Chapter_14

Chapter_14 - Joint Ventures, Partnerships, Strategic...

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Joint Ventures, Partnerships, Strategic Alliances, and Licensing
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Course Layout: M&A & Other Restructuring Activities Part IV: Deal Structuring & Financing Part II: M&A Process Part I: M&A Environment Payment & Legal Considerations Public Company Valuation Financial Modeling Techniques Business & Acquisition Plans Search through Closing Activities Part V: Alternative Strategies Accounting & Tax Considerations Business Alliances Divestitures, Spin-Offs & Carve-Outs Bankruptcy & Liquidation Regulatory Considerations Motivations for Part III: M&A Valuation & Modeling Takeover Tactics and Defenses Financing Strategies Private Company Valuation Cross-Border Transactions
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Learning Objectives Primary learning objective: To provide students with a knowledge of how to plan, structure, and manage business alliances. Secondary learning objectives: To provide students with knowledge of How business alliances represent alternative business implementation strategies to M&As; Motivations for business alliances; Factors critical to the success of business alliances; Alternative legal forms of business alliances Key business alliance deal structuring issues and challenges; and Financial performance of business alliances
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Business alliances are vehicles for implementing business strategies Business alliances may be informal agreements or highly complex legal structures Alternative forms of business alliances (including legal and informal relationships) Joint ventures Strategic alliances Equity partnerships Licensing Franchising Network alliances
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Motivations for Forming Alliances Risk sharing – Sharing proprietary knowledge (e.g., TiVo, Sematech, and Wintel) Management skills and resources (e.g., Dow Chemical/Cordis) Gaining access to new markets – Using another firm’s distribution channels (e.g., Walmart and AOL) Globalization Gaining access to foreign markets where laws prohibit 100% foreign ownership or where cultural differences are substantial (e.g., China) Cost reduction – Purchaser/supplier relationships (e.g., GM, Ford, and Daimler Chrysler online purchasing consortium) – Joint Manufacturing (e.g., major city newspapers) Prelude to acquisition or exit (e.g., TRW/Redi, Bridgestone/Firestone) Favorable regulatory treatment (e.g., collaborative research shared with others)
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This note was uploaded on 01/28/2011 for the course FIN 315 taught by Professor Welker during the Spring '09 term at IUP.

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Chapter_14 - Joint Ventures, Partnerships, Strategic...

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