Mergers, acquisitions, and corporate restructurings:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY [u.a.]
Wiley
1999
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 636 S. graph. Darst. |
| ISBN: | 0471316709 |
Internformat
MARC
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| 245 | 1 | 0 | |a Mergers, acquisitions, and corporate restructurings |c Patrick A. Gaughan |
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| 650 | 4 | |a Acquisition d'entreprise | |
| 650 | 7 | |a Entreprises - Réorganisation |2 ram | |
| 650 | 4 | |a Fusion d'entreprises | |
| 650 | 7 | |a Fusion d'entreprises |2 ram | |
| 650 | 4 | |a Redressement d'entreprise | |
| 650 | 4 | |a Restructuration de l'entreprise | |
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Datensatz im Suchindex
| _version_ | 1804128812931219456 |
|---|---|
| adam_text | CONTENTS
Preface xi
Part One Background 1
1 Introduction 3
Definitions 7
Types of Mergers 7
Reasons for Mergers and Acquisitions 8
Merger Financing 8
Merger Professionals 9
Leveraged Buyouts 9
Corporate Restructuring 10
Merger Approval Process 11
Merger Negotiations 12
Merger Approval Procedures 13
Short Form Merger 14
Freezeouts and the Treatment of Minority Shareholders 15
Purchase of Assets Compared with Purchase of Stock 15
Assumption of the Seller s Liabilities 15
Advantages of Asset Acquisitions 16
Asset Selloffs 16
Holding Companies 17
Joint Ventures 18
Strategic Alliances 19
References 20
2 History of Mergers 21
The First Wave, 1897 1904 21
The Second Wave, 1916 29 26
The 1940s 29
The Third Wave, 1965 69 30
Trendsetting Mergers of the 1970s 38
The Fourth Wave, 1981 89 43
The Fifth Wave 50
i CONTENTS
Summary 59
References 59
3 Legal Framework 61
Overview 61
Laws Governing Mergers, Acquisitions, and Tender Offers 61
Securities Laws 62
Business Judgment Rule 84
Antitrust Laws 86
Changing Patterns of Antitrust Enforcement in the United States 96
Measuring Concentration and Defining Market Share 99
State Antitakeover Laws 103
Regulation of Insider Trading 109
A Company s Obligation to Disclose Merger Negotiations 112
Summary 113
References 114
4 Merger Strategy 116
Growth 116
Synergy 117
Diversification 128
Economic Motives 144
Hubris Hypothesis of Takeovers 158
Improved Management Hypothesis 161
Tax Motives 164
Summary 167
References 168
Part Two Hostile Takeovers 173
5 Antitakeover Measures 175
Management Entrenchment Hypothesis versus Stockholder Interests Hypothesis 176
Preventative Antitakeover Measures 177
Changing the State of Incorporation 203
Active Antitakeover Defenses 204
Information Content of Takeover Resistance 236
Summary 238
References 239
6 Takeover Tactics 243
Preliminary Takeover Steps 245
Tender Offers 247
Open Market Purchases and Street Sweeps 264
CONTENTS vii
Advantages of Tender Offers Over Open Market Purchases 266
Proxy Fights 268
Role of the Independent Election Corporation of America 277
Combination of a Proxy Fight and a Tender Offer 283
Proxy Fights and Takeovers in the 1990s 283
Summary 285
References 286
Part Three Leveraged Transactions 289
7 Leveraged Buyouts 291
LBO Data 291
Costs of Being a Public Company 293
Management Buyouts 294
Leveraged Buyout Process 296
Financing for Leveraged Buyouts 299
Capital Structure of Unsecured LBO Firms 305
Sources of LBO Financing 306
LBO Funds 307
LBO Firms 307
Financial Analysis of LBO Candidates 310
Returns to Stockholders from LBOs 311
Returns to Stockholders from Divisional Buyouts 312
Efficiency Gains from LBOs 312
Reverse LBOs 314
Conflicts of Interest in Management Buyouts 317
Empirical Research on Wealth Transfer Effects 321
Protection for Bondholders 322
Summary 326
References 326
8 Junk Bonds 330
History 330
Investment Bankers 334
The Evolutionary Growth of the Junk Bond Market 337
Rating System for Bonds 342
Z Scores and Zeta Analysis: Credit Evaluation Alternative to Bond Ratings 346
Junk Bond Research 347
Junk Bond Returns: 1980 94 358
Diversification of Junk Bond Investments 360
Risk of a Junk Bond Portfolio 360
Underwriting Spreads 361
Bank Loan Financing versus Junk Bond Financing 365
viii CONTENTS
Junk Bonds and Greenmail 365
Regulations Affecting Junk Bond Financing 366
Summary 369
References 370
9 Employee Stock Ownership Plans 372
Historical Growth of ESOPs 372
Types of Plans 374
Characteristics of ESOPs 375
leveraged versus Unleveraged ESOPs 375
Corporate Finance Uses of ESOPs 376
Voting of ESOP Shares 376
Cash Flow Implications 377
Valuation of Stock Contributed into an ESOP 377
Eligibility of ESOPs 378
Put Optjoa^of ESOPs 378
Dividends Pail 378
ESOPs versus a Public Offering of Stock 379
Employee Risk and ESOPs 380
Securities Laws and ESOPs 380
Tax Benefits of Leveraged ESOPs 381
Balance Sheet Effects of ESOPs 381
Drawbacks of Leveraged ESOPs 382
ESOPs and Corporate Performance 383
ESOPs as an Antitakeover Defense 385
ESOPs and Shareholder Wealth 386
ESOPs and LBOs 387
Summary 390
References 392
