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Acknowledgements

I would like to dedicate this paper to my wife, Tina Tang, who loves me so much and supports and encourages me continuously for the past two years for my study of this course.
Without her support, there is no possibility for me to finish this programme.
Special thanks to my supervisor Dr. Scott Moeller who gave me valuable guidance and suggestions during my preparation of the BMP.
Thanks to Cass Business School from which I learnt so much knowledge for the past two years, this is one of the most important two years in my life.
Also I would like to take this opportunity to show my gratitude to my employer, Yantai Wanhua Polyurethanes Co., Ltd, for giving me such a precious chance to study this excellent programme in a world-class business school.

Executive Summary

China has been growing continuously at 8-10% annual rate since its opening policy and economic reform thirty years ago. China has become 2nd largest economy in the world since 2010. Benefiting from its extraordinary growth, cheap labor and huge market, a lot of Chinese companies  has grown big enough to compete with multinationals at world top level. Some of them have gone abroad successfully with presence in different countries already.
Especially since the end of 2008 when the world crisis started, many foreign countries got into economic trouble and even at edge of bankruptcy. Due to the different financial and economic systems and successful stimulus packaged by Chinese government, china escaped from that crisis successfully. In the meantime, backing by Chinese government with huge amount of foreign reserve, more and more Chinese companies  started to go “abroad”, some of them establish companies  abroad directly, some of them through merger and acquisition. But very few become successfully through mergers & acquisition. Yantai Wanhua(YTWH) is one of the fastest growing chemical companies  in china, it has been growing at 50% annual rate for the past 10 years and has become a very successful company. In order to realize its dream of “going abroad”, YTWH integrated one of its competitors in Europe with a big expectation that turning this company into a profitable one within one year. But during one year’s post merger integration, the integrated company became even worse and at the edge of bankruptcy again.
Then it will assess the optimal strategy for two stages of negotiating and integrating. This work assesses the strategic value including waiting to integrate value and or true value at each stage and proposes the mathematical dynamic decision-making model which involves the real options access to resolve the competitive and game economics which is acknowledged by mba the local integrator, transnational integrator, and integrated company. In addition, the proposed model of reorganization of enterprise integration. It is decided by a strategy for using the balance value. Strategic merger value is another main emphasis in this paper.

Table of Contents

Executive Summary………………………………………………………………………………5
INTRODUCTION……………………………………………………………………………………6
1.Research Background and Motivation…………………………………………………….6
2.Research Problems and Aims……………………………………………………………….. 8
3.Research Limitations……………………………………………………………………………10
4.Research Structure and Outline…………………………………………………………….10
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