讲义第二部分--并购.ppt

mergerandacquisition并购 引言 m asreferto并购指traditionalmergersandacquisitions传统的兼并和收购takeovers接管corporaterestructuring公司重组corporatecontrol公司控制changesintheownershipstructureoffirms公司所有权结构的更替 影响兼并的因素 technology技术globalization全球化deregulation放松管制efficiencyofoperations运作效率changesinindustryorganization产业组织的变化entrepreneurship企业家economicandfinancialenvironment经济 金融环境 术语 merger兼并negotiateddeals经过协商的买卖mutualityofnegotiations磋商的互相关性mostlyfriendly大部分是友好的tenderoffers股权收购offermadedirectlytotheshareholders直接由股东出价hostilewhenoffermadewithoutapprovaloftheboard当出价没有经过董事会同意时会引起敌意restructuring changestoimproveoperations policies andstrategies重组 提高运作效率 政策和战略的组织变化 兼并类型 horizontalmergers横向兼并combinationbetweenfirmsinsamebusinessactivity从事同样业务的公司之间的合并rationale基本原理economiesofscaleandscope规模效应synergiessuchascombiningofbestpractices合成效应governmentregulationduetopotentialanticompetitiveeffects针对潜在垄断的政府管制verticalmergers纵向兼并combinationsbetweenfirmsatdifferentstages不同生产链的公司之间的合并rationaleisinformationandtransactionefficiency基本原理是信息和交易效率conglomeratemergers混和兼并combinationoffirmsinunrelatedtypesofbusinessactivity从事不相关业务的公司之间的合并 历史上并购运动的共性 periodsofhigheconomicgrowth高经济成长favorablestockpricelevelsandfinancialconditions有利的股价和金融情况responsetoeconomic technological andregulatorychanges对经济 技术和法规变化的反应 mainlyhorizontalmergers主要是横向兼并majorchangesineconomicinfrastructureandproductiontechnologiestranscontinentalrailroadcompletionresultinginnationaleconomicmarkets铁路useofelectricityandincreaseduseofcoalandoilproducts电的使用 1895 1904并购运动 motivatingfactors激励因素economiesofscale规模效应mergingfornationalmarkets全国市场professionalpromotersandunderwriters专业的承销人 1895 1904并购运动 successdueto astutebusinessleadership livermore 1935 成功rapidtechnologicalandmanagerialimprovements管理和科技的提高developmentofnewproducts新产品的开发entryintonewsubdivisionsofindustry进入一个行业新的部份promotionofqualitybrandnames质量品牌commercialexploitationofresearch研究的商业化 成功 failure dewing 1953 failuretomodernizeplantandequipmentincreaseinoverheadcostslackofflexibilityduetolargesizeinadequatesupplyoftalenttomanagelargegroupsofplants 失败 endoffirstmergermovementin1901 mergeractivitybegandownturnassomecombinationsfailedtorealizegainsin1903 economywentintorecessionin1904 supremecourtruledagainstnorthernsecurities establishingthatmergerscanbeattackedbysectiononeoftheshermanact 结束原因 combinationsinpublicutilities banking foodprocessing chemicals mining公共设施的合并motivatingfactorsproduct extension ibm generalfoods alliedchemical产品的扩充market extension foodretailing movietheaters departmentstores市场的扩充verticalmergers metals mining oil纵向的会兼并 the1922 1929mergermovement thesecondmovement facilitatingdevelopmentstransportation motorvehiclesmadebothbuyersandsellersmoremobilecommunications nationalradioadvertisingfacilitatedproductdifferentiationmerchandising massdistributionwithlowprofitmarginsincreasedverticalintegrationduetoadvantagesfromtechnologicaleconomiesorfromreliabilityofinputsupplyendofsecondwaveofmergeswiththeonsetofasevereeconomicslowdownin1929 激励因素和结束原因 混业兼并 the1960s in1967 68whenthemergeractivitypeaked横 纵向兼并下降到17 产品的扩充类上升到60 市场的扩充类可以忽略混业兼并上升到23 acquiringfirmcharacteristics smalltomedium sized adoptingdiversificationstrategyoutsidetraditionalareasofinterestacquiredfirmcharacteristics smalltomedium sized operatinginfragmentedindustries oronperipheryofmajorindustries 并购双方特徵 defensivediversificationtoavoid sales