Mergers, Acquisitions, and Corporate Restructurings

Standards Information Network (Verlag)
  • 1. Auflage
  • |
  • erschienen am 27. November 2017
  • |
  • 672 Seiten
E-Book | PDF mit Adobe DRM | Systemvoraussetzungen
978-1-119-38075-7 (ISBN)
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.

PATRICK A. GAUGHAN is President of Economatrix Research Associates, an economic and financial consulting firm. The firm specializes in the application of economics and finance to litigated matters. Dr. Gaughan also provides various consulting services in the field of mergers and acquisitions and valuation. Dr. Gaughan is also a Professor at the University of International Business and Economics in Beijing, China.

  • Englisch
  • Newark
  • |
  • USA
John Wiley & Sons Inc
  • Für Beruf und Forschung
  • |
  • Für höhere Schule und Studium
  • 12,31 MB
978-1-119-38075-7 (9781119380757)
1119380758 (1119380758)
weitere Ausgaben werden ermittelt
PATRICK A. GAUGHAN is President of Economatrix Research Associates, an economic and financial consulting firm. The firm specializes in the application of economics and finance to litigated matters. Dr. Gaughan also provides various consulting services in the field of mergers and acquisitions and valuation. Dr. Gaughan is also a Professor at the University of International Business and Economics in Beijing, China.
  • Cover
  • Title Page
  • Copyright
  • Contents
  • Preface
  • Part I: Background
  • Chapter 1: Introduction
  • Recent M&A Trends
  • Terminology
  • Valuing a Transaction
  • Types of Mergers
  • Merger Consideration
  • Merger Professionals
  • Merger Arbitrage
  • Leveraged Buyouts and the Private Equity Market
  • Corporate Restructuring
  • Merger Negotiations
  • Deal Structure: Asset versus Entity Deals
  • Merger Agreement
  • Merger Approval Procedures
  • Deal Closing
  • Short-Form Merger
  • Freezeouts and the Treatment of Minority Shareholders
  • Appraisal Arbitrage
  • Reverse Mergers
  • Chapter 2: History of Mergers
  • Merger Waves
  • First Wave, 1897-1904
  • Second Wave, 1916-1929
  • The 1940s
  • Third Wave, 1965-1969
  • Trendsetting Mergers of the 1970s
  • Fourth Wave, 1984-1989
  • Fifth Wave, 1992-2001
  • Sixth Wave, 2004-2007
  • Chapter 3: Legal Framework
  • Laws Governing Mergers, Acquisitions, and Tender Offers
  • Other U.S. Takeover Rules
  • Takeovers and International Securities Laws
  • U.S. State Corporation Laws and Legal Principles
  • State Antitakeover Laws
  • Regulation of Insider Trading
  • Antitrust Laws
  • Measuring Concentration and Defining Market Share
  • Example of the HH Index
  • European Competition Policy
  • Research Note: Event Studies Methodology
  • M&A Research: Event Studies
  • Chapter 4: Merger Strategy
  • Growth
  • Synergy
  • Operating Synergy
  • Diversification
  • Focus Hypothesis
  • Possible Explanation for the Diversification Discount
  • Do Diversified or Focused Firms do Better Acquisitions?
  • Other Economic Motives
  • Hubris Hypothesis of Takeovers
  • Do Managerial Agendas Drive M&A?
  • Other Motives
  • Part II: Hostile Takeovers
  • Chapter 5: Antitakeover Measures
  • Management Entrenchment Hypothesis versus Stockholder Interests Hypothesis
  • Rights of Targets' Boards to Resist: United States Compared to the Rest of the World
  • Preventative Antitakeover Measures
  • Poison Pills
  • Corporate Charter Amendments
  • Changing the State of Incorporation
  • Active Antitakeover Defenses
  • Information Content of Takeover Resistance
  • Chapter 6: Takeover Tactics
  • Preliminary Takeover Steps
  • Tender Offers
  • Advantages of Tender Offers Over Open Market Purchases
  • Proxy Fights
  • Chapter 7: Hedge Funds as Activist Investors
  • Macroeconomic Foundations of the Growth of Activist Funds
  • Leading Activist Hedge Funds and Institutional Investors
  • Hedge Funds as Acquirers
  • Hedge Fund Activism and Firm Performance
  • Buyout Premiums: Activist Hedge Funds versus Private Equity Firms
  • Part III: Going-Private Transactions and Leveraged Buyouts
  • Chapter 8: Leveraged Buyouts
  • Terminology
  • Historical Trends in LBOs
  • Management Buyouts
