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Lecture Organizational strategies for the 21st century - Chapter 7

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Chapter 7 - Acquisition and restructuring strategies. Studying this chapter should provide you with the strategic management knowledge needed to: Explain the popularity of acquisition strategies in firms competing in the global economy, discuss reasons why firms use an acquisition strategy to achieve strategic competitiveness, describe seven problems that work against developing a competitive advantage using an acquisition strategy,. | Chapter 7: Merger and Acquisition Strategies Overview: Why firms use acquisition strategies Seven problems working against developing a competitive advantage using an acquisition strategy Attributes of effective acquisitions Restructuring strategies Merger and Acquisition Strategies Introduction: Popularity of M&A Strategies Popular strategy among U.S. firms for many years Can be used because of uncertainty in the competitive landscape Popular as a means of firm growth Buying growth – external growth Commonly used with corporate, business and international strategies Should be used to increase firm value and lead to strategic competitiveness and above average returns The reality is that returns are typically close to zero for acquiring firm Mergers, Acquisitions, and Takeovers Merger Two firms agree to integrate their operations on a relatively co-equal basis Acquisition One firm buys a controlling, 100 percent interest in another firm with the intent of making . | Chapter 7: Merger and Acquisition Strategies Overview: Why firms use acquisition strategies Seven problems working against developing a competitive advantage using an acquisition strategy Attributes of effective acquisitions Restructuring strategies Merger and Acquisition Strategies Introduction: Popularity of M&A Strategies Popular strategy among U.S. firms for many years Can be used because of uncertainty in the competitive landscape Popular as a means of firm growth Buying growth – external growth Commonly used with corporate, business and international strategies Should be used to increase firm value and lead to strategic competitiveness and above average returns The reality is that returns are typically close to zero for acquiring firm Mergers, Acquisitions, and Takeovers Merger Two firms agree to integrate their operations on a relatively co-equal basis Acquisition One firm buys a controlling, 100 percent interest in another firm with the intent of making the acquired firm a subsidiary business within its portfolio Takeover Special type of acquisition strategy wherein the target firm did not solicit the acquiring firm's bid Unfriendly acquisition Reasons for Acquisitions Increased market power Exists when a firm is able to sell its goods or services above competitive levels or when the costs of its primary or support activities are lower than those of its competitors Sources of market power include Size of the firm Resources and capabilities to compete in the market Share of the market Entails buying a competitor, a supplier, a distributor, or a business in a highly related industry Reasons for Acquisitions To increase market power firms use Horizontal Acquisitions Acquirer and acquired companies compete in the same industry Horizontal integration and industry consolidation Vertical Acquisitions Firm acquires a supplier or distributor of one or more of its goods or services Forward and backward vertical integration Leads .