商务英语阅读_第二版_王关富_unit_12.docx

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1、Unit12GlobalM&AExercises1.Answerthequestionsonthetext.1)WhatdoestheauthorexpectM&Aactivitytobein2011?TheauthorexpectsthatM&Aactivitywillcontinuetogrowthinnumberandstrengthwiththeglobaleconomicrecoveryandtheimprovementoffinancialandcreditmarketconditions.2)Whatmustcompaniesalsocon

2、sideraboutM&Abesidesfavorablefactorslikeabundantcashandimprovingeconomicconditions?CompaniesmustalsoconsidertherecentoppositiontocertainM&Adealsbyactivistsandsomeshareholdersandtheirpreferencetootherstrategies.3)Whatdoyouthinkunsolicitedtransactions,hostileacquisitionsanddealjump

3、ingsareincommon?Passivityonthetargetcompanyandoutofitsexpectation.4)Whatmayfurtherencourageunsolicitedtransactions?Recentsuccessofhostileacquirersinforcingtargetcompaniestonegotiateandacceptdealsthoughoccasionallytakingalongtime.5)Whatarethefeaturesandtrendsofprivateequityfirms?T

4、heyareseekinganexitfromportfoliocompaniesandareseeingM&Aasanincreasinglyattractivealternativetocapitalmarkettransactions.6)Whatisantenderoffer?Itisapublic,openofferorinvitationbyaprospectiveacquirertoallstockholdersofapubliclytradedcorporation(thetargetcorporation)topurchasesomeo

5、ralloftheirshares.Thepriceofferedisusuallyatapremiumtothemarketprice.Inatenderoffer,thebiddercontactsshareholdersdirectly;sothedirectorsofthecompanymayormaynothaveendorsedthetenderofferproposal.7)WhatarethekeydealissuesinM&Atransactions?(1)reversebreak-upfees(2)capsondamagespayab

6、lebyacquirersfailingtoclose(3)theavailabilityofspecificperformanceremediestocompelapartytocompleteanacquisition8)HowdoUSandUKtakeoversystemsdiffer?InUStakeoversystem,statecaselawallowstargetboardstotakedefensivemeasureswithincertainlimits.Inordertocorrecttheperceivedimbalance,UKd

7、isallowsdealprotectionmechanisms;setsadefaultperiodinwhichabidderwillhavetoeitherannounceafullyfinancedbidorwalkaway;andimplementsothermeasurestoenhancebid-relateddisclosure.9)WhataretheviewsontheburdenofextendingbidsintotheU.S?(1)SomeofbothEuropeanregulatorsandbiddersfearthatthe

8、extensionofpaperbidsintotheUSmaybetoobur