Case Study On Cross-border M & A Of Miteno Co.Ltd.

Cross-border merger and acquisition(M & A)has become a favorable way of capital operation in strengthening production capacity,enhancing economic efficiency and forming economies scale.In recent years,the fever of cross-border mergers and acquisitions of Chinese enterprises has been increasing.However,China still face with a lot of constraints and obstacles in oversea direct mergers and acquisitions.How to rush out of constraints and obstacles and enhance the success rate of cross-border mergers and acquisitions is worth exploring.In this thesis,a case study is applied to analyze the mode of establishing M & A funds to implement cross-border mergers and acquisitions for listed companies.Based on the introduction of cross-border mergers and acquisitions cases of Meteno stock company,four aspects which including buyout fund operation mode,leveraged buyout mode,gambling agreement design,performance comparison before and after mergers and acquisitions were analyzed.Firstly,effective cross-border merger and acquisition design mode is the prerequisite for cross-border mergers and acquisitions.In other words,making use of M & A fund for cross-border M & A,and making full use of the experience and resources of M & A fund can help listed companies overcome the limitations of payment means and regional differences,and reduce the financial and legal risks faced by cross-border mergers and acquisitions.It can also perfectly solve the problem of paying the M & A price in cross-border mergers and acquisitions.Secondly,for the financial pressure faced by mergers and acquisitions,we propose that leveraged buyout operation design is the key factor for companies to solve cross-border M &A payment means promblem.M & A funds can be financed in many ways,and can be effectively complementation with the listed companies.Optimizing the financing structure is the core and key for the success of M & A.Finally,the betting agreement not only greatly reduces the risk of asymmetric information,integration and financial risk in cross-border M & A,but also relieves the pressure of payment and financing and reduces the risk and cost of payment.designing reasonable betting agreement is the guarantee link of cross-border M & A and an important means to reduce the investment risk and information asymmetry of cross-border M & A.The results of the study show that the operation mode of using M & A fund compared with listed companies to implement cross-border mergers and acquisitions,and loading the listed companies into the cross-border mergers and acquisitions by the way of directional issuance is clear and the risk expectation is controllable.In addition,it is highly reproducible.This conclusion provides a reference for Chinese listed companies to achieve cross-border mergers and acquisitions successfully.