Book Description
Barbarians at the Gate has been called one of the most influential business books of all time -- the definitive account of the largest takeover in Wall Street history. Bryan Burrough and John Helyar's gripping account of the frenzy that overtook Wall Street in October and November of 1988 is the story of deal makers and publicity flaks, of strategy meetings and society dinners, of boardrooms and bedrooms -- giving us not only a detailed look at how financial operations at the highest levels are conducted but also a richly textured social history of wealth at the twilight of the Reagan era.
Barbarians at the Gate -- a business narrative classic -- is must reading for everyone interested in the way today's world really works.
Download Description
With more than 500,000 copies sold, Barbarians at the Gate is the definitive account of the largest takeover in Wall Street history: the frenzy of strategy meetings and society dinners, of boardrooms and bedrooms -- giving us the view from the top of the financial ladder to the social history of wealth at the twilight of the Reagan era.
Over six months on the New York Times bestseller list, Barbarians at the Gate is the definitive account of the largest takeover in Wall Street history. Bryan Burrough and John Helyar's gripping record of the frenzy that overtook Wall Street in October and November of 1988 is the story of deal makers and pulicity flaks, of strategy meetings and society dinners, of boardrooms and bedrooms, giving us not only an unprecedentedly detailed look at how financial operations at the highest levels are conducted but also a richly textured social history of wealth at the twilight of the Reagan era. As compelling as a novel, Barbarians at the Gate is must reading for everyone interested in the way today's world really works.
Customer Reviews:
Excellent.......2007-10-21
No one that works at financial markets can afford loosing this book. It's historical and wonderful. The audio book I bought was to listen on the way to work. It's perfect.
Stranger Than Fiction.......2007-09-22
A takeover story that reads like a Jeffrey Archer novel, Barbarians at the Gate is a meticulously detailed account of the takeover of RJR Nabisco by KKR in the late 80s. The authors were WSJ journalists who covered the story for the Journal and the book does a great job of communicating the tension and intrigue of those six weeks in 1988. The book does slack in pace at times but the story keeps you engaged. Recommended.
Barbarians at the Gate audio book.......2007-09-02
Great book. Great format. I listened to it on the plane. A must read business book - goes along with reading the art of war and the prince.
The business classic.......2007-08-20
Simply compulsive. If you have an interest in business and finance or people, greed and behaviour this is a must read. In many ways this story reflects a broadly held image of the 1980's and its culture of excess that was abound in our worlds financial capitals.
This is a gripping read; the story of the battle for RJR Nabisco and the characters involved contains many elements of the best fiction with the distinct difference of this story being true. Whilst the business finally conducted may not have been the finest work of the venerable KKR it was important mainly due to its Herculean scale which was at the time unprecedented.
This book is simply a must read on many levels. Since it was first published in 1990 it has gripped the imagination of many and has kindled an interest in business reaching far and wide.
The business book of business books.......2007-08-05
To say this book was expertly written, would be an understatement. The authors craft the perfect description of an LBO, with all the players, transactions, and affects on peples lives. How they were able to get inside as well as they did, is really beyond me. This is one for the ages and should be read in Business schools.
Book Description
When should you acquire a target or enter a new business? How do you go about structuring and valuing leveraged buyout transactions? What do you do id the application of the weighted average cost of capital approach is not correct? Answers to these commonly encountered valuation problems and more are given right here in this complete valuation toolkit for mergers, buyouts, and restructuring. Enrique Arzac, an internationally recognized authority on the subject, provides an up-to-date, comprehensive synthesis of current valuation theory and practice, including free cash flow valuation, financing and valuation of leveraged buyouts, real option analysis for entry and exit decisions, contract design to resolve disagreements about value, and the valuation of special offer structures.
Customer Reviews:
Hard but very comprenhensive and useful .......2007-06-03
This book is a must for anyone who desires to improve her valuation and modeling skills.
It includes well detailed examples of LBO deal, which is quite rare in the literature.
The computation of the wacc is very comprehensive (may be too much) but the reader does not need to understand it to benefit from the other valuable chapters and demonstrations.
