Book Description
A comprehensive guide to the world of mergers and acquisitions
Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal. Applied Mergers and Acquisitions is part of a complete suite of resources on M&A that includes a workbook and a CD-ROM with additional spreadsheets.
Robert F. Bruner, MBA, DBA (Charlottesville, VA), is the Distinguished Professor of Business Administration at the Darden School at the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School's executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He holds a BA from Yale University, and a MBA and DBA from Harvard University.0471395064 A comprehensive guide to the world of mergers and acquisitions 0471395064 A comprehensive guide to the world of mergers and acquisitions
Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal. Applied Mergers and Acquisitions is part of a complete suite of resources on M&A that includes a workbook and a CD-ROM with additional spreadsheets.
Robert F. Bruner, MBA, DBA (Charlottesville, VA), is the Distinguished Professor of Business Administration at the Darden School at the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School's executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He holds a BA from Yale University, and a MBA and DBA from Harvard University.
Customer Reviews:
Very comprehenive in an acedemic way.......2007-04-25
Very complete but not a "how to.." guide.
A great and thought provoking resource.
Should be on every investment banker book shelf
Very Difficult to Follow.......2007-03-19
I found the book to be very difficult to follow in that it seems to be written for graduate level courses on the subject, with very little practical application. The book provides a detailed literature review but it is a bit dated. There is nothing about the rise of private equity and hedge funds in recent years. The book would also benefit from the use of more examples. Its sheer size and number of chapters makes it a bit disjointed.
You should own this book..........2007-02-14
... if you have any interest in M&A. But your professors must have already told you so!
Simply the best text on M&A.......2007-01-27
After attending an executive program in mergers and acquisitions, I decided to purchase this book after reviewing a variety of books on the subject. I also own Arzac's book, but it is only applicable to valuation.
This book is simply the best text on M&A and it has served as a nice supplament to program that I attended. Between the program and reading this book, I now feel like I am an expert on the subject.
Arzac's book on valuation provides the final topping on the subject manner.
Nice Nice Book.......2006-04-10
very nice overview on MnA. Good introduction and provides references for those who wanna dig into specific topics.
However, this is a general overview for a wide range of MnA topics, you will not gain a specific expertise from this book.
For me, the most useful way of learning a topic like MnA is by actually looking at spreadsheets and exhibits instead of reading bunge of writings. This book has many nice exhibits/tables to demonstrate the calculations, so after the reading, I can look at the exhibits/spreadsheets to see if I understand how the numbers are calculated.
this should be the first read, arzac should be followed up to gain a more solid background in valuation.
No comments on the CDROM, I didn't buy it.
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
Provides a practical, 10-step process for managing the human aspect of an M&A
M&A activity is higher than ever with acquisitions becoming an important part of every company's growth strategy. The industries heavily engaging in this activity are high-tech, emerging technologies, and utilities.
The M&A Transition Guide is written for executives, managers, and HR professionals involved with any transaction that moves employees from one company to another. Poor workforce integration is a main cause for M&A failures and this book helps managers make the M&A transition a more positive one by providing a plan of action for the integration that focuses on ten critical steps. These steps encompass the entire M&A process from due diligence to employee retention strategies.
Download Description
Provides a practical, 10-step process for managing the human aspect of an M
Customer Reviews:
Essential guide for HR staff.......2001-04-24
Anyone who has watched the matketplace over the last ten years has observed a couple of trends:
- merger and acquisition activity is on an ever-accelerating uptrend, and
- many mergers fail.
Analysis of the failures in M&A typically point to the difficulty of blending disparate cultures.
Hanson has codified her deep experience in managing the HR aspects of mergers and acquisitions. She has taken a complex and delicate topic, the merger of workforces with different cultures and backgrounds, and created a framework and approach that can be applied to this activity to assure a solid result.
This is a solid piece of work that belongs in the library of every HR professional.
