takeovers mergers and managing business unitsp3收购合并管理业务部门.pdfVIP

01TECHNICAL

TAKEOVERS,

ANDMANAGING

RELEVANTTOACCAQUALIFICATIONPAPERP3

TAKEOVERSANDMERGERSCANGIVE1Marketgrowth,forexample,bytakingoveracompetitor.

Thiscouldproducesynergythrougheconomiesofscale

RAPIDACCESSTONEWMARKETSandefficiencygains,andcandecreasethethreatfrom

ANDTONEWPRODUCTLINES.HOWEVER,competitors.Bothoftheseshouldhelptoincrease

shareholderwealth.Thereis,intheory,relativelylittlerisk

THEREISSOMEGREATERRISKasthecompanyisstayingonitshometerritorywhichit

PRESENTBECAUSENEWAREASAREknowswell,butseetheinformationabouttheMorrison’s–

Safewaymergeronpage6.

BEINGEXPLORED.2Marketdevelopmentandproductdevelopment.Takeovers

andmergerscangiverapidaccesstonewmarkets

SynergyisdefinedbyGooldandCampbellas‘linksbetweenandtonewproductlines.Thereissomegreaterrisk

businessunitsthatresultinadditionalvaluecreation’.presentbecausenewareasarebeingexploredandthere

Takeoversandmergersareoftenpromotedasmethodsofisasymmetryofinformationinsofarasthesellersof

increasingshareholderwealth,butinwhatcircumstancesiscompaniesinthesenewareasusuallyknowmorethan

thatlikelytooccur?Howwilltheneces