| 单词 | merger |
| 释义 | merger A combination of two or more businesses on relatively equal footing that results in the creation of a new reporting entity formed from the combining businesses. The shareholders of the combining entities mutually share the risks and rewards of the new entity and no one party to the merger obtains control over another. Under Financial Reporting Standard 6, 'Acquisitions and Mergers', to qualify as a merger (see merger accounting) a combination must satisfy five criteria: ● no party is the acquirer or acquired; ● all parties to the combination participate in establishing the management structure of the new entity; ● the combining entities are relatively equal in terms of size; ● the consideration received by the equity shareholders of each party consists primarily of equity shares in the combined entity, any other consideration received being relatively immaterial; ● No equity shareholder of any of the combining entities may retain an interest in only part of the combined entity. In the UK, approval of the Monopolies and Mergers Commission may be required and the merger must be conducted on lines sanctioned by the City Code on Takeovers and Mergers. When one business takes control of another this is known as an acquisition (see acquisition accounting). Investment banks and other financial institutions often have mergers and acquisitions (M and A) departments, to provide financial and other forms of support for these activities. |
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