企业管理承购简介(英文版)(ppt 46页)

企业管理承购简介内容摘要：
Three Areas of Study
1. Determining if a Merger creates value (then developing an offer price)
2. Evaluating M&A offers in the market place (your case analysis assignment)
3.  M&A Strategies (biggest area of “talk”)
Economies of Vertical Integration
Control over suppliers “may” reduce costs.
Over integration can cause the opposite effect.
Combining Complementary Resources
 Merging may results in each firm filling in the “missing pieces” of their firm with pieces from the other firm.
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.
Takeover Defenses
White Knight - Friendly potential acquirer sought by a target company threatened by an unwelcome suitor.
Shark Repellent - Amendments to a company charter made to forestall takeover attempts.
Poison Pill - Measure taken by a target firm to avoid acquisition; for example, the right for existing shareholders to buy additional shares at an attractive price if a bidder acquires a large holding.
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