Amazon.com
Five Frogs on a Log is a practical and easy-to-absorb manual for corporate leaders facing those intense periods of total transformation that seem--for better or for worse--to define today's business world. Written by Mark L. Feldman and Michael F. Spratt, both partners and managing directors of PricewaterhouseCoooper's global M&A consulting division, the book aims to help managers through the "jolts, curves, and emotional potholes" that inevitably accompany such large-scale restructuring. "The high-priced bankers and lawyers exit with the close," they write, "leaving management to confront the challenge of producing results that justify the price, the added risk, and/or the significant disruption to current operations. To complicate matters, they face what amounts to a new company and a set of unexpected demands that can easily divert them from capturing the value that drove the deal." With help from insightful illustrations and quotations from those who have been there, Feldman and Spratt build upon their basic theory--that speed is of the essence in corporate upheavals of this type--by offering pragmatic solutions for the myriad problems that invariably arise. --Howard Rothman
Book Description
A riddle:
Five frogs are sitting on a log.
Four decide to jump off. How many are left?
Answer: Five
Why?
Because there's a difference between deciding and doing.
Written by Mark L. Feldman and Michael F. Spratt of PricewaterhouseCoopers, Five Frogs on a Log offers readers an entertaining and no-nonsense field guide to the mergers and acquisitions jungle, packed with insight and instruction for executing corporate change and capturing shareholder value. Whether you're buying another company or acquiring a new vision of the future, this book proffers an unconventional perspective and a practical, readily accessible set of solutions to the single greatest challenge facing today's managers: executing rapid transitions ion mergers, acquisitions and gut wrenching change.
Designed for corporate managers and CEOs caught up in the whirlwind of change, every chapter provides accessible ideas and wisdom for navigating the most demanding business transitions. The authors offer a unique hands-on perspective based on their work with top Fortune 500 firms. As they state:
"Increasingly, the companies that win are those that learn faster, act quicker and adapt sooner. They will compress time by making and executing early, informed decisions about economic value creation, ruthless prioritization and focused resource allocation. They will use these decisions to take early firm stands on management deployment, organization structure and culture. Their actions will increasingly be linked to long-term, sustained economic value creation."
The advice and expertise offered in this book can be used to solve a range of operational problems from speeding up new product development to merging two businesses; from changing company culture to repositioning a business in a while new marketplace.
Whatever the challenges and opportunities facing you, your company, your industry, Five Frogs on a Log will move you from deciding to doing.
Customer Reviews:
Definitely Worth Reading.......2007-03-24
My organization is in the process of a major change and reorganization. I found this book to be right on target in identifying the challenges and hurdles that we faced as well as providing some effective solutions to ensure that we do not make the same mistakes that others before us have made. I believe this is an excellent book and a must read for anyone within the organization, not just CEOs.
good for frogs.......2006-07-11
Feldman and Spratt advise lots of CEOs of large corporations as part of their work for PricewaterhouseCoopers (a mergerized mouthful if there ever was one), and those consulting habits show. The book is anecdotal and clever without being practical or useful, even if you're actually contemplating a merger. You will, however, learn the riddle of the five frogs on a log, which in the interest of saving time, we offer here: Five frogs are sitting on a log. Four decide to jump off. How many are left? Five. Because there's a difference between deciding and doing. "Execution," the authors tell us, "is always more difficult than it seems."
Here's the lesson: Smart advice is timeless. If you do want a quick take on making effective decisions, then consider the very short chapter "The Effective Decision" in Peter Drucker's Managing the Non-profit Corporation (HarperCollins, 1990). Drucker writes sharply about the evils of reaching consensus too quickly, the dangers of not doing your homework, and the fact that decision making always involves risk taking. He also observes that "far too many decisions remain pious intentions." Even more memorable than the frog story.
Very thought provoking.......2002-06-27
This book is an excellent view of the M&A process from a very different angle. Many books cover the mechanics of the process, but this one looks at the outcomes for human beings - our most important assets. I would recommend it highly.
Worth reading.......2002-04-30
Having been on the receiving end of several poorly-executed acquisitions, I much appreciated the authors' vivid descriptions of merger complexity - and their straightforward advice on how to avoid it. Definitely worth reading.