Part Four Corporate Restructuring 395
10 Corporate Restructuring 397
Divestitures 398
Divestiture and Spin Off Process 404
Wealth Effects of Sell Offs 410
Equity Carve Outs 420
Voluntary Liquidations, or Bustups 423
Master Limited Partnerships 425
Restructuring of the 1990s 426
Summary 428
References 429
CONTENTS ix
11 Restructuring in Bankruptcy 432
Types of Business Failure 432
Causes of Business Failure 433
Bankruptcy Data 435
Bankruptcy Laws 437
Reorganization versus Liquidation 439
Chapter 11 Reorganization Process 439
Benefits of the Chapter 11 Process for the Debtor 444
Company Size and Chapter 11 Benefits 445
Prepackaged Bankruptcy 446
Workouts 449
Corporate Control and Default 450
Liquidation 450
Investing in the Securities of Distressed Companies 452
Summary 456
References 457
Part Five Valuation for Mergers and Acquisitions 459
12 Financial Analysis 461
Hostile versus Friendly Deals: Access to Financial Data 462
Balance Sheet 463
Income Statement 468
Statement of Cash Flows 470
Analysis of Financial Statements and Computer Programs 472
Financial Ratio Analysis 473
Summary 489
References 489
13 Valuation of a Publicly Held Company 491
Valuation Methods: Science or Art? 492
Managing Value as an Antitakeover Defense 493
, Stock Valuation Methods 493
Marketability of the Stock 498
Defining the Earnings Base 499
Forecasting Methods 507
Financial Valuation Methodologies 512
Cost of Preferred Stock 517
Cost of Common Stock 517
How the Market Determines Discount Rates 518
Control Premium 519
x CONTENTS
Valuation of Stock for Stock Exchanges 529
Exchange Ratio 533
Stock Price Variability and Collar Agreements 540
Benchmarks of Value 540
Desirable Financial Characteristics of Targets 541
Summary 553
References 554
14 Valuation of Privately Held Businesses 557
Differences in Valuation of Public and Private Businesses 557
Differences in Reporting of Income 560
Recasting the Income Statement: An Example of the Addback Process 562
Most Commonly Used Valuation Methods 565
Summary 586
References 587
15 Tax Issues 589
Financial Accounting 589
Taxable versus Tax Free Transactions 593
Tax Consequences of a Stock for Stock Exchange 595
Asset Basis Step Up 598
Changes in the Tax Laws 598
Role of Taxes in the Merger Decision 600
Taxes as a Source of Value in Management Buyouts 602
Summary 604
References 604
Glossary 607
Index 615
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| spelling | Gaughan, Patrick A. Verfasser aut Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan 2. ed. New York, NY [u.a.] Wiley 1999 XII, 636 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Acquisition d'entreprise Entreprises - Réorganisation ram Fusion d'entreprises Fusion d'entreprises ram Redressement d'entreprise Restructuration de l'entreprise Unternehmen (DE-588)4061963-1 gnd rswk-swf Restrukturierung (DE-588)4335640-0 gnd rswk-swf Reorganisation (DE-588)4115744-8 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf 1\p (DE-588)4123623-3 Lehrbuch gnd-content Mergers and Acquisitions (DE-588)4205916-1 s Unternehmen (DE-588)4061963-1 s Reorganisation (DE-588)4115744-8 s DE-604 USA (DE-588)4078704-7 g Restrukturierung (DE-588)4335640-0 s 2\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009556365&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Gaughan, Patrick A. Mergers, acquisitions, and corporate restructurings Acquisition d'entreprise Entreprises - Réorganisation ram Fusion d'entreprises Fusion d'entreprises ram Redressement d'entreprise Restructuration de l'entreprise Unternehmen (DE-588)4061963-1 gnd Restrukturierung (DE-588)4335640-0 gnd Reorganisation (DE-588)4115744-8 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
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| title | Mergers, acquisitions, and corporate restructurings |
| title_auth | Mergers, acquisitions, and corporate restructurings |
| title_exact_search | Mergers, acquisitions, and corporate restructurings |
| title_full | Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan |
| title_fullStr | Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan |
| title_full_unstemmed | Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan |
| title_short | Mergers, acquisitions, and corporate restructurings |
| title_sort | mergers acquisitions and corporate restructurings |
| topic | Acquisition d'entreprise Entreprises - Réorganisation ram Fusion d'entreprises Fusion d'entreprises ram Redressement d'entreprise Restructuration de l'entreprise Unternehmen (DE-588)4061963-1 gnd Restrukturierung (DE-588)4335640-0 gnd Reorganisation (DE-588)4115744-8 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Acquisition d'entreprise Entreprises - Réorganisation Fusion d'entreprises Redressement d'entreprise Restructuration de l'entreprise Unternehmen Restrukturierung Reorganisation Mergers and Acquisitions USA Lehrbuch |
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