現(xiàn)代企業(yè)財(cái)務(wù)管理--兼并與收購(gòu)-資料下載頁(yè)
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【正文】 erged firm at a bargain price, contingent on another firm acquiring control. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 3021 Some Evidence on Acquisitions: The Short Run Takeover Successful Unsuccessful Technique Targets Bidders Targets Bidders Tender offer 30% 4% 3% 1% Merger 20% 0% 3% 5% Proxy contest 8% NA 8% NA McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 3022 Some Evidence on Acquisitions: The Long Run ? In the long run, the shareholders of acquiring firms experience below average returns. ? Cashfinanced mergers are different than stockfinanced mergers. ? Acquirers can be friendly or hostile. The shares of hostile cash acquirers outperformed those of friendly cash acquirers. One explanation is that unfriendly cash bidders are more likely to replace poor management. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 3023 The Japanese Keiretsu ? Keiretsu are reciprocal shareholding and trading agreements between firms. ? Usually a group of firms affiliated around a large bank, industrial firm, or trading firm. ? Nobody knows for sure if forming a keiretsu pays off or not. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 3024 Summary and Conclusions ? The three legal forms of acquisition are 1. Merger and consolidation 2. Acquisition of stock 3. Acquisition of assets ? MA requires an understanding of plicated tax and accounting rules. ? The synergy from a merger is the value of the bined firm less the value of the two firms as separate entities. )(Synerg y BAAB VVV ???McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 3025 Summary and Conclusions ? The possible synergies of an acquisition e from the following: – Revenue enhancement – Cost reduction – Lower taxes – Lower cost of capital ? The reduction in risk may actually help existing bondholders at the expense of shareholders. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 3026 演講完畢，謝謝觀看！
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