The best of them all.......2002-04-29
My company has been making acquisitions for over twenty years and I think we've read all the merger books in print. "Five Frogs" is the winner when it comes to candid, practical and intuitive advice on how to accelerate through the post-deal transition without destroying shareholder value. Its a fast and easy read that makes its points clearly and with great examples that force you to think intelligently about decisions that must be made and executed quickly. The two chapters on internal and external communications planning and execution alone are worth the price. Our results from following the authors'advice on post-deal priority setting were both powerful and surprisingly painless. We're about to go through the biggest merger in our history and every member of every transition team in both companies now has a copy of "Five Frogs." It's become our merger bible. Also, if you get a chance to hear Feldman speak on the subject, don't miss it. He's an articulate and entertaining speaker who's seen it all. Very motivating.
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
Based on the authors' consulting experience with numerous Fortune 500 companies, this resource will help you capture the synergies of your next merger or acquisition more quickly and effectively. Augmenting their step-by-step advice with helpful templates, checklists, graphs and tools; Galpin and Herndon provide sound guidance for successfully integrating different processes, organizations, and cultures. The authors also address pre-deal dos and don'ts, people dynamics, common mistakes, communications strategies, and specific actions you can take to create measurable positive results throughout the integration process.
Customer Reviews:
Great review of prior experiences.......2006-03-18
This is a very nice review of M&A's taking place in the late 90's good to get an overview of the M&A keys to success.
Post-Merger Process Tools for Big Companies.......2001-09-20
Having been a manager at a large company, I can see how this book would be beneficial for managers at large companies that are doing acquisitions. But from the perspective of a manager at a smaller company that is being acquired, this book was not particularly helpful.
Packed With Knowledge!.......2001-03-16
This thorough, detailed book focuses on the misunderstood aspects of merger and acquisition management. Timothy J. Galpin and Mark Herndon clearly have vast experience and draw on case studies to illustrate their suggestions. They provide sample surveys and integration flow charts to guide hands-on planning, and offer practical advice that you can apply in real-world situations. Not all of these ideas are new, nor do the authors claim them to be. Instead, they apply the most relevant ideas from management and psychology to M&A. The authors hammer home an extremely consistent message: You must communicate. They present their ideas clearly, even though the book is often wordy and uses a lot of passive voice (alas, business prose). Nonetheless, this is actually a very dense book and the authors are careful not to waste the reader's time. This is essential reading for virgin M&A managers, and we at getAbstract think that even experienced acquirers may find much to learn.
About as "Complete" as Possible.......2000-07-15
There is already an abundance of resources on the subject of M&A, especially those available on the WWW. If you are looking for a single-volume source, this is probably one of the best. The authors devote 14 chapters to virtually all aspects of M&A. In process, with clarity and eloquence, they explain the "Watson Wyatt Deal Flow Model" which, after appropriate modifications, can be applied to almost any organization involved in M&A negotiations, either as a buyer or as a seller. The final chapter, all by itself, is well worth the cost of the book. In it, the authors suggest various "keys" to M&A success. They then provide:
Resource A: Sample Task Force Charter
Resource B: Integration Planning Template
Resource C: Executive Summary of Watson Wyatt Worldwide's 1998-1999 Mergers and Acquisitions Survey
What we have here is a single-volume in which two experts on the subject of M&A seem to share everything they know about the subject. Even if your company is not currently a buyer or seller, its senior-level executives should read this book. Why? Because you just never know. Perhaps sooner than now anticipated, your company will be courted by another...or it will be attracted to another company as a prospective acquisition. In either situation, this book (and the "Watson Wyatt Deal Flow Model" it discusses) will be invaluable.
Supplement to Wall Street M&A deals.......2000-05-17
The book is a great supplement to the subject of Valuation models and talks about in depth analysis that goes into the art of valuing a company. It actually goes in to informing the reader about the pre-merger and post-merger outcomes.....very informative and analytical!
Book Description
Written for CEOs, CFOs, and the investment bankers, lawyers, and auditors who advise them, this is the first book to explain how reverse mergers work, from the business and legal points of view.
