收购与重组(英文版)(ppt 23页)

收购与重组(英文版)内容摘要：
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
Increased Market Power
Factors increasing market power
when a firm is able to sell its goods or services above competitive levels or
when the costs of its primary or support activities are below those of its competitors
 usually is derived from the size of the firm and its resources and capabilities to compete
 Market power is increased by
horizontal acquisitions
vertical acquisitions
related acquisitions
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