29MergersandAcquisitions共22页文档

WSUEMBACorporateFinance29-1Chapter29:MergersandAcquisitionsBasictermsanddefinitionsconcerningmergersandacquisitionsReasonsformergersandacquisitionsRealworldempiricalobservationsAnexampleofvaluingapotentialacquisitionWSUEMBACorporateFinance29-2MergersandAcquisitionsMerger:Onefirmabsorbstheassetsandliabilitiesoftheotherfirminamerger.Theacquiringfirmretainsitsidentity.Inmanycases,controlissharedbetweenthetwomanagementteams.Transactionsweregenerallyconductedonfriendlyterms.Inaconsolidation,anentirelynewfirmiscreated.Mergersmustcomplywithapplicablestatelaws.Usually,shareholdersmustapprovethemergerbyavote.WSUEMBACorporateFinance29-3MergersandAcquisitionsAcquisition:Traditionally,thetermdescribedasituationwhenalargercorporationpurchasestheassetsorstockofasmallercorporation,whilecontrolremainedexclusivelywiththelargercorporation.Oftenatenderofferismadetothetargetfirm(friendly)ordirectlytotheshareholders(oftenahostiletakeover).Transactionsthatbypassthemanagementareconsideredhostile,asthetargetfirm’smanagersaregenerallyopposedtothedeal.WSUEMBACorporateFinance29-4MergersandAcquisitionsInreality,thereisalwaysabidderandatarget.Almostalltransactionscouldbeclassifiedasacquisitions.Somemodernfinancetextbooksusethetwotermsinterchangeably.Divestiture:atransactioninwhichafirmsellsoneofitssubsidiariesordivisionstoanotherfirm.Spin-off:atransactioninwhichafirmeithersellsorissuesallorpartofitssubsidiariestoitsexistingpublicinvestors,byissuingpublicequity.In2019PepsiCospun-offitsrestaurantdivision.Shareholdersreceivedoneshareofthenewrestaurantcompany(TRICON),forevery10issuesofPepsitheyheld.WSUEMBACorporateFinance29-5MergersandAcquisitionsTarget:thecorporationbeingpurchased,whenthereisaclearbuyerandseller.Bidder:Thecorporationthatmakesthepurchase,whenthereisaclearbuyerandseller.Alsoknownastheacquiringfirm.Friendly:Thetransactiontakesplacewiththeapprovalofeachfirm’smanagementHostile:Thetransactionisnotapprovedbythemanagementofthetargetfirm.WSUEMBACorporateFinance29-6MergersandAcquisitionsReasonsformergers&acquisitions:Strategic:ThecombinedFCFs(FreeCashFlows)ofthemergedoperationaregreaterthanthesumoftheindividualcashflows.Financial:Thecashflowsandalsothemarketvalueofthetargetarebelowtheirtruevalue,duetoperhapsinefficientmanagement.Suchfirmsaretypicallyrestructuredaftertheacquisition.WSUEMBACorporateFinance29-7MergersandAcquisitionsReasonsformergers&acquisitions(continued):Diversification:“Don’tputallyoureggsinonebasket.”Currentfinanceliteratureseriouslyquestionsthemeritsofthisreasoning:Whydoesthemanagementknowbetterthantheshareholdershowtoachievediversification?Itisusuallythecasethatshareholderscandiversifymuchmoreeasilythancanacorporation.Individualscaneasilydiversifybybuyingsharesinmutualfunds.WSUEMBACorporateFinance29-8MergersandAcquisitionsReasonsgivenfordivestituresandspin-offs:Toundonon-profitablemergers(originallymotivatedbypurediversification)To“breakup”ainefficientlyrunconglomerateInthecaseofspin-offs,toimprovemanagerialefficiencyinthesubsidiary,byofferingadirectlyobservablestockpriceasan(admittedlyimperfect)measureofmanagerialperformance.Also,inthecaseofspin-offs,togiveequityinvestorsmoreflexibilityindiversifyingtheirinvestmentportfolios.WSUEMBACorporateFinance29-9MergersandAcquisitionsCalculatetheincrementalfinancialFreeCashFlows(FCFs)resultingfromeither:synergies(increasedmarketpower,reducedcosts,etc.)bettermanagementdisciplineCalculatethetotalFreeCashFlowsofthemergedcorporation(M),byaddingtogethertheincrementalcashflows,the“old”cashflowsofthetarget(T),andthe“old”cashflowsofthebidder(B):FCF(M)=FCF(T)+FCF(B)+FCF(M)WSUEMBACorporateFinance29-10MergersandAcquisitionsDiscountFCF(M)atthecostofcapitalorWACCofthenewcorporationObtainthepresentvalueofthenewcorporationV(M).IfV(M)V(T)+V(B)thenproceedwiththemerger.Howmuchshouldthebidderpayforthetarget?AtleastV(T).Inthiscasethebiddershareholderskeepmostbenefitsfrommerger.AtmostV(M)-V(B).Herebenefitsaccruetotargetshareholders.WSUEMBACorporateFinance29-11MergersandAcquisitionsTheevidencesuggeststhatbiddersgenerallyrealizezeroNPVontheirM&Atransactions.Incontrast,targetshareholdersappeartorealizemost(ifnotall)ofthebenefitsresultingfromtheM&Atransaction.WSUEMBACorporateFinance29-12MergersandAcquisitionsInefficientmarkets,thestockmarketreactiononthedayofthemergerannouncementrepresentstheNPVofthetransaction.Generally,bidderstockpricesremainunchangedorevendropwhenanacquisitionisannounced.Historicallybiddingfirmstockpricesfallmoreoftenthanincrease.Targetstockprices,however,increaseby20%to40%ontheannouncementday.AgoodexampleisthemarketreactiontotheExxon/Mobilmerger.WSUEMBACorporateFinance29-13MergersandAcquisitionsTargetstockprices,however,increaseby20%to40%ontheannouncementday.AgoodexampleisthemarketreactiontotheExxon/Mobilmerger.WSUEMBACorporateFinance29-14MergersandAcquisitionsCumulativeAbnomalReturnsaroundMergerAnnouncement-5.00%0.00%5.00%10.00%15.00%20.00%-5-4-3-2-1012345DayrelativetoannouncementdayCAR(%)EXXONMOBILWSUEMBACorporateFinance29-15