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ID:46768800
大小:2.24 MB
页数:27页
时间:2019-11-27
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1、PostPost--mergerIntegrationmergerIntegrationPoorpost-mergerintegrationisoneoftheprimaryreasonsacquisitionsfail.Musthaveadequateplanning,timing,attentiontodetailaswellascontingencyplans.AcquisitionpostureMethodsformotivationandintegrationTypesofintegrationapproachesPost-mergerI
2、ntegrationAcquisitionPosturesContestedRescueCollaborationRaidSituationCooperativeAdversarialPost-mergerIntegrationAcquisitionPosturesContestedRescueRescueCollaborationRaidSituationCooperativeAdversarial•RescueFinancialsalvageoperation•Firmhassignificantweaknesses•Incumbenttopmanageme
3、ntgenerallyleaves(hadtheirchance).•Lossofleadership•Targetfirmemployeesthreatenedbylayoffs,sell-offsetc.•Generallygoodcooperation(targetfirmemployeesarestillpartofthevanquishedfirm).•Primaryissues-Rebuildcorporateselfesteem-Well-definedsenseofdirectionPost-mergerIntegrationAcquisitionP
4、osturesContestedRescueRescueCollaborationRaidSituationCooperativeAdversarial•RescueWhiteKnightScenario•Decisionsbasedonexpediency(severetimepressure)•Secondguessing(seller),buyersremorse(buyer)•Significantpost-mergersurprises•Post-rescuemustdeterminehowthefirmswillinteractandconductcom
5、patibilitystudiesofthedifferentcultures,processesandprocedures.•ChevronrescueofGulfoilfromT.BoonePickens.Post-mergerIntegrationAcquisitionPosturesContestedRescueCollaborationCollaborationRaidSituationCooperativeAdversarial•CollaborationAcquirergenerallydoesnotuseheavy-handedtactics.D
6、iplomacyandgoodwillarecritical.Oftendifficultbecauseofpoorfollow-upmanagement.Generallylesspost-mergerdrift(saginproductivity,lossofmorale,etc.).AmericanAirlinesacquisitionofTWA.Post-mergerIntegrationAcquisitionPosturesContestedContestedRescueCollaborationRaidSituationSituationCoope
7、rativeAdversarial•ContestedsituationConditions•Onepartyhasastronginterestinthedeal•Twopartieswantverydifferentdeals•CompetitivebidsituationLessofafeelingofavictorandvanquishedthanin“raid”situations.CompetitioncanleadtoincreasedambiguitySignificantpost-mergerdrift.Example:W
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