企业财务知识培训资料(ppt 21页)（英文版）

企业财务知识培训资料内容提要：
Synergy:  Value of the whole exceeds sum of the parts.  Could arise from:
Operating economies
Financial economies
Differential management efficiency
Increased market power
Taxes (use accumulated losses)
Break-up value:  Assets would be more valuable if sold to some other company.
Diversification
Purchase of assets at below replacement cost
Get bigger using debt-financed mergers to help fight off takeovers
Friendly merger:
The merger is supported by the managements of both firms.
Hostile merger:
Target firm’s management resists the merger.
Acquirer must go directly to the target firm’s stockholders try to get 51% to tender their shares.
Often, mergers that start out hostile end up as friendly when offer price is raised.
Access to new markets and technologies
Multiple parties share risks and expenses
 Rivals can often work together harmoniously
Antitrust laws can shelter cooperative R&D activities
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