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安氏财经评论之银行并购案例分析: 新桥投资深圳发展银行一案失败之分析 |
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安氏财经评论之银行并购案例分析: 新桥投资深圳发展银行一案失败之分析 -- 安普若 - (1873 Byte) 2003-12-01 周一, 16:17 (5103 reads) |
hghg [博客] [个人文集]
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作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
at the most times, a deal structure is determined by the situation of the target firm, acquirer, market, and regulatory environment. In SDB case, I think a critical factor that determines the deal structure (i don't know the details though.) is the operational and financial situation of SBD. Operationally, SBD has the worst Non performing loan ratios (which needed to be written off after the deal and who should take the hit, SDB or NB?) among those listed the banks. Financially, SDB has the lowest margins and highest price multiples (thanks partly to the Newbridge deal). Although the stateowned share would be transacted at book value, the price of A sharewould definitely boost the deal valuation.
So if you are Newbirdge, who were facing a overpriced firm, will you pay all cash for the whole valuation? I won't blame Newbridge for not do it as a cash deal. Future performance earn out will be a very logic choice.
作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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