Planet Best.......2006-11-22
I have read many many books on Valuation for investment banking purposes. Many of them have good theories and decent number crunching. But this is the best one in regard technical aspects of finance. It's not for everyone. The book really is for practioner and MBA students who want go ahead of their peers. If you are through with this book nobody can beat you in valuation world.
Enrique I would really want you to cover Project Finance in your next addition.
I thoroughly enjoyed the book and liked the technical cocenpts especially the explanation about fomulas and derivations at the end of the book. Moreover the book is absolutely to the point and covers analytical part of Valution for M&A, LBO and Restructuring.
Great Work Enrique.
Manu
For those who love going into the detail..........2006-06-20
This is one of the best books I have read to date on Valuation. It spanks various methodologies and speaks to their differences. It goes into the detail and stays there to provide the depth necessary to get a intuative understanding. WARNING: not for those who do not like math. You can follow the derivations and I found it very good practice and reinforcement to learning the concepts.
Buy it and try it on a company in the news.
Cool!
OK but very technical.......2006-03-03
Overall, the book covers relevant M&A material but it's difficult to read. Coming from a finance background, I was looking for a reference book to be used at work. There are other books that are more user-friendly. Recommendation: get Applied Mergers & Acquisitions from Wiley Finance instead; same topics but a pleasure to read.
Purely for Reference.......2006-01-14
As an M&A finance practitioner, I am torn between giving this book a 3-star or 4-star rating. As many reviewers have noted, this is structured to be a reference book. There is more math than is typically needed or used in most small or medium-sized transactions, and there is very little introductory material for the uninitiated to get their bearings. Instead, the books delves straight into valuation exercises that are at times even more difficult than what I have encountered in the profession. The examples, while numerous and varied, are often reviewed much too quickly, and occasionally with so many permutations and small digressions that it is difficult to keep track of the purpose of the original endeavor. And as good students know, it is very hard to remember how to do something when you do not know *why* you are doing it. As such, it is difficult to recommend this book with much enthusiasm to anyone who does not at least have a few transactions under their belt because as a general guide it does not at all do the trick.
However, for more experienced users, it can come in handy, although I will still have to say that information is unnecessarily difficult to find. I feel like this book is so dense that it would be much more effective in an electronic (and hence, searchable) version. That being said, I really enjoyed a few chapters, including Chapter 9, which had some excellent examples of the effect different tax treatments have on a transaction. It came in very handy for a deal I was working on where I had to deal with NOLs.
Book Description
The Art of M&A, Third Edition, is the leading answer book in today's fast-changing, enormously complex merger world. Written in a handy, easy-reference Q&A format, this no-nonsense handbook covers everything from the early stages of locating a suitable target--or finding that you are a target--through the postmerger trials of turning multiple companies into one.
Synopses of nearly three dozen landmark cases give real life insights into legal rulings from previous high profile mergers. Over the past decade, The Art of M&A has helped thousands of executives make sound decisions. Now, let it provide all the information you will need to buy or sell companies, whether public or private, domestic or foreign.
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The Art of M
Customer Reviews:
Fourth Edition Due in March 2007.......2006-11-18
FROM THE CO-AUTHOR. Please be advised that a new FIVE STAR edition will be available in or around March 2007. The 1999 edition being sold here will be replaced at that time. Alexandra Reed Lajoux (Co-Author)
Very dated material.......2005-11-28
The Q&A approach adopted in this book is very useful. It would provide for a very useful reference manual on M&A if its content were not so dated. Its discussion of taxes, accounting, and deal structures does not reflect recent changes in rules and M&A practices. It would be helpful if the author would update the material. Other more current and more comprehensive books on the subject that I have found useful include Mergers, Acquisitions, and Other Restructuring activities by Depamphilis and Bruner's M&A book.
Excellent reference for beginners in M&A.......2005-10-11
Easy to use reference, it helped me get the answer instantly.
Great Reference Book.......2003-07-12
This is a fantastic reference tome for anyone involved with M&A. As a private equity Associate, I have found this book to be invaluable on multiple levels as both a reference guide for securities law, as well as for procedural issues such as sample formats for term sheets, DD check lists, etc.
