文档介绍：Mergers & Acquisitions Part III
Part III | 14/02/2012
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Mergers & Acquisitions
Part III
Interactive cases
HP / Autonomy
Google / Motorola
Part III | 14/02/2012
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M&A
Agenda
DEAL
BEFORE
AFTER
E
GOOD
BAD
Session 1
Session 1: type of M&A
Industrial :
Vertical
Horizontal :
Size, market power, …
Diversity, product range, cross selling
Financial :
P/E
Leveraging – diversification
Market power :
Intended, not announced
Session 2: M&A implementation
Oracle Sun case
Session 3: interactive case
Making the deal
Implementing the deal
HP / Autonomy:
HP 5>view
Oracle view
Session 2
Session 3
Part III | 14/02/2012
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Session 3
Agenda
Part one: HP Autonomy: 90'
10’: Introduction
30': Presentation of the slide show presented by Mr1>. Lynch along with his investment banker, Frank Quattrone, to Oracle’s head of M&A, Douglas Kehring and Oracle President Mark: real slide show presented to real CEO
20': One group defends HP's position
20': Another group defends the opposite position
10’: Wrap up
15' Break
Part two: Google Motorola: 45'
10': Presentation of the case
15': Elements for the case
15': Elements against the case
5': Wrap up
Part III | 14/02/2012
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Analysis framework from session 1
Adapted from M&A Part I
Industrial
Vertical
Horizontal
Size, market power
Diversity, product range, cross selling
Financial
P/E
leveraging – diversification
Market power : intended, not announced
Size: production efficiency
Purchasing power
Production economies of scale
Barrier to entry – minimum size – technology ?
Efficiency – flexibility
Outsourcing - offshoring
Size: distribution efficiency
Marketing power
Production economies of scope
Replicating sales and marketing processes to new products / new markets
Absorb suppliers, absorb transformers, absorb distributors, “capturing the value chain”
Security of supplies, of outlet.
Importan