The essential M&A primer, updated with the latest research and statistics
Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension.
As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies.
* Understand the many forms of M&As, and the laws that govern them
* Learn the offensive and defensive techniques used during hostile acquisitions
* Delve into the strategies and motives that inspire M&As
* Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more
From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
Reihe
Auflage
Sprache
Dateigröße
ISBN-13
978-1-119-38075-7 (9781119380757)
Schweitzer Klassifikation
1 - Cover [Seite 1]
2 - Title Page [Seite 5]
3 - Copyright [Seite 6]
4 - Contents [Seite 7]
5 - Preface [Seite 13]
6 - Part I: Background [Seite 15]
6.1 - Chapter 1: Introduction [Seite 17]
6.1.1 - Recent M&A Trends [Seite 17]
6.1.2 - Terminology [Seite 25]
6.1.3 - Valuing a Transaction [Seite 27]
6.1.4 - Types of Mergers [Seite 27]
6.1.5 - Merger Consideration [Seite 28]
6.1.6 - Merger Professionals [Seite 29]
6.1.7 - Merger Arbitrage [Seite 32]
6.1.8 - Leveraged Buyouts and the Private Equity Market [Seite 33]
6.1.9 - Corporate Restructuring [Seite 34]
6.1.10 - Merger Negotiations [Seite 35]
6.1.11 - Deal Structure: Asset versus Entity Deals [Seite 38]
6.1.12 - Merger Agreement [Seite 42]
6.1.13 - Merger Approval Procedures [Seite 43]
6.1.14 - Deal Closing [Seite 45]
6.1.15 - Short-Form Merger [Seite 45]
6.1.16 - Freezeouts and the Treatment of Minority Shareholders [Seite 46]
6.1.17 - Appraisal Arbitrage [Seite 47]
6.1.18 - Reverse Mergers [Seite 48]
6.2 - Chapter 2: History of Mergers [Seite 55]
6.2.1 - Merger Waves [Seite 55]
6.2.2 - First Wave, 1897-1904 [Seite 57]
6.2.3 - Second Wave, 1916-1929 [Seite 62]
6.2.4 - The 1940s [Seite 63]
6.2.5 - Third Wave, 1965-1969 [Seite 63]
6.2.6 - Trendsetting Mergers of the 1970s [Seite 68]
6.2.7 - Fourth Wave, 1984-1989 [Seite 73]
6.2.8 - Fifth Wave, 1992-2001 [Seite 78]
6.2.9 - Sixth Wave, 2004-2007 [Seite 82]
6.3 - Chapter 3: Legal Framework [Seite 85]
6.3.1 - Laws Governing Mergers, Acquisitions, and Tender Offers [Seite 86]
6.3.2 - Other U.S. Takeover Rules [Seite 99]
6.3.3 - Takeovers and International Securities Laws [Seite 100]
6.3.4 - U.S. State Corporation Laws and Legal Principles [Seite 110]
6.3.5 - State Antitakeover Laws [Seite 113]
6.3.6 - Regulation of Insider Trading [Seite 122]
6.3.7 - Antitrust Laws [Seite 124]
6.3.8 - Measuring Concentration and Defining Market Share [Seite 131]
6.3.9 - Example of the HH Index [Seite 132]
6.3.10 - European Competition Policy [Seite 135]
6.4 - Research Note: Event Studies Methodology [Seite 138]
6.4.1 - M&A Research: Event Studies [Seite 138]
6.5 - Chapter 4: Merger Strategy [Seite 141]
6.5.1 - Growth [Seite 141]
6.5.2 - Synergy [Seite 150]
6.5.3 - Operating Synergy [Seite 152]
6.5.4 - Diversification [Seite 160]
6.5.5 - Focus Hypothesis [Seite 165]
6.5.6 - Possible Explanation for the Diversification Discount [Seite 166]
6.5.7 - Do Diversified or Focused Firms do Better Acquisitions? [Seite 170]
6.5.8 - Other Economic Motives [Seite 171]
6.5.9 - Hubris Hypothesis of Takeovers [Seite 182]
6.5.10 - Do Managerial Agendas Drive M&A? [Seite 185]
6.5.11 - Other Motives [Seite 190]
7 - Part II: Hostile Takeovers [Seite 195]
7.1 - Chapter 5: Antitakeover Measures [Seite 197]
7.1.1 - Management Entrenchment Hypothesis versus Stockholder Interests Hypothesis [Seite 198]
7.1.2 - Rights of Targets' Boards to Resist: United States Compared to the Rest of the World [Seite 199]
