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1、,Chapter 7,Acquisition and Restructuring Strategies,Mergers and Acquisitions,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 tra
2、nsaction where one firm buys another firm with the intent of more effectively using a core competence by making the acquired firm a subsidiary,Takeover,An acquisition where the target firm did not solicit (恳求) the bid of the acquiring firm,Problems in Achieving Success,Reasons for Acquisitions,Reaso
3、ns for Acquisitions,Example: Belgian-Dutch Fortis acquisition of American Bankers Insurance Group,Example: S acquired ChinaR,Example: British Petroleums acquisition of U.S. Amoco,Example: Nortels acquisition of Bay Networks,Example: Kraft Foods acquisition of Boca Burger,Example: JiaoDas acquisition
4、 of Caiyuan,Reasons for Acquisitions,Problems with Acquisitions,Example: Marks and Spencers acquisition of Brooks Brothers,Example: Intels acquisition of DECs semiconductor division,Example: AgriBioTechs acquisition of dozens of small seed firms,Example: Ford and Jaguar,Example: JiaoDa and Caiyuan,E
5、xample: GE-prior to selling businesses and refocusing,Problems with Acquisitions,Attributes of Effective Acquisitions,Attributes of Effective Acquisitions,Example: Procter & Gambles cutting of its worldwide workforce by 15,000 jobs,Restructuring Activities,Example: Disneys selling of Fairchild Publi
6、cations,Leveraged Buyout (LBO),-A party buys a firms entire assets in order to take the firm private. -occurs when a corporations shareholders are bought by the companys management and other private investors using borrowed funds (leverage / interests) -hostile takeover can be avoided -senior manage
7、ment decisions that particular divisions do not fit into an overall corporate strategy or must be sold to raise cash, or receipt of an attractive offering price.,Restructuring Activities,Restructuring and Outcomes,Downsizing,Alternatives,Short-Term Outcomes,Long-Term Outcomes,Restructuring and Outco
8、mes,Downsizing,Reduced Labor Costs,Loss of Human Capital,Lower Performance,Alternatives,Short-Term Outcomes,Long-Term Outcomes,Restructuring and Outcomes,Downscoping,Reduced Debt Costs,Downsizing,Reduced Labor Costs,Loss of Human Capital,Lower Performance,Alternatives,Short-Term Outcomes,Long-Term Outcomes,Restructuring and Outcomes,