profitinstabilityunfavorablegrowthprospectsadversecompetitiveshiftstechnologicalobsolescenceincreaseduncertaintiesinacquirer sindustry 激励因数 examples aerospaceindustry widefluctuationsinmarketdemand largeabruptshiftsinproductmix excesscapacityaggravatedbyentryoffirmsfromotherindustriesindustrialmachineryandautoparts salesinstabilityrailwayequipment textiles tobacco moviedistribution lowgrowthprospects 例子 othermotivessomemergersreflectedpersonalityofchiefexecutiveresultinginnoncoreacquisitionssomeconglomerateswereformedtoimitateearlierconglomeratesthatappearedtohaveachievedhighgrowthandhighvaluationsdifferentialprice earnings p e gamenosoundconceptualbasis sourceofsell offsinlateryearsriseofmanagementtheory goodmanagerscanmanageanything 激励因数 endofconglomeratemergerwaveantitrustlawscongressbegantomoveagainstconglomeratefirmsin1968suitsfiledbythedepartmentofjusticearguing mutualforebearance punitivetaxlawstaxreformactof1969limiteduseofconvertibledebttofinanceacquisitionsepswouldhavetobecalculatedonafullydilutedbasis asifdebthadbeenconvertedintocommonstockdecliningstockprices 结束原因 交易的十年 1981 1989 thefourthmovement motivatingforces经济和股市的上升surgeintheeconomyandstockmarketbeginninginmid 1982国际竟争的影响impactofinternationalcompetitiononmatureindustriessuchassteelandauto已多元化的企业被分拆unwindingdiversifiedfirms新的行业newindustriesasaresultofnewtechnologiesandmanagerialinnovations decadeofbigdealstenlargesttransactionsexceeded 6billioneachsummedto 126 1billiontop10dealsreflectedchangesintheindustryfiveinvolvedoilcompanies increasedpriceinstabilityresultingfromopecactionstwoinvolveddrugmergers increasedpressuretoreducedrugpricestwoinvolvedtobaccocompanies diversifiedintofoodindustry 大笔交易 financialinnovations高回报的债券highyieldbondsprovidedfinancingforaggressiveacquisitionsbyraiders金融性的买方financialbuyers私有化arrangedgoingprivatetransactions买多元化企业的一部份boughtsegmentsofdiversifiedfirms bustupacquisitions 分割的部份 整体buyerswouldseekfirmswhosepartsasseparateentitieswereworthmorethanthewhole部份资产出售afteracquisitions segmentswouldbedivested降低负债proceedsofsaleswereusedtoreducethedebtincurredtofinancethetransaction 金融创新 恶性收购的防卫riseofwiderangeofdefensivemeasuresasaresultofincreasedhostiletakeovers结束原因endoffourthmergerwavegovernmentactionshighlypublicizedinsidertradingcasespassageofthefinancialinstitutionreform recovery andenforcementact firrea in1989indictmentofmichaelmilkenandbankruptcyofdrexelburnhamdevelopmentofpowerfultakeoverdefenseseconomicrecessionassociatedwithgulfwar 激励因数和结束原因 战略性的合并 1992 2000 economictrends海湾战争后经济复苏economicrecoveryaftergulfwar股市的持续上扬创新高continuedriseinstockpricestonewhighs垃圾债券市场的复苏recoveryofjunkbondmarketasotherinvestmentbankingfirmsmovedin majordrivingforces技术technologyimpactofcomputerandsoftwareapplicationsimpactofmicrowavesystemsandfiberopticsontelecommunicationsindustryimpactoftheinternet creationofnewindustriesandfirms changesinthenatureandformsofcompetitiverelationships全球化globalizationtechnologicaldevelopmentsintransportationandcommunicationseuropeandotherregionsmovingtowardcommonmarkets 激励因数 法规解禁deregulationmajorderegulationsinfinancialservices telecommunications energy airlines trucking etc massivereorganizationofindustries经济环境economicenvironmentrisingstockpricesrisingp eratioslowinterestratelevels付款方式methodofpaymentpredominantuseofstock for stocktransactionslessrelianceonhighlyleveragedtransactions 激励因数 megamergersoftheninetiestoptentransactionsofalltimesoccurredin1998and1999toptendealsoftheninetiestotaledabout 