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Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions

Author: Donald M DePamphilis
Publisher: Amsterdam : Academic Press, 2015.
Edition/Format:   Print book : English : Eighth editionView all editions and formats
Summary:
"Mergers, Acquisitions, and Other Restructuring Activities is unique in that it is the most current, comprehensive, and cutting-edge text on M & A and corporate restructuring available. It is current in that it includes many of the most up-to-date and notable deals (e.g., Facebook's takeover of WhatsApp, the Dell privatization, and Verizon's mega buyout of Vodafone's share of Verizon Wireless), precedent setting  Read more...
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Document Type: Book
All Authors / Contributors: Donald M DePamphilis
ISBN: 9780128013908 0128013907
OCLC Number: 922845612
Description: xxiv, 758 pages : illustrations ; 24 cm
Contents: pt. I. The mergers and acquisitions environment. Introduction to mergers, acquisitions, and other restructuring activities. Inside mergers and acquisitions : PC maker Lenovo moves to diversify its core business --
Chapter overview --
Why M & As happen --
Historical developments in M & As --
Understanding corporate restructuring activities --
Alternative takeover strategies --
The role of holding companies in M & As --
The role of employee stock ownership plans (ESOPs) in M & As --
Business alliances alternatives to M & As --
Participants in the M & A process --
The implications of M & As for shareholders, bondholders, and society --
Some things to remember --
Chapter discussion questions --
Case study : Microsoft acquires Nokia --
Additional case study recommendations ; The regulatory environment. Inside mergers and acquisitions : gaining regulatory approval often requires concessions by merger partners; Chapter overview --
Understanding federal securities laws --
Understanding antitrust legislation --
The implications for M & A of the Dodd-Frank Wall Street reform and Consumer Protection Act --
State regulations affecting M & As --
Restrictions on direct foreign investment in the United States --
The U.S. Foreign Corrupt Practices Act --
Fair disclosure (regulation FD) --
Specific industry regulations --
Environmental laws --
Labor and benefit laws --
Cross-border transactions --
Some things to remember --
Chapter discussion questions --
Case study : regulators approve merger --
Additional case study recommendations ; The corporate takeover market. Inside mergers and acquisitions : Clothiers Men's Warehouse and Jos. A. Bank reach agreement after lengthy battle --
Chapter overview --
Corporate governance --
Understanding alternative takeover tactics --
Other tactical considerations --
Developing a bidding strategy --
Activist investors : gaining influence without control --
Understanding alternative takeover defenses --
The impact of takeover defenses on shareholder value --
Some things to remember --
Chapter discussion questions --
Case study : Dell goes private --
Additional case study recommendations --
pt. II. The mergers and acquisitions process : phases 1 --
10. Planning : developing business and acquisition plans. Inside mergers and acquisitions : consolidation in the supermarket industry --
Chapter overview --
The role of planning in M & As --
The merger and acquisition process --
Phase 1 : building the business plan --
The business plan as a communication document --
Phase 2 : building the merger --
acquisition implementation plan --
Some things to remember --
Chapter discussion questions --
Case study : Facebook buys Whatsapp --
Additional case study recommendations ; Implementation : search through closing. Inside M & A : when patience pays --
Signet Jewelers to buy Zales --
Chapter overview --
Phase 3 : the search process --
Phase 4 : the screening process --
Phase 5 : first contact --
Phase 6 : negotiation --
Phase 7 : developing the integration plan --
Phase 8 : closing --
Phase 9 : implementing postclosing integration --
Phase 10 : conducting a postclosing evaluation --
Some things to remember --
Chapter discussion questions --
Case study : Google's foray into device makers --
Additional case study recommendations ; Postclosing integration. Inside mergers and acquisitions : the chllenges of airline integration --
Chapter overview --
The role of integration in successful M & As --
Integration is a process, not an event --
Integrating business alliances --
Integrating family owned firms --
Some things to remember --
Chapter discussion questions --
Case study : has Procter & Gamble fully recovered --
Additional case study recommendations. pt. III. Mergers and acquisitions valuation and modeling. Mergers and acquisitions cash flow valuation basics. Inside M & A : valuation methodologies, fairness opinions, and Verizon's buyout of Vodafone's share of Verizon Wireless --
Chapter overview --
Estimating required financial returns --
Risk assessment --
Calculating free cash flows --
Applying discounted cash flow methods --
Using the enterprise method to estimate enquiry value --
Valuing nonoperating assets --
Putting it all together --
Some things to remember --
Chapter discussion questions --
Practice problems and answers --
Case study : Hewlett-Packard outbids Dell --
Additional case study recommendations ; Relative, asset-orientation, and real option valuation basics. Insider mergers and acquisitions : China's CNOOC acquires Canadian oil and gas producer Nexen Inc. --
Chapter overview --
Relative valuation methods --
Asset-oriented methods --
The weighted average valuation methods --
Adjusting valuation estimates for purchase price premiums --
Real options analysis --
Determining when to use the different approaches to valuation --
Some things to remember --
Chapter discussion questions --
Practice problems and answers --
Case study : valuing the Twitter IPO --
Additional case study ; Financial modeling basics. Insider mergers and acquisitions : the role of financial models in executive decision making --
Chapter overview --
What is financial modeling? --
Financial modeling data requirements --
