并购中国上市家族企业的投资决策——关于蒙牛乳业收购雅士利的案例研究

Contents

Abstract (i)

摘要 (ii)

1Introduction (1)

1.1Background (1)

1.2Case discussion (2)

1.3Case questions (6)

2Data (8)

2.1Data source (8)

2.2Data exhibition (8)

3General solutions (15)

3.1Motivations for the family firms to sell (15)

3.2Family-related driving forces and favorable conditions for the acquirer (16)

3.3V aluation of family firms in the acquisition context (18)

3.4Deal designs of the family business M&As (20)

4Specific solutions (23)

4.1Main reasons for Yashili founders to sell (23)

4.2Attractive family-related characteristics of Yashili (24)

4.3Pricing considerations (25)

4.4Deal structure designs of the case (32)

5Conclusions (34)

5.1Implications from the case (34)

5.2Development after the deal (35)

Bibliography (36)

Acknowledgements

Acquisitions of Listed Family Firm in China

– A Case Study on China Mengniu Acquiring Yashili

Abstract

By the combination of theoretical analysis and a case study on the deal of China Mengniu acquiring Yashili, this study serves to help understand how Merger and acquisitions(M&As) processes involving family firms differ from more traditional transactions and to identify the key considerations and solutions for acquirers in the context of acquisitions involving family firms. The analysis of the case would be done in mainly three aspects: favourable conditions for the acquirers, pricing considerations, potential risks and deal detail designs.

The research has the following main results. Firstly, the potential of family firm M&As in China is underlined. Secondly, when choosing potential candidates, acquirers prefer family firms which have no practical succession plan, showing professionalism in the management, expressing strong willingness of founders to sell the company, and having small possibility to other alternatives. Thirdly, both positive and negative impacts of the family specific characteristics are taken into valuation process. Finally, acquirers could establish incentive plans to retain employees and mitigate risks of this deal type. As for the issue of whether or not to keep the target company listed, there are certain aspects of considerations for the acquirers.

This case study contributes to the body of research concerning acquisitions of listed family firm in China, providing implications and references for acquirers in future M&A deals involving Chinese family firms. Moreover, it may be significant for the educational community since current cases seldom discuss acquisitions of family firm, especially in Chinese environment.

Key Words: Family firms, Merger and acquisition, Case study