  • Conflicts of Interest in Management Buyouts
  • U.S. Courts' Position on Leveraged Buyout Conflicts
  • Financing for Leveraged Buyouts
  • Returns to Stockholders from LBOs
  • Returns to Stockholders from Divisional Buyouts
  • Empirical Research on Wealth Transfer Effects
  • Protection for Creditors
  • Intra-industry Effects of Buyouts
  • Chapter 9: The Private Equity Market
  • History of the Private equity and LBO Business
  • Private Equity Market
  • Computing Private Equity Internal Rates of Return
  • Characteristics of Private Equity Returns
  • Replicating Private Equity Investing
  • Board Interlocks and Likelihood of Targets to Receive Private Equity Bids
  • Secondary Market for Private Equity Investments
  • Chapter 10: High-Yield Financing and the Leveraged Loan Market
  • History of the Junk Bond Market
  • Leveraged Loan Market
  • Stapled Financing
  • Part IV: Corporate Restructuring
  • Chapter 11: Corporate Restructuring
  • Divestitures
  • Divestiture and Spinoff Process
  • Managerial Ownership and Sell-Off Gains
  • Activists and Sell-Offs
  • Shareholder Wealth Effects of Spinoffs: U.S. versus Europe
  • Equity Carve-Outs
  • Voluntary Liquidations or Bust-Ups
  • Tracking Stocks
  • Master Limited Partnerships and Sell-Offs
  • Chapter 12: Restructuring in Bankruptcy
  • Types of Business Failure
  • Causes of Business Failure
  • Bankruptcy Trends
  • U.S. Bankruptcy Laws
  • Reorganization versus Liquidation
  • Reorganization Process
  • Benefits of the Chapter 11 Process for the Debtor
  • Prepackaged Bankruptcy
  • Workouts
  • Corporate Control and Default
  • Liquidation
  • Investing in the Securities of Distressed Companies
  • Chapter 13: Corporate Governance
  • Structure of Corporations and Their Governance
  • CEO Severance Payments
  • Managerial Compensation, Mergers, and Takeovers
  • CEO Compensation and Power
  • Golden Parachutes
  • Compensation Characteristics of Boards that are more likely to keep Agency Costs in Check
  • Role of the Board of Directors
  • Antitakeover Measures and Board Characteristics
  • Disciplinary Takeovers, Company Performance, CEOs, and boards
  • Merger Strategy and Corporate Governance
  • CEO Compensation and M&A Programs
  • Do Boards Reward CEOs for Initiating Acquisitions and Mergers?
  • CEO Compensation and Diversification Strategies
  • Agency Costs and Diversification Strategies
  • Interests of Directors and M&As
  • Managerial Compensation and Firm Size
  • Corporate Control Decisions and Their Shareholder Wealth Effects
  • Does Better Corporate Governance Increase Firm Value?
  • Corporate Governance and Competition
  • Executive Compensation and Postacquisition Performance
  • Mergers of Equals and Corporate Governance
  • Chapter 14: Joint Ventures and Strategic Alliances
  • Contractual Agreements
  • Comparing Strategic Alliances and Joint Ventures with Mergers and Acquisitions
  • Joint Ventures
  • Strategic Alliances
  • Chapter 15: Valuation
  • Valuation Methods: Science or Art?
  • Managing Value as an Antitakeover Defense
  • Benchmarks of Value
  • How the Market Determines Discount Rates
  • Valuation of the Target's Equity
  • Marketability of the Stock
  • Takeovers and Control Premiums
  • Valuation of Stock-for-Stock Exchanges
  • Shareholder Wealth Effects and Methods of Payment
  • Exchange Ratio
  • Fixed Number of Shares versus Fixed Value
  • Merger Negotiations and Stock Offers: Halliburton versus Baker Hughes
  • International Takeovers and Stock-for-Stock Transactions
  • Desirable Financial Characteristics of Targets
  • Chapter 16: Tax Issues in M&A
  • Financial Accounting for M&As
  • Taxable versus Tax-Free Transactions
  • Tax Consequences of a Stock-for-Stock Exchange
  • Asset Basis Step-Up
  • Changes in the Tax Laws
  • Role of Taxes in the Merger Decision
  • Role of Taxes in the Choice of Sell-Off Method
  • Organizational Form and M&A Premiums
  • Capital Structure and Propensity to Engage in Acquisitions
  • Taxes as a Source of Value in Management Buyouts
  • Miscellaneous Tax Issues
  • Glossary
  • Index
  • EULA

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