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Applied Mergers and Acquisitions University Edition

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Beschreibung

Details

Einband

Taschenbuch

Erscheinungsdatum

22.03.2004

Verlag

John Wiley & Sons Inc

Seitenzahl

1056

Maße (L/B/H)

25,4/17,8/5,6 cm

Gewicht

1565 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-0-471-39534-8

Beschreibung

Details

Einband

Taschenbuch

Erscheinungsdatum

22.03.2004

Verlag

John Wiley & Sons Inc

Seitenzahl

1056

Maße (L/B/H)

25,4/17,8/5,6 cm

Gewicht

1565 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-0-471-39534-8

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: Libri GmbH

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  • Produktbild: Applied Mergers and Acquisitions
  • Produktbild: Applied Mergers and Acquisitions

  • Foreword xv

    Preface xvii

    Part One

    Introduction and Key Themes 1

    Chapter 1

    Introduction and Executive Summary 3

    "How Can My Team Do Better Than the Averages?" A Framework for M&A Success. Seven New Big  Ideas Worthy of the Best Practitioners.

    Chapter 2

    Ethics in M&A 13

    Why Should One Care? In Whose Interests? What Is Good?- Consequences, Duties, Virtues.  Promoting Ethical Behavior.

    Greenmail Case: Walt Disney, 1984.

    Chapter 3

    Does M&A Pay? 30

    The Measurement of M&A Profitability: Better Than What? Findings Based on the Analysis of Returns to Shareholders. Findings Based on the Analysis of Reported Financial Performance. Findings about the Drivers of Profitability. Findings from Surveys of Executives. Findings from Clinical Studies.

    Part Two

    Strategy and the Origination of Transaction Proposals 67

    Chapter 4

    M&A Activity 69

    M&A Activity Appears in Waves. Explanations of M&A Activity. "Creative Destruction" as the Driver of M&A Activity. The Many Forms of Economic Turbulence, and Where to Look for It. Turbulence Drives M&A Activities and Opportunities.

    Chapter 5

    Cross-Border M&A 98

    Cross-Border M&A Activity. M&A within Regions and Trading Blocs. Drivers of and Returns from  Cross-Border M&A. Strategic Analysis of Countries: Getting a "View."

    Chapter 6

    Strategy and the Uses of M&A to Grow or Restructure the Firm 123

    Setting Strategy. Expansion by Inorganic Growth. Restructuring, Redeployment, and Sale. Choosing a Path. Does It Pay to Diversify or Focus the Firm?

    Chapter 7

    Acquisition Search and Deal Origination: Some Guiding Principles 183

    Eight Principles of Acquisition Search. Case Study: Kestrel Ventures LLC.

    Part Three

    Diligence, Valuation, and Accounting 205

    Chapter 8

    Due Diligence 207

    The Concept of Due Diligence. Principles and Strategies. Timing, Team, and Outputs. The Target's View: The Data Room and Its Pressures. Focus on Knowledge. Excellence in Due Diligence.

    Chapter 9

    Valuing Firms 247

    Rule #1: Think Like an Investor. Rule #2: Intrinsic Value Is Unobservable; We Can Only Estimate It. Rule #3: An Opportunity to Create Value Exists Where Price and Intrinsic Value Differ. Rule #4: So Many Estimators, So Little Time-It Helps to "Have a View." Rule #5: Exercise Estimators of Intrinsic Value to Find Key Value Drivers and Bets. Rule #6: Think Critically; Triangulate Carefully. Rule #7: Focus on Process, Not Product. Rule #8: When in Doubt, see Rule #1. Valuation Case: Chrysler Corporation, March 1998.

    Chapter 10

    Valuing Options 296

    Option Basics. Option Theory. Option Applications. A Practical Guide to Financial Option Valuation, with Some Important Caveats.

    Chapter 11

    Valuing Synergies 325

    The Concept of Synergy. Synergy Estimates Must Be a Central Focus of M&A Analysis. A Framework for Synergy Analysis. Estimating Synergy Value, with Examples. Synergies in the Daimler/Chrysler Merger. Rules of Thumb.

