Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 21

1 1. The Oxford English Dictionary defines “merger” as the “consolidation or combination of one firm or trading company with another.” The French have a good word for it: fusion—this conveys the emergence of a new structure out of two old ones. An “acquisition,” on the other hand, is simply a purchase. Generally, the terms are used interchangeably. But where one is negotiating, drafting legal documents, managing tax exposure, or reporting financial results, it pays to mince words. More on this follows in later chapters.

2 2. Joseph Bain, a founder of the field of industrial organization economics, bequeathed the notion that the structure of an industry and conduct of competition within that industry drive investment returns.

3 3. How you behave can affect your position in the competitive arena.

4 4. “Newco” designates the new firm that emerges from a merger or acquisition.