公司金融_Mergers and Acquisitions.pptx

Corporate Finance;The Basic Forms of Acquisitions;Merger versus Consolidation;Merger versus Consolidation;Acquisition of Stock;Acquisition of Assets;Synergy;Synergy;Sources of Synergy;How Is the Synergy Shared?;An Exercise;Calculating Value;Two “Bad” Reasons for Mergers;Two “Bad” Reasons for Mergers;A cost to stockholders: Overview;A Cost to Stockholders;A Cost to Stockholders ;A Cost to Stockholders ;An exercise;The NPV of a Merger;Cash Acquisition;An example;Stock Acquisition;An example (cont’d);Cash Vs. Stock ;An example (cont’d);An example (cont’d);Friendly vs. Hostile Takeovers;Defensive Tactics;More (Colorful) Terms;Do Mergers Add Value?;Going Private and Leveraged Buyouts;An Exercise;Key Points