《合并与收购》PPT课件

Mergers&Acquisitions-合并与收购,NO.27,2,Followingaresomestandardtermsusedtodescribemergerandacquisitionactivity:（以下是一些用来描述并购事宜的标准术语：）Merger：合并Combinationoftwoormorecompanieseitherthroughapoolingofinterests,apurchase,oraconsolidation.Acquisition：收购Onecompanytakingovercontrollingofacorporation.,3,Takeover：接收/接管Changeinthecontrollinginterestofacorporation.Leveragedbuyout：融资收购Takeoverofacompanyusingborrowedfunds.Followingaresomecolorfultermsusedtodescribemergerandacquisitionactivity:,4,（以下是一些用于描述合并和收购活动的较为形象生动的词汇：）Poolingofinterests：利益共享Accountingmethodusedinthecombingormergerofcompaniesfollowinganacquisition,wherebythebalancesheetsaresimplyaddedtogether.Crownjewels：拳头部门Themostdesirableentitieswithinadiversifiedcorporationasmeasuredbyassetvalue,earningpower,andbusinessprospects.,5,Saturdaynightspecial：周末特别收购Suddenattemptbyonecompanytotakeoveranotherbymakingapublictenderoffer(offertobuyshares,usuallyatapremium,withtheobjectiveoftakingcontrol).SleepingBeauty：睡美人Potentialtakeovertargetthathasnotbeenapproachedbyanacquirer.Sharkwatcher：预警员Firmspecializingintheearlydetectionoftakeoveractivity.,6,Usage,Followingaresomesentencesthatmakeuseofmergerandacquisitionterms:（以下是一些应用并购事宜术语的例句：）Merger/acquisitionThatcompanylivesbymergersandacquisitions.Theyjustkeepgrowingandgrowing.TakeoverIthinkthatcompanyisripeforatakeover.Theyhavegreatmarketsharebuttheyreinpoorfinancialcondition.,7,LeveragedbuyoutThatleveragedbuyoutwassomesmartthinkingonyourpart.Wediversifiedourproductlineandexpandedourmarketsharewithoutlayingoutanycash.CrownjewelsInourlineupofhealthcareproducts,theCosmeticsdivisionisourcrownjewel.,8,SaturdaynightspecialThatannouncementsureblindsidedthem.ItwasaSaturdaynightspecialandwecaughtthemasleepatthewheel.SleepingBeautyIwonderwhichPrinceCharmingwillcourtthatSleepingBeauty.SharkwatcherTheyjusthiredasharkwatchertoavoidsuddendeath.,9,Summary,Companymergersandacquisitionsaresocommonplacethatmostofthemgounnoticedbythegeneralpublic.Onlytransactionsinvolvinglargecompaniesand/orlargesumsofmoneyareconsiderednewsworthybythegeneralpress.Manylargecompanieshaveawidelydiversifiedrangeofproductsorservicesattainedthroughmergeror