战略管理流程讲义(英文版!7解析.ppt

Chapter 7 Acquisition and Restructuring Strategies Ch7-* 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 competitive advantage Acquisition A transaction where one firm buys another firm with the intent of more effectively using a core competence by making the acquired firm a subsidiary within its portfolio of businesses Takeover An acquisition where the target firm did not solicit 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 Overcome entry barriers Lower risk compared to developing new products Cost of new product development Increased speed to market Increased diversification Avoid excessive competition Acquisitions Reasons for Acquisitions Reasons for Acquisitions Example: Belgian-Dutch Fortis’ acquisition of American Banker’s Insurance Group Example: Watson Pharmaceuticals’ acquisition of TheraTech Example: British Petroleum’s acquisition of U.S. Amoco Increased Market Power Acquisition intended to reduce the competitive balance of the industry Overcome Barriers to Entry Acquisitions overcome costly barriers to entry which may make “start-ups” economically unattractive Buying established businesses reduces risk of start-up ventures Lower Cost and Risk of New Product Development Example: General Electric’s acquisition of NBC Example: Kraft Food’s acquisition of Boca Burger Example: CNET’s acquisition of mySimon Reasons for Acquisitions Increased Speed to Market Closely related to Barriers to Entry, allows market entry in a more timely fashion Diversification Quick way to move into businesses when firm currently lacks experience and depth in industry Reshaping Competitive Scope Fir