Title Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions / by Donald DePamphilis

Edition Seventh edition Published Amsterdam : Academic Press, 2013

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Description 1 online resource Contents Machine generated contents note: 1. An Introduction to Mergers, Acquisitions, and Other Restructuring Activities -- Inside M & A: Brand Management V.F. Corp. Buys Timberland -- Chapter Overview -- Why Mergers and Acquisitions Happen -- Historical Developments in Mergers and Acquisitions -- Understanding Corporate Restructuring Activities -- Alternative Takeover Strategies -- The Role of Holding Companies in Mergers and Acquisitions -- The Role of Employee Stock Ownership Plans (ESOPs) in Mergers and Acquisitions -- Business Alliances as Alternatives to Mergers and Acquisitions -- Participants in the Mergers and Acquisitions Process -- The Implications of Mergers and Acquisitions for Shareholders, Bondholders, and Society -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- 2. The Regulatory Environment -- Inside M & A: AT & T/T-Mobile Deal Short-Circuited by Regulators -- 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 Mergers and Acquisitions -- 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 -- Discussion Questions -- Questions from the CFA Curriculum -- 3. The Corporate Takeover Market -- Inside M & A: LinkedIn IPO Raises Governance Issues -- Chapter Overview -- Corporate Governance -- Understanding Alternative Takeover Tactics -- What Makes the Aggressive Approach Successful? -- Other Tactical Considerations -- Developing a Bidding Strategy -- Understanding Alternative Takeover Defenses -- The Impact of Takeover Defenses on Shareholder Value -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- 4. Planning: Developing Business and Acquisition Plans -- Inside M & A: From a Social Media Darling to an Afterthought-The Demise of Myspace -- Chapter Overview -- The Role of Planning in Mergers and Acquisitions -- 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 -- Discussion Questions -- Questions from the CFA Curriculum -- 5. Implementation: Search Through Closing -- Inside M & A: Sony's Strategic Missteps -- 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 -- Discussion Questions -- Questions from the CFA Curriculum -- 6. Postclosing Integration: Mergers, Acquisitions, and Business Alliances -- Inside M & A: the Challenges of Integrating United and Continental Airlines -- Chapter Overview -- The Role of Integration in Successful Mergers and Acquisitions -- Integration is A Process, not an Event -- Integrating Business Alliances -- Some Things to Remember -- Discussion Questions -- 7. Mergers and Acquisitions Cash Flow Valuation Basics -- Inside M & A: Valuation Methodologies and Fairness Opinion Letters -- Chapter Overview -- Estimating Required Financial Returns -- Risk Assessment -- Calculating Free Cash Flows -- Applying Discounted Cash Flow Methods -- Using the Enterprise Method to Estimate Equity Value -- Valuing Nonoperating Assets -- Pulling It All Together -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- Practice Prolems and Answers -- 8. Relative, Asset-Oriented, and Real-Option Valuation Basics -- Inside M & A: Bristol-Myers Squibb Places a Big Bet on Inhibitex -- Chapter Overview -- Relative-Valuation Methods -- Asset-Oriented Methods -- The Weighted-Average Valuation Method -- Adjusting Valuation Estimates for Purchase Price Premiums -- Real-Options Analysis -- Determining When to Use the Different Approaches to Valuation -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- Practice Problems and Answers -- 9. Applying Financial Models -- Inside M & A: HP Buys EDS-The Role of Financial Models in Decision Making -- Chapter Overview -- Limitations of Financial Data -- The Model-Building Process -- Assessing Impact of M & A!s on Postacquisition Earnings Per Share -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- Practice Problems and Answers -- 10. Analysis and Valuation of Privately Held Firms -- Inside M & A: Taking Advantage of a "Cupcake Bubble" -- 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 Employee Stock Ownership Plans (ESOPs) to Buy Private Companies -- Empirical Studies of Shareholder Returns -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- Practice Problems and Answers -- 11. Structuring the Deal -- Inside M & A: Illustrating How Deal Structure Affects Value-The Facebook/Instagram Deal -- Chapter Overview -- The Deal-Structuring Process -- Form of Acquisition Vehicle and Postclosing Organization -- Legal Form of the Selling Entity -- Form of Payment -- Managing Risk and Reaching Consensus on Purchase Price -- Constructing Collar Arrangements -- Form of Acquisition -- Some Things to Remember -- Discussion Questions -- 12. 