企业财务知识培训资料ppt 20001).ppt

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1、TypesofmergersMergeranalysisRoleofinvestmentbankersCorporatealliances,LBOs,divestitures,andholdingcompaniesCHAPTER21Mergers,LBOs,Divestitures,andHoldingCompaniesSynergy:Valueofthewholeexceedssumoftheparts.Couldarisefrom:OperatingeconomiesFinancialeconomiesDifferentialmanagement

2、efficiencyIncreasedmarketpowerTaxes(useaccumulatedlosses)Whydomergersoccur?Break-upvalue:Assetswouldbemorevaluableifsoldtosomeothercompany.DiversificationPurchaseofassetsatbelowreplacementcostGetbiggerusingdebt-financedmergerstohelpfightofftakeoversWhataresomequestionablereason

3、sformergers?FiveLargestcompletedandproposedmergers,asofJanuary2000BuyerAmericaOnlineVodafoneAirTouchMCIWorldComExxonBellAtlanticTargetTimeWarnerMannesmannSprintMobilGTEValue$160.0billion148.6billion128.9billion85.2billion85.0billionFriendlymerger:Themergerissupportedbythemanage

4、mentsofbothfirms.DifferentiatebetweenhostileandfriendlymergersHostilemerger:Targetfirm’smanagementresiststhemerger.Acquirermustgodirectlytothetargetfirm’sstockholderstrytoget51%totendertheirshares.Often,mergersthatstartouthostileendupasfriendlywhenofferpriceisraised.Accesstonew

5、marketsandtechnologiesMultiplepartiessharerisksandexpensesRivalscanoftenworktogetherharmoniouslyAntitrustlawscansheltercooperativeR&DactivitiesReasonswhyalliancescanmakemoresensethanacquisitionsNetsales$60.0$90.0$112.5$127.5Costofgoodssold(60%)36.054.067.576.5Selling/admin.expe

6、nses4.56.07.59.0Interestexpense3.04.54.56.0EBT$16.5$25.5$33.0$36.0Taxes(40%)6.610.213.214.4Netincome$9.9$15.3$19.8$21.6Retentions0.07.56.04.5Cashflow$9.9$7.8$13.8$17.1MergerAnalysis(InMillions)2001200220032004CashFlowStatementsafterMergerOccursEstimatedcashflowsareresidualswhic

7、hbelongtoacquirer’sshareholders.Theyareriskierthanthetypicalcapitalbudgetingcashflows.Becausefixedinterestchargesarededucted,thisincreasesthevolatilityoftheresidualcashflows.Conceptually,whatistheappropriatediscountratetoapplytotarget’scashflows?(More...)Becausethecashflowsarer

8、iskyequityflows,theyshouldbediscountedusingthecostofeq