In the past two months, Bridgestone tires have been tossed by the Americans. "Fun", the tire industry leader in the world, is a tire and auto parts dealer from the United States.
Bridgestone storms of acquisitions
The confrontation between Bridgestone and Icahn
In late October 2015, Bridgestone reached an agreement with Pep Boys, a large-scale auto accessories chain retailer in the United States, to acquire the tire distribution at a price of approximately US$835 million (approximately RMB5.344 billion). Business.
It is reasonable to say that the agreement was signed and things should not change. Just one month later, Pep Boys became paralyzed. The reason was that he suddenly killed a "Cheng Jie Jin."
US billionaire Carl Icahn proposed a $863 million takeover bid, which is several million dollars more than Bridgestone's. This is not a small temptation for Pep Boys, who has been losing money for years.
American Tire Dealer Pep Boy
Pep Boys quickly "bridges" Bridgestone
However, Bridgestone has become so keen to buy this auto parts retailer that it has no choice but to increase its purchase price from $15 to $15.5 per share. In this way, the total price of M & A reached 673 million U.S. dollars.
It is expected that Icahn is not good enough to stop. He raised his bid again to reach $ 16.5 per share, making the total purchase price up to $ 900 million.
Bridgestone is not willing to give up easily, after all, they have been brewing for a long time for this merger. As a result, it increased the offer to $17 per share.
Although Icahn did not propose a new quotation plan for the time being, the relevant analysis did not mean that this merger has had the final result. Because Icahn once said that for any offer of Bridgestone, he will give a price of 10 cents per share, until the limit of $18.10 per share.
Some people may disapprove of the “acquisition series†of this climax to Diesheng: An auto parts and tire dealer is worth the investment of Bridgestone, the tire industry leader, to spend such a large amount of money?
Tire manufacturers competing to acquire dealers
Perhaps, if we carefully analyze the mergers and acquisitions of global tire manufacturers this year, there will be no doubt about this.
On April 14, 2015, Michelin announced a bid of US$64 million (approximately 394 million yuan) for the purchase of 40% of shares in Arrodio, a French Internet tire seller.
Michelin acquires 40% stake in Arrobe
Michelin Acquires 40% of the Shares of Arrobe, a French Internet Tire Distributor
In May, Michelin acquired the black tire network of Britain's top tire online store for 50 million pounds (about 470 million yuan).
Then in July, the company purchased 100% of Meyer Lissendorf, Germany’s second-largest tire distributor.
In the second quarter, Trelleborg, a tire manufacturer from Sweden, completed the acquisition of Australian farm tire service and distribution company Armstrong Tyres.
On November 16, Apollo, a tire manufacturer in India, spent 45.6 million euros (approximately 310 million yuan) to acquire Reifencom, a German tire distributor.
According to industry insiders, with the development of the global trend of the tire market, manufacturers are paying more and more attention to controlling sales channels, and are paying close attention to online and offline. This led to a series of mergers and acquisitions for tire dealers.
However, tire manufacturers are eyeing most of those who have a certain scale and have a high level of voice in the market. Some tire distribution chain stores have such unique advantages. As a result, Bridgestone will not hesitate to invest in Pep Boys' price increases several times.
According to the Tire World Network, at present, there are many tire entity stores in China that are in a state of semi-dead living, with low profits and a dim prospect. There is a view in the industry that online sales of tires will soon replace the offline entity stores, and physical stores are no longer competitive.
Some store owners also excitedly stated that the Internet sales of tires are selling at a low price, destroying normal channels and robbing them of their business.
From the trend of global tire manufacturers acquiring dealers, this judgment is only half right. The key is where is your core competitiveness?
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