Anti-Takeover Strategies

Mergers and acquisitions bring about a synergistic effect of growth NAV = PVab - (PVa + PVb) - P - E management efficiency market access diversification tax shield strategic acquisition several reasons of unknown: arrogant arrogant Hubris spiritual business portfolio Merger: Result: Family Sandoz + Ciba Geigy = Novartis Merge: Result: HDFC BK + TIMES BK = Only one company survived, such as the acquisition of HDFC. For example, the Credit Suisse Group manages the management of First Boston by acquiring equity.

Friendly acquisitions are rare, but in hostile transactions fixed position bidding strategies are common, accounting for about half of the acquisition. In a friendly transaction, bidders are concerned about marginalization of the board of directors of the target company and management of such behavior, but in the case of potential hostility, the target company is in the first bid I refuse. On average, the position position accounted for about 20% of the target company's hostile transactions share and about 11% of the friendly acquisition. Since the early 1990s, the frequency of position bidding has declined with the spread of takeover defense and the decline in the frequency of hostile transactions22.

91 Mergers, acquisitions and other business restructuring activities # 2012 Elsevier Inc. All rights reserved.

The above takeover defense measures are effective and commonly used means to counter the hostile takeover of the acquiring company. Different strategies will have different characteristics and uses. For example, a wide range of directors have less impact on the company's stock price than green mail, and in some countries banning the use of poison is prohibited. Merger of Cadbury and Craft is a well-known merger case in this century. Even though Cadbury accomplished a series of actions to take a series of actions to defend the acquisition of Craft, Craft had to sell its pizza business and issue new shares at a very low price . In my opinion, adopting an effective defense strategy does not mean achieving the desired result. The surrounding economic environment and the views of counterparts also play an important role in M ​​& A activities.

One of CCA 's most direct business management strategies is the start of acquisition. This strategy will enable us to selectively expand the portfolio of beverage brands to promote profitable growth. In addition, it allows CCAs to guide and accelerate the worldwide growth of carbonated soft drinks. For example, if the CCA is independent, unavailable resources will bring economies of scale, increase market share and synergistic effects. It allows the CCA to grow and improve with other inlets