Common financial model linkages --
Key steps in the valuation process --
Model balancing mechanism --
Data sources --
Managing the model --
Some things to remember --
Chapter discussion questions --
Practice problems and answers --
Case study : life technologies undertakes a strategic review --
Additional case study recommendations ; Analysis and valuation of privately held firms. Inside M & A : privately owned La Boulange Cafe & Bakery goes nationwide --
Chapter overview --
What are privately held companies? --
Governance issues --
Challenges of valuing privately held companies --
Process for valuing privately held businesses --
Step 1 : adjusting financial statements --
Step 2 : applying valuation methodologies to privately held companies --
Step 3 : developing discount rates --
Step 4 : applying control premiums, liquidity, and minority discounts --
Reverse mergers --
Using leveraged ESOPs to buy private companies --
Empirical studies of shareholder returns --
Some things to remember --
Chapter discussion questions --
Practice problems and answers --
Case study : STK steakhouse chain goes public --
Additional case study recommendations --
pt. IV. Deal structuring and financing strategies. Structuring the deal. Insider mergers and acquisitions : illustrating bidding strategies --
Apollo's takeover of CEC Entertainment --
Chapter overview --
The deal structuring process --
Form of acquisition vehicle and postclosing organization --
Legal form of the selling entry --
Form of payment --
Managing risk and reaching consensus on purchase price --
Constructing collar arrangements --
Form of acquisition --
Some things to remember --
Chapter discussion questions --
Case study : T-Mobile and MetroPCS complete merger --
Additional case study recommendations ; Structuring the deal. Inside M & A : Johnson & Johnson uses financial engineering to acquire Synthes Corporation --
Chapter overview --
Alternative tax structures --
Taxable transactions --
Tax-free transactions --
Other tax considerations affecting corporate restructuring --
Financial reporting of business combinations --
Impact of purchase accounting on business combinations --
Recapitalization ("recap") accounting --
Some things to remember --
Chapter discussion questions --
Practice problems and answers --
Case study : Softbank places a big bet --
Additional case study recommendations ; Financing the deal. Inside M & A : Verizon finances its $130 billion buyout of Vodafone's stake in Verizon Wireless --
Chapter overview --
How are M7A transactions commonly financed? --
What is the role of private equity, hedge, and venture capital funds in deal financing? --
LBOs as financing strategies --
What factors are critical to successful LBOs? --
How do LBOs create value? --
Common LBO deal and capital structures --
Some things to remember --
Chapter discussion questions --
Case study : Berkshire Hathaway and 3G buy Heinz --
Additional case study recommendations ; Applying financial models. Insider mergers and acquisitions : Comcast bids for Time Warner Cable --
evaluating proposals and counterproposals --
Chapter overview --
Understanding and applying M & A financial models --
M & A models : stock purchases --
M & A model : asset purchase --
Quantifying synergy --
Things to remember --
Chapter discussion questions --
Practice problems and answers --
Case study : Thermo Fisher acquires life technologies --
Additional case study recommendations --
Appendix A : debt repayment schedule, convertible securities, interest rates, and betas --
pt. V. Alternative business and restructuring strategies. Business alliances. Inside mergers and acquisitions : Coke moves from the vending machine into the "in-home" market --
Chapter overview --
Motivations for business alliances --
What makes business alliances successful? --
Alternative legal forms of business alliances --
Strategic and operational plans --
Resolving business alliance deal structuring issues --
Empirical findings --
Some things to remember --
Chapter discussion questions --
Case study : Comcast completes the takeover of NBCUniversal --
Additional case study recommendations ; Alternative exit and restructuring strategies. Inside M & A : General Electric downsizes its financial services unit --
Chapter overview --
Why do firms exit businesses? --
Divestitures --
Spin-offs and split-ups --
Tracking, targeted, and letter stocks --
Comparing alternative exit and restructuring strategies --
choosing among divestiture, carve-out, and spin-off restructuring strategies --
Determinants of returns to shareholders resulting from restructuring strategies --
Some things to remember --
Chapter discussion questions --
Case study : anatomy of a spin-off --
Additional case study recommendations ; Alternative exit and restructuring strategies. Inside M & A : American Airlines emerges from the protection of bankruptcy court --
Chapter overview --
Business failure --
Voluntary settlements outside of bankruptcy --
Reorganization and liquidation in bankruptcy --
Alternative options for failing firms --
The increasing role of hedge funds in the bankruptcy process --
Failing firms and systemic risk --
Predicting corporate default and bankruptcy --
Empirical studies of financial distress --
Some things to remember --
Chapter discussion questions --
Case study : Hostess Brands liquidates in bankruptcy --
Additional case study recommendations ; Cross-border mergers and acquisitions. Insider mergers and acquisitions : European mobile phone and cable industry shows signs of consolidation --
Chapter overview --
Globally integrated markets versus segmented capital markets --
Motives for international expansion --
Common international market entry strategies --
Structuring cross-border deals --
Financing cross-border deals --
Planning and implementing cross-border transactions in emerging countries --
How are cross-border transactions valued? --
Empirical studies of cross-border transactions --
Some things to remember --
Chapter discussion questions --
Case study : Actavis buys Forest Labs --
Additional case study : recommendations.
Responsibility: Donald M. DePamphilis, Ph. D.

