Study On The Case Of Overseas M&A Pricing Of The Bright Group

In recent years, many enterprises in our country take mergers and acquisitionsactively, in order to expand scale and carry out the development strategy. Bright Groupcarried out overseas mergers and acquisitions actively to complete their five yearsstrategic planning, to achieve its internationalization strategy. They hope to expand theirmarket, improve market position, enter the international market by overseas acquisitions.Bright Group have taken M&A worldwide since2010, has participated in mergerand acquisition of the sugar department of CSR in Australia, Synlait Milk of NewZealand, the United Biscuits of England, the health product GNC of the United States,Yoplait of France, Manassen Food and Weetabix. But the overseas mergers andacquisitions of Bright Group is not successfully.Bright Group insists its internationalization road, persists in the international mergerand acquisition strategy, and in2012they completed the most expensive overseasacquisition of Chinese food industry. Bright Group’s experience and the problems inmergers and acquisitions is very worth studying and researching, to give some advice toChinese enterprises in overseas mergers and acquisitions.This article mainly analyzes the Bright Group four failure experiences of overseasmergers and acquisitions, find out the problems of the Bright Group during the overseasM&A pricing, and analysis the reasons, then puts forward some Suggestions, finallyhope to be able to help the other enterprises in overseas mergers and acquisitions.The thesis is divided into four parts:The first part is introduction to explain the research background, research purposeand significance, state literature review and research methods and framework.The second part is description of the cases. This part contains the background of theBright Group, the introduction of the failures in Bright Group overseas M&A.The third part is case analysis. According to the theory of mergers and acquisitions，take the sugar department of CSR as an example based on discounted cash flow methodto evaluate its value, through the analysis of the evaluation analysis the problems in thepricing, and make comparison to analysis the reasons.The fourth part is suggestions and enlightenment. According to the result of case analysis, puts forward corresponding proposals of overseas mergers and acquisitionswork of the Bright Group, including the preliminary investigation, pricing andnegotiation.