Also, while it is a dense read, I think this would be invaluable for people just entering either Investment Banking or Private Equity to read as an introduction to the rules, regulations and procedures surrounding mergers/acquisitions.
Yes, this is a very focused topic, but it is a great book!.......2002-07-03
The very size of this book on such a specialized topic may seem daunting. However, the writing is so lively and the organization by question and answer is so easy to use that you will find this a very useful and comprehensive handbook.
It is NOT a theory laden textbook. Rather, it is a very useful and practical guide to the field and will help the careful reader avoid many pitfalls. There are many ways to make mistakes in buying companies and this book can open your eyes to quite of few of them. In fact, if you are the target of a buyout, this book can be of special importance and interest.
I admit to being fascinated by this topic so take that into consideration when evaluating what I say about this book. But even so, mergers and acquistions are so much in the news (for good and ill) that it can only help to get more background on what is really going on and how these deals are (or at least should be) put together.
The book reads MUCH shorter than its size and is fairly comprehensive on the subject - from the methods in selecting candidates for acquisition to what to do when you are a target of an acquisition to some very specialized topics. It also deals with M&A issues with both public, private, and even family firms.
Honestly, I am surprised at how glad I am that I bought this book. It is terrific.
Book Description
A collection of case studies illustrates real-world techniques, implementation, and strategies on corporate restructuring
Over the period 1981-1998, public companies with combined assets of over half a trillion dollars filed for Chapter 11 bankruptcy. Over the same period, over 400 public companies underwent corporate spin-offs, divesting businesses valued at more than $250 billion. Each of these companies, and all of these dollars, were in some way or another involved in corporate restructuring. Gilson's cases studies have been used extensively in executive programs and are perfect tools to refer to when faced with real-world corporate restructuring issues.
Stuart C. Gilson (Boston, MA) is an Associate Professor at Harvard University and a widely acknowledged expert on corporate restructuring. He has studied and published on the intricacies of both domestic and international corporate restructuring.
Customer Reviews:
Finance with Negative Signs.......2004-01-23
Someone (perhaps it was I) has said that bankruptcy is corporate finance with negative signs. This has always been true but it is amazing how far mainstream finance has gone to try to resist the comparison. The resistance must be, must have been more cultural than economic, because it is axiomatic that anything is a bargain at the right price, and that there is no more or less money to be made in "distress investing" than in any other. Two generations ago, there seems to have been only one person in American that really understood this point - the late Max Heine, who made his grubstake by investing in out-of-favor railroad bonds in the Great Depression, and then riding the wave of prosperity that emerged in World War II. In the same vein, 40 years ago just about any bankruptcy judge would have looked on an "assigned claim" as some kind of monster.
Times have changed. Now everybody's an arbitrageur. The "vulture investors" have their conferences, their social clubs, and for all I know, their own softball team.
Stuart C. Gilson"s "Corporate Restructuring" symbolizes the sea change from the old attitude to the new. It adds the imprimatur of the Harvard Business School to the notion that vulture investing is just another way of making money. As others have noted, this isn't a work of high theory - indeed it has a kind of slapdash, direct-off-the-photocopier feel that is remarkably common in business publications. For fancy theory, you look elsewhere - in law to the likes of Douglas Baird or Lucian Arye Bebchuk; in finance to the developing lore of "real options." But the case studies are an excellent device for getting a sense of the texture and possibilities of vulture investing. It can be read with profit alongside Hilary Rosenberg's "The Vulture Investors." Ambitious students who want the full theoretical framework will match it with David G. Luenberger's "Investment Science." But Gilson's work has merit on its own as one kind of introduction to this revolution in investment thinking.
Only usefull for students.......2003-03-04
What a waiste of money.... The writer has not included any anlyses or real solutions to the cases that a provided. Unless you are a student in a class that use this book, this book gives you absolute nothing.
