Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Tenth Edition, is the most comprehensive and cutting-edge text available on the subject. Supported by recent peer-reviewed academic research, this book provides many recent, notable deals, precedent-setting judicial decisions, government policies and regulations, and trends affecting M&As, as well as takeover strategies and tactics. Today's policies, politics and economics are reflected in the book's 40 case studies, 90% of which involve deals either announced or completed during the last several years. These cases represent friendly, hostile, highly leveraged, and cross-border transactions in ten different industries, involving public and private firms and those experiencing financial distress.
Sections discuss an overview of M&As, key regulations, common strategies and tactics, how managers may choose a business strategy from available options, valuation methods and basic financial modeling techniques, the negotiating process, how deal structuring and financing are inextricably linked, how consensus is reached during the bargaining process, the role of financial models in closing the deal and strategic growth options as alternatives to domestic M&As.
1. Introduction - p. 1 2. Chapter 1: An Introduction to Mergers, Acquisitions, and Other Restructuring Activities - p. 1 3. Chapter 2: The Regulatory Environment - p. 33 4. Chapter 3: The Corporate Takeover Market: Common Takeover Tactics, Antitakeover Defenses, and Corporate Governance - p. 63 5. Part II: The Mergers and Acquisitions Process: Phases 1–10 - p. 98 6. Introduction - p. 99 7. Chapter 4: Planning: Developing Business and Acquisition Plans—Phases 1 and 2 of the Acquisition Process - p. 99 8. Chapter 5: Implementation: Search Through Closing—Phases 3–10 of the Acquisition Process - p. 123 9. Chapter 6: Postclosing Integration: Mergers, Acquisitions, and Business Alliances - p. 151 10. Part III: Mergers and Acquisitions Valuation and Modeling - p. 174 11. Introduction - p. 175 12. Chapter 7: Mergers and Acquisitions Cash Flow Valuation Basics - p. 175 13. Chapter 8: Relative, Asset-Oriented, and Real Option Valuation Basics - p. 205 14. Chapter 9: Financial Modeling Basics - p. 232 15. Chapter 10: Analysis and Valuation of Privately Held Firms - p. 249 16. Part IV: Deal Structuring and Financing Strategies - p. 291 17. Introduction - p. 293 18. Chapter 11: Structuring the Deal: Payment and Legal Considerations - p. 293 19. Chapter 12: Structuring the Deal: Tax and Accounting Considerations - p. 320 20. Chapter 13: Financing the Deal: Private Equity, Hedge Funds, and Other Sources of Financing - p. 350 21. Chapter 14: Applying Financial Models: To Value, Structure, and Negotiate Stock and Asset Purchases - p. 380 22. Part V: Alternative Business and Restructuring Strategies - p. 402 23. Introduction - p. 413 24. Chapter 15: Domestic and Cross-Border Business Alliances: Joint Ventures, Partnerships, Strategic Alliances, and Licensing - p. 413 25. Chapter 16: Alternative Exit and Restructuring Strategies: Divestitures, Spin-Offs, Carve-Outs, Split-Offs, and Tracking Stocks - p. 440 26. Chapter 17: Alternative Exit and Restructuring Strategies: Bankruptcy, Reorganization, and Liquidation - p. 469 27. Chapter 18: Cross-Border Mergers and Acquisitions: Analysis and Valuation - p. 491 28. References - p. 523 29. Glossary - p. 541 30. Index - p. 547
Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Tenth Edition, is the most comprehensive and cutting-edge text available on the subject. Supported by recent peer-reviewed academic research, this book provides many recent, notable deals, precedent-setting judicial decisions, government policies and regulations, and trends affecting M&As, as well as takeover strategies and tactics. Today's policies, politics and economics are reflected in the book's 40 case studies, 90% of which involve deals either announced or completed during the last several years. These cases represent friendly, hostile, highly leveraged, and cross-border transactions in ten different industries, involving public and private firms and those experiencing financial distress.
Sections discuss an overview of M&As, key regulations, common strategies and tactics, how managers may choose a business strategy from available options, valuation methods and basic financial modeling techniques, the negotiating process, how deal structuring and financing are inextricably linked, how consensus is reached during the bargaining process, the role of financial models in closing the deal and strategic growth options as alternatives to domestic M&As.
1. Introduction - p. 1 2. Chapter 1: An Introduction to Mergers, Acquisitions, and Other Restructuring Activities - p. 1 3. Chapter 2: The Regulatory Environment - p. 33 4. Chapter 3: The Corporate Takeover Market: Common Takeover Tactics, Antitakeover Defenses, and Corporate Governance - p. 63 5. Part II: The Mergers and Acquisitions Process: Phases 1–10 - p. 98 6. Introduction - p. 99 7. Chapter 4: Planning: Developing Business and Acquisition Plans—Phases 1 and 2 of the Acquisition Process - p. 99 8. Chapter 5: Implementation: Search Through Closing—Phases 3–10 of the Acquisition Process - p. 123 9. Chapter 6: Postclosing Integration: Mergers, Acquisitions, and Business Alliances - p. 151 10. Part III: Mergers and Acquisitions Valuation and Modeling - p. 174 11. Introduction - p. 175 12. Chapter 7: Mergers and Acquisitions Cash Flow Valuation Basics - p. 175 13. Chapter 8: Relative, Asset-Oriented, and Real Option Valuation Basics - p. 205 14. Chapter 9: Financial Modeling Basics - p. 232 15. Chapter 10: Analysis and Valuation of Privately Held Firms - p. 249 16. Part IV: Deal Structuring and Financing Strategies - p. 291 17. Introduction - p. 293 18. Chapter 11: Structuring the Deal: Payment and Legal Considerations - p. 293 19. Chapter 12: Structuring the Deal: Tax and Accounting Considerations - p. 320 20. Chapter 13: Financing the Deal: Private Equity, Hedge Funds, and Other Sources of Financing - p. 350 21. Chapter 14: Applying Financial Models: To Value, Structure, and Negotiate Stock and Asset Purchases - p. 380 22. Part V: Alternative Business and Restructuring Strategies - p. 402 23. Introduction - p. 413 24. Chapter 15: Domestic and Cross-Border Business Alliances: Joint Ventures, Partnerships, Strategic Alliances, and Licensing - p. 413 25. Chapter 16: Alternative Exit and Restructuring Strategies: Divestitures, Spin-Offs, Carve-Outs, Split-Offs, and Tracking Stocks - p. 440 26. Chapter 17: Alternative Exit and Restructuring Strategies: Bankruptcy, Reorganization, and Liquidation - p. 469 27. Chapter 18: Cross-Border Mergers and Acquisitions: Analysis and Valuation - p. 491 28. References - p. 523 29. Glossary - p. 541 30. Index - p. 547