7.1.3 - Preventative Antitakeover Measures [Seite 200]
7.1.4 - Poison Pills [Seite 201]
7.1.5 - Corporate Charter Amendments [Seite 213]
7.1.6 - Changing the State of Incorporation [Seite 224]
7.1.7 - Active Antitakeover Defenses [Seite 225]
7.1.8 - Information Content of Takeover Resistance [Seite 248]
7.2 - Chapter 6: Takeover Tactics [Seite 251]
7.2.1 - Preliminary Takeover Steps [Seite 252]
7.2.2 - Tender Offers [Seite 259]
7.2.3 - Advantages of Tender Offers Over Open Market Purchases [Seite 274]
7.2.4 - Proxy Fights [Seite 281]
7.3 - Chapter 7: Hedge Funds as Activist Investors [Seite 293]
7.3.1 - Macroeconomic Foundations of the Growth of Activist Funds [Seite 295]
7.3.2 - Leading Activist Hedge Funds and Institutional Investors [Seite 296]
7.3.3 - Hedge Funds as Acquirers [Seite 302]
7.3.4 - Hedge Fund Activism and Firm Performance [Seite 306]
7.3.5 - Buyout Premiums: Activist Hedge Funds versus Private Equity Firms [Seite 308]
8 - Part III: Going-Private Transactions and Leveraged Buyouts [Seite 317]
8.1 - Chapter 8: Leveraged Buyouts [Seite 319]
8.1.1 - Terminology [Seite 319]
8.1.2 - Historical Trends in LBOs [Seite 320]
8.1.3 - Management Buyouts [Seite 328]
8.1.4 - Conflicts of Interest in Management Buyouts [Seite 332]
8.1.5 - U.S. Courts' Position on Leveraged Buyout Conflicts [Seite 333]
8.1.6 - Financing for Leveraged Buyouts [Seite 342]
8.1.7 - Returns to Stockholders from LBOs [Seite 350]
8.1.8 - Returns to Stockholders from Divisional Buyouts [Seite 351]
8.1.9 - Empirical Research on Wealth Transfer Effects [Seite 356]
8.1.10 - Protection for Creditors [Seite 357]
8.1.11 - Intra-industry Effects of Buyouts [Seite 358]
8.2 - Chapter 9: The Private Equity Market [Seite 359]
8.2.1 - History of the Private equity and LBO Business [Seite 359]
8.2.2 - Private Equity Market [Seite 360]
8.2.3 - Computing Private Equity Internal Rates of Return [Seite 374]
8.2.4 - Characteristics of Private Equity Returns [Seite 375]
8.2.5 - Replicating Private Equity Investing [Seite 379]
8.2.6 - Board Interlocks and Likelihood of Targets to Receive Private Equity Bids [Seite 380]
8.2.7 - Secondary Market for Private Equity Investments [Seite 380]
8.3 - Chapter 10: High-Yield Financing and the Leveraged Loan Market [Seite 383]
8.3.1 - History of the Junk Bond Market [Seite 383]
8.3.2 - Leveraged Loan Market [Seite 394]
8.3.3 - Stapled Financing [Seite 397]
9 - Part IV: Corporate Restructuring [Seite 401]
9.1 - Chapter 11: Corporate Restructuring [Seite 403]
9.1.1 - Divestitures [Seite 406]
9.1.2 - Divestiture and Spinoff Process [Seite 417]
9.1.3 - Managerial Ownership and Sell-Off Gains [Seite 422]
9.1.4 - Activists and Sell-Offs [Seite 422]
9.1.5 - Shareholder Wealth Effects of Spinoffs: U.S. versus Europe [Seite 431]
9.1.6 - Equity Carve-Outs [Seite 438]
9.1.7 - Voluntary Liquidations or Bust-Ups [Seite 444]
9.1.8 - Tracking Stocks [Seite 445]
9.1.9 - Master Limited Partnerships and Sell-Offs [Seite 447]
9.2 - Chapter 12: Restructuring in Bankruptcy [Seite 451]
9.2.1 - Types of Business Failure [Seite 452]
9.2.2 - Causes of Business Failure [Seite 453]
9.2.3 - Bankruptcy Trends [Seite 458]
9.2.4 - U.S. Bankruptcy Laws [Seite 462]
9.2.5 - Reorganization versus Liquidation [Seite 463]
9.2.6 - Reorganization Process [Seite 464]
9.2.7 - Benefits of the Chapter 11 Process for the Debtor [Seite 471]
9.2.8 - Prepackaged Bankruptcy [Seite 475]
9.2.9 - Workouts [Seite 479]
