Alliances and Acquisitions
5 important questions on Alliances and Acquisitions
Articulate how institutions influence alliances and acquisitions
- Antitrust concerns
- Entre mode requirements: Ban acquisition, forced alliance
- Imitation: Lots of alliances -> Dont want to be left out -> more alliances
- Internalized believes
Articulate how resources influence alliances and acquisitions
- Value: Alliances lead to learning from each other. Real options: An investment in real operations as opposed to financial capital.
- Rarity: Relational capabilities are rare.
- Imitability: Firm level: Learning race and alliance level
- Organization
- Value: Shareholders of acquired firms experience a stock increase of on average 24%, due to the acquisition premium(difference between market value and price bought)
- Rarity
- Imitability
- Organization: Strategic fit: Matching of complementary strategic capabilities between firms. Organizational fit: Similarity in cultures, systems and structures.
Desribe how alliances are formed
- Decide if growth can be achieved through: Market transactions, acquisitions, or through cooperative alliances.
- Contractual or Equity?
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Understand how alliances perform
- Equity: Greater equity stake = Higher commitment = Better performance
- Learning and Expertise
- Nationality:
- Relational Capabilities
Why do acquisitions fail?
- Overestimate ability to create value
- Inadequate pre-acquisition screening
- Poor strategic fit
- Lack of familiarity with foreign cultures
- Nationalistic concerns against foreign takeovers
- Poor organizational fit
- Failure to adress multiple stakeholder groups
- Clashes of organizational cultures
- Nationalistic concerns against foreign takeovers
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