Abstract:

"Mergers, Acquisitions, and Other Restructuring Activities is unique in that it is the most current, comprehensive, and cutting-edge text on M & A and corporate restructuring available. It is current in that it includes many of the most up-to-date and notable deals (e.g., Facebook's takeover of WhatsApp, the Dell privatization, and Verizon's mega buyout of Vodafone's share of Verizon Wireless), precedent setting judicial decisions (e.g., efforts to overturn defenses at Airgas and Sotheby's), new regulations (e.g., expediting backend mergers), trends (e.g., increasing role of activist investors in takeovers), and new tactics (e.g., two-tiered poison pill) employed in M & As. Most integrative case studies are new for this edition and involve transactions that have been announced or completed since 2013. It is comprehensive in that nearly all aspects of M & As and corporate restructuring are explored. It is cutting edge in that conclusions and insights are anchored by the most recent academic research, with references to more than 200 empirical studies published in leading peer-reviewed journals just since 2012. And the substantially updated content is illustrated with numerous practical exhibits, case studies involving diverse transactions, easy-to-understand numerical examples, and hundreds of discussion questions and practice exercises."--Publisher's website.

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"The DePamphilis text is an excellent textbook that provides a full end-to-end view of the process with the appropriate level of detail. I have reviewed many M&A texts, and this text provides an Read more...

 
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