Creating Value from Mergers and Acquisitions

Creating Value from Mergers and Acquisitions gives an integrated and international perspective. This new book builds on and extends the author's highly successful title The Essence of Mergers and Acquisitions. This is the first book to provide a comparative analysis of the M & A scene in Europe and the US, the two most active markets in the world. The book develops an international and multidisciplinary perspective of M & A, and considers M & A as a process and not a mere transaction. The author draws upon economics, finance, strategy, law and organisational theories to formulate a five-stage model and emphasises the need to understand the inter-connected nature of these stages. The book's central focus is on the challenges to using M & A as an instrument to create shareholder value, how M & A risks can be mitigated and how odds of success in acquisitions can be increased.

Creating Value from Mergers and Acquisitions is suitable for those studying advanced undergraduate and MBA courses in industrial organisation, finance, business strategy, and corporate governance, as well as those preparing for exams set by professional bodies. The rigorous integration of the conceptual, empirical and practical aspects of M & A means that researchers and practitioners will also find this book extremely useful.

Contents

• Part One: Overview Of Mergers And Acquisitions And The M&A Process
  • Introduction
  • What causes merger waves?
  • Perspective on Mergers
  • Assessing the success of acquisitions
• Part Two: Sources And Limitations Of Value Creation In Different Acquisition Types
  • Horizontal mergers
  • Consolidating Fragmented Industries
  • Vertical integration
  • Conglomerate Acquisitions
  • Cross-border acquisitions
  • Joint Ventures and Strategic alliances as alternatives to M & A
  • Corporate divestitures
  • Leveraged buyouts (LBOs)
• Part Three: Acquisition Decision, Deal Structuring And Negotiation
  • Acquisition decision making and deal structuring
  • Target valuation
  • Accounting for mergers and acquisitions
  • Paying for the acquisition
  • Antitrust regulation
  • Regulating takeover bids
  • Advisers in takeovers
  • Bid strategies and tactics
  • Defences against takeovers
• Part Four: Making Acquisitions Work
  • Organisational dynamics and human aspects of acquisitions
  • Post-merger audit and organizational learning
  • Meeting the challenges in mergers and acquisitions