Applied Mergers and Acquisitions
Published on 8. February 2016
1056 pages
978-1-118-43639-4 (ISBN)
Description
A comprehensive guide to the world of mergers and acquisitions
Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.
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04/2004
Wiley
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Persons
ROBERT F. BRUNER is the Distinguished Professor of Business Administration at the Darden School of the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School's executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He is the author of over 250 case studies and a casebook, Case Studies in Finance: Managing for Corporate Value Creation, which has been adopted for use at over 200 schools. Bruner's articles have been published in the Journal of Financial Economics, the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, the Journal of Money, Credit, and Banking, and Financial Management. He has served as a consultant to over twenty corporations as well as to the U.S. Government, and prior to his academic career, worked as a commercial banker and venture capitalist. Bruner holds a BA from Yale University, and an MBA and DBA from Harvard University.
Content
1 - Cover [Seite 1]
2 - Title Page [Seite 5]
3 - Copyright [Seite 6]
4 - About the Author [Seite 8]
5 - Contents [Seite 9]
6 - Foreword [Seite 17]
7 - Preface [Seite 19]
8 - Part One: Introduction and Key Themes [Seite 29]
8.1 - Chapter 1: Introduction and Executive Summary [Seite 31]
8.2 - Chapter 2: Ethics in M&A [Seite 41]
8.3 - Chapter 3: Does M&A Pay? [Seite 58]
9 - Part Two: Strategy and the Origination of Transaction Proposals [Seite 95]
9.1 - Chapter 4: M&A Activity [Seite 97]
9.2 - Chapter 5: Cross-Border M&A [Seite 126]
9.3 - Chapter 6: Strategy and the Uses of M&A to Grow or Restructure the Firm [Seite 151]
9.4 - Chapter 7: Acquisition Search and Deal Origination: Some Guiding Principles [Seite 211]
10 - Part Three: Diligence, Valuation, and Accounting [Seite 233]
10.1 - Chapter 8: Due Diligence [Seite 235]
10.2 - Chapter 9: Valuing Firms [Seite 275]
10.3 - Chapter 10: Valuing Options [Seite 324]
10.4 - Chapter 11: Valuing Synergies [Seite 353]
10.5 - Chapter 12: Valuing the Firm across Borders [Seite 376]
10.6 - Chapter 13: Valuing the Highly Levered Firm, Assessing the Highly Levered Transaction [Seite 421]
10.7 - Chapter 14: Real Options and Their Impact on M&A [Seite 452]
10.8 - Chapter 15: Valuing Liquidity and Control [Seite 483]
10.9 - Chapter 16: Financial Accounting for Mergers and Acquisitions [Seite 506]
10.10 - Chapter 17: Momentum Acquisition Strategies: An Illustration of Why Value Creation Is the Best Financial Criterion [Seite 539]
11 - Part Four: Design of Detailed Transaction Terms [Seite 557]
11.1 - Chapter 18: An Introduction to Deal Design in M&A [Seite 559]
11.2 - Chapter 19: Choosing the Form of Acquisitive Reorganization [Seite 575]
11.3 - Chapter 20: Choosing the Form of Payment and Financing [Seite 592]
11.4 - Chapter 21: Framework for Structuring the Terms of Exchange: Finding the "Win-Win" Deal [Seite 617]
11.5 - Chapter 22: Structuring and Valuing Contingent Payments in M&A [Seite 637]
11.6 - Chapter 23: Risk Management in M&A [Seite 664]
11.7 - Chapter 24: Social Issues [Seite 696]
12 - Part Five: Rules of the Road: Governance, Laws, and Regulations [Seite 711]
12.1 - Chapter 25: How a Negotiated Deal Takes Place [Seite 713]
12.2 - Chapter 26: Governance in M&A: The Board of Directors and Shareholder Voting [Seite 731]
12.3 - Chapter 27: Rules of the Road: Securities Law, Issuance Process, Disclosure, and Insider Trading [Seite 753]
12.4 - Chapter 28: Rules of the Road: Antitrust Law [Seite 770]
12.5 - Chapter 29: Documenting the M&A Deal [Seite 794]
12.6 - Part 6: Competition, Hostility, and Behavioral Effects in M&A [Seite 799]
12.7 - Chapter 30: Negotiating the Deal [Seite 801]
12.8 - Chapter 31: Auctions in M&A [Seite 818]
12.9 - Chapter 32: Hostile Takeovers: Preparing a Bid in Light of Competition and Arbitrage [Seite 832]
12.10 - Chapter 33: Takeover Attack and Defense [Seite 852]
12.11 - Chapter 34: The Leveraged Restructuring as a Takeover Defense: The Case of American Standard [Seite 884]
