M A And Corporate Consolidation

Author : Kate Welling,Mario Gabelli
Publisher : Columbia University Press
Page : 389 pages
File Size : 40,7 Mb
Release : 2018-11-06
Category : Business & Economics
ISBN : 9780231548915

Get Book

Merger Masters by Kate Welling,Mario Gabelli Pdf

Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the “plain vanilla” strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum. Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.

Author : Patrick A. Gaughan
Publisher : John Wiley & Sons
Page : 1063 pages
File Size : 49,5 Mb
Release : 2017-11-27
Category : Business & Economics
ISBN : 9781119380733

Get Book

Mergers, Acquisitions, and Corporate Restructurings by Patrick A. Gaughan Pdf

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.

Author : David Harding,Sam Rovit
Publisher : Harvard Business Press
Page : 248 pages
File Size : 48,6 Mb
Release : 2004-11-04
Category : Business & Economics
ISBN : 1422163407

Get Book

Mastering the Merger by David Harding,Sam Rovit Pdf

Today's corporate deal makers face a conundrum: Though 70% of major acquisitions fail, it's nearly impossible to build a world-class company without doing deals. In Mastering the Merger, David Harding and Sam Rovit argue that a laserlike focus on just four key imperatives--before executives finalize the deal--can dramatically improve the odds of M&A success. Based on more than 30 years of in-the-trenches work on thousands of deals across a range of industries--and supplemented by extensive Bain & Co. research--Harding and Rovit reveal that the best M&A performers channel their efforts into (1) targeting deals that advance the core business; (2) determining which deals to close and when to walk away; (3) identifying where to integrate--and where not to; and (4) developing contingency plans for when deals inevitably stray. Top deal makers also favor a succession of smaller deals over complex "megamergers"--and essentially institutionalize a success formula over time. Helping executives zero in on what matters most in the complex world of M&A, Mastering the Merger offers a blueprint for the decisions and strategies that will beat the odds.

Author : Bill Snow
Publisher : John Wiley & Sons
Page : 368 pages
File Size : 41,6 Mb
Release : 2018-08-30
Category : Business & Economics
ISBN : 9781119543909

Get Book

Mergers & Acquisitions For Dummies by Bill Snow Pdf

Mergers & Acquisitions For Dummies (9781119543862) was previously published as Mergers & Acquisitions For Dummies (9780470385562). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product. The easy way to make smart business transactions Are you a business owner, investor, venture capitalist, or member of a private equity firm looking to grow your business by getting involved in a merger with, or acquisition of, another company? Are you looking for a plain-English guide to how mergers and acquisitions can affect your investments? Look no further. Mergers & Acquisitions For Dummies explains the entire process step by step—from the different types of transactions and structures to raising funds and partnering. Plus, you'll get expert advice on identifying targets, business valuation, doing due diligence, closing the purchase agreement, and integrating new employees and new ways of doing business. Step-by-step techniques and real-world advice for making successful mergers and acquisitions Covers international laws and regulations How to take advantage of high-value deals Going beyond the case studies of other books, Mergers & Acquisitions For Dummies is your one-stop reference for making business growth a success.

Author : Steven N. Kaplan
Publisher : University of Chicago Press
Page : 350 pages
File Size : 52,6 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226424330

Get Book

Mergers and Productivity by Steven N. Kaplan Pdf

Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.

Author : John Kwoka
Publisher : MIT Press
Page : 283 pages
File Size : 41,5 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780262028486

Get Book

Mergers, Merger Control, and Remedies by John Kwoka Pdf

A comprehensive analysis of merger outcomes based on all empirical studies, with an assessment of the effectiveness of antitrust policy toward mergers. In recent decades, antitrust investigations and cases targeting mergers—including those involving Google, Ticketmaster, and much of the domestic airline industry—have reshaped industries and changed business practices profoundly. And yet there has been a relative dearth of detailed evaluations of the effects of mergers and the effectiveness of merger policy. In this book, John Kwoka, a noted authority on industrial organization, examines all reliable empirical studies of the effect of specific mergers and develops entirely new information about the policies and remedies of antitrust agencies regarding these mergers. Combined with data on outcomes, this policy information enables analysis of, and creates new insights into, mergers, merger policies, and the effectiveness of remedies in preventing anticompetitive outcomes. After an overview of mergers, merger policy, and a common approach to merger analysis, Kwoka offers a detailed analysis of the studied mergers, relevant policies, and chosen remedies. Kwoka finds, first and foremost, that most of the studied mergers resulted in competitive harm, usually in the form of higher product prices but also with respect to various non-price outcomes. Other important findings include the fact that joint ventures and code sharing arrangements do not result in such harm and that policies intended to remedy mergers—especially conduct remedies—are not generally effective in restraining price increases. The book's uniquely comprehensive analysis advances our understanding of merger decisions and policies, suggests policy improvements for competition agencies and remedies, and points the way to future research.

