Intellectual Property Assets in Mergers and Acquisitions. (eBook, 2002) [WorldCat.org]
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Intellectual Property Assets in Mergers and Acquisitions.

Author: Lanning Bryer; Melvin Simensky
Publisher: Hoboken : John Wiley & Sons, Incorporated, 2002. ©2002
Series: Wiley M&A library.
Edition/Format:   eBook : Document : English : 1st edView all editions and formats
Summary:
An up-to-date and in-depth examination of intellectual property issues in mergers and acquisitions In mergers and acquisitions, intellectual property assets can be especially difficult to accurately value, most notably in rapidly evolving high-tech industries. Understanding the factors that create value in intellectual property assets, and the part such assets play in both domestic and international mergers, is  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Bryer, Lanning.
Intellectual Property Assets in Mergers and Acquisitions.
Hoboken : John Wiley & Sons, Incorporated, ©2002
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lanning Bryer; Melvin Simensky
ISBN: 9780471267799 0471267791
OCLC Number: 1047701773
Notes: Personality Rights.
Description: 1 online resource (458 pages).
Contents: INTELLECTUAL PROPERTY ASSETS IN MERGERS AND ACQUISITIONS --
ABOUT THE EDITORS --
ABOUT THE CONTRIBUTORS --
CONTENTS --
PREFACE --
ACKNOWLEDGMENTS --
CHAPTER 1 MERGERS AND ACQUISITIONS: AN OVERVIEW --
Introduction --
Fifth Merger Wave Exported to Europe --
Fifth Merger Wave Compared to Prior Merger Periods --
Types of Mergers, Acquisitions, and Corporate Restructurings --
Why Do Firms Merge? --
Growth --
Synergy --
Consolidating and Roll-Up Mergers of the Fifth Merger Wave --
Diversification --
Related versus Unrelated Diversifications --
Leveraged Transactions --
Role of Intellectual Property in Mergers and Acquisitions --
How do Mergers Turn Out and What Can Go Wrong? --
What Can Go Wrong with Intellectual Property Motivated Acquisitions? --
Trends in Deal Prices for the Fifth Merger Wave --
Winners and Losers in Mergers and Acquisitions --
Effects of Sell Offs --
Conclusion --
Endnotes --
CHAPTER 2 THE ROLE OF INTELLECTUAL PROPERTY AND INTANGIBLE ASSETS IN MERGERS AND ACQUISITIONS --
Introduction --
A Firm's IP Has Become a Major Factor in Valuing M & A Deals --
3M Corporation's Shift from Internal R & D for IP to A Mixture with External Acquisitions for New IP --
The Winner's Curse in M & A Auctions and Its Effect on New IP Creation, Transfer, and Sharing --
Investment Bankers Use Four Basic Methods of Valuing Mergers and Acquisition Transactions --
Comparable Company Analysis --
Comparable Transactions Analysis --
Discounted Future --
Steps to a Valuation --
Option Valuation --
Damodaran's Option Valuation Procedure for a Patent --
Value of Underlying Asset --
Variance in the Value of the Asset --
Exercise Price of Option --
Expiration of the Option --
The Dividend Yield --
An Important Caveat on Investment Bankers Selection of Valuation Method --
Alternative IP Valuation Methods. Today's Compression of the Product Life Cycle and Modern Valuation Problems --
Mergers and Acquisitions and the Consolidation of Market Power in Various Industries in the World --
Free IP Giveaways Impact M & A Growth and Price --
Bundling of Free IP Add-ons Impact M & A Prices --
Impact of Rapid Technological Advance on M & A Valuations --
Merger Failure Is the Norm --
Failed Merger Negotiations Risk IP Losses --
Impact of New Internet IPO Market on M & A Prices --
Typical M & A Valuation Problems of High-Technology Firms --
M & A Valuation of IP Combines Investment Banking with Strategy Consulting --
Example of a Merger Valuation of IP in an Actual Transaction --
Valuation: To Believe or Not to Believe --
Models of Intellectual Property Firms: Incestuous Family, Network Alliances, Winner Take All, a Wheel of Fortune --
Divestitures versus Acquisitions Signal the Driving Role of IP in Today's Businesses --
Wheel of Fortune --
