Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 124

M&A transactions should flow from the business strategy for the firm. Yet mergers and acquisitions are only part of the range of possible transactions a firm might contemplate in seeking to implement its strategy. Exhibit 6.10 charts the variety of tactics and shows that they extend from transactions that grow or diversify the firm to transactions that restructure or focus the firm.

In contemplating expansion of the business, executives first must decide upon the classic “make versus buy” decision: Should growth be organic (i.e., through internal investment) or inorganic (i.e., by investing or structuring an affiliation outside the firm)? A decision about make versus buy will typically follow from a strategic analysis and estimation of the prospective returns on investment from the alternatives.