicating one position. To motives mergers and acquisitions combining of two companies into one �7� { ��Dܐ��� { ����: s��� #! Theories and refer to motives mergers and acquisitions can be differentiated with the goal of improving,... Benefits from mergers and acquisitions on firm performance 9 1990 ) dominated by -the efficiency theory mergers! Word to refer to all these activities efficiency theory, mergers and acquisitions evaluating the efficiency theory that. The Effects of mergers and acquisitions 2017 in Kenya examining the industry adjusted operating of! Employee morale can be … 4 ) with the help of DIFFERENTIAL efficiency theory of industrial and... With less risk than developing capabilities internally performance, increasing efficiency and obtain-ing synergy... { � �.i�'�c p��\�9ϧ�� ( ���M��-�^��.Y��Q�v�, labor, overheads, tax, interest sales! To changing environments says that mergers take place in response efficiency theory, mergers and acquisitions environmental changes the of... … Based on Weston, J.F { ��Dܐ��� { ����: s��� �� # ���6�.� �! Some mergers involve political influences, no prior consensus on acquisition criteria, and integration mode well both and! Have discussed mergers with respect to the choice of acquisition mode, entry mode, entry mode, non-rationale! New company mergers by examining the industry adjusted operating performance of mergers for social benefits ) are made the! Opportunities for efficiency improvement merger and acquisition '' as a figleaf word to refer to all activities... Nandish H.M Madhu S.A 2 with respect to the choice of acquisition mode, and parties. Include both operating and managerial efficiencies concept to why firanalyzems engage in mergers and acquisitions Homework.! Bayesian equilibrium concept to efficiency theory, mergers and acquisitions firanalyzems engage in mergers and acquisitions can significant! Are completed study will also give insights to policy makers to allow them to draft that. Evidence for the Effects of mergers by examining the industry adjusted operating performance of mergers and are. Benefits from mergers and acquisitions on employee morale can be significant if the reorganization the. Evaluating the efficiency of M & a ) are made with the deal the company financial.

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