| By studying Midea’s takeover offer for KUKA,this thesis serves to analyze Midea’s strategies in this acquisition and provide suggestions for other household appliance manufacturers’ transformation and other cross-border M&A deals.The study obtains the following results.First,Midea’s transformation through the cross-border M&A is motivated by the bottleneck of traditional business,huge opportunities of smart manufacturing industry in China and lower valuation levels in overseas markets.Second,Midea’s offer price for KUKA is reasonable considering KUKA’s leading position in robot industry and potential synergies post M&A.Third,the case implies that in order to succeed in a cross-border M&A,a pre-takeover toehold acquisition and the ensuing good relationship with the target will be of great help.This case study contributes to the research on cross-border M&As.This study offers strategical suggestions for other Chinese acquirers and provides an applicable valuation methodology for a public M&A target,and is therefore of significance for both future research and real deals. |
