Acquisition and Restructuring Strategies（英文版）(ppt 15页)

Acquisition and Restructuring Strategies（英文版）内容提要：
Merger:
A transaction where two firms agree to integrate their operations on a relatively coequal basis because they have resources and capabilities that together may create a stronger competitive advantage
Acquisition:
A transaction where one firm buys another firm with the intent of more effectively using a core competence by making the acquired firm a subsidiary
……

Increased Market Power
Acquisition intended to reduce the competitive balance of the industry
Example:  British Petroleum’s acquisition of U.S. Amoco
Overcome Barriers to Entry
Acquisitions overcome costly barriers to entry which may make “start-ups” economically unattractive
Example: Belgian-Dutch Fortis’ acquisition of American Banker’s Insurance Group
……

Integration Difficulties
Differing financial and control systems can make integration of firms difficult
Example: Intel’s acquisition of DEC’s semiconductor division
Inadequate Evaluation of Target
“Winners Curse” bid causes acquirer to overpay for firm
Example: Marks and Spencer’s acquisition of Brooks Brothers.