Domino's%20Pizza - PowerPoint PPT Presentation

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Domino's%20Pizza

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Title: Domino's Pizza Author: MultiMedia Dev. Last modified by: dbeunza Created Date: 8/15/1996 11:10:12 PM Document presentation format: On-screen Show – PowerPoint PPT presentation

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Title: Domino's%20Pizza


1
Mergers and Acquisitions
Merger
A transaction where two firms agree to integrate
their operations on a relatively coequal basis
because they have resources and capabilities that
together may create a stronger competitive
advantage
Acquisition
A transaction where one firm buys another firm
with the intent of more effectively using a core
competence by making the acquired firm a
subsidiary within its portfolio of businesses
Takeover
An acquisition where the target firm did not
solicit the bid of the acquiring firm
2
Problems in Achieving Success
Reasons for Acquisitions
3
Reasons for Acquisitions
Example British Petroleums acquisition of U.S.
Amoco
Example Belgian-Dutch Fortis acquisition of
American Bankers Insurance Group
Example Watson Pharmaceuticals acquisition of
TheraTech
4
Reasons for Acquisitions
Example Kraft Foods acquisition of Boca Burger
Example CNETs acquisition of mySimon
Example General Electrics acquisition of NBC
5
Problems with Acquisitions
Example Intels acquisition of DECs
semiconductor division
Example Marks and Spencers acquisition of
Brooks Brothers
Example AgriBioTechs acquisition of dozens of
small seed firms
6
Problems with Acquisitions
Example Quaker Oats and Snapple
Example GE--prior to selling businesses and
refocusing
Example Ford and Jaguar
7
Attributes of Effective Acquisitions
8
Attributes of Effective Acquisitions
9
Restructuring and Outcomes
Short-Term Outcomes
Long-Term Outcomes
Alternatives
Loss of Human Capital
Reduced Labor Costs
Downsizing
Reduced Debt Costs
Lower Performance
Downscoping
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