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smoothly + Careful Selection Process Deliberate evaluation and negotiations is more likely to lead to easy integration and building synergies + Maintain Financial Slack (充足的資金 ) Provide enough additional financial resources so that profitable projects would not be foregone + Attributes of Effective Acquisitions LowtoModerate Debt Merged firm maintains financial flexibility + Flexibility Has experience at managing change and is flexible and adaptable + Emphasize Innovation Continue to invest in RD as part of the firm’s overall strategy + Example: Procter Gamble’s cutting of its worldwide workforce by 15,000 jobs Restructuring Activities Example: Disney’s selling of Fairchild Publications Downsizing Wholesale reduction of employees Downscoping Reducing scope of operations Selectively divesting or closing noncore businesses Leads to greater focus Leveraged Buyout (LBO) A party buys a firm’s entire assets in order to take the firm private. occurs when a corporation’s shareholders are bought by the pany’s management and other private investors using borro