Good book but needs a companion text.......2003-02-18
This is a very good case book, complete with intricate case studies illustrating numerous aspects of challenges often faced in restructuring in bankruptcy. However, the book assumes a level of knowledge about M&A concepts that many readers may not have. Consequently, I would recommend using this book in conjunction with another excellent text by DePamphilis entitled Mergers and Acquisitions: Integrated Approach. There are two editions. The second edition is more complete and up to date. It also tackles some of the problems illustrated in this book.
Just a collection of old cases.......2003-01-30
This book is a complete waste of time. It is just a collection of case studies bundled together and resold. There is no analysis done. The cases are merely reprinted word for word from the original HBS cases. There are three short intros to the different sections, but once again nothing useful. Great marketing ploy, lousy book.
Corporate Restructuring: It's Not Just for Lawyers Anymore.......2002-12-05
You'd be surprised by how few business schools offer courses on bankruptcy and restructuring. I know that I was. I came to Wharton this year to teach "Advanced Corporate Finance" in the MBA program. In preliminary "due diligence," I discovered there were no finance electives on bankruptcy and restructuring. To bridge the gap, I decided to conclude my course with two modules, one on Corporate Restructuring and the other on Bankruptcy.
Material for both modules came straight from Gilson's book. Students relished the case studies. They fueled many of the most lively and engaging discussions we enjoyed all term. Students are worried about the economy. For the first time, many also sense career opportunities in the area of distressed debt. When I planned the course, I counted on both to spur interest in the modules.
What I didn't count on was how well Gilson's cases would frame virtually all other material that I covered. Key lessons resurfaced from all modules: Financial Analysis and Forecasting, Capital Structure Policy, Capital Budgeting, and Mergers and Acquisitions. In each case, revisiting the ideas in the context of bankruptcy and restructuring threw them into high relief. So much so that I was able to substitute restructuring cases for those I had intended as "comprehensive" case discussions.
As important for educators, Gilson's cases provide all necessary background information about how key legal and procedural aspects of the Bankruptcy Code influence managers' decisions. In Gilson's cases, the decisions featured are crucial to determining how to maximize value in distressed situations, as well as how to distribute it when all is said and done.
In the final analysis, aren't these *exactly* the issues that MBA courses in corporate finance should address? My students at Wharton this term sure thought so. In the spring, my two sections are also already full. I've been told the "buzz" is mostly due to Gilson's restructuring material. Hopefully, some value was created in the delivery. Nonetheless, I couldn't recommend any material more highly for anyone planning to teach a spring term corporate finance course.
Book Description
Successful management buyouts (MBOs) are the pinnacle of business success today and a great way to earn an ever-increasing stake in the American dream.
Buyout provides managers and executives with the necessary tools and strategies for leading a company or division buyout. It explores the details of the entire buyout process and empowers managers to seize their destiny and take charge. Managers learn how to:
* Find a company to purchase
* Develop a business plan
* Negotiate with the seller
* Win the "ground war" of due diligence
* Find equity partners and negotiate the management deal with investors
* Run the company after the MBO.
Buyout offers real-life stories of people who actually pulled off out-of-this-world deals and became rich beyond their wildest expectations.
Customer Reviews:
Mediocre Read.......2006-04-15
I agree with Mr. Snoek of Canada's review. This book is useful to provide a casual reader with the steps involved in a management buyout.
The author provides an overly simplistic view of the process and demonstrates a lack of command of the details of actually completing a transaction. Among other things, the personalities of those involved must be assessed and this topic is ignored as are many of the salient financing components.
Professor John W. Kercheval, III
Washington, DC
Good for Beginners.......2006-03-23
Provides an interesting view of the MBO industry, but is less useful for those with a solid business / finance background. Overall, very useful if you're thinking of buying a company.
Straightforward Guide.......2005-08-04
This book outlines the phases involved in a management buyout (MBO) primarily from the viewpoint of company management. A more thorough explanation of the financial modeling process would have been useful.
Stuart Trier.......2005-04-28
Rickertsen presents a comprehensive overview of a management buyout. Before you buy the book, you should know that he is talking about larger companies, and he is talking about fairly senior executives buying them. (One of his examples of a successful buyout manager is Roger Ballou who ran the travel part of American Express.)If you are looking for a company with $5 million in revenues, you may find valuable information here, but you will likely find other books, targeting a smaller company, more appropriate.
