Corporate Strategies and M&A Activities ppts

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Corporate Strategies and M&A Activities ppts,

please try your best to write some sentences for these two parts, so i can speak.

I will provide something, like (textbook ,the word for each part and feedback from pro.)

  1. Mergers and Acquisitions A popular vehicle for executing corporate strategy is mergers and acquisitions (M&A). Hundreds of mergers and acquisitions occur each year, with a cumulative value in the tril- lions of dollars.56 Although the terms are often used interchangeably, and usually in tandem, mergers and acquisitions are, by definition, distinct from each other. A merger describes the joining of two independent companies to form a combined entity. Mergers tend to be friendly; in mergers, the two firms agree to join in order to create a combined entity. In the live event-promotion business, for example, Live Nation merged with Ticketmaster. An acquisition describes the purchase or takeover of one company by another. Acqui- sitions can be friendly or unfriendly. As discussed in the ChapterCase, Disney’s acquisi- tion of Pixar, for example, was a friendly one, in which both management teams believed that joining the two companies was a good idea. When a target firm does not want to be acquired, the acquisition is considered a hostile takeover. British telecom company Vodafone’s acquisition of Germany-based Mannesmann, a diversified conglomerate with holdings in telephony and Internet services, at an estimated value of $150 billion, was a hostile one. In defining mergers and acquisitions, size can matter as well. The combining of two firms of comparable size is often described as a merger even though it might in fact be an acquisition. For example, the integration of Daimler and Chrysler was pitched as a merger, though in reality Daimler acquired Chrysler, and later sold it. After emerging from bank- ruptcy restructuring, Chrysler is now majority-owned by Fiat, an Italian auto manufacturer. In contrast, when large, incumbent firms such as GE, Cisco, or Microsoft buy start-up companies, the transaction is generally described as an acquisition. Although there is a dis- tinction between mergers and acquisitions, many observers simply use the umbrella term mergers and acquisitions, or M&A.

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