| Market-oriented mergers and acquisitions(M & A)become the necessary means for enterprises to recognize the new normal,adapt to the new normal and lead the new normal,and become an important starting point for "supply-side reform." Outstanding enterprises can consolidate excess capacity through mergers and acquisitions and backward enterprises and enhance the overall efficiency of economic development,Or through mergers and acquisitions,especially international mergers and acquisitions to improve their own high-end production capacity to meet the growing domestic demand for high-end.Therefore,when the Chinese economy opens a new normal,capital markets also usher in a new era of mergers and acquisitions.Based on the case background,the motivation analysis and the design of the overall trading scheme,this article analyzes the problems of value evaluation,process integration and business strategy change in the transaction process.For the acquisition of the late development of enterprises to provide the necessary guidance.Through case analysis,this paper draws the following conclusion:(1)After HNA Group acquires Ingram Micro,it will integrate resources,use Infineon's advanced IT supply chain,transform its corporate development strategy,optimize corporate asset quality,and establish a new business platform integrating logistics and finance to form an integrated one.Logistics supply and financial service chain management system form a new pattern of diversified business development.After Ingram Micro was acquired by HNA Group,it could use HNA Group's investment and the HNA Group's logistics network to achieve IT distribution operations management,and at the same time be better able to enter the domestic market.Both sides can form a good synergy effect and develop domestic and foreign logistics markets.(2)Tianhai Investment completed the acquisition of 100% equity of Ingram Micro in cash for US$6.009 billion,equivalent to RMB39.2 billion.Among them,Tianhai Investment owns 8.7 billion yuan of funds,and the joint investment Fang Guohua Life Insurance 4 billion yuan,bank loans 26.5 billion yuan.Tianhai Investment used the market method to evaluate the value of Ingram Micro,with an estimated value of between 59.8 and 6.38 billion U.S.dollars.This article believes that this valuation is higher than a reasonable level.(3)Subsequent to this acquisition,there are still risks such as corporate integration risks and liquidity.For the M&A market performance,the market is mixed.What exactly is the actual effect of "snake swallow elephant" ? This article also cannot give a definite answer.However,from the current point of view,HNA Group is in debt repayment problems,liquidity issues,etc.,and has an important relationship with excessive bank borrowings.In recent years,Tianhai Investment's bank financing loans are also an important one..This shows that the risk has already been revealed.In summary,this article uses Tianhai Investment's acquisition of Ingram Micro in light of the case analysis to analyze the motivations of Tianhai Investment's acquisition of Ingram Micro,the design of transaction plans,the evaluation of Ingram Micro's corporate value,and the risk of mergers and acquisitions.The market performance during the period to further determine the Tianhai Investment acquisition of Ingram Micro international experience and deficiencies. |
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