A fun read and an excellent reference book.......2004-07-15
I am currently an MBA student at Columbia Business School and I picked up this book while taking an M&A class. I found that Rick puts great color around the entire management buyout process, from start to finish. I think this book should be recommended b-school reading for private equity and M&A classes because it is easy to read yet provides a wealth of information not typically found in textbooks about the subtleties of M&A.
Product Description
When structuring mergers and acquisitions, there's only one way to be sure that you've thought of all the tax and legal consequences: rely on Martin D. Ginsburg and Jack S. Levin as you plan, develop, and execute your M&A strategy. In this 4-volume print set these expert practitioners offer you: Solutions to real-life M&A problems as they arise in negotiations; step-by-step analysis of typical and non-typical mergers transactional permutations; checklists, flow charts, and other at-a-glance mergers practice materials. Whether you represent the buyer, the seller, or another interested party, you can go straight to a model M&A agreement that gives you:
A complete document structured to embody your client's M&A interests; clauses addressing a wide variety of specific mergers situations; specific language for even the smallest mergers and acquisitions variations you're likely to encounter.
Includes CD-ROM containing "Mergers, Acquisitions, and Buyouts: Sample Acquisition Agreements."
"Mergers, Acquisitions, and Buyouts" is recently updated with:
New step-by-step methods for structuring transactions, with tax, SEC, corporate, HSR, accounting and other mergers considerations; new table summarizing and contrasting terms of pro-buyer, pro-seller, and neutral stock & asset purchase agreements; new mergers legislation, M&A regulations, rulings, and court decisions impacting M&A transactions.
Average customer rating:
|
A Management Guide to Leveraged Buyouts
Edward K. Crawford
Manufacturer: Wiley
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Binding: Hardcover
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ASIN: 0471832324 |
Book Description
This book is for managers, particularly those at small companies or divisions of larger companies, who aspire to be owners. Using real-life case studies, the author shows how buyouts proceed from beginning to end, shedding light on the roles played by investment bankers, lawyers, accountants, lenders, and investors. With information on tax and regulatory issues, the book shows how buyout techniques can be adapted to meet changing conditions. Both public companies and small privately held companies are included in the case studies. Owners and managers alike will gain a clearer understanding of the advantages and disadvantages of buyouts from this stimulating text.
Book Description
Everything partners need to create a "business prenup" that will protect a business if someone leaves.
If you're like many entrepreneurs, being in business means working with one or more co-owners. But what will happen to your company if a co-owner:
wants out of the business?
wants to retire?
goes through personal bankruptcy?
wants to sell his shares to someone else?
goes through a divorce?
passes away?
To make sure there's a smooth transition following someone's departure, it's essential that you create a sort of "premarital agreement" for your business with a "business buyout agreement" (or "buy-sell agreement"). This legal document clarifies when co-owners can sell their interest, the circumstances when someone must sell, who can buy into the business and what price will be paid.
Business Buyout Agreements walks you through creating your own contract, which is included on CD-ROM and as a tear-out. It provides all the tax and legal information you need at every step.
List of Forms
Buy-Sell Worksheet
Buy-Sell Agreement (Ownership Agreement)
Customer Reviews:
Solving a Potentially Big Problem.......2005-09-02
I've seen partnerships start up, full of promise and mutual love. I've seen very few last very long. And the breaking up of the partnership has usually been pretty messy. It's a lot like a divorce, where a pre-nuptial would have saved everybody a lot of pain.
This book first sets the stage by describing what can happen. What happens when one of the partners wants to quie, goes through a messy divorce (he's a good partner, but now you're partner with his ex!), or if he is simply disabled (alcohol or Alzheimer's).
The answer, of course, is advance planning. Business Buyout Agreements does a lot of this planning for you. It describes the situation, what should be included, all the things that you need to think about. In fact, it describes more situations than you are ever likely to think about in advance.
The book includes a CD-ROM which has a worksheet and a buyout agreement that has been successfully used by dozens if not hundreds of companies.
