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1、Acquisition,Prepared by 谢怡敏 沈婧 高彤 沈秋,Definition,A company,piece of land,ect.bought by sb,especially another company;the act of buying it:They have made acqusitions in several European countries.,Hostile Takeovers,A takeover in which the target has no desire to be acquired and actively rebuffs the ac
2、quirer and refuses to provide any confidential information.The acquirer usually has already accumulated an interest in the target(20%of the outstanding shares)and this preemptive investment indicates the strength of resolve of the acquirer.,Friendly Acquisition,The acquisition of a target company th
3、at is willing to be taken over.Usually,the target will accommodate overtures and provide access to confidential information to facilitate the scoping and due diligence processes.,Kraft and Cadbury,单击此处添加标题文字,NetEase January 20:with 186-year history,the British confectionery brand Cadbury yesterday a
4、nnounced the acceptance that Kraft Foods(Kraft)purchased Cadbury with the improved price of 117 million pounds($19 billion)and defended for their decision of selling Cadbury to this American group,saying that it is the cost of globalization.,Kraft Foods,Kraft,who produces coffee,candy,dairy products
5、,is now the worlds second-largest food company.In 1982 and 1984,it entered into Taiwan and China mainland market.,Now its China mainland headquarter(总部)is in Shanghai.It owns many well-known food brands,including peace,Oreo,lots of interest,fun,Trakinas,Tang,Maxwell House,Singles,Philip,Toberone,Pla
6、nters,delicious,Kraft Miracle Whip,and the European Bismarck.,Cadbury,Cadbury Birmingham,a veteran(资格老的)British candy manufacturer founded in 1824,was ever the worlds second largest confectionery company with a total of 2500 types of products and an annual turnover(营业额)over 1 billion in the UK.After
7、 the merger of a drink company Schweppes(玉泉)in 1969,the company named Cadbury.,Why there was such a case,1,What it brought out to both companies,2,What implications for other organizations,3,The motivation of this acquisition,To get an economy scale When Kraft and Cadbury join their hands,it helps t
8、o expand the scale of production and sales to reduce the cost.They both want to increase the revenue by integrating the distribution system and developing new products.To promote the market competitiveness and dominant force For Kraft,this acquisition is a way of the least input,largest gains and fa
9、stest effective.Kraft neednt to make many efforts to build famous brand,weave sales network.All these will be made after the acquisition.,To reduce the risks of Krafts asset management For the acquisition enterprises,hybrid mergers can achieve diversification,so that it can disperse(分散)the managemen
10、t risks.To avoid bankruptcyFor Cadbury,to join Kraft is beneficial to its business development.It helps reduce the risks to avoid its bankruptcy,benefits,problems,influence,1.,2.,3.,Cadbury can learn Krafts marketing experience in developing countries continue to expand their candy kingdom.,Enhance
11、Krafts strength in newly-born market,Help Kraft step into the candy market to seize the higher ground,1.,2.,3.,The employees are faced with the redundancy,May lead to contradiction(抵触)among the employees,Faced with the problem of personnel restructuring,It is not the strongest of the species that su
12、rvive,but the one most responsive to change:Only with a sense of change,can the enterprises survive in the competition.The companies need proper management.Properly regard the acquisition and catch every possible chance for development.,Implications:,Kraft will make their own food a giant to become
