DePamphilis Mergers and Acquisitions Basics

All You Need To Know
1. Auflage 2010
ISBN: 978-0-08-095909-2
Verlag: Elsevier Science & Techn.
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 304 Seiten

Mergers and Acquisitions Basics: All You Need to Know provides an introduction to the fundamental concepts of mergers and acquisitions. Key concepts discussed include M&As as change agents in the context of corporate restructuring; legal structures and strategies employed in corporate restructuring; takeover strategies and the impact on corporate governance; takeover defenses; and players who make mergers and acquisitions happen. The book also covers developing a business plan and the tools used to evaluate, display, and communicate information to key constituencies both inside and outside the corporation; the acquisition planning process; the negotiation, integration planning, and closing phases; financing transactions; and M&A post-merger integration.This book is written for buyers and sellers of businesses, financial analysts, chief executive officers, chief financial officers, operating managers, investment bankers, and portfolio managers. Others who may have an interest include bank lending officers, venture capitalists, government regulators, human resource managers, entrepreneurs, and board members. The book may also be used as a companion or supplemental text for undergraduate and graduate students taking courses on mergers and acquisitions, corporate restructuring, business strategy, management, governance, and entrepreneurship. - Describes a broad view of the mergers and acquisition process to illustrate agents' interactions - Simplifies without overgeneralizing - Bases conclusions on empirical evidence, not experience and opinion - Features a recent business case at the end of each chapter

Donald M. DePamphilis has a Ph.D. in economics from Harvard University and has managed more than 30 acquisitions, divestitures, joint ventures, minority investments, as well as licensing and supply agreements. He is Emeritus Clinical Professor of Finance at the College of Business Administration at Loyola Marymount University in Los Angeles. He has also taught mergers and acquisitions and corporate restructuring at the Graduate School of Management at the University of California, Irvine, and Chapman University to undergraduates, MBA, and Executive MBA students. He has published a number of articles on economic forecasting, business planning, and marketing. As Vice President of Electronic Commerce at Experian, Dr. DePamphilis managed the development of an award winning Web Site. He was also Vice President of Business Development at TRW Information Systems and Services, Director of Planning at TRW, and Chief Economist at National Steel Corporation

Autoren/Hrsg.

