Motivation And Performance Analysis Of Tender Offer Between Mengniu And Yashili

With the depth of our economic system revolution and variability of our marketing environment,more giant companies tend to through merge and acquisition to accomplish its speed,meanwhile it contributes to more merge and acquisition among the listed companies.Increasingly,merge and acquisition becomes an effective method to optimize resources,perfect industry structure,improve the performance and quality of the assets.The way of merge and acquisition affects the effectiveness,the method of merge and acquisition determines the outcome.But,it is true that false restructuring and malicious acquisition becomes the unnegligible phenomenon among the marvelous listed companies.Deeply,it is harmful for building our normal order of merge and acquisition transaction and security development.Furthermore,conventional agreement acquisition can cause the problem of justice without the closure of valid information.So it cannot optimize the society resources,and also,it does not good for the performance of the listed companies after merging and acquisition.At this situation,the listed companies need a more marketing equity transfer mode urgently.Because of its own superiority,the tender offer has received the attention of the market and has been widely used.The merge wave comes among the companies after the revolution of the equity division.The merit of tender offer is the normative of the operational procedure and completeness of disclosure the information,so it becomes a very important format of our country's merge and acquisition,and created a new batch of tender offer case.But,it cannot denied that tender offer comes to the benefits of the tenders,management layers of targeting company,boards and creditors,aroused controversies within the background of the specific of our equity restructure and imperfect of law theory.The essay begins at the basic theory of tender offer,combine with the case of Mengniu tender offer Yashili,analysis of the motivation and the performance,expected to be able to enrich the theory of tender offer,while offer other companies a certain reference.The essay focus the motivation and the outcome of the tender offer,combine with event study and literature research,analyze the performance,and assess the transaction of the tender offer.The essay includes seven parts.First,the introduction,explain the background and methods,summarize related literature,build the framework.Second,summarize the theory of the tender offer,introduce the concepts,varieties and features,meanwhile,analysis of the performance assess method of the merge andacquisition.Third,introduce the case of Mengniu tender offer Yashili,such as both background information,equity restructure.and then summarize the process.Fourth,analysis the motivation of the case,for the policy guide,adjust the industry development,pad short board business and chase the scale effect.Then,analysis the reason why Mengniu choose the method of the tender offer is that tender offer can improve the efficiency of the acquisition,clear acquisition matters and force shareholders to make a choice.Fifth,analysis the performance after Mengniu tend offer Yashili,mainly include growth ability,profitability,operate ability and debt ability.The main reasons for the impact of tender offer on the performance is that effective integration of resources can improve economic efficiency,business diversification provides a new profit growth point,synergistic effect of brand and marketing channels can increase sales.Sixth,summarize the case,conclude that joint national policy can seize the opportunity to merge and acquisition,tender offer can improve the efficiency of merge and acquisition,select appropriate enterprises to expand the market share,integration of enterprise resources can bring scale effect.Then,enlightened us what we learned from the cases of Mengniu and Yashili.Last but not least,the end.summarize the whole essay,and point out the insufficient.