Case Study On Mengniu Dairy's Acquisition Of Yashili

With the development of economy,mergers and acquisitions(M&A)as a capital operation mode to rapidly expand business scale are more and more welcomed by enterprises.In order to save the domestic dairy industry affected by the negative events such as "melamine",the Ministry of Industry and Information Technology issued a special policy in 2013 to accelerate the integration of dairy enterprises and improve product quality.Under the influence of policy and driven by self-interest,more and more mergers and acquisitions are happening in dairy industry.Therefore,this paper chooses Mengniu Dairy's M&A of Yashili,which is the largest M&A case in China's dairy industry so far.This paper selects the case of Mengniu Dairy's acquisition of Yashili as the research object,and uses the case method to conduct research.Firstly,the research background and significance of this paper are discussed.Secondly,the related concepts of M&A and the theories involved in this paper are defined and briefly analyzed.Thirdly,according to the selection of M&A targets,due diligence,M&A valuation,clear M&A payment methods,the order of mergers and acquisitions is introduced and analyzed separately.Finally,the performance of M&A is evaluated,and case inspiration is obtained according to the case.Through research,it is found that the M&A is basically correct in the selection of the M&A target,due diligence,M&A valuation and M&A consideration,but there are big mistakes in M&A integration,especially strategic integration.Although the merger has shortcomings in the process of mergers and acquisitions,in general there are still many places worth learning.The innovation of this paper lies in introducing and analyzing M&A according to the time process in turn by using the research method of case analysis.At the same time,the performance analysis of M&A based on the synergistic effect index system is also used to supplement the above analysis according to the time process of M&A.