【正文】
Chapter 7 Acquisition and Restructuring Strategies Mergers and Acquisitions Merger A transaction where two firms agree to integrate their operations on a relatively coequal basis because they have resources and capabilities that together may create a stronger petitive advantage Acquisition A transaction where one firm buys another firm with the intent of more effectively using a core petence by making the acquired firm a subsidiary Takeover An acquisition where the target firm did not solicit (懇求 ) the bid of the acquiring firm Problems in Achieving Success Integration difficulties Inadequate evaluation of target Too much diversification Large or extraordinary debt Inability to achieve synergy Managers overly focused on acquisitions Too large Increased market power Overe entry barriers Lower risk pared to developing new products Cost of new product development Increased speed to market Increased diversification Avoid excessive petition Acquisitions Reasons for Acquisitions Reasons for Acquisitions Example: BelgianDutch Forti