現代企業財務管理--兼并與收購30.1TheBasicFormsofAcquisitionsTherearethreebasiclegalproceduresthatonefirmcanusetoacquireanotherfirm:MergerAcquisitionofStockAcquisitionofAssetsVarietiesofTakeoversTakeoversAcquisitionProxyContestGoingPrivate(LBO)MergerAcquisitionofStockAcquisitionofAssets30.2TheTaxFormsofAcquisitionsIfitisataxableacquisition,sellingshareholdersneedtofiguretheircostbasisandpaytaxesonanycapitalgains.Ifitisnotataxableevent,shareholdersaredeemedtohaveexchangedtheiroldsharesfornewonesofequivalentvalue.30.3AccountingforAcquisitionsThePurchaseMethodThesourceofmuch“goodwill”PoolingofInterestsPoolingofinterestisgenerallyusedwhentheacquiringfirmissuesvotingstockinexchangeforatleast90percentoftheoutstandingvotingstockoftheacquiredfirm.Purchaseaccountingisgenerallyusedunderotherfinancingarrangements.30.4DeterminingtheSynergyfromanAcquisitionMostacquisitionsfailtocreatevaluefortheacquirer.Themainreasonwhytheydonotliesinfailurestointegratetwocompaniesafteramerger.Intellectualcapitaloftenwalksoutthedoorwhenacquisitionsaren'thandledcarefully.Traditionally,acquisitionsdelivervaluewhentheyallowforscaleeconomiesormarketpower,betterproductsandservicesinthemarket,orlearningfromthenewfirms.30.5SourceofSynergyfromAcquisitionsRevenueEnhancementCostReductionIncludingreplacingineffectivemanagers.TaxGainsNetOperatingLossesUnusedDebtCapacityTheCostofCapitalEconomiesofScaleinUnderwriting.30.6CalculatingtheValueoftheFirmafteranAcquisitionAvoidingMistakesDonotIgnoreMarketValuesEstimateonlyIncrementalCashFlowsUsetheCorrectDiscountRateDon’tForgetTransactionsCosts30.7ACosttoStockholdersfromReductioninRiskTheBaseCaseIftwoall-equityfirmsmerge,thereisnotransferofsynergiestobondholders,butif…OneFirmhasDebtThevalueoftheleveredshareholder’scalloptionfalls.HowCanShareholdersReducetheirLossesfromtheCoinsuranceEffect?Retiredebtpre-merger.30.9TheNPVofaMergerTypically,afirmwoulduseNPVanalysiswhenmakingacquisitions.Theanalysisisstraightforwardwithacashoffer,butgetscomplicatedwhentheconsiderationisstock.TheNPVofaMerger:CashNPVofmergertoacquirer=Synergy–PremiumPremium=PricepaidforB-VBNPVofmergertoacquirer=Synergy-PremiumTheNPVofaMerger:CommonStockTheanalysisgetsmuddiedupbecauseweneedtoconsiderthepost-mergervalueofthoseshareswe’regivingaway.30.10DefensiveTacticsTarget-firmmanagersfrequentlyresisttakeoverattempts.Itcanstartwithpressreleasesandmailingstoshareholdersthatpresentmanagement’sviewpointandescalatetolegalaction.Managementresistancemayrepresentthepursuitofselfinterestattheexpenseofshareholders.Resistancemaybenefitshareholdersintheendifitresultsinahigherofferpremiumfromthebiddingfirmoranotherbidder.DivestituresThebasicideaistoreducethepotentialdiversificationdiscountassociatedwithcommingledoperationsandtoincreasecorporatefocus,Divestiturecantakethreeforms:Saleofassets:usuallyforcashSpinoff:parentcompanydistributessharesofasubsidiarytoshareholders.Shareholderswindupowningsharesintwofirms.SometimesthisisdonewithapublicIPO.Issuanceiftrackingstock:aclassofcommonstockwhosevalueisconnectedtotheperformanceofaparticularsegmentoftheparentcompany.TheCorporateCharterThecorporatecharterestablishestheconditionsthatallowatakeover.Targetfirmsfrequentlyamendcorporatecharterstomakeacquisitionsmoredifficult.ExlesStaggeringthetermsoftheboardofdirectors.RequiringasupermajorityshareholderapprovalofanacquisitionRepurchaseStandstillAgreementsInatargetedrepurchasethefirmbuysbackitsownstockfromapotentialacquirer,oftenatapremium.Criticsofsuchpaymentslabelthemgreenmail.Standstillagreementsarecontractswherethebiddingfirmagreestolimititsholdingsofanotherfirm.Theseusuallyleadstocessationoftakeoverattempts.Whenthemarketdecidesthatthetargetisoutofplay,thestockpricefalls.ExclusionarySelf-TendersTheoppositeofatargetedrepurchase.Thetargetfirmmakesatenderofferforitsownstockwhileexcludingtargetedshareholders.GoingPrivateandLBOsIftheexistingmanagementbuysthefirmfromtheshareholdersandtakesitprivate.Ifitisfinancedwithalotofdebt,itisaleveragedbuyout(LBO).Theextradebtprovidesataxdeductionforthenewowners,whileatthesametimeturningtheperviousmanagersintoowners.ThisreducestheagencycostsofequityOtherDevicesandtheJargonofCorporateTakeoversGoldenparachutesarecompensationtooutgoingtargetfirmmanagement.Crownjewelsarethemajorassetsofthetarget.Ifthetargetfirmmanagementisdesperateenough,theywillselloffthecrownjewels.Poisonpillsaremeasuresoftruedesperationtomakethefirmunattractivetobidders.Theyreduceshareholderwealth.Oneexleofapoisonpillisgivingtheshareholdersinatargetfirmtherighttobuysharesinthemergedfirmatabargainprice,contingentonanotherfirmacquiringcontrol.30.11SomeEvidenceonAcquisitions:TheShortRunTakeover Successful UnsuccessfulTechnique Targets Bidders Targets BiddersTenderoffer 30% 4% -3% -1%Merger 20