13 - Part Seven: Communication, Integration, and Best Practice [Seite 905]
13.1 - Chapter 35: Communicating the Deal: Gaining Mandates, Approvals, and Support [Seite 907]
13.2 - Chapter 36: Framework for Postmerger Integration [Seite 919]
13.3 - Chapter 37: Corporate Development as a Strategic Capability: The Approach of GE Power Systems [Seite 942]
13.4 - Chapter 38: M&A "Best Practices": Some Lessons and Next Steps [Seite 954]
14 - About the CD-ROM [Seite 967]
15 - References and Suggestions for Further Reading [Seite 973]
16 - Index [Seite 1029]
17 - Customer Note [Seite 1058]
18 - EULA [Seite 1059]
2 - Title Page [Seite 5]
3 - Copyright [Seite 6]
4 - About the Author [Seite 8]
5 - Contents [Seite 9]
6 - Foreword [Seite 17]
7 - Preface [Seite 19]
8 - Part One: Introduction and Key Themes [Seite 29]
8.1 - Chapter 1: Introduction and Executive Summary [Seite 31]
8.2 - Chapter 2: Ethics in M&A [Seite 41]
8.3 - Chapter 3: Does M&A Pay? [Seite 58]
9 - Part Two: Strategy and the Origination of Transaction Proposals [Seite 95]
9.1 - Chapter 4: M&A Activity [Seite 97]
9.2 - Chapter 5: Cross-Border M&A [Seite 126]
9.3 - Chapter 6: Strategy and the Uses of M&A to Grow or Restructure the Firm [Seite 151]
9.4 - Chapter 7: Acquisition Search and Deal Origination: Some Guiding Principles [Seite 211]
10 - Part Three: Diligence, Valuation, and Accounting [Seite 233]
10.1 - Chapter 8: Due Diligence [Seite 235]
10.2 - Chapter 9: Valuing Firms [Seite 275]
10.3 - Chapter 10: Valuing Options [Seite 324]
10.4 - Chapter 11: Valuing Synergies [Seite 353]
10.5 - Chapter 12: Valuing the Firm across Borders [Seite 376]
10.6 - Chapter 13: Valuing the Highly Levered Firm, Assessing the Highly Levered Transaction [Seite 421]
10.7 - Chapter 14: Real Options and Their Impact on M&A [Seite 452]
10.8 - Chapter 15: Valuing Liquidity and Control [Seite 483]
10.9 - Chapter 16: Financial Accounting for Mergers and Acquisitions [Seite 506]
10.10 - Chapter 17: Momentum Acquisition Strategies: An Illustration of Why Value Creation Is the Best Financial Criterion [Seite 539]
11 - Part Four: Design of Detailed Transaction Terms [Seite 557]
11.1 - Chapter 18: An Introduction to Deal Design in M&A [Seite 559]
11.2 - Chapter 19: Choosing the Form of Acquisitive Reorganization [Seite 575]
11.3 - Chapter 20: Choosing the Form of Payment and Financing [Seite 592]
11.4 - Chapter 21: Framework for Structuring the Terms of Exchange: Finding the "Win-Win" Deal [Seite 617]
11.5 - Chapter 22: Structuring and Valuing Contingent Payments in M&A [Seite 637]
11.6 - Chapter 23: Risk Management in M&A [Seite 664]
11.7 - Chapter 24: Social Issues [Seite 696]
12 - Part Five: Rules of the Road: Governance, Laws, and Regulations [Seite 711]
12.1 - Chapter 25: How a Negotiated Deal Takes Place [Seite 713]
12.2 - Chapter 26: Governance in M&A: The Board of Directors and Shareholder Voting [Seite 731]
12.3 - Chapter 27: Rules of the Road: Securities Law, Issuance Process, Disclosure, and Insider Trading [Seite 753]
12.4 - Chapter 28: Rules of the Road: Antitrust Law [Seite 770]
12.5 - Chapter 29: Documenting the M&A Deal [Seite 794]
12.6 - Part 6: Competition, Hostility, and Behavioral Effects in M&A [Seite 799]
12.7 - Chapter 30: Negotiating the Deal [Seite 801]
12.8 - Chapter 31: Auctions in M&A [Seite 818]
12.9 - Chapter 32: Hostile Takeovers: Preparing a Bid in Light of Competition and Arbitrage [Seite 832]
12.10 - Chapter 33: Takeover Attack and Defense [Seite 852]
12.11 - Chapter 34: The Leveraged Restructuring as a Takeover Defense: The Case of American Standard [Seite 884]
13 - Part Seven: Communication, Integration, and Best Practice [Seite 905]
13.1 - Chapter 35: Communicating the Deal: Gaining Mandates, Approvals, and Support [Seite 907]
13.2 - Chapter 36: Framework for Postmerger Integration [Seite 919]
13.3 - Chapter 37: Corporate Development as a Strategic Capability: The Approach of GE Power Systems [Seite 942]
13.4 - Chapter 38: M&A "Best Practices": Some Lessons and Next Steps [Seite 954]
14 - About the CD-ROM [Seite 967]
15 - References and Suggestions for Further Reading [Seite 973]
16 - Index [Seite 1029]
17 - Customer Note [Seite 1058]
18 - EULA [Seite 1059]
