LVMH&GUCCI恶意收购案例分析

IntroductionofGucciPART01IntroductionofLVMHReasonsofacquisitionforLVMHLVMHGUCCIIntroductionofLVMH“”LouisVuittonfoundedinFrancein1854.ThemergerbetweenMoëtHennessyandLouisVuittonproducesLVMH,theworldleaderinluxuryproducts.ThebusinessofLVMHisdivideintofiveareas:wines&spirits;fashion&leather;watch&jewelry;perfumes&cosmetics;selectiveretailing.TimelineofLVMH’sacquisitionsIntroductionofLVMH1988:Givenchy–Foundedin1952,Givenchy,acoutureandready-to-wearbrand,hasbeenpartoftheLVMHGroupsince1988.1993:Berluti–Foundedin1895byItalianAlessandroBerluti,themen'sshoes,leathergoods,andmen'sready-to-wearbrandwasacquiredbyLVMHin1993.1996:Céline–wasintegratedintotheLVMHGroupfor2.7billionFrenchfrancs($540million).1997:MarcJacobs–LVMHhasheldamajoritystakeintheNewYork-basedbrand,whichwasfoundedin1984,since1997.1997:Sephora–wasfoundedin1969,wasbroughtundertheLVMHumbrellainJuly1997,andhassincebeenexpandedglobally.1996:Loewe–TheSpanishcompanycreatedin1846wasacquiredbyLVMHin1996.LVMHisparenttobrandrangingfromLouisVuitton,ofcourse,andChristianDiortoLoewe,Givenchy,andCeline.GucciisanItalianluxurybrandoffashionandleathergoods,whichwasfoundedbyGuccioGucciinFlorencein1921.IntheForbesWorld'sMostValuableBrandslist,Gucciisrankedthe38thmostvaluablebrand,withabrandvalueof$12.4billionasofMay2015.IntroductionofGucciDevelopmentofGuccibefore1999:•MaurizioGuccitookoverthecompanyin1983.ABahrain-basedcompany—InvestcorppurchasedhalfofGucciin1988.•In1992，thecompanyexperiencedheavylossesandteeteredontheedgeofbankruptcy.MauriziowasforcedtosellallhisremainingsharesinthecompanytoInvestcorpinAugust1993.•InOctober1995,GucciwentpublicandhaditsfirstinitialpublicofferingontheAMEXandNYSEfor$22pershare.ReasonsofacquisitionforLVMHTheLVMHGrouphadgrownuptobeaconglomeratebyacquiringothercompanies.GucciisoneofLVMH’scompetitorsinluxuryfashionindustry.LVMHwantedtodefeathiscompetitorthroughacquisition.ThemanagementbelievedthatacquiringGuccicouldmakeLVMHstrongerandgainconsiderableprofits.PART02PoisonPillDefenseTacticPoisonPillMechanismSetByInvestcorpBankGameProcessStockPriceMovementConclusionGameProcess1999.1.6GucciwaspubliclyemergedthatLVMHhadacquireda5%stockinit.1999.1.13LVMHtookactioninopenmarketagainandraiseitsshareholdingto9.6%.Before1.22GucciwasstunnedagainasLVMHgobbledPrada’ssharesinGucciandputitselfatalmost15%ownership.1999.1.22ThefirstnegotiationmeetingwasarrangedbyMorganStanleyandtherewasnoagreementachieved.1999.1.26ArnaultincreasedLVMH’sstaketo34.4%.GameProcess1999.2.8ArnaultrejectedtheproposalofferedbyGucci.1999.2.17GucciteammadetheirfinalofferandstillgotrefusedbyArnault.1999.2.18ESOPwastriggered.TheTrustsuddenlyowned25.6%ofthecompany,andLVMHwasdilutedto26%.BeforeMarchLVMHfiledalawsuit.TheDutchcourtdecidedtofreezetheESOP,butitalsofrozeLVMH’svotingrights.StockPriceMovement“ESOP”AfterInvestcorpBanktakingGuccigopublic.Itarrangedageneralmeetingforstockholderbeforeitsellsallitsshares.Atthisverylastmeeting,ithelpedthemanagementteamsetupapoisonpillmechanismbypassingEmployeeStockOwnershipPlan(ESOP)tocopewithhostiletakeover.Thismoverepresentstheirprofessionallevelasaninvestmentfundanditsresponsibilityastheformerowner.TheESOPwouldcostGuccinomoneyoreffort,asitisaTrustsetupforcompanyemployees.Underit,employeeswouldreceiveazerointerestloanfromthecompanytobuynewlyissuedshares.Thiskindofsharehasitsownvalueandvotingrightbutnodividend.Thus,thisplandoesn’tdamagetheeconomicbenefitoforiginalshareholders.SmartInvestcorpBankStockPriceMovementWithafloatingprofitinGucci’ssharebut1.4billionsinvestmentdidn’tachieveditstakeoverplan.ItgrantedGucciinvaluabletimeforseekingWhiteKnightandamarginalmoralvictory.Conlusion1Antihostiletakeovermechanismhastobeimplementedintoarticlesofincorporation2Poisonpillneedsthesupportofemployees4Thelawofthestockexchangeisthemostpowerfulweapontobothtakeoverandantitakeover3ThedegreeofdilutionshouldbestrongenoughtoantihostiletakeoverPART03WhiteKnightWhiteknightGameProcessStockMovementSummaryGameProcess1999/03/19Guccidirectionaladd-issuance39millionnewsharestoPPRfirmfortwicethenumberofLVMHownership,whichcausethestockequityofLVMHdilutedto20%.PPRfirmisallowedtoincreaseholdingthestockequityto42%.LVMHapplythatthecourtrevokesGucciissuingnewsharestoathirdpartyprogram,butfailed.PPRaregiventherighttobuytheremainingstakewhichisupto10.1%,andfouroftheninemembersoftheboardseats.Ithasmuchpowertovetothechairman.StockPriceMovement0102030405060708090LVMHGUCCIEvaluatewhiteknightSummaryAlarmwhiteknightbetrayal.LVMH’sstockpriceslightlydecreased.Gucci’sincreaseduntil1999/03/24,experiencingadecline.GuccisuccessfullypreventedthehostiletakeoverofLVMHWhiteknightiseasilyopposedbysmallandmediumshareholdersTheresultofGucci&LVMHmergerandacquisitioncaseGUCCIsuccessfulagainstLVMHacquisitionTheresultofGucci&LVMHmergerandacquisitioncase•AcquiredGUCCIbrandfor$8.8billion•ByusingthismomentumcreatedKeringgroupPPR:LVHM:•Acquisitionfailed•Earned$600millionbysellingGUCCIstockGUCCI:•AcquiredbyPPRKeypointforGucciwiningAntihostiletakeovermechanismimplementedintoarticlesofincorporationStockpricechange请在此输入文字