The Case Study Of Cross-border Mergers And Acquisitions Between Apex And Lexmark

With the continuous development of enterprises in our country,more and more enterprises to "go out".The Belt and Road initiative policy proposed,is embarking on cross-border mergers and acquisitions of enterprises China.According to Wind statistics,in2016 alone,there were 438 cases of cross-border M & A in China,with a transaction amount of up to $215.7 billion.Among them,a classic case of annual revenue of 2 billion yuan to raise billions of Apex funds,the final $3 billion 900 million acquisition of U.S.printing giant Lexmark.Through the analysis of the merger,Apex financing,mergers and acquisitions,mergers and acquisitions performance,this thesis summarize the successful experience hoping to offer reference for other enterprise merger and acquisition in the future..First of all,the thesis introduces the research background and significance,both at home and abroad to summarize the motivations,financing methods,problems and risks in mergers and acquisitions,and the impact brought by mergers and acquisitions.Secondly,we summarize the related concepts and theoretical foundations,which are related concepts and characteristics of cross-border mergers and acquisitions,the development process and problems of cross-border mergers and acquisitions in China's enterprises,the motivation theory of cross-border mergers and acquisitions,and the financing theory of cross-border mergers and acquisitions.Then the Apex cross-border mergers and acquisitions Lexmark are introduced and analyzed by the method of case analysis,separately introduces the background,the two sides as well as mergers and acquisitions process,and analyzes the merger,acquisition financing,post merger integration and merger performance.Then,this thesis summerrized the successful experience of Apex mergering Lexmark through analyzing the above cases.In mergers and acquisitions with diversified financing methods,Apex raised about $4 billion acquisition of funds to make up the funding gap;major shareholders lent jetea grams after raising exchangeable bond,making up fund shortage and seize the opportunity to use;the transaction structure of multi-level successfully raised billions of funds;to strengthen the integration after the merger for both management and culture will Apex a world-class printing enterprises.At the same time,stripping the ES business to ease the financial pressure;cultural review before the merger to facilitate cultural integration.By summing up the successfulexperience of Apex cross-border mergers and acquisitions,this thesis provide suggestions for other cross-border enterprises in china.The last part is conclusion,summarizing the research conclusion and analyzing the existing shortcomings in the research.