文档介绍：Acquisition and Restructuring Strategies Michael A. Hitt R. Duane Ireland Robert E. Hoskisson Chapter 7 1 ©2003 Southwestern pany Strategy Implementation Chapter anizational Structure and Controls Chapter 10 Corporate Governance Chapter 12 Strategic Leadership Strategy Formulation petitiveness 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 es Chapter 13 Strategic Entrepreneurship Chapter 6 Corporate- Level Strategy Chapter petitive Rivalry petitive Dynamics Chapter 4 Business-Level Strategy Chapter 7 Acquisition and Restructuring Strategies 2 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 3 Acquisitions Reasons for Making Acquisitions Increase market power e entry barriers Cost of new product development Increase speed to market Increase diversification Reshape firm’petitive scope Lower pared to developing new products Learn and develop new capabilities 4 Reasons for Making Acquisitions: Factors increasing market power when a firm is able to sell its goods or services petitive levels or when the costs of its primary or support activities are below those of petitors usually is derived from the size of the firm and its resources and capabilities pete Market power is increased by horizontal acquisitions vertical acquisitions related acquisitions Increased Market Power 5 Reasons for Making Acquisitions: Barriers to entry include economies of scale in petitors differentiated produ