内容简介

公司兼并与收购的动机是什么?在并购市场上谁为主体7有什么规则? 并购方如何进行对抗性投标?如何确定其目标?是什么决定着被并购企业的价值?并购的付款方式有哪些?为什么许多并购失败了? 本书对上述问题及其他有关问题作了清楚而确切的解释。对于那些接受短期培训的管理者、MBA，以及想迅速了解这一问题核心内容的教师和?此担疾皇呒壑档牟慰际椤Ｋ箍梢宰魑芾砣嗽钡牟厥椋约澳切┯斜Ц旱墓芾砣嗽蓖晟谱约褐逗图寄艿牟慰甲柿稀?

目录

1 Introduction Historical pattern of UK takeover activity Objectives of mergers and acquisitions Mergers and acquisitions and business strategy The dynamics of the takeover process Economic consequences of takeovers Cross-border acquisitions Corporate divestments Strategic alliances as alternatives to acquisition Objective of the book Outline of the book References and further reading 2 Acquisition motives Shareholder wealth maximisation perspective Managerial perspective Empirical evidence on acquisition motives Overview References and further reading 3 Acquisitions and corporate strategy Analytical framework for generic strategies Corporate strategies for market entry . Acquisition as strategic choice Value creation in different acquisition types Value chain analysis for acquisitions Acquisition criteria and target profile Overview References and further reading 4 Organisational dynamics and human aspects of acquisitions . A model of the acquisition process Managing acquisition decision making The post-acquisition integration process Political and cultural perspectives of integration Problems in integration Overview References and further reading 5 Antitrust regulation The UK antitrust regime Antitrust regulation in the European Union Stock market reaction to MMC references Antitrust regulation in the USA Antitrust regulation in Continental Europe Overview References and further reading 6 Regulating takeover bids importance of regulating the bid process Takeover regulation in the UK Takeover regulation in the USA Regulation of takeover bids on the Continent Takeover regulation and takeover activity Overview Further reading 7 Advisers in takeovers Role of advisers in acquisitions Merchant banks Responsibilities of advisers Empirical evidence on the impact of advisers Overview References and further reading 8 Bid strategies and tactics Bid strategies Toehold, bid premium and bid outcome Bid tactics Empirical evtdence on bid strategies Empirical evidence on bid strategies from the USA . Overview References and further reading 9 Target valuation Earnings and asset-based valuation models Discounted cash flow model Valuation of private companies Impact of tax on target valuation Acquisitions and employee pension funds Overview References and further reading 10 Accounting for mergers and acquisitions Accounting rules for business combinations Merger relief Accounting for goodwill Accounting methods in practice Accounting for basiness combinations in other countries Overview References and further reading II Paying for the acquisition Methods of payment for acquisitions Tax aspects of payment currency Impact of bidders financial strategy Earnings dilution in a share exchange . Financing a cash offer Financing with loan stock Deferred consideration financing Empirical evidence on the impact of payment method Ove