Acquisition and Restructuring Strategies（英文版）(ppt 15页).PPT

Chapter7 AcquisitionandRestructuringStrategies MergersandAcquisitions Merger Atransactionwheretwofirmsagreetointegratetheiroperationsonarelativelycoequalbasisbecausetheyhaveresourcesandcapabilitiesthattogethermaycreateastrongercompetitiveadvantage Acquisition Atransactionwhereonefirmbuysanotherfirmwiththeintentofmoreeffectivelyusingacorecompetencebymakingtheacquiredfirmasubsidiary Takeover Anacquisitionwherethetargetfirmdidnotsolicit 恳求 thebidoftheacquiringfirm ProblemsinAchievingSuccess ReasonsforAcquisitions ReasonsforAcquisitions Example Belgian DutchFortis acquisitionofAmericanBanker sInsuranceGroup Example SacquiredChinaR Example BritishPetroleum sacquisitionofU S Amoco Example Nortel sacquisitionofBayNetworks Example KraftFood sacquisitionofBocaBurger Example JiaoDa sacquisitionofCaiyuan ReasonsforAcquisitions ProblemswithAcquisitions Example MarksandSpencer sacquisitionofBrooksBrothers Example Intel sacquisitionofDEC ssemiconductordivision Example AgriBioTech sacquisitionofdozensofsmallseedfirms Example FordandJaguar Example JiaoDaandCaiyuan Example GE priortosellingbusinessesandrefocusing ProblemswithAcquisitions AttributesofEffectiveAcquisitions AttributesofEffectiveAcquisitions Example Procter Gamble scuttingofitsworldwideworkforceby15 000jobs RestructuringActivities Example Disney ssellingofFairchildPublications LeveragedBuyout LBO Apartybuysafirm sentireassetsinordertotakethefirmprivate occurswhenacorporation sshareholdersareboughtbythecompany smanagementandotherprivateinvestorsusingborrowedfunds leverage interests hostiletakeovercanbeavoided seniormanagementdecisionsthatparticulardivisionsdonotfitintoanoverallcorporatestrategyormustbesoldtoraisecash orreceiptofanattractiveofferingprice RestructuringActivities RestructuringandOutcomes Downsizing Alternatives Short TermOutcomes Long TermOutcomes RestructuringandOutcomes Downsizing ReducedLaborCosts LossofHumanCapital LowerPerformance Alternatives Short TermOutcomes Long TermOutcomes RestructuringandOutcomes Downscoping ReducedDebtCosts Downsizing ReducedLaborCosts Lo