文档介绍：Acquisition and Restructuring Strategies
Michael A. Hitt
R. Duane Ireland
Robert E. Hoskisson
Chapter 7
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©2003 Southwestern Publishing Company
第一页，共23页。
Strategy Implementation
Chapter 11
Organizational
Structure and
Controls
Chapter 10
Corporate
Governance
Chapter 12
Strategic
Leadership
Strategy Formulation
Strategic
Competitiveness
Above-Average
Returns
Strategic Intent
Strategic Mission
Chapter 2
The External
Environment
Chapter 3
The Internal
Environment
The Strategic Management Process
Feedback
Strategic Inputs
Strategic Actions
Strategic Outcomes
Chapter 13
Strategic
Entrepreneurship
Chapter 6
Corporate-
Level Strategy
Chapter 5
Competitive Rivalry
and Competitive
Dynamics
Chapter 4
Business-Level
Strategy
Chapter 7
Acquisition and
Restructuring
Strategies
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第二页，共23页。
Mergers and Acquisitions
Merger: a strategy through which two firms agree to integrate their operations on a relatively co-equal basis
Acquisition: a strategy through which one firm buys a controlling interest in another firm with the intent of making the acquired firm a subsidiary business within its own portfolio
Takeover: a special type of an acquisition strategy wherein the target firm did not solicit the acquiring firm’s bid
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第三页，共23页。
Acquisitions
Reasons for Making Acquisitions
Increase
market power
Overcome
entry barriers
Cost of new
product development
Increase speed
to market
Increase
diversification
Reshape firm’s
competitive scope
Lower risk compared
to developing new
products
Learn and develop
new capabilities
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第四页，共23页。
Reasons for Making Acquisitions:
Factors increasing market power
when a firm is able to sell its goods or services above competitive levels or
when the costs of its primary or support activities are below those of its competitors
usually is derived from the size of the firm and its resources and capabilities to compete
Market power is increased by
horizontal acquisitions
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