LVMH GUCCI惡意收購案例分析課件

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LVMHAHostileTakeoverBattleIntroductionofGucciPART

01IntroductionofLVMHReasonsofacquisitionforLVMHLVMHGUCCIIntroductionofLVMH“”LouisVuittonfoundedinFrancein1854.ThemergerbetweenMo?tHennessyandLouisVuittonproducesLVMH,theworldleaderinluxuryproducts.ThebusinessofLVMHisdivideintofiveareas:wines&spirits;fashion&leather;watch&jewelry;perfumes&cosmetics;selectiveretailing.TimelineofLVMH’sacquisitionsIntroductionofLVMH1988:Givenchy–Foundedin1952,Givenchy,acoutureandready-to-wearbrand,hasbeenpartoftheLVMHGroupsince1988.1993:Berluti–

Foundedin1895byItalianAlessandroBerluti,themen'sshoes,leathergoods,andmen'sready-to-wearbrandwasacquiredbyLVMHin1993.1996:Céline–

wasintegratedintotheLVMHGroupfor2.7billionFrenchfrancs($540million).1997:MarcJacobs–

LVMHhasheldamajoritystakeintheNewYork-basedbrand,whichwasfoundedin1984,since1997.1997:Sephora–

wasfoundedin1969,wasbroughtundertheLVMHumbrellainJuly1997,andhassincebeenexpandedglobally.1996:Loewe–

TheSpanishcompanycreatedin1846wasacquiredbyLVMHin1996.LVMHisparenttobrandrangingfromLouisVuitton,ofcourse,andChristianDiortoLoewe,Givenchy,andCeline.GucciisanItalianluxurybrandoffashionandleathergoods,whichwasfoundedbyGuccioGucciinFlorencein1921.IntheForbesWorld'sMostValuableBrandslist,Gucciisrankedthe38thmostvaluablebrand,withabrandvalueof$12.4billionasofMay2015.IntroductionofGucciDevelopmentofGuccibefore1999:MaurizioGuccitookoverthecompanyin1983.ABahrain-basedcompany—InvestcorppurchasedhalfofGucciin1988.In1992，thecompanyexperiencedheavylossesandteeteredontheedgeofbankruptcy.MauriziowasforcedtosellallhisremainingsharesinthecompanytoInvestcorpinAugust1993.InOctober1995,GucciwentpublicandhaditsfirstinitialpublicofferingontheAMEXandNYSEfor$22pershare.ReasonsofacquisitionforLVMHTheLVMHGrouphadgrownuptobeaconglomeratebyacquiringothercompanies.GucciisoneofLVMH’scompetitorsinluxuryfashionindustry.LVMHwantedtodefeathiscompetitorthroughacquisition.ThemanagementbelievedthatacquiringGuccicouldmakeLVMHstrongerandgainconsiderableprofits.PART

02PoisonPillDefenseTacticPoisonPillMechanismSetByInvestcorpBankGameProcessStockPriceMovementConclusionGameProcess1999.1.6GucciwaspubliclyemergedthatLVMHhadacquireda5%stockinit.1999.1.13LVMHtookactioninopenmarketagainandraiseitsshareholdingto9.6%.Before1.22GucciwasstunnedagainasLVMHgobbledPrada’ssharesinGucciandputitselfatalmost15%ownership.1999.1.22ThefirstnegotiationmeetingwasarrangedbyMorganStanleyandtherewasnoagreementachieved.1999.1.26ArnaultincreasedLVMH’sstaketo34.4%.GameProcess1999.2.8ArnaultrejectedtheproposalofferedbyGucci.1999.2.17GucciteammadetheirfinalofferandstillgotrefusedbyArnault.1999.2.18ESOPwastriggered.TheTrustsuddenlyowned25.6%ofthecompany,andLVMHwasdilutedto26%.BeforeMarchLVMHfiledalawsuit.TheDutchcourtdecidedtofreezetheESOP,butitalsofrozeLVMH’svotingrights.StockPriceMovement“

ESOP”AfterInvestcorpBanktakingGuccigopublic.Itarrangedageneralmeetingforstockholderbeforeitsellsallitsshares.Atthisverylastmeeting,ithelpedthemanagementteamsetupapoisonpillmechanismbypassingEmployeeStockOwnershipPlan(ESOP)

tocopewithhostiletakeover.Thismoverepresentstheirprofessionallevelasaninvestmentfundanditsresponsibilityastheformerowner.TheESOPwouldcostGuccinomoneyoreffort,asitisaTrustsetupforcompanyemployees.Underit,employeeswouldreceiveazerointerestloanfromthecompanytobuynewlyissuedshares.Thiskindofsharehasitsownvalueandvotingrightbutnodividend.Thus,thisplandoesn’tdamagetheeconomicbenefitoforiginalshareholders.SmartInvestcorpBankStockPriceMovementWithafloatingprofitinGucci’ssharebut1.4billionsinvestmentdidn’tachieveditstakeoverplan.ItgrantedGucciinvaluabletimeforseekingWhiteKnightandamarginalmoralvictory.Conlusion1Antihostiletakeovermechanismhastobeimplementedintoarticlesofincorporation2Poisonpillneedsthesupportofemployees4Thelawofthestockexchangeisthemostpowerfulweapontobothtakeoverandantitakeover3ThedegreeofdilutionshouldbestrongenoughtoantihostiletakeoverPART

03WhiteKnightWhiteknightGameProcessStockMovementSummaryGameProcess1999/03/19Guccidirectionaladd-issuance39millionnewsharestoPPRfirmfortwicethenumberofLVMHownership,whichcausethestockequityofLVMHdilutedto20%.PPRfirmisallowedtoincreaseholdingthestockequityto42%.LVMHapplythatthecourtrevokesGucciissuingnewsharestoathirdpartyprogram,butfailed.PPRaregiventherighttobuytheremainingstakewhichisupto10.1%,andfouroftheninemembersoftheboardseats.Ithasmuchpowertovetothechairman.StockPriceMovementEvaluatewhiteknight1-Alarmwhiteknighttoblackknight2-Whiteknightisrelatedtoprivateplacement.Theinterestsofshareholdersarediluted.Smallandmediumshareholdersmaynotagreecausingtheschemefailed.Summary03Alarmwhiteknightbetrayal.02LVMH’sstockpriceslightlydecreased.Gucci’sincreaseduntil1999/03/24,experiencingadecline.01GuccisuccessfullypreventedthehostiletakeoverofLVMHWhiteknightiseasilyopp