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BUS 499, Week 6: Acquisition and Restructuring Strategies
Slide #
Topic
Narration
1
Introduction
Welcome to Business Administration.
In this lesson we will discuss Acquisition and Restructuring Strategies.
Please go to the next slide.
2
Objectives
Upon completion of this lesson, you will be able to:
Identify various levels and types of strategy in a firm.
Please go to the next slide.
3
Supporting Topics
In order to achieve this objective, the following supporting topics will be covered:
The popularity of merger and acquisition strategies;
Reasons for acquisitions;
Problems in achieving acquisition success;
Effective acquisitions; and
Restructuring.
Please go to the next slide.
4
The Popularity of Merger and Acquisition Strategies
The acquisition strategy has been a popular strategy among U.S. firms for many years. Some believe that this strategy played a central role in an effective restructuring of U.S. business during the 1980s and 1990s and into the twenty-first century.
An acquisition strategy is sometimes used because of the uncertainty in the competitive landscape. A firm may make an acquisition to increase its market power because of a competitive threat, to enter a new market because of the opportunity available in that market, or to spread the risk due to the uncertain environment.
The strategic management process calls for an acquisition strategy to increase a firm’s strategic competitiveness as well as its returns to shareholders. Thus, an acquisition strategy should be used only when the acquiring firm will be able to increase its value through ownership of the acquired firm and the use of its assets.
Please go to the next slide.
5
Mergers, Acquisitions, and Takeovers
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On a comparative basis, acquisitions are more common than mergers and takeovers.
Please go to the next slide.
6
Reasons for Acquisitions
There are a number of reasons firms decide to acquire another company. These are:
Increased market power;
Overcoming entry barriers;
Co.
Legal aspects of mergers and acquisition
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Acquisition is the combination of two companies where one corporation is completely absorbed by another corporation. The less important company loses its identity and becomes part of the more important corporation, which retains its identity. It may involve absorption or consolidation.
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2) The document discusses the purposes, types, advantages, and impact on stakeholders of mergers and acquisitions. Common purposes include market expansion, procurement of supplies, and improving financial strength. Types include horizontal, vertical, and conglomerate mergers. Advantages are increased value and efficiency for shareholders.
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The board of directors might decide it is in the best interest of shareholders to sell the corporation to new owners. In theory, a change in control only makes sense when the value of the firm to new owners, minus transaction costs, is greater than the value of the firm to current owners.
This Quick Guide examines the market for corporate control.
It answers the questions:
• Why do companies merge?
• Do mergers improve performance?
• Who gets the value in a merger?
• How do companies protect themselves from hostile bids?
• Do these protections help shareholders?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
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Slide #
Topic
Narration
1
Introduction
Welcome to Business Administration.
In this lesson we will discuss Acquisition and Restructuring Strategies.
Please go to the next slide.
2
Objectives
Upon completion of this lesson, you will be able to:
Identify various levels and types of strategy in a firm.
Please go to the next slide.
3
Supporting Topics
In order to achieve this objective, the following supporting topics will be covered:
The popularity of merger and acquisition strategies;
Reasons for acquisitions;
Problems in achieving acquisition success;
Effective acquisitions; and
Restructuring.
Please go to the next slide.
4
The Popularity of Merger and Acquisition Strategies
The acquisition strategy has been a popular strategy among U.S. firms for many years. Some believe that this strategy played a central role in an effective restructuring of U.S. business during the 1980s and 1990s and into the twenty-first century.
An acquisition strategy is sometimes used because of the uncertainty in the competitive landscape. A firm may make an acquisition to increase its market power because of a competitive threat, to enter a new market because of the opportunity available in that market, or to spread the risk due to the uncertain environment.
The strategic management process calls for an acquisition strategy to increase a firm’s strategic competitiveness as well as its returns to shareholders. Thus, an acquisition strategy should be used only when the acquiring firm will be able to increase its value through ownership of the acquired firm and the use of its assets.
Please go to the next slide.
5
Mergers, Acquisitions, and Takeovers
A merger is a strategy through which two firms agree to integrate their operations on a relatively coequal basis. Few true mergers actually occur, because one party is usually dominant in regard to market share or firm size.
