链潮4将置多大号 高级商务英语阅读 market synergies,but cultural differences are often ignored.It's a mistake to assume that people issues are easily overcome.For example,employees at a target company might be accustomed to easy access to top management,flexible work schedules or even a relaxed dress code.These aspects of a working environment may not seem significant,but if new management removes them, the result can be resentment and shrinking productivity. Finally,once the target company agrees to the tender offer and regulatory requirements are met, the merger deal will be executed by means of some transaction.In a merger in which one company buys another,the acquirer will pay for the target company's shares with cash,stock,or both. A cash-for-stock transaction is fairly straightforward:target-company shareholders receive a cash payment for each share purchased.This transaction is treated as a taxable sale of the shares of the target company.If the transaction is made with stock instead of cash,then it's not taxable. There is simply an exchange of share certificates. When a company is purchased with stock,new shares from the acquirer's stock are issued directly to the target company's shareholders,or the new shares are sent to a broker who manages them for target-company shareholders.Only when the shareholders of the target company sell their new shares are they taxed. Companies that pay in cash tend to be more careful when calculating bids,and valuations come closer to target.When stock is used as the currency for acquisition,discipline can go by the wayside. When the deal is closed,investors usually receive a new stock in their portfolio-the acquiring company's expanded stock.Sometimes investors will get new stock identifying a new corporate entity that is created by the M&A deal. V.课文讲解 1.light up the 1990's (p.277,subtitle) 第6页共11页高级商务英语阅读 market synergies, but cultural differences are often ignored. It's a mistake to assume that people issues are easily overcome. For example, employees at a target company might be accustomed to easy access to top management, flexible work schedules or even a relaxed dress code. These aspects of a working environment may not seem significant, but if new management removes them, the result can be resentment and shrinking productivity. Finally, once the target company agrees to the tender offer and regulatory requirements are met, the merger deal will be executed by means of some transaction. In a merger in which one company buys another, the acquirer will pay for the target company's shares with cash, stock, or both. A cash-for-stock transaction is fairly straightforward: target-company shareholders receive a cash payment for each share purchased. This transaction is treated as a taxable sale of the shares of the target company. If the transaction is made with stock instead of cash, then it's not taxable. There is simply an exchange of share certificates. When a company is purchased with stock, new shares from the acquirer's stock are issued directly to the target company's shareholders, or the new shares are sent to a broker who manages them for target-company shareholders. Only when the shareholders of the target company sell their new shares are they taxed. Companies that pay in cash tend to be more careful when calculating bids, and valuations come closer to target. When stock is used as the currency for acquisition, discipline can go by the wayside. When the deal is closed, investors usually receive a new stock in their portfolio—the acquiring company's expanded stock. Sometimes investors will get new stock identifying a new corporate entity that is created by the M&A deal. V．课文讲解 1. light up the 1990’s (p. 277, subtitle) 第 6 页 共 11 页