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1、ChinaMergers&AcquisitionsPlaybookYourreferenceguidetoplanningandexecutingdeals2011editionFinancialAdvisoryContents2Foreword3Executivesummary51.Deloitte'sM&ALifecycle82.M&Astrategydevelopment82.1M&Astrategyplanning2.1.1Understandingcorporateobjectives2.
2、1.2DevelopinganM&Astrategy2.1.3M&Aalternatives2.1.4Financingoptions2.1.5Divestmentstrategy2.1.6Selectingleadadvisors182.2Preliminaryresearchofpotentialacquisitioncandidates2.2.1Developingtheacquisitioncandidatepool2.2.2Sourcingpotentialacquisitioncandi
3、dates192.3Financialassessmentofthebuyer213.Targetscreening213.1Targetscreeningprocess3.1.1Definingscreeningcriteria3.1.2Collectingtargetdata3.1.3Prioritisingtargets243.2Initialduediligence3.2.1Synergyopportunities263.3Valuation3.3.1Valuationofbusinesse
4、ntity3.3.1.1Financialmodeling3.3.1.2Valuationapproaches3.3.1.3Purchasepriceallocation3.3.1.4Valuationchallenges3.3.2Valuationoffinancialinstruments3.3.2.1Financialinstrumentsoncompany'sbalancesheet3.3.2.2Commonvaluationrequirementsforfinancialinstrumen
5、ts3.3.2.3Challengesinvaluingfinancialinstruments363.4Approvalprocessandtargetapproachstrategy3.4.1Approvalstrategy3.4.2Targetapproachstrategy373.5Initialdealstructuring404.Transactionexecution424.1Financial,taxandlegalduediligence4.1.1Financialduedilig
6、ence4.1.2Taxduediligence4.1.3Legalduediligence464.2Businessduediligence4.2.1Integrityduediligence4.2.2Commercial(market)duediligence4.2.3Operationalduediligence4.2.4InformationTechnologyduediligence4.2.5HumanResourcesduediligence534.3Internalcontrolsdu
7、ediligence4.3.1Performinganinternalcontrolsduediligence4.3.2Otherconsiderationsrelatedtointernalcontrols574.4Negotiations4.4.1Roleoftheleadadvisor4.4.2Formsofnegotiations4.4.3Financingstructure4.4.4Pricingstrategy4.4.5Synergiesandpost-acquisitionissues
8、4.4.6Purchasepriceadjustmentmechanisms614.5Regulatoryconsiderations624.6Financingconsiderationsforforeigninvestors4.6.1Debt-to-equityratio4.6.2Loans4.6.3Foreignexchangerestriction/profitrepatriation4.6.4Debtpushdown644.7Dealstructuring4
