Analysis On The Case Of Bao Neng Acquiring Vanke From The White Knight Angle

Since the establishment of China's capital market,the M&A scale has been developing rapidly.Although the acquirer and the acquired,regulators,intermediary levels are increased,but is not completely match with the market demand,resulting in China's M&A market level and the gap with international norms.Therefore,we need to find out the problem from the perspective of corporate finance.This venter chose a white knight on your company's financial perspective on recent the case of BaoNeng acquire WanKe conducted in-depth research,the purpose is to our country enterprise mergers and acquisitions in the future how to operate the rationalization proposal is put forward,so as to promote China's M&A market and orderly development.This paper introduces the basic situation of the parties,the process of merger and acquisition,the cause of merger and acquisition,the way of merger and acquisition,and the financial situation before and after the merger.Based on the analysis of the combination of the white knight theory and the actual situation of WanKe,the paper firstly analyzes the financing structure and risks of the buyer from the perspective of the buyer.Secondly,from the perspective of anti-takeover,from the perspective of anti-takeover enterprise,the enterprise value,development strategy and strategic agreement are analyzed.Finally,combining with other third parties,it is mainly analyzed from the shareholders of the acquiring party and other potential white knight.This article from the perspective of white knight,the case company acquired the financial aspects of analysis,which can fully identify anti-takeover measures,the problems existing in the understanding of market participants themselves,and put forward the pertinent opinions: set beforehand prevention and response measures;The white knight evaluation mainly includes the acquisition party analysis,the counterparty analysis and the third party analysis.