Mergers and takeovers mean the activities that two or more businesses join together and

operate as one organization. Mergers usually occur when two firms are similar strong or weak, and【M1】______ takeovers occur when one firm is strong and the other is weak. One【M2】______ business can acquire with a public limited company by buying 51【M3】______ percent of the shares. Since the late 1990s, the number of M&A (merger and acquisition)has developed in a quick speed all over the【M4】______ world Nearly all me industries have been affected as result of this trend.【M5】______ There are various types of mergers and takeovers. For example, horizontal integration occurs where two companies in exactly the【M6】______ same line of business and the same stage of production such as two oil firms join together; Vertical integration can be forward vertical integration or backward vertical integration. Take a firm which manufactures and assembles bikes as an example. If it were to acquire【M7】______ with a firm which was a raw material supplier of tires for the bikes, this will be an example of backward vertical integration. Forward【M8】______ vertical integration involves merging with a firm which is in the next stage of production, such as a merger with a retailer of bikes. In addition, mere is no diversifying integration in which two firms in【M9】______ completely different lines of business join together to exploring new【M10】______ and different market opportunities and reduce risks of operations.

【M1】