Synopses & Reviews
This book brings together conceptual and empirical material in a systematic way. It provides readers with a basis for understanding mergers and acquisitions and corporate restructuring that are introduced into every session of Congress. The volume provides a complete review of takeovers and mergers in practice, M&A's in theory and practice, the strategic perspective of valuation, restructuring, M&A strategies and strategies for creating value. For CEOs, COOs, CFOs and other top level executives.
Synopsis
Mergers and acquisitions are the most significant economic activity taking place in today's economy. This text seeks to explain the role of this activity and helps managers pursue M&A strategies more effectively.
Features: - Provides conceptual discussion on why mergers take place
- Describes the arbitrage activity associated with mergers and acquisitions
- Presents the historical and industry evidence on the sources of merger activity
Table of Contents
I. TAKEOVERS AND MERGERS IN PRACTICE. 1. The Takeover Process. 2. The Legal and Regulatory Framework.
Appendix A: Legal Due Diligence Preliminary Information Request.
3. Accounting for M&As.
4. Deal Structuring (Methods of Payment, Taxes, Collars, Contingent Payouts.)
II. M&As IN THEORY AND PRACTICE. 5. Strategic Processes.
6. Theories of Mergers and Tender Offers.
Appendix A: Measurement of Abnormal Returns.
Appendix B: Chemical Industry Case Study.
7. The Timing of Merger Activity.
8. Empirical Tests of M&A Performance.
Appendix A: Analysis of a Recent M&A Sample.
III. VALUATION—THE STRATEGIC PERSPECTIVE. 9. Alternative Approaches to Valuation.
Appendix A: Derivation of Revenue Growth Valuation Formulas.
10. Increasing the Value of the Organization.
Appendix A: Calculating Growth Rates.
IV. RESTRUCTURING. 11. Restructuring and Divestitures.
Appendix A: Restructuring in the Diversified Natural Gas Industry in the 1990s.
12. Empirical Tests of Corporate Restructuring and Divestitures.
Appendix A: Analysis of a Sample of Recent Divestitures.
13. Financial Restructuring.
V. M&A STRATEGIES. 14. Alliances and Joint Ventures.
15. ESOPs and MLPs.
16. Going Private and Leveraged Buyouts.
Appendix A: Relation between WACC and CCF Models.
Appendix B: Relation between CCF and APV Models.
17. International Takeovers and Restructuring.
VI. STRATEGIES FOR CREATING VALUE. 18. Share Repurchases.
19. Takeover Defenses.
20. Corporate Governance and Performance.
21. Merger Arbitrage.
22. Implementation and Management Guides for M&As.