• The background of merger and acquisition . • Reasons for an acquisition strategy . • Problems that work against achieving success
when using an acquisition strategy. • The attributes of effective acquisitions. • The restructuring strategy and its common
OPENING CASE
TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES
CHALLENGES: ● Whether Microsoft will be able to utilize the service and integrate it into its focus on business customers relative to the consumer focus
IRELAND | HOSKISSON | HITT
THE MANAGEMENT OF STRATEGY
CONCEPTS AND CASES 10E
第Ⅱ篇战略规划
第7章 战略性收购与重组
THE STRATEGIC MANAGEMENT PROCESS
图 1.1 战略管理过程
战略管理过程
KNOWLEDGE OBJECTIVES
so doing, it avoided paying U.S. income tax.
■ The Skype investment seems to be a bargain; the $8.5 billion represents a cost of $14.70 per customer. Comparatively, when Skype was bought
by eBay in 2005, it paid $45.60 per user.
引导案例
科技巨头的收购战略以及取得的成果
■由于Skype的创始地和总部均不在美国， 因此，微软公司的现金无需经过美国就 可以直接用于收购交易，这样做可以使 微软公司免于向美国政府缴纳所得税。
■微软对Skype的投资是实惠的，因为 85 亿美元意味着每一个客户的成本是14.7美 元。与此相比，2005年eBay收购Skype时 相当于为每一个用户支付了45.6美元。
OPENING CASE
TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES
■ Because Skype was founded and headquartered outside the U.S. (Luxembourg),
Microsoft was able to use cash that was not repatriated into the U.S. to pay for the deal, and in
■ Online social networks, such as Facebook, have caused Procter & Gamble (P&G) to reallocate their advertising resources away from television to more
digital formats.
forms.
学习目标
1、合并和收购战略的背景。 2、实施收购战略的原因。 3、影响收购战略获得成功的因素。 4、有效收购的特征 5、重组战略及其不同形式
• 1、OPENING CASE
OPENING CASE
TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES
about the deal in the media.
引导案例
科技巨头的收购战略以及取得的成果
■ 像脸谱这种在线社交网站，已经让 宝洁这样的公司将广告资源从电视 媒介转移到各种数字平台。
■ 当微软公司宣布以85亿美元收购全 球领先的电信公司Skype时，媒D | HOSKISSON | HITT
THE MANAGEMENT OF STRATEGY
CONCEPTS AND CASES 10E
PART 2: FORMULATION OF
STRATEGIC ACTIONS
CHAPTER 7 STRATEGIC ACQUISITION AND RESTRUCTURING
of Skype ● Whether Microsoft will be able to incorporate the Skype service into its various devices and software platforms
引导案例
科技巨头的收购战略以及取得的成果
挑战: ● 微软是否能够充分利用Skype
■ When Microsoft announced that it would acquire Skype Global S.A.R.L., the leading Internet
telecommunications company for $8.5 billion, there were both positive and negative attributions
的服务，以及是否能够将两者的用 户整合在一起。
●微软能否将Skype的服务融合 到各种设备和软件平台中去。
OPENING CASE
TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES
DEFENSIVE RATIONALE ● If Microsoft did not buy Skype, it may have ended up in the hands of a competitor such as Google, who might be able to use it to strengthen its ecosystem at the expense of