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    :2016-2017

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    (B2B B2C) .

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    1

    1.1

    1.2

    1.3

    1.4

    1.5

    1.6

    1.7

    2

    2.1

    2.2 . 2190/20 . 498/87

    2.3 1297/72 2166/93

    2.4

    2.5 (5-S)

    3

    3.1 ( )

    3.2 -

    3.3

    3.4

    3.5

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    ,.:2016-2017 4

    4

    4.1 Pestel analysis

    4.2 Swot analysis

    4.3

    4.4

    4.5

    4.6

    4.7

    5

    5.1

    5.2

    5.3 &

    5.4

    6

    6.1

    6.2

    6.3

    6.4 -

    6.5

    6.6

    6.7 :

    6.8

    6.9

    6.10

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    7

    7.1

    7.2

    7.3 PWC & 2014

    7.4 PWC & 2015

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    ,.:2016-2017 6

    1.1 DEFINITION OF ACQUISITION

    / .

    .

    - premium ( ) , .

    :

    Microsoft Yahoo 2008, , Microsoft premium . (, 2016)

    , . - , (liquidation).

    50% , .

    , , , .

    , , , .

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    ,.:2016-2017 7

    Brand , , . (, 2016)

    1.2 DEFINITION OF MERGER

    :

    (acquirer /buyer /bidder) (/) (acquiree / target), , - -.

    , .

    , , (insider trading). (, 2016)

    . , , , .

    : America Online Time Warner 2001 internet.

    (takeover / acquisition) , ( ). ( + ) -.

    : Waze Google (google maps).

  • , .. ,

    ,.:2016-2017 8

    : Instagram Facebook Tumblr Yahoo startups, . (, 2016)

    ()

    Merger with Consolidation

    Acquisition

    (CFA Institute, 2013)

    COMPANY

    Y

    COMPANY

    X

    COMPANY

    X

    COMPANY

    C

    COMPANY

    B

    COMPANY

    A

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    ,.:2016-2017 9

    1.3 TYPES OF MERGERS

    (8) . .

    1. () Horizontal Integration

    2. () Vertical Integration

    3. Market Development

    4. Product Development

    5. Friendly Acquisition

    6. Hostile Acquisition

    7. Leverage BuyOuts (LBOs)

    8. Management BuyOuts (MBOs)

    1. . .

    2. - .

    ( ) .

    :

    2.1 (forward integration) .

    2.2 (backward integration) .

  • , .. ,

    ,.:2016-2017 10

    : , ( ), ( ). (Sudarsanam, 2003, . 5-6)

    ( ).

    (Horizontal Merger)

    .

    , , , , , , .

    (Vertical Mergers)

    . - ()

    . (forward integration), , (backward integration), .

    (CFA Institute, 2013)

  • , .. ,

    ,.:2016-2017 11

    3. . :

    i. ( )

    ii. iii. ( )

    , , .

    4. . :

    i. ( , )

    ii. iii.

    ( )

    ( ). .

    (E , 2010)

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    ,.:2016-2017 12

    .

    5. - . , - .

    , - . -.

    .

    (INVESTOPEDIA, 2016)

    6. .

    - .

    , . , .

    .

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    (INVESTOPEDIA, 2016)

    7. , .

    . 90% 10% . / , junk bonds ( ).

    :

    i. ii. spin-offs

    iii. .

    (INVESTOPEDIA, 2016)

    8. (management team) .

    managers .

    MBO , .

    MBO MBI (Management Buy- In) (managers) .

    (INVESTOPEDIA, 2016)

  • , .. ,

    ,.:2016-2017 14

    1.4 O

    & . & .. 100 , 1960 () .

    clusters . 1980 1990 . - .

    . . (Sudarsanam, 2003)

    1.1 ..

    . 1890 1978 . - ( ).

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    ,.:2016-2017 15

    2.1 .. 1890 1978. 1899, 1929 1970 . 1968 1970. :

    1. (1890-1905)

    2. ( 1920)

    3. ( 1960)

    (Sudarsanam, 2003, p. 14)

    100% ... 15% .

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    ,.:2016-2017 16

    . .. General Electric, Eastman Kodak ,American Can , America Tobacco DuPont. 71 . 1.800 . 93 72 40% 42 70% . , 50 . . (Sudarsanam, 2003, pp. 14-15)

    1920

    . 10% 15% . 1903 . , . Sherman 1914 Clayton trust, . . 12.000 . . . ,

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    ,.:2016-2017 17

    . . 1929 . (Sudarsanam, 2003, p. 15)

    1960

    1960, - . (CellerKefauver) Clayton (1914) -, 1950. .

    , . , (diversification) . FORTUNE .

    - 1949 4%, 1964 9% , ( 1974) 21%.

    - 26% 42%.

    42% 14% 15% 10%.

    , . ().

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    ,.:2016-2017 18

    1973 () . (Sudarsanam, 2003, pp. 15-16)

    :

    1 2.600 (1890-1905)

    2 8.000 (1920)

    3 12.000 (1960)

    ($) ( 1972 ) :

    1 $ 6,4 bn ($26bn)

    2 $ 12- 15 bn ($24-30bn)

    3 $ 70 bn ($69bn)

    1960 . , .. , 1890 15% 1920 7% 9% 1960 10%.

    Gilson Black , :

    1. . , .

    2. , .

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    ,.:2016-2017 19

    3. .

    4. ( ), . (Sudarsanam, 2003, p. 16)

    1980 1990

    1970 , (1979) ... 1980 ...

    : . 0,95 20% 40% .

    .. .

    , 1980 . 1984 .. , 1984 .

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    .. , "" .

    1960 . Shleifer Vishny " ". 1989 .. 1993 2000.

    . & :

  • , .. ,

    ,.:2016-2017 21

    .

    , .

    , .

    1960 1970. .

    (Leverage Buyout,LBO) - junk () (LBOs).