    Chapter 12

    Valuing the Firm across Borders 348

    How Borders Affect M&A Valuation. Strategy for DCF Approach: Home versus Foreign Valuation. Adjusting Cash Flows. Estimating the Discount Rate. Recapitulation: Valuation Process with Adjusted CAPM. Valuation Cases across Borders.

    Chapter 13

    Valuing the Highly Levered Firm, Assessing the Highly Levered Transaction 393

    The World of Highly Levered Firms. The Effect of Leverage on Firm Value. The "Whole Deal" Approach. A Case in Leveraged Recapitalization: Koppers Company. LBO Case: MediMedia International, Ltd. LBO Case #2: Revco Drug Stores.

    Chapter 14

    Real Options and Their Impact on M&A 424

    Types of Real Options. Where Real Options Appear in M&A. Why Not Value Everything as an Option? How to Assess the Impact of Real Options. Four Mini-Cases in the Analysis of Real Options.

    Chapter 15

    Valuing Liquidity and Control 455

    Adjusting Values for Discounts and Premiums. Where Do Illiquidity Discounts Come From? Where Do Control Premiums Come From? Interaction of Liquidity and Control. Case Study: Volvo/Renault,  1993.

    Chapter 16

    Financial Accounting for Mergers and Acquisitions 478

    Overview of Purchase Accounting. How to Interpret Reported Financial Results from a Business Combination. Linkage among Accounting Choices, Form of Payment, Financing, and Price. Dangers of Earnings Management.

    Chapter 17

    Momentum Acquisition Strategies: An Illustration of Why Value Creation Is the Best Financial Criterion 511

     Four Cautionary Tales. Momentum Acquisition Strategies. The Arguments for and against Momentum Acquiring. Value Creation Is the Best Criterion for Evaluating Acquisition Strategies. Momentum versus Value Strategies.

    Part Four

    Design of Detailed Transaction Terms 529

    Chapter 18

    An Introduction to Deal Design in M & A 531

    Deal Structures Are Solutions to Economic Problems. Possible Desirables in Designing a Deal. Design Leads to Results. Each Deal Is a System: The "Whole Deal" Perspective. Some Implications for the Deal Designer.

    Chapter 19

    Choosing the Form of Acquisitive Reorganization 547

    Five Key Concerns for the Deal Designer. Deals That Are Immediately Taxable to the Selling Shareholders. Deals That Defer Tax to the Selling Shareholders.

    Chapter 20

    Choosing the Form of Payment and Financing 564

    Patterns and Trends in Form of Payment. Does Form of Payment Matter? Considerations in Selecting the Form of Payment. Assessing the Financing Aspects of a Deal.

    Chapter 21

    Framework for Structuring the Terms of Exchange: Finding the "Win-Win" Deal 589

    A Model for Critically Assessing Exchange Ratios. Uses and Illustration of the Model. Extension to Cash-for-Stock Deals. Choosing Exchange Ratio Targets in the "Win-Win" Zone.

    Chapter 22

    Structuring and Valuing Contingent Payments in M&A 609

    Contingent Payments in M&A. Earnouts Can Be Useful; But If So, Why Aren't They Ubiquitous? Earnouts Are Options on Future Performance. Structuring an Earnout. Tax and Accounting Considerations. A Generic Approach to Valuing Earnout Instruments. The Eli Lilly Case. Proposing and Negotiating an Earnout and Other Contingent Payments.

    Chapter 23

    Risk Management in M&A 636

    Value at Risk When a Deal Fails. Transaction Risk: Types and Sources. Types of Risk Management. Collars and Their Analysis. Contingent Value Rights Case. Staged Acquiring Case. Where and When to Manage Risk.

    Chapter 24

    Social Issues 668

    The Importance of Social Issues in M&A. Survey of Social Issues. Impact of Social Issues on Attractiveness of the Deal. Case Studies in the Role of Social Issues.

    Part Five

    Rules of the Road: Governance, Laws, and Regulations 683

    Chapter 25

    How a Negotiated Deal Takes Place 685

    The Deal Shaping Process. Risks: How the Process Can Get Derailed. Transaction Planning and Preparation. Initiating Discussions. First-Round Documents. The Definitive Agreement. Disclosures to Investors and Regulators. Gaining Approval. Case Study: Daimler-Benz and Chrysler.

