战略管理(第十章).ppt

Chapter 10Studying Mergers and Acquisitions OBJECTIVES THE eBAY-PAYPAL ACQUISITION THE eBAY-PAYPAL BUSINESS MODELS MERGER VS. ACQUISITION MOTIVES FOR MERGERS AND ACQUISITIONS MA – A VEHICLE THAT IMPACTS ALL ELEMENTS OF THE STRATEGY DIAMOND US ACQUISITION ACTIVITY UPs AND DOWNs AT SNAPPLE BENEFITS AND DRAWBACK OF ACQUISITIONS OVER INTERNAL DEVELOPMENT CLASSIFICATION OF ACQUISITIONS PRICING MERGERS AND ACQUISITIONS PREMIUMS THE SYNERGY TRAP HOW WOULD YOU DO THAT? – PAYPAL ACQUISITION PAYING TOO MUCH THE ACQUISITION PROCESS ACQUISITION SCREENING ABSORPTION PRESERVATION HOLDING SYMBIOSIS SYMBIOSIS KEY LESSONS FOR IMPLEMENTING M As MAs AND INDUSTRY LIFE CYCLE MAs IN DYNAMIC CONTEXTS SUMMARY Unit of measure * Footnote Source: Source CONFIDENTIAL Document Date This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from McKinsey Company. This material was used by McKinsey Company during an oral presentation; it is not a complete record of the discussion. Explain the motivations behind acquisitions and show how they’ve changed over time 1 Explain why mergers and acquisitions are important vehicles of corporate strategy 2 Identify the various types of acquisitions 3 Understand how the pricing of acquisitions affects the realization of synergies 4 Outline the alternative ways to integrate acquisition and explain the implementation process 5 Discuss the characteristics of acquisitions in different industry contexts 6 The partnership made sense … … but would it work? Rely on transaction-based revenue No inventory or warehousing No sales force Can we recoup the $250 millionpremium we paid with savingsand revenue growth? eBay business model Posts auction, pays fee Wins auction eBay Buyer Seller Contract and payment occur between buyer and seller PayPal business model PayPal Payee Payer eBay revenue comes from