Selection And Analysis Of Anti-M&A Strategies In Baoneng's Acquisition Of Vanke

With the innovation of domestic equity division,mergers and acquisitions between enterprises have developed rapidly.Various mergers and acquisitions are full of capital markets,which are mainly divided into two categories: goodwill mergers and malicious mergers and acquisitions.Among them,the malicious merger is the acquisition of the target company's shares without the consent of the target company's management.The merger directly acquires the shares of the target company directly in the secondary market,and finally realizes the control of the company after having the majority share of the target company.Starting in the second half of 2015,Baoneng was involved in the acquisition of Vanke,which is a typical case of malicious mergers and acquisitions.The game between the two parties in the merger will affect the fluctuation of its stock price to a certain extent in the implementation of the strategy.This paper takes the game of China's well-received Bao Neng and Vanke as the case study object from the end of 2015 to the present,first analyzes the motivation of M&A.The driving force of M&A in enterprises is mainly divided into synergy effect,undervalued theory,speculation theory and market power theory.When analyzing Vanke as a target company,it calculated the EVA value of Vanke before the merger,which used the data in Vanke's 2008 to 2014 financial statements to calculate the stock value of Vanke in 2014,and then compared the Vanke A at the end of 2014.Secondly,it analyzes the strategies adopted by Baoneng and Vanke in the game process and the market reaction after the implementation of the strategy.When analyzing the market reaction,it mainly judges through the fluctuation of stock price,and judges whether Vanke's anti-M&A strategy can meet expectations through the influence of stock price.This paper hopes that by analyzing the advantages and disadvantages of the anti-M&A strategy,in the future,other companies in the face of malicious mergers and acquisitions,according to the other party's malicious mergers and acquisitions measures can take a corresponding strategy.Then it analyzes the reference significance of the anti-M&A strategy adopted by Vanke and puts forward the views on the governance of listed companies.Finally,I hope that through the analysis of the case of Baoneng's acquisition of Vanke,it can inspire the anti-M&A parties: First,adopt preventive measures before the malicious merger occurs.For example,setting up the terms in the company's articles of association is to improve the corporate governance structure and Handle the relationship with major shareholders and so on.The second is the positive response that can be taken after a malicious merger occurs.The most commonly used is the “White Knight” program.In the current environment of China,in the face of hostile takeovers,the company must systematically select and implement its own anti-M&A strategy,and also draw on foreign anti-M&A strategies and innovate on this basis to find the right anti-development needs.M&A strategy.