    Chapter 26

    Governance in M&A: The Board of Directors and Shareholder Voting 703

    Governing Well Is Hard to Do. Good Governance Pays. How Shareholders Rule. Fiduciary Duties of Target Directors in Considering M&A. Preparing for the Board's Review of a Deal. How Can Firms Be Governed Better?

    Chapter 27

    Rules of the Road: Securities Law, Issuance Process, Disclosure, and Insider Trading 725

    Overview of Key Securities Laws and Rules. International Law Comparison. Disclosures. Insider Trading. Observance of Deal Process.

    Chapter 28

    Rules of the Road: Antitrust Law 742

    Antitrust Law: History and Motives. How Antitrust Regulators and Laws Affect M&A. U.S. Antitrust Merger Guidelines. Premerger Review Process in the United States. Antitrust Regulation of M&A in the European Union. Critical Perspectives on Antitrust Policy.

    Chapter 29

    Documenting the M&A Deal 766

    First-Round Documents. Definitive Agreement. Merger Proxy Statement and Prospectus.

    Part Six

    Competition, Hostility, and Behavioral Effects in M&A 771

    Chapter 30

    Negotiating the Deal 773

    The Relevance of Negotiation Process. Behavioral Finance. Influencing Bargaining Outcomes: An Overview of the Challenge. How to Prepare for a Negotiation. Managing the Negotiation Process Proactively.

    Chapter 31

    Auctions in M&A 790

    Auction Structures and Motives. Advantages and Disadvantages of Auctions. Auctions in Practice: The Case of RJR Nabisco. The "Winner's Curse" in M&A: Is It Real? Some Practical Advice to Sellers in Auctions.

    Chapter 32

    Hostile Takeovers: Preparing a Bid in Light of Competition and Arbitrage 804

    Takeovers Are Games. A Profile of Hostile Takeovers. Beware of the Players, Both on the Field and Off. The Arb Is the Consummate Economic Actor. Interpreting Arbitrage Spreads. The Arb Assesses a Recapitalization Proposal in Terms of Blended Value. Government Constraints on the Game. Selling Shareholders Face a Prisoner's Dilemma. To Set a Bid Price: Think Like an Investor. The Game Has Implications for Design and Defense of Takeovers.

    Chapter 33

    Takeover Attack and Defense 824

    The Prevalence of Antitakeover Defenses. Profile of the Target of a Hostile Bid. Optionality in Takeover Attack and Defense. Tactics of Takeover Attack. Tactics of Takeover Defense. Implications for the Practitioner.

    Chapter 34

    The Leveraged Restructuring as a Takeover Defense: The Case of American Standard 856

    The American Standard Case. The Response. Of Parachutes, Pills, and Litigation. Restructuring Defenses. When Does a Restructuring Make Sense?

    Part Seven

    Communication, Integration, And Best Practice 877

    CHAPTER 35

    Communicating the Deal: Gaining Mandates, Approvals, and Support 879

    Core Challenges to Effective Communication. Some Guiding Principles for Communicating the Deal. Presenting the "Concept Proposal." Communicating the Deal to the Board for Approval. Communicating with Employees. Announcing the Deal to the Public.

    Chapter 36

    Framework for Postmerger Integration 891

    Integration Strategy. Implementation of Integration Strategy. The Case of Union Bank of Switzerland and Swiss Bank Corporation. Integration as Transformation.

    Chapter 37

    Corporate Development as a Strategic Capability: The Approach of GE Power Systems 914

    Business Development at GE Power Systems. Deal Process at GE Power Systems. The M&A "Factory": Operationalizing Business Development. Implications for Best Practice.

    Chapter 38

    M&A "Best Practices": Some Lessons and Next Steps 926

    Some Elements of M&A Best Practice. Where the Sidewalk Ends. Developing Best Practitioners. The End of It All. About the CD-ROM 939

    References and Suggestions for Further Reading 945

    Index 1001