ExternalGrowththroughMergers文件材料.ppt

External Growth through Mergers;Chapter Outline;Financial Motives (cont’d);Tax Loss Carryforward;Tax Loss Carryforward (cont’d);Nonfinancial Motives;Motives of Selling Stockholders;Cash Purchases;Cash Purchases (cont’d);Postmerger Earnings Per Share;Possibilities of Mergers based on Stock-for-Stock Exchanges;Portfolio Effect;Risk-Reduction Portfolio Benefits;Accounting Considerations in Mergers and Acquisitions;Purchase of Assets;Evaluation of Goodwill;Negotiated versus Tendered Offers;Negotiated versus Tendered Offers (cont’d);Protective Measures against a Takeover Tender Offer;Premium Offers and Stock Price Movements;Premium Offers and Stock Price Movements (cont’d);Stock Movement of Potential Acquirees;Two-Step Buyout;Two-Step Buyout (cont’d);International Financial Management;Chapter Outline;Growing Interdependency;One U.S. Dollar to the British Pound and Euro;International Sales of Selected U.S. Companies;The Multinational Corporation: Nature and Environment;The Multinational Corporation: Nature and Environment (cont’d);The Multinational Corporation: Nature and Environment (cont’d);Factors Influencing Exchange Rates;Exchange Rated to the Dollar;Other Factors Influencing Exchange Rates;Other Factors Influencing Exchange Rates (cont’d);Other Factors Influencing Exchange Rates (cont’d);Spot Rates and Forward Rates;Cross Rates – Key Currency Cross Rates as of February 21, 2006;Managing Foreign Exchange Risk ;Translation Exposure;Transaction Exposure;Other Forms of Protection against Foreign Exchange Risk;Foreign Investment Decisions;Risk Reduction from International Diversification;Foreign Investment Decisions (cont’d);Guarding Against Political Risk;Financing International Business Operations;Financing International Business Operations (cont’d);Funding of Transactions;Funding of Transactions (cont’d);Some Unsettled Issues in International Finance