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Pina · 2020年08月21日

问一道题:NO.PZ2018101501000125

问题如下:

National Plastics Corp. is a leading manufacturer of high-quality injection-molded plastic packaging materials used by various industries, primarily food and beverage processing and packaging firms.

On 4 January 2013, Haines Foods, Inc., launched a hostile takeover bid for all of the shares of National at $30 per share (a $5 premium in excess of the pre-bid price). Haines Foods is a national distributor of deli and dairy products. If its bid is successful, it plans to continue to operate National as a wholly owned subsidiary.

If Haines Foods is successful in its attempt to acquire National Plastics, the business combination is best classified as which type of merger?

选项:

A.

Vertical, backward

B.

Horizontal, conglomerate

C.

Vertical, forward

解释:

If Haines acquires National, it would be a vertical merger because they are both in the same production chain. It is an example of backward integration because Haines is closer to the consumer than the packaging manufacturer.

老师好 怎么判断 上下游? 不是一般都是食物 都是 先食物 再包装 (比如工厂里 用苹果做例子, 先摘苹果,机器筛选,然后在洗,最后再包装的吗?), 这样的话 相当于食物是原材料,包装离客户更近了吗? 那就是H 是上游, N 是下游 于是就是vertical ,forward.


是不是考试的时候 题目里会说清楚 东西生产的流程?


谢谢。

1 个答案
已采纳答案

王琛_品职助教 · 2020年08月21日

同学你好,

结论

判断上下游的标准是:谁在产业链中距离消费者更近,谁就是下游

分析

题干在介绍 H 和 N 公司时,已经交代了上下游哈

  • N 公司是高品质的注塑塑料包装材料制造商,产品用于各行业,主要客户为食品和饮料加工和包装公司
  • H 公司是一家全国性的熟食和乳制品分销商,已经有成品,需要将食品包装好再出售给下游客户
  • 所以两家公司属于统一产业链,H 公司更靠近消费者,属于下游;N 公司属于上游

参考

这道题在经典题中也有讲解,参考经典题视频 Categorize Merge, Merger Motivations, Takeover Defense Mechanisms