珠宝行业7企业并购与重组概述(ppt 23页)

珠宝行业7企业并购与重组概述目录：
一、Mergers and Acquisitions
二、Reasons for Making Acquisitions
三、Problems With Acquisitions
四、Attributes of Effective Acquisitions
五、Restructuring Activities
六、Restructuring and Outcomes

 

珠宝行业7企业并购与重组概述内容提要：
Mergers and Acquisitions
Merger: a strategy through which two firms agree to integrate their operations on a relatively co-equal basis
Acquisition: a strategy through which one firm buys a controlling interest in another firm with the intent of making the acquired firm a subsidiary business within its own portfolio
Takeover: a special type of an acquisition strategy wherein the target firm did not solicit the acquiring firm’s bid
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Reasons for Making Acquisitions:Overcome Barriers to Entry
Barriers to entry include
economies of scale in established competitors
differentiated products by competitors
enduring relationships with customers that create product loyalties with competitors
acquisition of an established company
may be more effective than entering the market as a competitor offering an unfamiliar good or service that is unfamiliar to current buyers
provides a new entrant with immediate market access
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Problems With AcquisitionsIntegration Difficulties
Integration challenges include
melding two disparate corporate cultures
linking different financial and control systems
building effective working relationships (particularly when management styles differ)
resolving problems regarding the status of the newly acquired firm’s executives
loss of key personnel weakens the acquired firm’s capabilities and reduces its value.

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