Megers & Acquisitions(英文版)(ppt 46页)

Megers & Acquisitions(英文版)内容提要：
Mergers as a Use for Surplus Funds
If your firm is in a mature industry with few, if any, positive NPV projects available, acquisition may be the best use of your funds.
Diversification
Investors should not pay a premium for diversification since they can do it themselves.
M&A：
Who Usually Benefits from M&A?
Shareholders of B
Lawyers & Brokers
Execs in A
Who Usually Losses in M&A?
Sharehpolders of A (overhead)
Execs in B
Employees

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