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ID:7283401
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页数:22页
时间:2018-02-10
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1、1DiversificationviaAcquisitionK.SANKARANANDVISHWANATHS.R.CHAPTEROBJECTIVESProvidesarationalefordiversificationasastrategyHighlightsthedifferenttypesofsynergyinanacquisitionSummarizesresearchondiversificationAnacquisitionisthepurchasebyonecompany(theacquirer)ofasubstant
2、ialpartoftheassetsorsecuritiesofanother(thetargetcompany).Thepurchasemaybeadivisionofthetargetcompanyoralargepart(orall)ofthetargetcompanysvotingshares.Thepurchasecantakeontwoforms:amergerproposaloratenderoffer.Amergerproposalinvolvesnegotiationwiththetargetcompanys
3、managers(directors).Ifthemanagersapprovetheproposal,theshareholdersthenvoteontheproposeddeal.Atenderoffer,incontrast,involvesmakingadirectoffertothetargetcompanysshareholders.Theshareholderscandecidewhethertotenderornot.Sincetenderoffersdonotrequireapprovalofthetarg
4、etcompanysmanagers,theyaretermedashostiletakeovers.TheaggregatenumberoftransactionsintheUnitedStates(US)hasrisendramaticallyinthelate1990s,withthevalueoftransactionsreachingUS$1.3trillionin1999(Exhibit1.1)Thevalueofcross-borderacquisitionsintheworldin1999wasUS$720.1
5、billion.Exhibit1.2presentsthetop10cross-borderMergersandAcquisitions(M&A)dealscompletedduring198799.Untilrecently,corporateacquisitionshaveplayedamuchlessprominentroleinAsiaandEuropethaninAmerica.2K.SEXHIBITANKARANANDVISHWANATHS.R.1.1M&AactivityintheUSValueofDeals25
6、002000no1500llii1000US$b5000161116212631Year19702002YearValue(US$billion)DiversificationviaAcquisition3EXHIBIT1.2Top10cross-borderM&Adealscompletedduring1987–99YearAcquiringcompanyAcquiredcompanyValue(US$billion)1999VodafoneGroupLLCAirTouchComm.60.31998BritishPetrole
7、umAmocoCorp.48.21998Daimler-BenzChryslerCorp.40.51999ZenecaGroupAstraAB34.61999MannessmannOrangePlc32.61999Rhone-PoulencHoechstAG21.91998ZurichVerischerungsBATIndustries18.41999DeutscheTelecomOne2One13.61999RepsolSAYPFSA13.21999ScottishPowerPacificCorp.12.6Source:Uni
8、tedNations2000WorldInvestmentReport.Indeed,alargefractionofacquisitionactivityisconcentratedintheUS.Thetrendisnowchanging.Severalfactorsar
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