企业财务知识培训资料.pptVIP

Types of mergers Merger analysis Role of investment bankers Corporate alliances, LBOs, divestitures, and holding companies;Synergy: Value of the whole exceeds sum of the parts. Could arise from: Operating economies Financial economies Differential management efficiency Increased market power Taxes (use accumulated losses);Break-up value: Assets would be more valuable if sold to some other company.;Diversification Purchase of assets at below replacement cost Get bigger using debt-financed mergers to help fight off takeovers;Five Largest completed and proposed mergers, as of January 2000;Frie