13、even more powerful on its road,Kraft:at all costs,For The Kraft,once successful,its global position will surpass the Nescafe,becoming the worlds biggest food company with a total revenue over$50 billion.In addition,this acquisition will also successfully help Kraft make for its absence in the candy
14、market.,（unsuccessful case),Microsoft renews Yahoo drive,Steve Ballmer,Microsofts chief executive officer,has increased the pressure on Yahoo to hand over control of its search business to his software company.Speaking in an interview with the Financial Times,Mr Ballmer set the stage for a new showd
15、own nearly a year after Microsofts first aborted attempt at a full takeover.However,he ruled out a full acquisition,despite a collapse in Yahoos share price that has pushed its market value down to$17bn,less than 40 per cent of the amount that Microsoft offered to pay in a mixture of cash and stock
16、last year.The best time for a landmark search pact between the companies was during the current management transition at both companies,Mr Ballmer said.为让雅虎(Yahoo)将搜索业务出售给微软(Microsoft)，微软首席执行官史蒂夫鲍尔默(Steve Ballmer)增加了对雅虎施加的压力。在接受英国金融时报采访时，鲍尔默为新一轮的摊牌谈判做好了准备，这距离微软首次全面收购雅虎的努力失败已有近一年的时间了。不过，鲍尔默排除了全面收购的可能
17、，虽然雅虎股价暴跌已导致其市值缩水至170亿美元，还不到微软去年现金加股票收购报价的40%。鲍尔默表示，当前两家公司都处于管理层人事变动的过渡期，这是双方合并搜索业务、达成这项里程碑式交易的最佳时期。,“We now have someone in place running our online business,and Yahoos out looking for a CEO.“If a search deal is to be made,its probably to be made in the interim period for new leaders in both places
18、.”Microsoft hired Qi Lu,Yahoos former search chief,late last year to head its online operations,a move that was seen as a way to smooth any potential deal between the companies.Yahoo refused to comment.However,following the harsh criticism he received from shareholders over his failure to agree to a
19、 Microsoft acquisition,Jerry Yang,Yahoos outgoing CEO,has said the internet company would be open to any new discussions about a deal.Yahoo has been searching for a replacement for Mr Yang since November and is believed to be closing in on a candidate.“现在我们运营在线业务的负责人已经到任，而雅虎正在寻找首席执行官的人选。”“如果我们计划就搜索业
20、务达成交易的话，大概会在两家公司的新领导人到任前的过渡时期完成。”去年年底，微软聘用雅虎前搜索业务主管陆奇出任互联网业务主管。这被视作微软为保证两家公司间任何可能达成交易的顺利完成而采取的行动。雅虎拒绝置评。不过，在杨致远(Jerry Yang)由于未接受微软收购要约而遭到股东严厉批评之后，这位即将离职的雅虎首席执行官曾表示，雅虎公司将对任何有关收购交易的新谈判敞开大门。自去年11月以来，雅虎一直在寻找替代杨致远的人选，并据信已逐渐锁定一位候选人。,失败原因,从2月1日提出收购方案到第一次拒绝微软，雅虎的股价持续走高，而微软的股价下滑，这表现出市场对这一并购成功的看好。但是随着雅虎一直对微软收
21、购方案反应冷淡，加上和谷歌等的合作方案等传闻，使得雅虎的股东不再表现得那么有信心。当雅虎于5月4日再次拒绝已经提价的收购方案后，雅虎股价在一周内缩水20%。仅从并购始末来看，雅虎一向认为微软出价过低，但是本质上看，微软在2月1日的出价已经对其股价溢价62%。另一方面来说，微软5月3日提价至每股33美元左右，雅虎董事会第二日再次拒绝也遭致了一些雅虎股东的不满。且不论其他多方的搅局，可以说雅虎董事会一向强硬的态度是造成这个并购方案无法实施的原因所在。1994年，杨致远和David Filo在学校宿舍创办了Yahoo，通过雅虎目录为用户提供导航服务。1995年创办了雅虎公司。2007年，来自谷歌的强
22、势竞争迫使股东们请回了杨致远。在这一年多的时间里，杨致远要做的就是重新拾回股东们的信心，也同时继续拉升这个自己一手扶植的公司。虽然说，微软和雅虎的合并有利于双方扩大市场份额，共同应对谷歌。但是无论从杨致远作为CEO自己的业绩考虑还是从情感考虑，都很难舍弃独立性而成为微软的一部分。但是从微软的角度来看，这一并购举动的合理性也受到了不少质疑。从微软去年的公司年报来看，在其公司下属的五大分支中，其收入的第一大来源是客户服务，第二大是微软产品分支。网络服务部分和娱乐和设备分支的经营收入处于亏损状态。并且网络服务部 分的经营收 入已经有两年入不敷出。但是相比较于娱乐和设备分支的经营收入，还是存在通过并购
23、或是推出新的产品和服务来及时改变的可能。这一状况的确证明需要对网络服务部门进行一些调整扭转这一不利局面。另一方面，即使因为发生恶意收购致使微软最终成功收购雅虎，微软也将面临着因为不同企业文化的相互冲突带来的管理混乱和员工的流失。,Main Reasons,1.Yahoo and Microsoft hold the different views of share price2.Hardline attitude of Yahoos board3.Achievements and personal feelings4.The rationality of the act was questioned5.Disadvantages of hostile acquisition,Conclusion,Thank you,谢谢观赏,