700billionsizeofm asinrelationtolevelofeconomicactivityforperiod1993 1999 m asrepresentedabout12 ofgdpin1999 m asrepresented15 ofgdpintheeighties m asrepresentedlessthan4 ofgdp 超大型的交易 并购的时机 empiricalevidencedoesnotsupportmergerwaves实证研究不支持并购浪潮理论generalizationsonmajormergermovementseachmajormergermovementreflectedsomeunderlyingeconomicand ortechnologicalchanges每次并购运动都伴随经济或技术的改变 共同的金融因数somecommonfinancialfactorsassociatedwithhighlevelsofmergeractivity上升的股价risingstockprices低利率lowinterestratesfavorabletermstructuresofinterestrates风险盈价小narrowriskpremia 并购的时机 跨国并购 m aactivityinotherdevelopedcountriesoftheworldhasbeenevenhigherthanintheu s underlyingfactorsinternationalizationofmarketsglobalizationofcompetitionantimergerlawsandregulationssuchasintheukandineectightenedinthe1980s butm aactivityincreasedduetoeconomic technological andregulatorychanges 收购的步骤 目标的确认 早期讨论或评估 调查 谈判和发布消息 合同 成交 稳定和基础的建立 快速的整合 消化 策略 合并后的整合的步骤 pre acquisition 评估 并购的操作步骤 接触目标 thestrategicreviewshouldaddressthefollowingissues extensiveindustryresearchandanalysisonmarketsize marketstructures keyplayers opportunitiesandbarrierstoentry etc assistinassessingcorporateobjectivesidentifyalternativesforachievingcorporateobjectiveandthepreferredmethodofproceedingsuchasacquisition jointventureorstrategicalliance step1 策略 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation duediligence contractdrafting dealcompletion theanalysisofshareholderobjectivesshouldaddressthefollowingissues step2 目标选择 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation duediligence contractdrafting dealcompletion worldwidenetworkknowledgeofactivesellersinthecompany sindustrypublicandprivatedatabasesindustrytradejournalsandorganizations thewholecontactprocessincluding screeningandprioritizingsellersinitiatingcontactwithpotentialsellersonaconfidential no namebasisusingnetworktoaccessdecisionmakersofpotentialsellers step3 接触目标 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation duediligence contractdrafting dealcompletion assessingoninfomemoanddealstructuringby step4 早期讨论和评估 strategicreview targetssearch targetsapproach preliminarydiscussions assessment valuation negotiation duediligence contractdrafting dealcompletion astoinfomemoofferinganalysisoninvestmentmemorandumcoordinatinginitialmeetingorsitevisit astodealstructuringthechoicesastowhethertoacquiresharesorassetsthepercentageholdingtobeacquired ifthecaseinvolvesashareacquisitionformofconsideration cash notes shares non financialissuessuchastheextentofwarrantiesandindemnities treatmentofemployment etctaxstructure theduediligenceprocessinclude 调查 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation duediligence contractdrafting dealcompletion assistingindeterminingthescopeandprocedureofduediligence accounting financial legalandoperatingissues reviewingtheduediligencefindingstoconsiderhowthesemayimpacttheletterofintentandthecontractdraftingmanagingexchangeofsensitiveinformationwithpotentialsellersfollowingupanddiscussingwithpotentialsetterscontinuously 调查是评估和记录风险和其他因素 三次重要的调查 确定目标 初期调查 买价分析 标价 出函 意向书 进一步调查 买 卖协议 结束调查 完成 整合 dothefundamentalswork isthereastrategicfit isthepriceinthe ballpark whatarethecriticalrisks whichriskscanbeshiftedfromthebuyertothesellerwhataretheopportunitiestoreducethepurchaseprice anymaterialadversechangeareclosingconditionsmet anyopportunitiestoreducepurchaseprice