AICPA Accounting Rule Changes Impact Merger and Acquisition Transactions and Valuations --
Before the Long-Term Change in Pooling Accounting Rules --
Ranges of Intellectual Property Financial Valuation --
Valuation of Established Intellectual Properties --
Valuations of a Competitor's Intellectual Properties --
Investment Bankers' Merger and Acquisition Valuation Problems --
Endnotes --
CHAPTER 3 INTANGIBLE ASSETS AND INTELLECTUAL PROPERTY ACCOMPANYING MERGERS AND ACQUISITIONS --
Introduction --
The Asset Portfolio --
Monetary Assets --
Tangible Assets --
Intangible Assets --
Business Enterprise Value in Mergers and Acquisitions --
Acquisition Premiums --
Acquiring Intangibles --
Intangible Assets and Intellectual Property --
Rights --
Relationships --
Assembled Workforce --
Customer Relationships --
Distributor Relationships --
Undefined Intangibles --
Goodwill --
Going Concern Value --
Intellectual Property --
Proprietary Technology. Patents --
Copyrights --
Trademarks --
Internet Domain Names --
Computer Software --
Mask Works --
Right of Publicity --
Intellectual Capital --
Comment --
Endnotes --
CHAPTER 4 VALUATION OF INTELLECTUAL PROPERTY ASSETS IN MERGERS AND ACQUISITIONS --
Introduction --
Reasons for Valuing Intellectual Property in Mergers and Acquisitions --
Strategic Reasons to Value Intellectual Property Management --
Transactional Reasons to Value Intellectual Property --
Company Acquisition Planning and Due Diligence --
Licensing Intellectual Property --
Acquiring or Selling Intellectual Property (in the Absence of a Business Combination) --
Establishing Equity Contributions --
Corporate Spin-Offs --
Tax Reasons to Value Intellectual Property --
Intercompany Transfer Pricing --
Intellectual Property Management Subsidiary --
Charitable Donations of Patents and Related Technology --
Purchase Price Allocation --
In-Process R & D --
Financial Reasons to Value Intellectual Property --
Obtaining Financing/ Raising Capital/IP Asset-Backed Securitizations --
Reorganization/Bankruptcy/Loan Workouts --
Legal Reasons to Value Intellectual Property --
Valuation Approaches and Their Application --
The Premise of Value: Fair Market Value --
The Sources of Potential Value --
Valuation Approaches: Market, Cost, and Income --
Market Approach --
Cost Approach --
Income Approach (Discounted Cash Flow Analysis) --
Amount of the Income Stream --
Duration of the Income Stream --
Accounting for the Risk of the Income Stream --
Pricing Considerations in Licensing --
The Range of Negotiations: The Floor and the Ceiling --
The Licensor's Theoretical Floor --
The Licensee's Theoretical Ceiling --
Industry Royalty Rates --
Other Pricing Factors --
Conclusion --
Endnotes --
CHAPTER 5 ACCOUNTING FOR INTELLECTUAL PROPERTY DURING MERGERS AND ACQUISITIONS --
Introduction. Accounting for Intellectual Properties in Mergers and Acquisitions --
Asset Recognition --
Objective of Accounting System --
Financial Reporting of Business Combinations-General --
The Pooling Method --
The Purchase Method --
Which Method to Use --
Financial Reporting for Acquired Intangible Assets --
Amortization --
Tax Treatment --
Impairment of Intangibles --
Proposed Financial Accounting Standards Board Changes and Recent Developments --
Proposed Elimination of the Pooling Method --
Goodwill and Amortization --
In-Process Research and Development Charges --
Definition of In-Process Research and Development Charges --
Historical Treatment of Research and Development --
Potential Changes --
Increased SEC Scrutiny of In-Process Research and Development Write-Offs --
Bibliography --
Endnotes --
CHAPTER 6 INTELLECTUAL PROPERTY ASPECTS OF ACQUISITIONS --
Introduction --
Acquisition Agreement --
Contents of the Acquisition Agreement --
Other Documents --
Transfer Documents --
Obtaining Assignments of Licenses --
Ancillary Agreements and Obligations --
Drafting the Description of Assets --
Identifying the Intellectual Property Being Transferred as Part of a Stock Sale --
