principles of corporate finance mergers

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1、confirmingpagesPART10CHAPTER"""""31MERGERS,CORPORATECONTROL,ANDGOVERNANCEMergers!ThescaleandpaceofmergeractivityintheUnited•Mechanics.Legal,tax,andaccountingissues.Stateshavebeenremarkable.In2006,arecordyear•Takeoverbattlesandtactics.Welookatmergerformergers,U.S.companieswereinvolvedindealstacti

2、csandshowsomeoftheeconomicforcestotalingnearly$1.5trillion.Duringsuchperiodsofdrivingmergeractivity.intensemergeractivity,managementspendssignificant•Mergersandtheeconomy.Howcanweexplainamountsoftimeeithersearchingforfirmstoacquireormergerwaves?Whogainsandwholosesasaworryingaboutwhethersomeother

3、firmwillacquireresultofmergers?them.AmergeraddsvalueonlyifthetwocompaniesareMergersarepartlyabouteconomiesfromcombiningworthmoretogetherthanapart.Thischaptercoverswhytwofirms,buttheyarealsoaboutwhogetstorunthetwocompaniescouldbeworthmoretogetherandhowcompany.Pickamerger,andyou’llalmostalwaysfind

4、togetthemergerdealdoneiftheyare.Manymarriagesthatonefirmistheprotagonistandtheotheristhebetweencompaniesareamicable,butsometimesonetarget.Thetopmanagementofthetargetfirmusuallypartyisdraggedunwillinglytothealtar.Sowealsolookdepartsafterthemerger.atwhatisinvolvedinhostiletakeovers.Financialeconom

5、istsnowviewmergersaspartofaWeproceedasfollows.broadermarketforcorporatecontrol.Theactivityinthismarketgoesfarbeyondordinarymergers.Itincludes•Motives.Sourcesofvalueadded.leveragedbuyouts(LBOs),spin-offsanddivestitures,•Dubiousmotives.Don’tbetempted.andalsonationalizationsandprivatizationswhereth

6、e•Benefitsandcosts.It’simportanttoestimatethemgovernmentacquiresorsellsabusiness.Thesearetheconsistently.subjectofthenextchapter."""""31-1SensibleMotivesforMergersTable31.1listsafewrecentmergers.Noticethatmostofthesearehorizontalmergers,thatis,combinationsoftwofirmsinthesamelineofbusiness.Tworec

7、entheadline-grabbingexamplesarePfizer’sacquisitionofWyethandBankofAmerica’sacquisitionofMerrillLynch.Averticalmergerinvolvescompaniesatdifferentstagesofproduction.Thebuyerexpandsbacktowardthesourceofrawmaterialsorforwardinth