《国际企业并购》Ch2- Trends of Global MA and Restructuring.pptVIP

* * * * * * * * * * * * * * * Conglomerate P/E Ratios in the 1960s Corporation 1960s High 1970 Value Gulf Western 17.2 7.6 ITT 21.6 14.4 Litton Industries 45.5 14.3 Teledyne 41.6 13.3 Tenneco 15.1 11.3 Textron 21.7 10.5 All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Number of Mergers in 1970s Source: Mergerstat Review All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Fourth Merger Wave 1981-1989 All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Fourth Merger Wave 1981-1989 Source: Thomson Financial Securities Data All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Characteristics of 4th Merger Wave Number of Hostile Mergers Up Size of Targets Larger Industry Trends – more mergers within certain industries Example: Oil and Natural Gas Deregulation – Banking Example: Airlines Role of the Raider Carl Icahn Paul Bilzarian Belzbergs All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Fourth Wave cont. Development of Antitakeover Strategies and Tactics Role of Investment Bankers and Attorneys Development of Laws: federal and state All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Fourth Wave cont. Development of the Junk Bond Market Michael Milken Drexel, Burnham Lambert High Number of Leveraged Buyouts and Going Private Transactions Relaxed Antitrust Enforcement All Rights Reserved. ? May not be reproduced, copied, or otherwise used without the express, written permission of Dr. Patrick Gaughan Fifth Merger Wave 1994 – 2001 Roll-ups and Consolidations of