| In recent years,the global game market has expanded rapidly.According to the Newzoo report,by the end of 2017,the global game market had reached us $116 billion and the mobile game market had reached us $50.4 billion.China is now the world's first big game,the whole industry competition has intensified,local Chinese giants tencent and netease game monopoly almost the entire game market,small and medium-sized manufacturers mass death to become a reality,small and medium-sized manufacturers and big business cooperation symbiotic become market norm.Tencent's growth has been largely driven by rapid growth at home,but social networking tools,tencent's flagship product,have faced stiff competition abroad from rivals such as Facebook and twitter.Therefore,internationalization has been the heart of tencent.Tencent game the acquisition of the SUPERCELL is a hand tour company,the company developed the game including "tribal conflict","island","cartoon farm",the royal war,every game is a phenomenal product in the global market.Tencent hopes to enhance the company's continuous innovation capability through this acquisition,while implementing the internationalization strategy.Although the acquisition may bring rapid development for tencent holdings,but at the same time also brought the problems and risks,and these problems and risks and m&a strategy,the choice of object of mergers and acquisitions,mergers and acquisitions,mergers and acquisitions of value evaluation and pricing,performance assessment of the risks of mergers and acquisitions impact analysis has a lot of contact.The author will combine the actual situation of this case,from mergers and acquisitions motivation and m&a decision,enterprise value assessment and pricing and so on several aspects,to explore "SUPERCELL" rationality "tencent holdings" m&a.Based on "Tencent holdings" buying "SUPERCELL" case as the research object,uses the system analysis,deductive reasoning and methods of comparative analysis,elaborated the whole process of the acquisition and analysis.This paper is divided into four chapters: the first chapter is the introduction,including the background and significance of the research,the summary of m&a theory,the framework of the paper,the research methods and the workingbasis of the research.Second chapter introduce case of mergers and acquisitions involving the two companies are very detailed introduction,from mergers and acquisitions motivation and m&a process,evaluate the results of pricing,implementation,etc.,introduces the whole process of mergers and acquisitions.The third chapter is case analysis,it is the focus of this article,through the analysis of the m&a motivation to reveal the enterprise merger and acquisition strategy,analyzing in detail the process of mergers and acquisitions,including five model analysis,SWOT analysis,but also have the risk of mergers and acquisitions involving,mergers and acquisitions manner to understand,the final influence on m&a performance and also are discussed in this paper.The fourth chapter is the case enlightenment,through this case analysis,we hope to provide some experience for the m&a activities of other listed companies in China's game industry.At present although the domestic study of m&a has a lot of,but limited to the electronic game industry is not much,so the study of this kind of company mergers and acquisitions cases is very necessary,especially for the reason of mergers and acquisitions,mergers and acquisitions,strategic decision-making and implementation process,must carry on the detailed analysis of the risk of mergers and acquisitions. |
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