9.2.10 - Corporate Control and Default [Seite 484]
9.2.11 - Liquidation [Seite 485]
9.2.12 - Investing in the Securities of Distressed Companies [Seite 486]
9.3 - Chapter 13: Corporate Governance [Seite 491]
9.3.1 - Structure of Corporations and Their Governance [Seite 491]
9.3.2 - CEO Severance Payments [Seite 508]
9.3.3 - Managerial Compensation, Mergers, and Takeovers [Seite 508]
9.3.4 - CEO Compensation and Power [Seite 509]
9.3.5 - Golden Parachutes [Seite 513]
9.3.6 - Compensation Characteristics of Boards that are more likely to keep Agency Costs in Check [Seite 515]
9.3.7 - Role of the Board of Directors [Seite 516]
9.3.8 - Antitakeover Measures and Board Characteristics [Seite 526]
9.3.9 - Disciplinary Takeovers, Company Performance, CEOs, and boards [Seite 529]
9.3.10 - Merger Strategy and Corporate Governance [Seite 530]
9.3.11 - CEO Compensation and M&A Programs [Seite 530]
9.3.12 - Do Boards Reward CEOs for Initiating Acquisitions and Mergers? [Seite 530]
9.3.13 - CEO Compensation and Diversification Strategies [Seite 531]
9.3.14 - Agency Costs and Diversification Strategies [Seite 532]
9.3.15 - Interests of Directors and M&As [Seite 533]
9.3.16 - Managerial Compensation and Firm Size [Seite 534]
9.3.17 - Corporate Control Decisions and Their Shareholder Wealth Effects [Seite 535]
9.3.18 - Does Better Corporate Governance Increase Firm Value? [Seite 536]
9.3.19 - Corporate Governance and Competition [Seite 537]
9.3.20 - Executive Compensation and Postacquisition Performance [Seite 538]
9.3.21 - Mergers of Equals and Corporate Governance [Seite 539]
9.4 - Chapter 14: Joint Ventures and Strategic Alliances [Seite 549]
9.4.1 - Contractual Agreements [Seite 549]
9.4.2 - Comparing Strategic Alliances and Joint Ventures with Mergers and Acquisitions [Seite 550]
9.4.3 - Joint Ventures [Seite 550]
9.4.4 - Strategic Alliances [Seite 556]
9.5 - Chapter 15: Valuation [Seite 565]
9.5.1 - Valuation Methods: Science or Art? [Seite 567]
9.5.2 - Managing Value as an Antitakeover Defense [Seite 567]
9.5.3 - Benchmarks of Value [Seite 568]
9.5.4 - How the Market Determines Discount Rates [Seite 580]
9.5.5 - Valuation of the Target's Equity [Seite 593]
9.5.6 - Marketability of the Stock [Seite 593]
9.5.7 - Takeovers and Control Premiums [Seite 597]
9.5.8 - Valuation of Stock-for-Stock Exchanges [Seite 602]
9.5.9 - Shareholder Wealth Effects and Methods of Payment [Seite 603]
9.5.10 - Exchange Ratio [Seite 609]
9.5.11 - Fixed Number of Shares versus Fixed Value [Seite 616]
9.5.12 - Merger Negotiations and Stock Offers: Halliburton versus Baker Hughes [Seite 617]
9.5.13 - International Takeovers and Stock-for-Stock Transactions [Seite 617]
9.5.14 - Desirable Financial Characteristics of Targets [Seite 618]
9.6 - Chapter 16: Tax Issues in M&A [Seite 627]
9.6.1 - Financial Accounting for M&As [Seite 628]
9.6.2 - Taxable versus Tax-Free Transactions [Seite 628]
9.6.3 - Tax Consequences of a Stock-for-Stock Exchange [Seite 631]
9.6.4 - Asset Basis Step-Up [Seite 632]
9.6.5 - Changes in the Tax Laws [Seite 633]
9.6.6 - Role of Taxes in the Merger Decision [Seite 634]
9.6.7 - Role of Taxes in the Choice of Sell-Off Method [Seite 636]
9.6.8 - Organizational Form and M&A Premiums [Seite 636]
9.6.9 - Capital Structure and Propensity to Engage in Acquisitions [Seite 637]
9.6.10 - Taxes as a Source of Value in Management Buyouts [Seite 638]
9.6.11 - Miscellaneous Tax Issues [Seite 639]
10 - Glossary [Seite 645]
11 - Index [Seite 657]
12 - EULA [Seite 675]