Book Description
A widespread misunderstanding concerning leveraged buyouts (LBOs) is the belief that they accomplish little but the ruin of companies and the loss of employment. How else could it be? Until recently, journalists, including much of the business press, have depicted LBO specialists as generally greedy, if not sinister, forces whose activities compound the dislocations of modern American economic and social life. This kind of criticism reached a crescendo in the press and in Congress at the end of the 1980s, and Kohlberg Kravis Roberts found itself in the middle of the controversy. Based on interviews with partners of the firm and on unprecedented access to KKR's records, George P. Baker and George David Smith have written a definitive account of how KKR has approached LBOs in a book that will appeal to the specialist and general reader alike. The authors focus on KKR's founding, evolution, and innovations as ways to understand issues in modern American business. In examining KKR as a unique form of enterprise--one that subscribes to a set of alternative perspectives on business and value creation--the book bridges the gap between public perception and academic knowledge of how financial innovation impacts economic life. The firm's approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990 (the years of what some have called the "leveraged buyout movement"). KKR and other companies fundamentally altered the prevailing perception of the role of debt in the modern American corporation and established an alternative model for organizing and managing corporate enterprises. KKR financed the companies it acquired with high levels of debt, while linking their ownership to management. It then imposed rigorous monitoring by the board of directors over the companies in its portfolio. This combination of factors forced managers to concentrate not on growth but rather on how to achieve value through whatever means was most appropriate to the company's circumstances. The purpose of the leveraged buyout was to realize, or "create," value in companies by reforming their management systems. KKR's approach to restructuring the relationship between owners and managers in a highly leveraged firm rested on a basic principle: Make managers owners by making them invest a significant share of their personal wealth in the enterprises they manage, and they will have stronger incentives to act in the best interests of all shareholders.
Customer Reviews:
Good primer/introduction to LBOs.......2007-03-15
If you're relatively new to the subject and want a good primer/introduction to LBOs, as well as some background history on the leveraged buyout and on KKR, this is a good read. It's reasonably quick and easy to read without being too dumbed down. I think that, among others, one group that would really benefit from reading this book are college students (or even MBA students) who are interested in eventually working in private equity but who don't currently know much about it.
As a brief summary, this book includes:
1) A discussion of the rationale for leveraged buyouts - from the standpoints of both the economics (to the buyer) and corporate governance (LBOs as one solution to the classic principal-agent problem)
2) A history of KKR and of the leveraged buyout in general. It goes back to the founding of KKR and to very early LBOs.
3) A discussion and brief analysis of a number of real world LBOs - both successful and failed. This is probably the most useful part of the book, as it gives you some feel as to the factors that can lead to a successful (or failed) LBO and helps you learn from some of the mistakes of the past.
I was interested in the subject from the perspective of an equity analyst interested in identifying potential LBO targets. The book, naturally, doesn't provide a framework for identifying LBO targets (nor did I expect it to), but it was a very good introduction/primer on the subject that, when combined with other reading and research, helped me develop my own framework for identifying potential LBO candidates.
A fine book on the LBO philosophy of KKR.......2006-08-05
The book, The New Financial Capitalists, provides the reader with more than just a cynical rant of corporate America, management, corporate finance, and corporate restructuring. It is a refreshing read in that it offers the reader with a logical understanding of the problem(s) facing corporate America and the solutions provided by KKR - i.e. the LBO - which attempt to remedy the problem(s). The book is well worth the price.
Hey, MBAs! This book is for you!.......2005-07-12
When I thought about buying this book, I was looking for several things. First, the technology of the private equity business--comprehensively discussed case studies of real buyouts, successful and failed. Second, the history of the business-I wanted to understand hidden laws and tendencies. Finally, I wanted to learn about other great players on the market.
Well, I found all the above plus much, much more. What's more, it took me just two weeks to go through the book-the language and style are light and interesting.
