资源描述：
《corporate finance mergers and acquisitions》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、CHAPTER29MergersandAcquisitionsPARTEIGHTInlate2005,SBCCommunication’s$16billionacquisitionanNPVof$15billion.Ofcourse,thecostsavingswereofvenerablephonecompanyAT&Twascompleted.Theonlyanestimate,andmanytimestheseestimatesareacquisitionbySBCwastheendofalong,strangeroadincorrect.FortunatelyforAT&T/SB
2、C,thiswasthecase.forAT&T,whichhadbeenforcedtosplitintothe“BabyInFebruary2006,thecompanyannouncedthattheBells”byregulatorsin1984.SBCCommunicationswasupdatedforecastforthedeal’sNPVwas$18billion,aoneoftheBabyBellssplitfromAT&T.InanodtoAT&T’s20percentincrease.historyandnamebrandreputation,eventhoughS
3、BCHowdocompanieslikeSBCdeterminewhetherwastheacquiringcompany,thenewcompanykepttheanacquisitionisagoodidea?ThischapterexploresAT&Tname.reasonsthatmergersshouldtakeplace—andjustasSowhywouldSBCpurchaseAT&T?Themainimportant,reasonswhytheyshouldnot.reasonwascostsavings,whichwereestimatedtohave29.1The
4、BasicFormsofAcquisitionsAcquisitionsfollowoneofthreebasicforms:(1)mergerorconsolidation,(2)acquisitionofstock,and(3)acquisitionofassets.MergerorConsolidationAmergerreferstotheabsorptionofoneÞrmbyanother.TheacquiringÞrmretainsitsnameandidentity,anditacquiresalloftheassetsandliabilitiesoftheacquire
5、dÞrm.Afteramerger,theacquiredÞrmceasestoexistasaseparatebusinessentity.AconsolidationisthesameasamergerexceptthatanentirelynewÞrmiscreated.InaconsolidationboththeacquiringÞrmandtheacquiredÞrmterminatetheirpreviouslegalexistenceandbecomepartofthenewÞrm.MergerBasicsSupposefirmAacquiresfirmBinamerger.
6、Further,supposefirmB’ssharehold-ersaregivenoneshareoffirmA’sstockinexchangefortwosharesoffirmB’sstock.Fromalegalstandpoint,firmA’sshareholdersarenotdirectlyaffectedbythemerger.However,firmB’ssharesceasetoexist.Inaconsolidation,theshareholdersoffirmAandfirmBexchangetheirsharesforsharesofanewfirm(e.g.,firmC
7、).EXAMPLE29.1812ros05902_ch29.indd8129/26/063:25:23PMChapter29MergersandAcquisitions813Becauseofthesimilaritiesbetweenmergersandconsolidations,weshallrefertobothtypesofreorganizationasmergers.Herearetwoimportantpointsa
