通信行业7企业并购与重组(23页)解析.pptVIP

Acquisition and Restructuring Strategies Michael A. Hitt R. Duane Ireland Robert E. Hoskisson Mergers and Acquisitions Merger: a strategy through which two firms agree to integrate their operations on a relatively co-equal basis Acquisition: a strategy through which one firm buys a controlling interest in another firm with the intent of making the acquired firm a subsidiary business within its own portfolio Takeover: a special type of an acquisition strategy wherein the target firm did not solicit the acquiring firm’s bid Reasons for Making Acquisitions Reasons for Making Acquisitions: Factors increasing market power when a firm is able to sell its goods or services above competitive levels or when the costs of its primary or support activities are below those of its competitors usually is derived from the size of the firm and its resources and capabilities to compete Market power is increased by horizontal acquisitions vertical acquisitions related acquisitions Reasons for Making Acquisitions: Barriers to entry include economies of scale in established competitors differentiated products by competitors enduring relationships with customers that create product loyalties with competitors acquisition of an established company may be more effective than entering the market as a competitor offering an unfamiliar good or service that is unfamiliar to current buyers provides a new entrant with immediate market access Reasons for Making Acquisitions: Significant investments of a firm’s resources are required to Develop new products internally introduce new products into the marketplace Acquisition of a competitor may result in more predictable returns faster market entry rapid access to new capabilities Reasons for Making Acquisitions: An acquisition’s outcomes can be estimated more easily and accurately compared to the outcomes of an internal product development process Therefore managers may view acquisitions as lowering risk Reasons for Making Acquisitions: It may