Customer Reviews:
Professional manual for reverse mergers.......2006-12-11
Only a few years ago, it seemed that nearly every company was going public with an IPO. Now many quality companies are locked out of the IPO market, but companies have other ways to go public. One of the most popular paths is a "reverse merger." In this transaction, your private company merges into a public company (often a "shell") and controls it, giving you a public stock with which to raise capital. This may sound shady, but it's not: many well-known companies have gone public through reverse mergers, including Warren Buffett's Berkshire Hathaway, Turner Broadcasting System, Occidental Petroleum and Blockbuster Entertainment. Experienced Wall Street securities attorney David N. Feldman takes you through the reverse merger process in detail. The book is wonderfully clear and thorough, and should become the definitive textbook on reverse mergers. It is, however, a dry read. A profusion of technical rules and especially acronyms (SPAC, SOX, Form 10-B, Rule 419, Regulation A, SB-2, PIPE) make the book slightly MEGO (My Eyes Glaze Over) for the uninitiated - but then, they are not its target audience. We enthusiastically recommend this book to sophisticated investors, lawyers, accountants, investment bankers and executives who want all the details on this increasingly popular financing technique.
This book changed my life!!!.......2006-10-10
Well, maybe it didn't exactly change my life, but it gave my law firm a new direction. My firm specializes in strategic transactions - initial public offerings, private placements, mergers & acquisitions - but we had steered clear of reverse mergers because of the uncertainty and confusion. Feldman and Dresner cleared up that confusion we now offer reverse mergers as part of our services.
This book showed the mechanics of structuring a reverse merger, how to create shell corporations and guidelines on financing. It covers due diligence, securities filings and and plenty of mistakes to avoid.
Whether you're an attorney, accountant, investment banker, business owner or private investor, this book will offer you an new strategy for growth and finance by way of reverse mergers.
excellent book.......2006-10-02
This is a most informative book and tells you how to do it. The concept is mysterious at first but is clearly explained in this book. It is a must for anyone considering taking his business public. I highly recomend it.
An excellent investment if you're interested in reverse mergers.......2006-10-01
If you want to know the right way to organize and structure Reverse Mergers, this is the book to go for. It's an excellent up to date reference as well as a guidebook of do's, don'ts and "tricks of the trade"; even better, it's written so both newbies and professionals can benefit from it.
At the very minimum, Reverse Mergers will pay for itself many times over in saved legal fees; more importantly it will almost certainly save you a lot of time and may well save you from some very expensive mistakes. If you intend to do anything in this area, Mr. Feldman's book is undoubtedly the best $50 investment you can make.
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.
Download Description
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
Modern restructuring techniques for a global business landscape
Corporate restructurings are an indispensable tool in building a new generation of re-engineered companies with the power and resources to compete on a global playing field. Written from a practical and historical perspective, Mergers, Acquisitions, and Corporate Restructurings, Fourth Edition carefully analyzes the strategies and motives that inspire M&As, the laws and rules that govern the field, as well as the offensive and defensive techniques of hostile acquisitions.
In this thoroughly revised Fourth Edition, author and business valuation expert Patrick Gaughan provides a fresh perspective on M&As in today's global business landscape, and how your company can reap the benefits from the various forms of restructurings available. Packed with the most up-to-date research, graphs, and case studies, Mergers, Acquisitions, and Corporate Restructurings, Fourth Edition explores:
* Recent takeover trends including the role of private equity firms and hedge funds
* Most effective offensive and defensive tactics in hostile bids
* A review of the effect of shareholder wealth on a variety of takeover actions
* Modern, historical, and global perspectives on the field
* The various forms of downsizing including divestitures, spinoffs, and equity carve-outs
* Bankruptcy as an effective restructuring technique
* Latest developments in corporate governance
* Pros and cons of joint ventures and strategic alliances
* Primary methods used to value public and private companies
Customer Reviews:
Practical, accessible.......2007-05-08
This book is a valuable guide to the real world issues of M&A's and Corporate Restructuring. Instead of dwelling too much on financial theory it provides informative descriptions of the options available to CEO's, CFO's, corporate boards and shareholders, as well as the ethical and tactical issues they will face. Language and structure both are very accessible, making this book equally useful as a study text or reference book.
I can recommend this book to both finance majors and laypeople.
Excellent book: highly recommend.......2006-03-10
The shipping took some time otherwise the product is in excellent condition.
good insight in the M&A world.......2003-12-27
This book gives the reader a very good insight in the world of mergers and acquisitions + corporate restructurings due to M&A. It covers all possible aspects of M&A activities, all very well explained. My opinion is that this book is especially useful if you are a beginner within M&A, as I was when I first read it.