Author : David J. Ravenscraft,F. M. Scherer
Publisher : Brookings Institution Press
Page : 305 pages
File Size : 41,5 Mb
Release : 2011-10-01
Category : Business & Economics
ISBN : 9780815723172

Get Book

Mergers, Sell-Offs, and Economic Efficiency by David J. Ravenscraft,F. M. Scherer Pdf

This book covers the consolidation and merger of corporations and corporate divestiture in the United States.

Author : Barbara S. Pécherot Petitt,Kenneth R. Ferris
Publisher : Pearson Education
Page : 257 pages
File Size : 51,9 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780133372670

Get Book

Valuation for Mergers and Acquisitions by Barbara S. Pécherot Petitt,Kenneth R. Ferris Pdf

Master the latest insights, lessons, and best practice techniques for accurately valuing companies for potential mergers, acquisitions, and restructurings. Concise, realistic, and easy to use, Valuation for Mergers and Acquisitions, Second Edition has been fully updated to reflect the field's latest and most useful "rules of thumb," compare every modern approach to valuation, offering practical solutions for today's most complex and important valuation challenges. Treating valuation as both an art and a science, it covers the entire process, offering up-to-the-minute real-world advice, examples, and case studies. Leading valuation experts Barbara S. Petitt and Kenneth R. Ferris introduce and compare leading techniques including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis. They fully address related concerns such as the accounting structure of deals, accounting for goodwill, tax considerations, and more. Throughout, they identify common errors that lead to inaccurate valuation, and show how to avoid them. From start to finish, this guide doesn't just make valuation comprehensible: it provides the tools and insight to make valuation work. For all financial professionals concerned with valuation, especially those involved in potential mergers, acquisitions, and restructurings; and for corporate finance instructors and students in Executive MBA programs concerned with valuation

Author : Samuel C. Thompson
Publisher : Unknown
Page : 906 pages
File Size : 40,7 Mb
Release : 2001
Category : Consolidation and merger of corporations
ISBN : MINN:31951D02194862C

Get Book

Business Planning for Mergers and Acquisitions by Samuel C. Thompson Pdf

This document supplement accompanies Business Planning for Mergers and Acquisitions, Third Edition.

Author : Frank C. Evans,David M. Bishop
Publisher : John Wiley & Sons
Page : 313 pages
File Size : 42,7 Mb
Release : 2002-07-15
Category : Business & Economics
ISBN : 9780471217299

Get Book

Valuation for M&A by Frank C. Evans,David M. Bishop Pdf

The only resource available to help calculate investment value versus fair market value Whether buying or selling, the question of "what's it worth?" is multifaceted. In an M&A setting, it is necessary to compute fair market value, but it is far more important to compute investment value-the value of the target company to a strategic buyer. This calculation varies with each prospective buyer, depending on synergies, benefits, and other competitive analyses that are seldom involved in business valuation. Valuation for M&A is the first book to focus on valuation for merger and acquisitions. This groundbreaking guide provides document request checklists, sample interview questions, a format for adjusting financial statements, a format for developing discount rates, a format for computation of net cash flow, and a valuation reconciliation form, all to help senior executives and M&A professionals better negotiate a successful deal. Frank C. Evans is a certified business appraiser (CBA), Accredited Senior Business Appraiser in Business Valuation (ASA), and CPA (accredited in business valuation) and David M. Bishop is a Master Certified Business Appraiser (MCBA), Accredited Senior Business Appraiser in Business Valuation (ASA), Fellow of the Institute of Business Appraisers (FIBA), and Business Valuator Accredited for Litigation (BVAL).

Author : Malwina Woznik
Publisher : GRIN Verlag
Page : 115 pages
File Size : 55,5 Mb
Release : 2013-08-07
Category : Business & Economics
ISBN : 9783656475705

Get Book

The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base by Malwina Woznik Pdf

Master's Thesis from the year 2013 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: “Warren Buffett swallows Heinz: Sauce for the sage” – a typical takeover announcement was published lately on 14th February 2013. Warren Buffett, a well known inves tor, acquired along with the financial investor 3G Capital the H. J. Heinz Company for $ 28 billion. This is likely to become the largest transaction in the food industry. The company's stock price rose more than 20.0 percent after the publication which is a very characteristic reaction to deal announcements. Hence, the important question is, if transactions, such as the takeover of the H. J. Heinz Company, affect the corporate performance consistently. In general, the core idea about mergers and acquisitions (M&A) is to generate additional future growth if for example organic growth is limited. If two companies merge or a target is bought by another company (the acquirer), shareholders believe in synergy effects. These are revenue enhancements, cost reductions, tax gains and reduced capital requirements leading to business growth and thus to a higher value of the new company. However, it is questionable if this theory can also be experienced in the real world. Ever since the effects of M&A have been analysed, the market of the United States (US) was used as data source. This is plausible due to the fact that the very first information was well recorded for US companies. It is remarkable that literature contributes very little research on Europe, although the number of announced European transactions is comparable to those of the US. For example, in 2007 the European deals volume overtook the one from the United States of America (USA) for the first time. Moreover, research on single European countries almost never exists or only rarely. One exception is the United Kingdom (UK) with an early takeover history beginning in the 1960s. However, European countries should be analysed separately because of its high diversity regarding the accounting framework, the corporate governance or the legal and regulation structure. For instance, Germany is characterised by conservative accounting principles and a high regulation by the banking sector. These issues may also influence the M&A decision making process.

