Reversing Corporate Diversification and the Use of the Proceeds from Asset Sales: The Case of Thorn EMI
通过Thorn EMI案例，展示了一家多元化折价企业如何通过资产出售筹集资金并重新投资于核心音乐业务，从而创造股东价值，反驳了管理者将资产出售所得用于收购扩张会损害价值的观点。
The restructuring of Thorn EMI transformed a diversified conglomerate trading at a diversification discount into a focused music company, while creating considerable value for shareholders. At the peak of its diversification, the conglomerate lacked sufficient funds for investment in its flagship music division. During its restructuring, this lack was remedied by raising cash through asset sales and reinvesting the proceeds in the company’s core music activities. The Thorn EMI case contradicts the idea that managers destroy shareholder value when they reinvest the proceeds from asset sales for expansion through acquisitions.