Identifying the Intellectual Property To Be Transferred in an Asset Sale --
Determining the Disposition of Jointly Used Intellectual Property --
The Substance of Intellectual Property Representations and Warranties --
How Intellectual Property Law Affects Representations and Warranties --
Patents --
Trademarks --
Copyrights --
Trade Secrets --
Rights of Publicity --
Industrial Design Rights --
Internet-Related Assets --
Negotiating Representations and Warranties --
Indemnification --
Endnote --
CHAPTER 7 U.S. ANTITRUST AND INTELLECTUAL PROPERTY IN MERGERS AND ACQUISITIONS --
Introduction --
Enforcement Agency Policies --
Horizontal Merger Guidelines --
Non-Horizontal Merger Guidelines. Antitrust Guidelines for the Licensing of Intellectual Property --
Antitrust Guidelines for Collaborations Among Competitors --
Intellectual Property Issues in Merger Cases --
Horizontal Mergers and Joint Ventures --
Vertical Mergers --
Mergers Involving Horizontal and Vertical Restraints --
Exclusive Licensing --
Conclusion --
Endnotes --
CHAPTER 8 INTELLECTUAL PROPERTY AND TECHNOLOGY DUE DILIGENCE IN BUSINESS TRANSACTIONS --
Introduction --
Need for Intellectual Property and Information Technology Due Diligence --
What Due Diligence Is --
Identification of the Nature of Primary and Related Transactions --
Share Purchase --
Asset Purchase --
Purchase from Receiver or Trustee --
Financing --
Due Diligence by Parties Other than the Purchaser --
Due Diligence by Seller --
Due Diligence by Borrower --
Due Diligence by Issuer --
Scope and Cost of Work for Intellectual Property and Technology Due Diligence --
Time --
Cost --
Nature of the Transaction --
Ancillary Agreements --
Nature of the Business --
Value of Intellectual Property and Information Technology --
Structure of the Business --
Domestic Issues of Multinational Transaction --
Multiple Location Business --
International Businesses --
Plans for the Business --
The Marketplace --
Assistance --
Secrecy Agreements --
Representations, Warranties, and Opinions --
Transitional Issues --
Intellectual Property Rights --
Overview of Intellectual Property --
Patents --
Types of Searches --
Limitations of Searches --
Follow-up --
Designs --
Types of Searches --
Limitations of Searches --
Follow-up --
Trademarks --
Types of Searches --
Limitations of Searches --
Trade Dress --
Domain Names --
Follow-Up --
Tradenames --
Copyright --
Types of Searches --
Limitations of Searches --
Moral Rights --
Neighboring Rights --
Database Rights --
Follow-up --
Semiconductor Chip Rights --
Plant Rights.
Series Title: Wiley M&A library.

Abstract:

An up-to-date and in-depth examination of intellectual property issues in mergers and acquisitions In mergers and acquisitions, intellectual property assets can be especially difficult to accurately value, most notably in rapidly evolving high-tech industries. Understanding the factors that create value in intellectual property assets, and the part such assets play in both domestic and international mergers, is vitally important to anyone involved in the merger and acquisition process. This book provides an overview of the intellectual property landscape in mergers and acquisitions and thoroughly covers important topics from financial and accounting concerns to due diligence and transfer issues. Bringing together some of the leading economists, valuation experts, lawyers, and accountants in the area of intellectual property, this helpful guide acts as an advisor to business professionals and their counsel who need answers for intellectual property questions. The valuation methods presented here are simple and don't require a background in finance. Whether you're a manager or executive, an accountant or an appraiser, Intellectual Property Assets in Mergers and Acquisitions offers all the expert help you need to better understand the issues and the risks in intellectual property assets in mergers and acquisitions.

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