Depamphilis, Donald

Inhaltsverzeichnis

1;Front Cover;1
2;Mergers and Acquisitions Basics;4
3;Copyright Page;5
4;Table of Contents;6
5;Preface;14
6;Acknowledgments;16
7;Chapter 1. Introduction to Mergers and Acquisitions;18
7.1;Mergers and Acquisitions as Change Agents;19
7.2;Why Mergers and Acquisitions Happen;20
7.3;Alternative Forms of Corporate Restructuring;30
7.4;Friendly versus Hostile Takeovers;33
7.5;Alternative Ways to Increase Shareholder Value;35
7.6;A Case in Point: Mars Buys Wrigley in One Sweet Deal;37
8;Chapter 2. What History Tells Us about M&A Performance;40
8.1;Merger and Acquisition Waves;40
8.2;Do Mergers and Acquisitions Pay Off for Shareholders, Bondholders, and Society?;48
8.3;Why Some M&As Fail to Meet Expectations;60
8.4;Long-Term Performance is Similar for M&As, Business Alliances, and Solo Ventures;61
8.5;A Case in Point: Consolidation in the Telecommunications Industry;62
9;Chapter 3. Developing Takeover Strategies and the Impact on Corporate Governance;66
9.1;Corporate Governance;66
9.2;The Role of M&A in Achieving Good Corporate Governance;71
9.3;The Friendly Approach in the Corporate Takeover Market;72
9.4;The Hostile Approach in the Corporate Takeover Market;73
9.5;What Makes the Aggressive Approach Successful?;80
9.6;Other Tactical Considerations;81
9.7;Developing a Bidding or Takeover Strategy;83
9.8;A Case in Point: Mittal Acquires Arcelor in a Battle of Global Titans;87
10;Chapter 4. Common Takeover Defenses;90
10.1;Pre-offer Defenses;90
10.2;Post-offer Defenses;103
10.3;The Impact of Takeover Defenses on Shareholder and Bondholder Value;107
10.4;A Case in Point: Verizon Acquires MCI;111
11;Chapter 5. Key Players in Mergers and Acquisitions;116
11.1;Providers of Specialized Services;116
11.2;Institutional Investors and Lenders;120
11.3;Activist Investors;126
11.4;M&A Arbitrageurs;129
11.5;Regulators;131
11.6;A Case in Point: Blackstone Outmaneuvers Vornado to Buy Equity Office Properties;137
12;Chapter 6. Developing the Business Plan as the Initial Phase of the Merger and Acquisition Process;140
12.1;A Planning-Based Approach to Mergers and Acquisitions;141
12.2;The Acquisition Process;142
12.3;Building the Business Plan;144
12.4;External Analysis;145
12.5;Internal Analysis;151
12.6;Defining the Mission Statement;153
12.7;Selecting the Appropriate Corporate, Business, and Implementation Strategies;154
12.8;Functional Strategies;160
12.9;Strategic Controls;162
12.10;The Business Plan as a Communication Document;162
12.11;A Case in Point: Nokia Moves to Establish Industry Standards;165
13;Chapter 7. The Role of the Acquisition Plan, Finding a Target, and Making First Contact;168
13.1;Pre-Target Selection;169
13.2;Contacting the Selected Target;178
13.3;A Case in Point: K2 Incorporated Acquires Fotoball USA;184
14;Chapter 8. The Negotiation, Integration Planning, and Closing Phases;190
14.1;Negotiation Phase;190
14.2;Integration Planning Phase;196
14.3;Closing Phase;199
14.4;Thoughts on Negotiating Dynamics;205
14.5;Thoughts on Closing the Price Gap;207
14.6;A Case in Point: InBev Buys an American Icon for $52 Billion;210
15;Chapter 9. Financing Transactions;212
15.1;Financing Options: Borrowing;212
15.2;Financing Options: Equity and Hybrid Securities;220
15.3;Seller Financing;221
15.4;Highly Leveraged Transactions;222
15.5;Financing Transactions by Selling Discretionary Assets;224
15.6;Estimating the Impact of Alternative Financing Structures;226
15.7;A Case in Point: Financing LBOs—The SunGard Transaction;229
16;Chapter 10. M&A Postmerger Integration;232
16.1;The Role of Integration in Successful Mergers and Acquisitions;232
16.2;Premerger Integration Planning;235
16.3;Developing Communication Plans for Key Stakeholders;240
16.4;Creating a New Organization;242
16.5;Functional Integration;247
16.6;Building a New Corporate Culture;252
16.7;A Case in Point: The Challenges of Integrating Steel Giants Arcelor and Mittal;255
17;Glossary;260
17.1;A;260
17.2;B;260
17.3;C;261
17.4;D;262
17.5;E;262
17.6;F;263
17.7;G;264
17.8;H;264
17.9;I;264
17.10;J;265
17.11;L;265
17.12;M;265
17.13;N;266
17.14;O;266
17.15;P;266
17.16;Q;266
17.17;R;266
17.18;S;267
17.19;T;268
17.20;U;268
17.21;V;268
17.22;W;268
18;References;270
19;Index;278
19.1;A;278
19.2;B;278
19.3;C;279
19.4;D;280
19.5;E;281
19.6;F;281
19.7;G;282
19.8;H;282
19.9;I;282
19.10;J;283
19.11;K;283
19.12;L;283
19.13;M;284
19.14;N;284
19.15;O;285
19.16;P;285
19.17;Q;286
19.18;R;286
19.19;S;287
19.20;T;288
19.21;U;288
19.22;V;289
19.23;W;289
19.24;Y;289