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ID:57974746
大小:4.09 MB
页数:27页
时间:2020-09-04
《战略管理(第十章).ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、Chapter10StudyingMergersandAcquisitionsOBJECTIVESExplainthemotivationsbehindacquisitionsandshowhowthey’vechangedovertime1Explainwhymergersandacquisitionsareimportantvehiclesofcorporatestrategy2Identifythevarioustypesofacquisitions3Understandhowthepricingofacquisitionsaffec
2、tstherealizationofsynergies4Outlinethealternativewaystointegrateacquisitionandexplaintheimplementationprocess5Discussthecharacteristicsofacquisitionsindifferentindustrycontexts61THEeBAY-PAYPALACQUISITIONThepartnershipmadesense……butwoulditwork?Relyontransaction-basedrevenue
3、NoinventoryorwarehousingNosalesforceCanwerecoupthe$250millionpremiumwepaidwithsavingsandrevenuegrowth?2THEeBAY-PAYPALBUSINESSMODELSeBaybusinessmodelPostsauction,paysfeeWinsauctioneBayBuyerSellerContractandpaymentoccurbetweenbuyerandsellerPayPalbusinessmodelPayPalPayeePay
4、ereBayrevenuecomesfromsellerspayingauctionpostingfeesPayPal’srevenuecomesfromfloatinthepersonalaccountsandfeesforpre-mierandbusinessaccountsSendsmoneyReceivesmoney(paysfee)3MERGERVS.ACQUISITIONMergerAcquisitionAABBCAThepurchaseofonefirmbyanothersothatownershiptransfersThe
5、“merger”ofDaimlerwithChryslerin1997isconsideredbymanytohavebeenanacquisitionindisguiseTheconsolidationorcombinationofonefirmwithanother4MOTIVESFORMERGERSANDACQUISITIONSSometimestermed“Managerialism”,managercanconceivablymakeacquisitions-andevenwillinglyoverpayforthem-
6、tomaximizetheirowninterestsattheexpenseofshareholderwealthManagersmaymakemis-takenvaluationandhaveunwarrantedconfidenceintheirvaluationandintheirabilitytocreatevaluebecauseofpride,over-confidence,orarroganceManagersmaybelievethatthevalueofthefirmscombinedcanbegreaterthanth
7、esumofthetwoindependentlyReducedthreatsIncreasedmarketpowerandaccessRealizedcostsavingsIncreasedfinancialstrengthSharingandleveragingcapabilitiesManagerialself-interestHubrisSynergy5M&A–AVEHICLETHATIMPACTSALLELEMENTSOFTHESTRATEGYDIAMONDM&AandtheStrategyDiamondWhilemergersa
8、ndacquisitionareexplicitlyvehiclesofstrategy,theyhavemajorimplicationsforarenasstaging,an
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