Finance Capitalism and Corporate Excess.......2004-05-28
KKR is a truly unique institution. Are they merchant bankers, acting as fiduciaries in behalf of their clients? Or is it accurate to derisively call KKR takeover specialists, rapacious and always on the lookout for corporate prey? It is indeed difficult to pin a generic label on what KKR is doing--it depends on which side of the political fence you are in--but what we do know is that KKR is the acknowledged leader of the leveraged buyout, a branch of private equity investing which allows investors to profit from sizeable anomalies between a company's potential value and its current value, in part through the introduction of substantial levels of debt in a company's capital structure. As Baker and Smith explains: "By employing high levels of debt...they minimized the cost of buying the equity, which they shared with the target companies' managers. Assuming that the cash flows of the acquired businesses would be more than sufficient to repay the borrowing, [KKR's] success depended on a combination of timely debt reduction and the promotion of longer-term efficiency."
"The New Financial Capitalists" is by far one of the best books dealing with KKR and LBO finance in general. Apart from providing an inside track with regard to understanding the raison d'etre behind buyouts and their critical success factors, this book has a wealth of information regarding specific transactions led by KKR, of which the $31 billion buyout of RJR Nabisco is undoubtedly the most well-known. The authors conclude that LBOs and, by extension, the existence of private equity takeover specialists such as KKR, yield long-term benefits to the economy which are far in excess of the intermediate costs such as employee dislocation and onerous debt servicing.
KKR sought to break new ground in enhancing shareholder value: it compelled investees to maintain a focused business strategy and to divest or spin off underperforming operations, and it was highly instrumental in making corporate America realize that capital is a scarce resource which must be judiciously employed. As an instrument of financial and managerial reform, KKR helped reconcile the interests of corporate managers and shareholders, by requiring senior executives to have a direct economic stake (i.e., become stockholders) in the companies they manage.
The analysis of some of KKR's failures underscores that, by using leverage as its weapon of choice, KKR is in effect a high-wire act. However, the presence of debt in the capital structure is also extolled as a disciplining force for managers who have become used to high free cash flow levels and low debt. Thus, what KKR and other LBO practitioners are in effect saying is that a company's operating and investment decisions are not completely independent of its debt-equity ratio.
This book deserves to be read because it is an absorbing study of leveraged takeovers seen through the lens of a pioneering firm.
any interest in lbos, this is your guide.......2002-12-31
KKR was the first name I heard while researching the Private Equity marketplace for a college paper. It also became the name heard mostly afterwards and rightfully so. Jerome Kohlberg, Henry Kravis and George Roberts are obviously extremely smart and confident guys, fortunately the book exhibits moments of vulnerability; which is helpful for any financial entrepreneur. The only shortfall is that the book isn't longer. I was excited while reading some of the chapters, keep in mind that this is a finance book not the Lord of the Rings. This book is terrific. Enjoy
Product Description
# Solutions to real-life M&A problems as they arise in negotiations
# Step-by-step analysis of typical and non-typical transactional permutations
# Checklists, flow charts, and other at-a-glance practice materialsWhether you represent the buyer, the seller, or another interested party, you can go straight to a model agreement that gives you:
# A complete document structured to embody your client's interest
# Clauses addressing a wide variety of specific situations
# Specific language for even the smallest variations you're likely to encounter
# Includes CD-ROM containing Mergers, Acquisitions, and Buyouts: Sample Acquisition Agreements
Recently updated with:
# New step-by-step methods for structuring transactions, with tax, SEC, corporate, HSR, accounting and other considerations
# New table summarizing and contrasting terms of pro-buyer, pro-seller, and neutral stock & asset purchase agreements
# New 2005 legislation, regulations, rulings, and court decisions impacting M&A transactions
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- Unto the Breach
- At Home in the Muddy Water: A Guide to Finding Peace Within Everyday Chaos
- A Natural History of Western Trees
- Management Dynamics: Merging Constraints Accounting to Drive Improvement
- Sg-Financial Acctg 3e
- Wars of the Barbary Pirates: To the shores of Tripoli: the birth of the US Navy and Marines
Liar's Poker: Rising Through the Wreckage on Wall Street
Den of Thieves
When Genius Failed: The Rise and Fall of Long-Term Capital Management
The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders
Monkey Business: Swinging Through the Wall Street Jungle