It provides even more insights into the matter by stating clear examples of mergers and acquisitions.
This book is the one to buy if you are taking your first steps in the world of M&A...
good insight in the M&A world.......2003-12-27
This book gives the reader a very good insight in the world of mergers and acquisitions + corporate restructurings due to M&A. It covers all possible aspects of M&A activities, all very well explained. My opinion is that this book is especially useful if you are a beginner within M&A, as I was when I first read it.
It provides even more insights into the matter by stating clear examples of mergers and acquisitions.
This book is the one to buy if you are taking your first steps in the world of M&A...
The Premier Merger Book.......2002-04-28
This book is an excellent pragmatic treatment of the topic of mergers. It surveys the relevant research and combines it with many practical examples to demonstrate its relevance. The abundant case studies serve to drive home each major point. The topics covered feature a broad international focus throughout the book. Given the fact that mergers, acquisitions and corporate restructurings are now an international phenomena, we need a book which covers the topic from such a focus rather than just focusing on a U.S.-oriented treatment.
The other major advantage of this book over other merger books is its chapters on valuation. Practitioners will find this invaluable. I would strongly recommend this book to all interested in the field.
Kerry Monahan
Book Description
A concise strategic and legal guide for both buyers and sellers at large and small companies, Mergers and Acquisitions from A to Z is a practical, hands-on resource for anyone involved in any merger or acquisition. Written in clear, jargon-free language, the book provides extensive, easy-to-understand information on the entire transaction, including an overview of tax and accounting considerations, drafting legal documents, and analyzing projected financial gain. Thoroughly revised to reflect the latest changes in the business environment, the new edition features: * The latest trends and best practices for structuring profitable deals * New due diligence rules and strategies in the age of Sarbanes-Oxley * Guidelines for keeping deals on track and managing post-closing challenges * And much more Written for those already involved in M&A deals or considering a move in that direction, Mergers and Acquisitions from A to Z demystifies the entire process.
Customer Reviews:
A good place to start.......2007-05-18
You know you need to know more about Mergers and Acquisitions. The question is where do you start. For many the answer is Mergers & Acquisitions from A to Z.
Another book on this subject that is well recieved is: Mergers and Acquisitions Basics : The Key Steps of Acquisitions, Divestitures, and Investments.
Mergers and Acquisitions from A and Z by Sherman.......2006-08-18
The author explains the distinction between a merger combination and the purchasing of assets in an acquisition by the buyer.
Mergers involve considerable restructuring and revaluations
as a condition precedent to success. Classic merger difficulties
involve indecision, tying in loose ends and optimal timing.
Potential sellers seek to build value ; wherein, buyers seek to
acquire and nurture value. Acquisitions involve conceptual
formulation, action planning, overcoming hurdles and offering
memoranda. Due diligence involves an intensive study of the factors driving the deal. These factors involve title, staffing issues, environmental liability, ongoing litigation and
"dressing up the financial statements" in anticipation of the sale. Buyer errors involve poor communications, lack of planning,
inadequate timing and review of the corporate records of the
seller. The acquisition is well worth the price charged for the
significant value of the information contained.
Books:
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- Barbarians at the Gate: The Fall of RJR Nabisco
- Building Better Boards: A Blueprint for Effective Governance
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- Business and Its Environment (5th Edition)
- Business and Society: Stakeholders, Ethics, Public Policy
- Business Plans Kit For Dummies (For Dummies (Business & Personal Finance))
- Business Process Execution Language for Web Services BPEL and BPEL4WS 2nd Edition
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- Contemporary Strategy Analysis: Concepts, Techniques, Applications (5th Edition)
Books Index
Books Home
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General
| Business & Investing
| Subjects
| Books
Valuation for Mergers, Buyouts, and Restructuring (Wiley Finance)
Valuation: Measuring and Managing the Value of Companies, Fourth Edition
The Art of M&A Due Diligence
Deals from Hell: M&A Lessons that Rise Above the Ashes
Harvard Business Review on Mergers & Acquisitions
