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  3. Read the article below about possible reasons for acquiring a company. Choose the best sentence from the opposite page to fill

Read the article below about possible reasons for acquiring a company. Choose the best sentence from the opposite page to fill

admin2013-05-18  97
问题 Read the article below about possible reasons for acquiring a company.
Choose the best sentence from the opposite page to fill each of the gaps.
For each gap(8-12), mark one letter(A-G)on your Answer Sheet.
Do not use any letter more than once.
There is an example at the beginning(0).
                            Acquisition
           When should a company consider acquisition as a way forward?
There are many circumstances in which a company may wish to take over another organisation through an acquisition.
The need to keep up with a changing environment often dominates thinking about acquisitions. One compelling reason to develop by acquisition is the speed with which it allows the company to enter new product or market areas. (0)_G_ This is particularly true of e-commerce.
The strength of competitors may influence a company to choose acquisition as a way forward. In markets that are static and where market shares of companies are reasonably steady, It can be difficult for a company to break into the market, since its presence may create excess capacity. (8)______
The same arguments also apply’ when an established supplier in an industry acquires a competitor. This may either be to gain the competitor’s market share or, in some cases, to shut down its capacity in order to restore a situation where supply and demand are more balanced.
There may be financial motives for acquisition. If the share value of a company is high, the motive may be to spot and acquire a firm with a low share value. (9) ______An extreme example is asset stripping, where the main motive for the acquisition is short-term gain by buying up undervalued assets and selling them on bit by bit.
There may also be resource considerations. There may be a lack of resources or skills to compete successfully, so they must be acquired. (10)______It may also be that It has knowledge of a particular type of production system, business process or market need. In an international context, acquisition is often a means of gaining market knowledge.
Sometimes there are reasons of cost efficiency which make acquisition look attractive. A cost efficiency could arise from the fact that an established company may already be very experienced and have achieved efficiencies which another company would find difficult to achieve quickly by internal means. (11)______ In consumer goods Industries, cost efficiency is usually the reason for an acquisition.
Acquisition can also be driven by the expectations of key shareholders. Shareholders usually expect to see continuing growth, and acquisition may be a quick way to deliver this growth. But there are considerable dangers that an acquisition can lower share price rather than increase It  (12)______This is more likely when the decision to acquire is speculative as opposed to strategic. There are some shareholders who favour acquisition simply to bring a short-term boost to share value.
A The necessary development and organisational learning would be too slow.
B In the same way, an organisation can increase manufacturing opportunities.
C Indeed, this is one of the major reasons for the more speculative acquisitions that take place.
D It may be that the parent company may not have sufficient understanding of the acquired business, and this could remove value.
E For example, a company may be taken over for its research and development expertise.
F If, however, the company enters by acquisition, the risk of reaction from industry rivals is reduced.
G In some cases, a market is changing so fast that acquisition becomes the only way of successfully breaking into it.
选项
答案E
解析
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