企业财务知识培训资料(22页PPT).pptx

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1、21-1Copyright 2001 by Harcourt,Inc.All rights reserved.nTypes of mergersnMerger analysisnRole of investment bankersnCorporate alliances,LBOs,divestitures,and holding companiesCHAPTER 21Mergers,LBOs,Divestitures,and Holding Companies21-2Copyright 2001 by Harcourt,Inc.All rights reserved.nSynergy:Valu

2、e of the whole exceeds sum of the parts.Could arise from:lOperating economieslFinancial economieslDifferential management efficiencylIncreased market powerlTaxes(use accumulated losses)Why do mergers occur?21-3Copyright 2001 by Harcourt,Inc.All rights reserved.nBreak-up value:Assets would be more va

3、luable if sold to some other company.21-4Copyright 2001 by Harcourt,Inc.All rights reserved.nDiversificationnPurchase of assets at below replacement costnGet bigger using debt-financed mergers to help fight off takeoversWhat are some questionable reasons for mergers?21-5Copyright 2001 by Harcourt,In

4、c.All rights reserved.Five Largest completed and proposed mergers,as of January 2000BuyerAmerica OnlineVodafone AirTouchMCI WorldComExxonBell AtlanticTargetTime WarnerMannesmannSprintMobilGTEValue$160.0 billion 148.6 billion 128.9 billion 85.2 billion 85.0 billion21-6Copyright 2001 by Harcourt,Inc.A

5、ll rights reserved.nFriendly merger:lThe merger is supported by the managements of both firms.Differentiate between hostile and friendly mergers21-7Copyright 2001 by Harcourt,Inc.All rights reserved.nHostile merger:lTarget firms management resists the merger.lAcquirer must go directly to the target

6、firms stockholders try to get 51%to tender their shares.lOften,mergers that start out hostile end up as friendly when offer price is raised.21-8Copyright 2001 by Harcourt,Inc.All rights reserved.nAccess to new markets and technologiesnMultiple parties share risks and expensesn Rivals can often work

7、together harmoniouslynAntitrust laws can shelter cooperative R&D activitiesReasons why alliances can make more sense than acquisitions21-9Copyright 2001 by Harcourt,Inc.All rights reserved.Net sales$60.0$90.0$112.5$127.5Cost of goods sold(60%)36.0 54.0 67.5 76.5Selling/admin.expenses 4.5 6.0 7.5 9.0

8、Interest expense 3.0 4.5 4.5 6.0EBT$16.5$25.5$33.0$36.0Taxes(40%)6.6 10.2 13.2 14.4Net income$9.9$15.3$19.8$21.6Retentions 0.0 7.5 6.0 4.5Cash flow$9.9$7.8$13.8$17.1Merger Analysis(In Millions)2001 2002 2003 2004 Cash Flow Statements after Merger Occurs21-10Copyright 2001 by Harcourt,Inc.All rights

9、reserved.nEstimated cash flows are residuals which belong to acquirers shareholders.nThey are riskier than the typical capital budgeting cash flows.Because fixed interest charges are deducted,this increases the volatility of the residual cash flows.Conceptually,what is the appropriate discount rate

10、to apply to targetscash flows?(More.)21-11Copyright 2001 by Harcourt,Inc.All rights reserved.nBecause the cash flows are risky equity flows,they should be discounted using the cost of equity rather than the WACC.nThe cash flows reflect the targets business risk,not the acquiring companys.nHowever,th

11、e merger will affect the targets leverage and tax rate,hence its financial risk.21-12Copyright 2001 by Harcourt,Inc.All rights reserved.Terminal Value Calculation1.First,find the new discount rate:ks(Target)=kRF+(kM kRF)bTarget =9%+(4%)1.3=14.2%.2.Terminal value=$221.0 million.(2004 Cash flow)(1+g)k

12、s g$17.1(1.06)0.142 0.0621-13Copyright 2001 by Harcourt,Inc.All rights reserved.Net Cash Flow Stream Used in Valuation Calculation(In Millions)2001 2002 2003 2004 Annual cash flow$9.9$7.8$13.8$17.1Terminal value 221.0Net cash flow$9.9$7.8$13.8$238.1Value=+=$163.9 million.$9.9 (1.142)1$7.8 (1.142)2$1

13、3.8 (1.142)3$238.1(1.142)421-14Copyright 2001 by Harcourt,Inc.All rights reserved.nNo.The input estimates would be different,and different synergies would lead to different cash flow forecasts.nAlso,a different financing mix or tax rate would change the discount rate.Would another acquiring company

14、obtain the same value?21-15Copyright 2001 by Harcourt,Inc.All rights reserved.Target firm has 10 million shares outstanding at a price P0 of$9.00 per share.What should the offeringprice be?Maximum price=$16.39/share.Range=$9 to$16.39/share.Value of Acquisition Shares Outstanding$163.9 million10 mill

15、ion21-16Copyright 2001 by Harcourt,Inc.All rights reserved.nThe offer could range from$9 to$16.39 per share.nAt$9 all the merger benefits would go to the acquirers shareholders.nAt$16.39,all value added would go to the targets shareholders.nSee graph on the next slide.21-17Copyright 2001 by Harcourt

16、,Inc.All rights reserved.0510 15 20Change in ShareholdersWealthAcquirerTargetBargaining Range =SynergyPrice Paid for Target$9.00$16.3921-18Copyright 2001 by Harcourt,Inc.All rights reserved.Points About GraphnNothing magic about crossover price.nActual price would be determined by bargaining.Higher

17、if target is in better bargaining position,lower if acquirer is.nIf target is good fit for many acquirers,other firms will come in,price will be bid up.If not,could be close to$9.(More.)21-19Copyright 2001 by Harcourt,Inc.All rights reserved.nAcquirer might want to make high“preemptive”bid to ward o

18、ff other bidders,or low bid and then plan to go up.Strategy.nDo targets managers have 51%of stock and want to remain in control?nWhat kind of personal deal will targets managers get?21-20Copyright 2001 by Harcourt,Inc.All rights reserved.nThe evidence strongly suggests:lAcquisitions do create value

19、as a result of economies of scale,other synergies,and/or better management.lShareholders of target firms reap most of the benefits,i.e.,move to right in merger graph(Slide 21-17),because of competitive bids.Do mergers really create value?21-21Copyright 2001 by Harcourt,Inc.All rights reserved.nArran

20、ging mergersnAssisting in defensive tacticsnEstablishing a fair valuenFinancing mergersnRisk arbitrageFunctions of Investment Bankers in Mergers1、每一个成功者都有一个开始。勇于开始，才能找到成功的路。11月-2211月-22Tuesday,November 8,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。07:30:2807:30:2807:3011/8/2022 7:30:28 AM3、每天只看目标，别老想障碍。11月-2207:30

21、:2807:30Nov-2208-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。07:30:2807:30:2807:30Tuesday,November 8,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2207:30:2807:30:28November 8,20226、生活总会给你另一个机会，这个机会叫明天。08十一月20227:30:28上午07:30:2811月-227、人生就像骑单车，想保持平衡就得往前走。十一月227:30上午11月-2207:30November 8,20228、业余生活要有意义，不要越轨。2022/11/87:30:2807:30:2808 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。7:30:29上午7:30上午07:30:2911月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/8/2022 7:30:29 AM07:30:2908-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/8/2022 7:30 AM11/8/2022 7:30 AM11月-2211月-22谢谢大家谢谢大家