Takeovers, Restructuring, and Corporate Governance

This book brings together conceptual and empirical material in a systematic way. It provides students with a basis for understanding mergers and acquisitions and corporate restructuring that are introduced into every session of Congress.

Features

• NEW?Streamlined valuation material?Now oriented more fully to M&A decisions and case studies. Introduces many more cases in the text and as end-of-chapter exercises.
• NEW?All new cases.
• NEW?An explanation of the acquisition process.
• • Provides a summary of all aspects of merger planning and implementation.
• NEW?New literature as well as new activities and developments in the world of Mergers and Acquisitions (M&A).
• Multidisciplinary perspective?Applies materials from business finance and financial economics, business economics, strategy, accounting, and law.
• • Demonstrates the application of a wide range of concepts from diverse fields.
• An explanation of the merger and acquisition process within a broad framework of companies strategic plans.
• A broadened view of Mergers and Acquisitions?E.g., mergers, takeovers, joint ventures, strategic alliances, spin-offs, carve-outs, split-ups, restructuring, LBOs, share repurchases, and corporate governance.
• • Students see all strategies that are used in a firm.
• An in-depth case study of the chemical industry that demonstrates the powerful change forces that bring about mergers?Shows how such changes are related to the economic characteristics of the industry or industries in which the firm is operating..
• • Students see a real example.
• A clear, simple evaluation framework for buying and selling firms and segments of firms?Emphasizes free cash flows as the fundamental basis for valuation and explains clearly how free cash flows are to be measured and used in valuations in the purchase and sale of firms and segments of firms.
• • Provides the student with a broad picture of evaluation firms.
• The many forms of how companies restructure?Explains how the many forms of restructuring must increase the efficiency of the firm's operations if they are to increase value.
• • Students see the big picture of how to increase value.
• All the new forms of financial instruments?E.g., tracking stock. Conveys an understanding of their characteristics and limitations.
• Leveraged buyouts?Presents models on how leveraged buyouts (LBOs) need to be structured in order to succeed.
• International mergers and acquisitions?Describes the increased activity in cross border transactions and other forms of international M&As, and discusses what is required to make them succeed in increasing enterprise value.
• • Exposes students to events in M&A that occur globally.
• Share repurchases?Discusses why share repurchases sometimes increase value and sometimes do not.
• A summary on all aspects of merger planning and implementation.
• • Students understand what is required for merger implementation to work.

Contents

I. TAKEOVERS AND MERGERS IN PRACTICE.

II. M&A'S IN THEORY AND PRACTICE.

III. VALUATION.

IV. RESTRUCTURING.

V. M&A STRATEGIES.

VI. STRATEGIES FOR CREATING VALUE.