Author : Eli Amir,Marco Ghitti
Publisher : Springer Nature
Page : 304 pages
File Size : 46,8 Mb
Release : 2021-02-02
Category : Business & Economics
ISBN : 9783030617691

Get Book

Financial Analysis of Mergers and Acquisitions by Eli Amir,Marco Ghitti Pdf

Mergers and acquisitions (M&As) reshape the corporate landscape helping companies expand market share and gain a strategic advantage. The ability to understand and analyze these transactions is a crucial skill. The first step in acquiring that skill is being able to gather and analyse information on M&As from public sources, such as financial statements. This textbook helps its readers better analyze M&A transactions using information provided in financial statements. Covering accounting and reporting of consolidations, goodwill, non-controlling interests, step acquisitions, spin-offs, equity carve-outs, joint ventures, leveraged buyouts, disposal of subsidiaries, special purpose entities, and taxes, it focuses on the link between underlying economic events and the information in financial statements and how this link affects the assessment of corporate performance. The first part of the book provides description of the accounting rules governing M&A transactions, while the second part includes cases of M&A transactions. Each case focuses on a different element of an M&A transaction, and it is followed by a detailed solution with a complete analysis. Unlike other books in this field, this textbook focuses exclusively on accounting and financial analysis for graduate and upper undergraduate level courses in financial analysis, corporate finance, and financial accounting.

Author : United States. Congress. Senate. Committee on the Judiciary
Publisher : Unknown
Page : 96 pages
File Size : 49,7 Mb
Release : 1999
Category : Business & Economics
ISBN : STANFORD:36105062558957

Get Book

Mergers and Corporate Consolidation in the New Economy by United States. Congress. Senate. Committee on the Judiciary Pdf

Author : Stanley Foster Reed,Alexandra Reed Lajoux,H. Peter Nesvold
Publisher : McGraw Hill Professional
Page : 1082 pages
File Size : 48,9 Mb
Release : 2007-05-04
Category : Business & Economics
ISBN : 9780071510349

Get Book

The Art of M&A, Fourth Edition by Stanley Foster Reed,Alexandra Reed Lajoux,H. Peter Nesvold Pdf

Authoritative and completely up-to-date, the Fourth Edition of The Art of M&A is an unsurpassed, one-stop guide to every facet of mergers and acquisitions that enables you to make winning deals with complete confidence. This definitive resource retains its popular Q&A format, offering quick access to all the changes that have occurred in the field since the merger wave of the 1990s. The book explores every key aspect of winning M&A transactions, and presents advice on avoiding common M&A pitfalls. The Fourth Edition of The Art of M&A features vital information on: Getting Started in Mergers and Acquisitions --learning the basic M&A process, requirements, negotiating skills, and objectives Planning and Finding --deciding what to buy and then locating it Valuation and Pricing -- using multiple valuation methods to discover the true value of an acquired company or unit The Art of Financing and Refinancing -- mastering funding sources and issues Structuring M/A/B Transactions -- managing general, tax, and accounting considerations The Due Diligence Inquiry -- looking into the past, present, and future risks of the business to be purchased Negotiating the Acquisition Agreement and the Letter of Intent-- understanding two vital documents in the M&A process Closing -- synchronizing the many individual items to produce a harmonious transaction Postmerger Integration and Divestitures -- following through after the M&A deal to capture the economic value of synergies Special Issues for M&A in Public Companies_examining the unique legal and business considerations of public entities Workouts, Bankruptcies, and Liquidations -- handling specific financial problems that arise in M&A transactions with entities in the zone of insolvency Structuring Transactions with International Aspects -- developing the necessary skills and knowledge to do M&A deals across national borders Filled with detailed examples and case studies, this updated classic also includes discussion of purchase accounting, Section 404, new legal cases with M&A implications, and more.

Author : Graeme K. Deans,Fritz Kroeger,Stefan Zeisel
Publisher : McGraw Hill Professional
Page : 258 pages
File Size : 44,7 Mb
Release : 2003-05-22
Category : Business & Economics
ISBN : 9780071428613

Get Book

Winning the Merger Endgame: A Playbook for Profiting From Industry Consolidation by Graeme K. Deans,Fritz Kroeger,Stefan Zeisel Pdf

An indispensable guide to strategic best practices for business mergers Thirteen years ago, the experts at A. T. Kearney embarked on a landmark, worldwide study of business mergers. Encompassing 25,000 companies across 24 industries in 53 countries, the study revealed much crucial information that was previously unknown about business consolidation. This book shares those revelations and insights with senior executives, consultants, and industry analysts involved in the merger process. More important, it builds on those findings to present readers with a solid game plan for winning the consolidation game. Readers learn about the consolidation cycles through which industries pass, how to identify where in the cycle their industry currently lies, how to leverage that knowledge in determining which organizational changes they need to make and when they need to make them, and how to develop and deploy the most successful merger strategies.