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1、 Gucci LVMHAHostileTakeoverBattle Gucci LVMH AHostileTakeoverBattle IntroductionofGucci PART01 IntroductionofLVMH ReasonsofacquisitionforLVMH LVMH GUCCI IntroductionofLVMH LouisVuittonfoundedinFrancein1854 ThemergerbetweenMo tHennessyandLouisVuittonproducesLVMH theworldleaderinluxuryproducts Thebusi
2、nessofLVMHisdivideintofiveareas winesselectiveretailing IntroductionofLVMH 1988 Givenchy Foundedin1952 Givenchy acoutureandready to wearbrand hasbeenpartoftheLVMHGroupsince1988 1993 Berluti Foundedin1895byItalianAlessandroBerluti themen sshoes leathergoods andmen sready to wearbrandwasacquiredbyLVMH
3、in1993 1996 C line wasintegratedintotheLVMHGroupfor2 7billionFrenchfrancs 540million 1997 MarcJacobs LVMHhasheldamajoritystakeintheNewYork basedbrand whichwasfoundedin1984 since1997 1997 Sephora wasfoundedin1969 wasbroughtundertheLVMHumbrellainJuly1997 andhassincebeenexpandedglobally 1996 Loewe TheS
4、panishcompanycreatedin1846wasacquiredbyLVMHin1996 GucciisanItalianluxurybrandoffashionandleathergoods whichwasfoundedbyGuccioGucciinFlorencein1921 IntheForbesWorld sMostValuableBrandslist Gucciisrankedthe38thmostvaluablebrand withabrandvalueof 12 4billionasofMay2015 IntroductionofGucci Reasonsofacqu
5、isitionforLVMH TheLVMHGrouphadgrownuptobeaconglomeratebyacquiringothercompanies GucciisoneofLVMH scompetitorsinluxuryfashionindustry LVMHwantedtodefeathiscompetitorthroughacquisition ThemanagementbelievedthatacquiringGuccicouldmakeLVMHstrongerandgainconsiderableprofits PART02PoisonPillDefenseTactic
6、PoisonPillMechanismSetByInvestcorpBank GameProcess StockPriceMovement Conclusion GameProcess GameProcess StockPriceMovement ESOP AfterInvestcorpBanktakingGuccigopublic Itarrangedageneralmeetingforstockholderbeforeitsellsallitsshares Atthisverylastmeeting ithelpedthemanagementteamsetupapoisonpillmech
7、anismbypassingEmployeeStockOwnershipPlan ESOP tocopewithhostiletakeover Thismoverepresentstheirprofessionallevelasaninvestmentfundanditsresponsibilityastheformerowner TheESOPwouldcostGuccinomoneyoreffort asitisaTrustsetupforcompanyemployees Underit employeeswouldreceiveazerointerestloanfromthecompan
8、ytobuynewlyissuedshares Thiskindofsharehasitsownvalueandvotingrightbutnodividend Thus thisplandoesn tdamagetheeconomicbenefitoforiginalshareholders SmartInvestcorpBank StockPriceMovement WithafloatingprofitinGucci ssharebut1 4billionsinvestmentdidn tachieveditstakeoverplan ItgrantedGucciinvaluableti
9、meforseekingWhiteKnightandamarginalmoralvictory Conlusion PART03WhiteKnight Whiteknight GameProcess StockMovement Summary GameProcess StockPriceMovement Evaluatewhiteknight Summary TheresultofGucci LVMHmergerandacquisitioncase GUCCIsuccessfulagainstLVMHacquisition TheresultofGucci LVMHmergerandacquisitioncase KeypointforGucciwining Antihostiletakeovermechanismimplementedintoarticlesofincorporation Stockpricechange 请在此输入文字 LVMH 1999 1 04 27 631999 4 20 38 7511 12 GUCCI 1999 1 04 40 391999 4 20 74 4034 01 THANKS FORLISTENING