economicoutlookofindustryandlocalmarketmarketdynamicsindividualcompanyperformanceandcompetitivepositionearningshistoryandcapacityforgrowthexistenceofundervaluedtangibleandintangibleassetspricingparametersandcashflowmultiplestypesofinvestors acquirersandpotentialsynergiesbusinessrisksinitialduediligence thedevelopmentofasupportablepriceshouldreflectthefollowing 估值 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation adviceonduediligence contractdrafting dealcompletion 三种主要的评估方法 现金流折现法 discountedcashflowmethod 三种主要的评估方法 市场比较法 thecomparablecompanyapproachreliesonananalysisofpubliccompaniessimilartothesubjectcompany thisapproachusesthosecomparablecompaniestodeveloprelevantmarketmultiplesandratiossuchasper shareearnings earningsbeforeinterestandtaxes ebit revenues andtangiblebookvalue thesemultiplesandvaluesarethenappliedtothesubjectcompany theadvantageofthismethodisthatthemultiplesrecognizethemacroandmicro economicfactorscurrentlyimpactingthebankingindustryandthemarketforitsshares aftercarefulexaminationofeachmethod thebestsuitedapproachorapproachesareselectedandused 成本法 thismethodinvolvesidentifyingthemoreimportantbusinessassets andestimatingtheindividualcurrentmarketvaluesoftheseassets theindividualassetvaluesdiscussedpreviouslywouldbeusedhere inafavorableeconomicandindustryenvironment thenetassetvalueislessimportantthantheresultingearningstothedeterminationoftheoverallvalue setupthenegotiationsstrategy step7 谈判和公告 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation adviceonduediligence contractdrafting dealcompletion closingthegapbetweentheindicativeofferandtheclientexpectationcontinuingthroughouttheprocesstorefinethedealstructuretomeettherequirementsofbothpurchaserandtargetkeepingtargetremindedoftheattractionsofourclientasapurchaserratherthananyotherpartymovingquicklywhenpositionsadvantageoustoourclientarearrived thedefinitiveagreementwilladdressthefollowingissues step8 草拟合同和完成交易 strategicreview targetssearch targetsapproach assessmentoninfomemorandumcompilation dealstructuring valuation negotiation adviceonduediligence contractdrafting dealcompletion solidifyingkeyissuesoutlinedintheletterofintentamountpayableandmannerinwhichitistobepaidcash notesstockpostclosingadjustmentsgovernmentandthirdpartyapprovals representationsandwarrantiesancillaryagreementsclosinganddocumentation 如何整合 retentionofkeyseniorandmid levelpersonnelmeetingaggressivedeadlinesrestructuringquicklywithlimitedinformationachievingtoughfinancialtargetsmaintainingadequatecommunicationmanagingrelocationsandconsolidationsregulatorycomplianceaccountingissuesensuringtheintegrityofcontrolandreportingsystemsmergingavarietyofsystemsapplicationsandarchitecturesdevelopinganetworktosupportglobalization broadanddeepkeyexecutiveinvolvementandsharedvisionofthefuturestatemobilization speeddevelopment implementationandmanagementofoverallcommunicationsplanencouragingandbuildingbuy in coachingthroughdifficultiesaligningincentivesandrewardssystemswiththenewleadership managementphilosophy andculturetimelyidentification escalationandresolutionofissuessystemsselectionalignedtosupportlong termvisionearlydevelopmentofdetailandsummary levelmanagementreportingdevelopmentandimplementationofstandardintegrationmethodologies challenges effectivestrategies criticalsuccessfactorsplanningcommunicationmobilization speedretentionofkeypersonnel 如何整合 integrationemployeeissues keylessonslearned employeesarethenumberoneasset id