Under normal circumstances, an enterprise's M&A behavior needs to go through the following four stages from having only vague M&A intentions to successfully completing M&A:
1, preparatory stage. According to the requirements of its own development strategy, enterprises formulate M&A strategy, initially outline the outline of the target enterprise to be merged, and formulate the expected standards for the industry, scale and market share of the target enterprise. Accordingly, search and capture M&A targets in the property rights exchange market, or publish M&A intentions through the property rights exchange market, collect enterprise sellers, then make a preliminary comparison among the target enterprises, screen out one or several candidate targets, and further investigate key information such as assets, finance and taxation, technology, management and personnel of the target enterprises.
2.M&A strategic design stage. According to the first-hand information obtained from the previous investigation, the M&A model of the target enterprise and the corresponding financing, payment, taxation and legal arrangements are designed.
3. Negotiation and signing stage. After the M&A scheme is determined, the letter of intent for M&A is taken as the basis of negotiation between the two parties, and the core contents such as the price and method of M&A are negotiated and finally the M&A contract is signed.
4. Delivery and integration stage. After signing the contract, the two parties will deliver the property rights, integrate the business, personnel and technology of the enterprise, and fully consider the organizational culture and adaptability of the original target enterprise. Integration is the last link of the whole M&A program, and it is also the key link to determine the success or failure of M&A. ..
The above is the process that all enterprises must go through in mergers and acquisitions. At present, M&A of Chinese enterprises is divided into M&A of listed companies and M&A of unlisted companies, which are based on completely different laws and regulations. Among them, the acquisition and sale of assets by listed companies are subject to stricter legal restrictions such as the Securities Law and the Measures for the Administration of Acquisition of Listed Companies, and their M&A procedures are more complicated.
Tips: The above contents are for reference only, and the details are subject to the official.
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