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 -- Discussion Questions -- Questions from the CFA Curriculum -- Practice Problems and Answers -- 13. Financing the Deal -- Inside M & A: Lessons from Pep Boys' Aborted Attempt to Go Private -- Chapter Overview -- How are M & A Transactions Commonly Financed? -- What is the Role of Private Equity, Hedge, and Venture Capital Funds in Deal Financing? -- Leveraged Buyouts 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 -- Discussion Questions -- Questions from the CFA Curriculum -- 14. Highly Leveraged Transactions -- Inside M & A: Kinder Morgan's Takeover of El Paso Raises Ethical Questions -- Chapter Overview -- How are LBOs Valued? -- LBO Valuation and Structuring Model/Basics -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- Practice Problems -- 15. Business Alliances -- Inside M & A: Exxon-Mobil and Russia's Rosneft Create Arctic Oil and Gas Exploration Joint Venture -- 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 -- Discussion Questions -- 16 Alternative Exit and Restructuring Strategies -- Inside M & A: The Warner Music Group is Sold at Auction -- Chapter Overview -- Why do Firms Exit Businesses? -- Divestitures -- Spin-Offs -- Equity Carve-Outs -- Split-Offs and Split-Ups -- Tracking Stocks, Target Stocks, 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 -- Discussion Questions -- 17. Alternative Exit and Restructuring Strategies -- Inside M & A: Photography Icon Kodak Declares Bankruptcy, a Victim of Creative Destruction -- Chapter Overview -- Business Failure -- Voluntary Settlements Outside of Bankruptcy -- Reorganization and Liquidation in Bankruptcy -- Alternative Options for Failing Firms -- Failing Firms and Systemic Risk -- Predicting Corporate Default and Bankruptcy -- Valuing Distressed Businesses -- Empirical Studies of Financial Distress -- Some Things to Remember -- Discussion Questions -- Questions from the CFA Curriculum -- 18. Cross-Border Mergers and Acquisitions -- Inside M & A: Sabmiller Acquires Australia's Foster's Beer -- 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 -- Discussion Questions -- Questions from the CFA Curriculum Summary Mergers, acquisitions, and restructuring transactions reveal the inner workings of our economy. Every student and professional should understand their parts, what they are intended to accomplish, and what their competitive, strategic, and value consequences are. In the 7th Edition of Mergers, Acquisitions, and Other Restructuring Activities, Donald DePamphilis looks into the heart of current economic trends. He includes a new chapter on the ways deals are financed, and more than 85% of the 54 integrative case studies are new and involve transactions that have been announced or completed since 2010. This new edition anchors its insights and conclusions in the most recent academic research, with references to more than 170 empirical studies published in leading peer-reviewed journals since 2010. Practical exhibits, case studies involving diverse transactions, easy-to-understand numerical examples, and hundreds of discussion questions and practical exercises are included. This substantially updated content, supplemented by questions from CFA Institute examinations, offers the only comprehensive exploration of today's business transactions. Includes up-to-date and notable transactions (Facebook's takeover of Instagram and Linkedin's IPO) and regulations (Dodd-Frank Act of 2010 and JOBS Act of 2012)Covers recent trends (emerging country acquirers in global M & As) and tactics ("top-up" options and "cash-rich" split-offs) Additional content available online Notes Previous edition: 2012 Bibliography Includes bibliographical references and index Notes Print version record Subject Consolidation and merger of corporations. Corporate reorganizations. Consolidation and merger of corporations Corporate reorganizations Form Electronic book ISBN 9780123854889 0123854881 0123854873 9780123854872

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