战略管理课件兼并与并购Mergersandacquisitions.ppt

Welcome to BM301 Strategic Management Strategic Development Methods Mergers and Acquisitions Strategic Method The “ Method” vector for corporate development can be adopted by the firm to fulfil its strategy in any of the Ansoff quadrants. The Method Vector can be sub-divided into: Internal Development Joint Development External Development - Acquisitions Mergers Or put another way … Internal Development This method is often referred to as Organic Growth. The following highlights this method: It is a natural and sequential move It tends to be slow It can be a high cost strategy but this can be spread over time It adds to capacity and therefore to competition The firm may face entry barriers External Development - Acquisitions Mergers Acquisitions Mergers are the most obvious form of external development and such a method exhibits the following characteristics: Faster Side steps entry barriers Does not add to capacity May be costly - purchase cost and integration costs Direction and Method are linked The direction - products and markets are linked with the method vector as firms can use external growth through MA etc to meet directional goals. Mergers and Acquisitions Definitions Motivations Selecting the target Paying for the target Fending off the bid MA in the UK Definitions An acquisition is a combination of two or more businesses in which one firm acquires the assets and liabilities of the other (s). Acquisitions can be contested or agreed. A merger is similar, usually agreed. The process usually creates a new entity when the shares in the two companies are pooled to create the new firm through the creation of new stock in an agreed proportion. Hamill’s Model (1991) Strategic Motives Economic Motives Behavioural and Managerial Motives Financial Motives Strategic Motivations Instant growth Buy rather than build market share Diversification Competitive motives remove a competitor market control Defensive motives - prevent a hostile bid Economic Mo