企业承购(PPT 46页)

Megers & Acquisitions
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”)

Megers & Acquisitions
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”)

Today - Cover both
Part 1 & 3 via lecture
Part 2 via example
 
1997 and 1998 Mergers
Sensible Reasons for Mergers
Economies of Scale
 A larger firm may be able to reduce its per unit cost by using excess capacity or spreading fixed costs across more units.

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