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Reasons for Acquisitions
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Mergers and acquisitions
This document discusses mergers and acquisitions (M&A). It defines mergers and acquisitions, compares the two, and outlines some potential consequences. Mergers occur when two similar-sized companies combine, while acquisitions involve one company purchasing another. Mergers can create value through synergies but also carry risks like culture clashes. M&A activity aims to boost revenue, cut costs, and realize tax benefits, but over 70% of cross-border deals fail due integration challenges.
Mergers & acquisitions
1) Mergers and acquisitions involve the combination of two or more companies. They allow companies to expand their business, gain economies of scale, and eliminate competition.
2) The document discusses the purposes, types, advantages, and impact on stakeholders of mergers and acquisitions. Common purposes include market expansion, procurement of supplies, and improving financial strength. Types include horizontal, vertical, and conglomerate mergers. Advantages are increased value and efficiency for shareholders.
3) Mergers can benefit consumers through lower prices and better quality. They can also impact workers through potential job losses or gains and impact the general public through increased economic power of large companies. Every merger must be examined individually to understand its
The Market for Corporate Control - Quick Guide
The board of directors might decide it is in the best interest of shareholders to sell the corporation to new owners. In theory, a change in control only makes sense when the value of the firm to new owners, minus transaction costs, is greater than the value of the firm to current owners.
This Quick Guide examines the market for corporate control.
It answers the questions:
• Why do companies merge?
• Do mergers improve performance?
• Who gets the value in a merger?
• How do companies protect themselves from hostile bids?
• Do these protections help shareholders?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
starting up the venture, launching, growing, and ending. بدء المشروع ، إطلاق ...
This document discusses various strategies for growing a business and managing that growth, including:
- Penetration strategies of selling more to existing customers
- Market development strategies of selling to new customer groups
- Product development strategies of creating new products for existing customers
- Diversification strategies of entering new markets with new products
It also covers accessing external resources for growth through joint ventures, acquisitions, mergers, leveraged buyouts, franchising, and negotiating for more resources. Finally, it discusses exit strategies for ending the venture such as succession, sale, merger, liquidation, and bankruptcy.
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13 commandments for crafting successful business strategies
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Book summary the five rules of successful stock investing
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Takeover and its Defense Mechanism - PPT.ppt
- 1. 1 Takeover and its Defense Mechanism
- 2. 2 CONTENTS 1. Meaning and Concept 2. Who can be a acquirer? 3. Kinds of Takeover 4. Forms of Takeover 5. Advantages Of Takeover 6. Disadvantages of takeover 7. Defense Measures 8. Comparison 9. Case law
- 3. 3 Meaning and Concept What is takeover?? Acquisition of shares with a view to gain control over the management Over The
- 4. 4
- 5. 5 >>Individual >>Group of individuals , >>Company >>Any other legal entity or Persons Acting in Concert with the acquirer. Who can be a acquirer??
- 6. 6 Kinds of takeover Friendly Takeover Hostile Takeover Bailout Takeover
- 7. 7
- 8. 8 Advantages of Takeover • Reduces overcapacity in industry. •Helps acquirer to expand the brand portfolio. •Generates benefits of economies of scale. •Helps attain increased efficiency as a result of corporate synergies •Helps in eliminating jobs that overlap in responsibilities • Reduces overcapacity in industry. •Helps acquirer to expand the brand portfolio. •Generates benefits of economies of scale. •Helps attain increased efficiency as a result of corporate synergies •Helps in eliminating jobs that overlap in responsibilities
- 9. 9 • Reduces competition and choice for consumers. • Results in job cuts. •Cultural differences lead to conflict. •Acquirer often burdened with hidden liabilities of the target entity. •Employees of the target company work in an environment of fear and uncertainty affecting motivational levels. Disadvantages of Takeover
- 10. 10 Defense Measures Staggered Board Poison Pills Super-Majority Amendment Golden Parachutes Proactive Defense Measures
- 11. 11 Reactive Defense Measures Defense Measures Attack the Logic of The Bid” White Knight & White Squire Greenmail Crown Jewel Litigation
- 12. 12 Are Takeovers Positive or Negative?
- 13. 13 Comparison
- 14. 14 Comparison
- 15. 15 Comparison
- 17. 17 Comparison
- 18. 18 Comparison
- 19. 19 CASE LAW Banarasi Das Saraf & Others v. Dalmia Dadri Cement Ltd
- 20. 20