A Study Of Motivations And Performance Of Anta Sports’ Cross-Border Merger With Amer Sports

In recent years,with the gradual introduction of China’s sports industry policy,Chinese sports brands have flourished under the stimulation of domestic and international markets,and many domestic sports brands are no longer limited to OEM production,but they are trying to break new ground in the international market.The learning process includes gaining advanced productivity,high-end market competitiveness,and brand awareness.Current domestic sports companies have acquired foreign brands,such as FILA,Sprandi,Danskin,Lotto,etc.In these cross-border M&A investment activities,whether the postacquisition subject enterprises have achieved the expected objectives before the M&A,whether the M&A performance fits well with the motivation of the M&A,and whether the performance reflects well the integration of the subject enterprises and the acquired enterprises’ business status.With these questions in mind,the M&A case in this thesis is highly representative: Anta Sports M&A of Amer Sports.The analysis of its motivation and performance of its M&A of Amer Sports is intended to provide international M&A experience for other domestic sports brand companies.The line of this thesis is a combination of case study and empirical research.First I conceptually define M&A motivation and M&A performance,then I detail the current situation of Chinese sports brand M&A market and the detailed process of Anta M&A.Then I draw on the event study method and conclude that the significance two-tailed p-value is approximately 0.000.Thereby,this thesis demonstrates that both Anta’s market return and cumulative return are affected by this M&A event.Based on the above research,the following results were obtained: Anta will continue to focus on its core brands,develop multiple high-end brands,tap more market channels,further extend its international brand influence,expand its international market share,and fully cultivate high-end brands in China.But in the short term,Anta’s M&A risk increases,and the company faces synergistic problems such as cultural integration,capital integration,brand integration and market integration,and it needs a long period of time in the future to digest the results of M&A.