The Case Study Of W Company's Exchange Shares Merger Motivation And Value

In recent years,the domestic new retail industry has developed rapidly,the demand for comprehensive logistics services has significantly increased.and the logistics fine molecule industry has been gradually integrated.In this context,the traditional organizational model of dividing logistics business seg,ments according to the mode of transportation has been unable to effectively meet the market demand.In December 2018.W company absorbed and merged A company in the form of shares exchange.W company does not participate in the share exchange and does not exercise the cash option.These shares will be cancelled after the share exchange and merger.Upon completion of this share exchange.W company,as the surviving company,will terminate its listing and cancel its corporate status by inheriting and undertaking all assets,liabilities,business.contracts,qualifications,personnel and all other rights and obligations of W company.W company and A company have a large number of high-quality logistics assets and business.W company is one of the world's leading integrated logistics service providers,whose main businesses include freight forwarding,professional logistics,warehousing and terminal services,logistics equipment leasing and other services.A company is the first listed company in the domestic air freight forwarding industry,mainly engaged in air freight forwarding,e-commerce logistics and professional logistics business.This paper takes the case of W company shares exchange absorbing and merging the A company as an example,and the research is mainly divided into five parts.Chapter one is the introduction,which mainly analyzes the research background,research purpose and significance,research methods and innovation.Chapter two is the definition of the concept and theoretical review,the relevant concepts of mergers and acquisitions and the status quo at home and abroad,laid a theoretical foundation for the study.Chapter 3 introduces the development cases of stock exchange and merger of W company,and mainly analyzes the basic situation,conversion process to absorb the merger development process.Chapter four is the analysis of the reasons for the development of China's stock exchange and merger.Firstly,it analyzes the external reasons for the development of China's stock exchange and merger.Then the internal causes are analyzed,and it is found that share-for-share merger can protect the interests of shareholders of both sides,enhance the competitive advantage,optimize the capital structure and resources,and protect the rights and interests of investors.Chapter five,empirical analysis is made on the development of W company's stock exchange and merger,including the rationality analysis of the issuing price of the merging party,the rationality analysis of the stock exchange price of the merged party,the rationality analysis of the cash option price,and the competitive measures and feasibility analysis of the surviving company.Chapter six is mainly the conclusion and prospect of the research,mainly carries on the summary analysis to the research,and proposes the related enlightenment and the prospect.