企业承购

Megers & Acquisitions
Three Areas of Study
1. Determining if a Merger creates value (then developing an offer price)
2. Evaluating M&A offers in the market place (your case analysis assignment)
3. M&A Strategies (biggest area of "talk")Megers & Acquisitions
Three Areas of Study
1. Determining if a Merger creates value (then developing an offer price)
2. Evaluating M&A offers in the market place (your case analysis assignment)
3. M&A Strategies (biggest area of "talk")Today - Cover both
Part 1 & 3 via lecture
Part 2 via example1997 and 1998 Mergers
Sensible Reasons for Mergers
Economies of Scale
A larger firm may be able to reduce its per unit cost by using excess capacity or spreading fixed costs across more units.
Sensible Reasons for Mergers
Economies of Vertical Integration
- Control over suppliers "may" reduce costs.
- Over integration can cause the opposite effect.
Sensible Reasons for Mergers
Economies of V

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