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1、AcquisitionandRestructuringStrategies MichaelA HittR DuaneIrelandRobertE Hoskisson Chapter7 StrategyImplementation Chapter11OrganizationalStructureandControls Chapter10CorporateGovernance Chapter12StrategicLeadership StrategyFormulation StrategicCompetitivenessAbove AverageReturns StrategicIntentStr
2、ategicMission Chapter2TheExternalEnvironment Chapter3TheInternalEnvironment TheStrategicManagementProcess Feedback StrategicInputs StrategicActions StrategicOutcomes Chapter13StrategicEntrepreneurship Chapter6Corporate LevelStrategy Chapter5CompetitiveRivalryandCompetitiveDynamics Chapter4Business L
3、evelStrategy Chapter7AcquisitionandRestructuringStrategies MergersandAcquisitions Merger astrategythroughwhichtwofirmsagreetointegratetheiroperationsonarelativelyco equalbasisAcquisition astrategythroughwhichonefirmbuysacontrollinginterestinanotherfirmwiththeintentofmakingtheacquiredfirmasubsidiaryb
4、usinesswithinitsownportfolioTakeover aspecialtypeofanacquisitionstrategywhereinthetargetfirmdidnotsolicittheacquiringfirm sbid ReasonsforMakingAcquisitions ReasonsforMakingAcquisitions Factorsincreasingmarketpowerwhenafirmisabletosellitsgoodsorservicesabovecompetitivelevelsorwhenthecostsofitsprimary
5、orsupportactivitiesarebelowthoseofitscompetitorsusuallyisderivedfromthesizeofthefirmanditsresourcesandcapabilitiestocompeteMarketpowerisincreasedbyhorizontalacquisitionsverticalacquisitionsrelatedacquisitions IncreasedMarketPower ReasonsforMakingAcquisitions Barrierstoentryincludeeconomiesofscaleine
6、stablishedcompetitorsdifferentiatedproductsbycompetitorsenduringrelationshipswithcustomersthatcreateproductloyaltieswithcompetitorsacquisitionofanestablishedcompanymaybemoreeffectivethanenteringthemarketasacompetitorofferinganunfamiliargoodorservicethatisunfamiliartocurrentbuyersprovidesanewentrantw
7、ithimmediatemarketaccess OvercomeBarrierstoEntry ReasonsforMakingAcquisitions Significantinvestmentsofafirm sresourcesarerequiredtoDevelopnewproductsinternallyintroducenewproductsintothemarketplaceAcquisitionofacompetitormayresultinmorepredictablereturnsfastermarketentryrapidaccesstonewcapabilities
8、CostofNewProductDevelopmentandSpeedtoMarket ReasonsforMakingAcquisitions Anacquisition soutcomescanbeestimatedmoreeasilyandaccuratelycomparedtotheoutcomesofaninternalproductdevelopmentprocessThereforemanagersmayviewacquisitionsasloweringrisk LowerRiskComparedtoDevelopingNewProducts ReasonsforMakingA
9、cquisitions ItmaybeeasiertodevelopandintroducenewproductsinmarketscurrentlyservedbythefirmItmaybedifficulttodevelopnewproductsformarketsinwhichafirmlacksexperienceitisuncommonforafirmtodevelopnewproductsinternallytodiversifyitsproductlinesacquisitionsarethequickestandeasiestwaytodiversifyafirmandcha
10、ngeitsportfolioofbusiness IncreasedDiversification ReasonsforMakingAcquisitions FirmsmayuseacquisitionstoreducetheirdependenceononeormoreproductsormarketsReducingacompany sdependenceonspecificmarketsaltersthefirm scompetitivescope ReshapingtheFirms CompetitiveScope ReasonsforMakingAcquisitions Acqui
11、sitionsmaygaincapabilitiesthatthefirmdoesnotpossessAcquisitionsmaybeusedtoacquireaspecialtechnologicalcapabilitybroadenafirm sknowledgebasereduceinertia LearningandDevelopingNewCapabilities ProblemsWithAcquisitions ProblemsWithAcquisitions Integrationchallengesincludemeldingtwodisparatecorporatecult
12、ureslinkingdifferentfinancialandcontrolsystemsbuildingeffectiveworkingrelationships particularlywhenmanagementstylesdiffer resolvingproblemsregardingthestatusofthenewlyacquiredfirm sexecutiveslossofkeypersonnelweakenstheacquiredfirm scapabilitiesandreducesitsvalue IntegrationDifficulties ProblemsWit
13、hAcquisitions Evaluationrequiresthathundredsofissuesbecloselyexamined includingfinancingfortheintendedtransactiondifferencesinculturesbetweentheacquiringandtargetfirmtaxconsequencesofthetransactionactionsthatwouldbenecessarytosuccessfullymeldthetwo地位正勤勉Ineffectivedue diligenceprocessmayresultinpayin
14、gexcessivepremiumforthetargetcompany InadequateEvaluationofTarget ProblemsWithAcquisitions FirmmaytakeonsignificantdebttoacquireacompanyHighdebtcanincreasethelikelihoodofbankruptcyleadtoadowngradeinthefirm screditratingprecludeneededinvestmentinactivitiesthatcontributetothefirm slong termsuccess Lar
15、georExtraordinaryDebt ProblemsWithAcquisitions SynergyexistswhenassetsareworthmorewhenusedinconjunctionwitheachotherthanwhentheyareusedseparatelyFirmsexperiencetransactioncostswhentheyuseacquisitionstrategiestocreatesynergyFirmstendtounderestimateindirectcostswhenevaluatingapotentialacquisition Inab
16、ilitytoAchieveSynergy ProblemsWithAcquisitions DiversifiedfirmsmustprocessmoreinformationofgreaterdiversityScopecreatedbydiversificationmaycausemanagerstorelytoomuchonfinancialratherthanstrategiccontrolstoevaluatebusinessunits performancesAcquisitionsmaybecomesubstitutesforinnovation TooMuchDiversification ProblemsWithAcquisitions ManagersintargetfirmsmayoperateinastateofvirtualsuspendedanimationduringanacquisitionExecutivesmaybecomehesitanttomakedecisionswithlong termconsequencesuntilnegotiatio
