Research Of Stock-for-stockabsorption Mergers By Listed Companies

Scale contemporary business continues to expand, not all through their accumulation, butthe rapid development of business after the merger of the way. Therefore, improving capitalmarkets can promote──as proof of ownership of shares of trade flows. At present, thedomestic capital market is more popular means of a merger is to come into being in the formof convertible merger. Facing the huge pharmaceutical companies interact with industry, in thepharmaceutical industry, pharmaceutical companies must choose convertible merger, thepharmaceutical industry and standardization depth intensive development goals.This paper selects Guangzhou Baiyunshan Pharmaceutical convertible merger as theresearch object, Guangzhou Baiyunshan Pharmaceutical and convertible merger case usheredin a new direction, is the first in Shanghai, Shenzhen and Hong Kong convertible merger ofcompanies, but also a whole Guangzhou Pharmaceutical Group of the two companies mergedin convertible case, so I chose this case study. In this paper, literature research and case studymethod to analyze the main material from China Journal Net, case corporate announcements,annual reports, interim reports, securities companies website information, television and othermedia reported that narrative, case corporate convertible always pay attention to the process ofmerging with the initial process, provide relevant information for this research.Firstly dissertation introduces the research background and significance, are revieweddomestic and foreign convertible merger literature and reviewed the relevant literature.Describes the theory convertible merger, analyzes of corporate convertible merger theoreticalbackground. Secondly, it introduces the condition and status of motivation and convertibleresearch scholars of the merger, and to China’s listed companies merger brings revelationconvertible. Guangzhou Pharmaceutical again convertible merger analysis and case studies ofBaiyun Mountain, convertible merger of the former Guangzhou Baiyunshan Pharmaceuticaland basic situation of the two companies are summarized, including the scale of operation,financial position, review the change share merger process. For case analysis, respectivelyabsorb motivation, timing, price and synergies from the merger analyzed Convertible. Afterthe merger and the value of the convertible effect analysis, draw the appropriate inspiration forthe future convertible merger of enterprises play a role in learning, and the final conclusion of this article. It was a successful convertible merger cases, companies in the same industry forthe future convertible merger brings a valid reference.