The McGraw-Hill guide to acquiring and divesting businesses:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
McGraw-Hill
1999
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 597 S. graph. Darst. |
| ISBN: | 0070580308 |
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| 100 | 1 | |a Shea, Edward E. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The McGraw-Hill guide to acquiring and divesting businesses |c Edward E. Shea |
| 264 | 1 | |a New York [u.a.] |b McGraw-Hill |c 1999 | |
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| 650 | 4 | |a Consolidation and merger of corporations |z United States | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-009588261 | ||
Datensatz im Suchindex
| _version_ | 1804128861302030336 |
|---|---|
| adam_text | Contents
Acknowledgments xv
1. Introduction to the M A Market 7
A. A Market of Sellers, Buyers, and Financial Resource and
Service Providers 1
B. Sellers and Buyers 2
C. Financial Resource and Service Providers 2
D. Effects of the M A Market 7
2. Strategies, Preparations and Negotiations 9
A. Introduction 9
B. Corporations Divestitures of Subsidiaries and
Divisions 10
C. Divestitutes of Entire Corporations or Businesses 14
D. Venture Capital Firms Exiting from Leveraged
Buyouts 15
E. Owners Selling to Retire and Raise Funds for Estate
Planning 17
F. Owners Selling to Participate in a Larger
Organization 18
G. Sales of Bankrupt Businesses 19
H. Acquisitions by Strategic Buyers 22
I. Acquisitions by Management Groups 26
J. Acquisitions by Venture Capital Firms 27
K. Acquisitions by Employee Stock Ownership Plans 28
VL. Turnaround Acquisitions 29
M. Negotiating Methods 30
N. Reference Materials 32
v
3. Acquisition Financing 35
A. Three Basic Methods of Payment 35
B. Raising Debt Financing from Institutional
Lenders 39
C. Raising Equity Financing 46
D. Financial Instruments Used as Acquisition
Currency 49
E. Intermediaries 52
F. Reference Materials 58
G. Exhibits 59
Exhibit 3 1 A Change of Control Provision 60
4. Business Valuation from a Financial Point of View 61
A. Functions and Limits of Financial Valuation 61
B. Valuation Professionals 62
C. Primary Sources of Business Valuation
Information 62
D. Why Obtain a Financial Valuation? 63
E. Differences Between Portfolio Valuation and Valuation
for Acquisition Planning 63
F. Business and Industry Data 65
G. Analysis and Adjustment of Financial Statements 65
H. Asset Based Valuation 66
I. Valuation Methods Based on Historical Financial
Statements 71
J. Valuation Based on Market Prices of the Company Being
Valued 74
K. Valuation Based on Comparable Companies 75
L. Valuation Based on Discounted Future Cash
Flows 77
M. Weighted Averages 85
N. Discounts for Lack of Marketability 86
O. Control Premiums and Minority Discounts 87
P. Valuation Standards and Reports 89
Q. The Internal Revenue Service and Valuation 91
R. The U.S. Department of Labor and Valuation 92
S. Fairness Opinions 92
T. Solvency Letters 95
U. Reference Materials 95
V. Exhibits 96
Exhibit 4 1 USPAP Statement SMT 2 on Discounted Cash
Flow Analysis 97
Exhibit 4 2 Example of a Fairness Opinion 100
Contents vii
5. Business Investigation ( Due Diligence ) Reviews 101
A. Introduction 202
B. Preconditions to a Due Diligence Review 202
C. Responding to Seller Reluctance 202
D. The Review Team 203
E. Preparation for the Review 204
F. Reviewing a Small Business 205
G. Reviewing a Large Business 105
H. Conducting the Review 206
I. Errors Frequently Made During Reviews 107
J. Making Strategic Use of the Review 207
K. Acquisition Checklists 108
L. Exhibits 108
Exhibit 5 1 Confidentiality Agreement 109
Exhibit 5 2 Checklist for Review of a Small Business 7 7 7
Exhibit 5 3 General Checklist for a Due Diligence
Review 712
6. Federal Taxation of Taxable Acquisitions 123
A. Introduction 223
B. Some Fundamental Concepts 224
C. Taxation at Corporate and Shareholder Levels 229
D. Structure Diagrams 230
E. Two Level Taxation of Acquisition Transactions 232
F. Allocation of Cost among Assets 233
G. Section 197 Intangibles 236
H. Depreciation Recapture 237
I. Complete Liquidation of Subsidiaries 239
J. Section 338 Elections 240
K. Deferred Payment of the Price 242
L. Loss of Interest Deductions for Acquisition Debt 247
M. Loss of Capital Gain Treatment in Certain
Transactions 252
N. Loss or Limitation of Net Operating Losses 252
O. Reference Materials 253
P. Exhibits 253
Exhibit 6 1 Form 8594, Asset Acquisition Statement 154
Exhibit 6 2 Form 8023 A, Corporate Qualified Stock
Purchase (Section 338) 758
Exhibit 6 3 Form 6252, Installment Sale Income 162
7. Tax Free Organizations, Reorganizations and
Divisions 163
A. Introduction 163
B. Corporate Organizations 163
C. The Repeal of Tax Free Liquidations 266
D. Tax Free Reorganizations—The Operative Code
Sections 267
E. Tax Free Reorganizations—Definitions of
Reorganizations 269
F. Tax Free Reorganizations—Special Rules 172
G. Tax Free Reorganizations—Triangular
Transactions 273
H. Tax Free Reorganizations—Structural Diagrams 274
I. Tax Free Reorganizations—Court Imposed
Requirements 275
J. Tax Free Divisions of Corporate Businesses 279
K. Taxation of Boot 182
L. Carryovers of Tax Characteristics 183
M. Section 306 Stock 286
1 N. Foreign Corporations 188
0. Reference Materials 292
8. State Taxation 193
A. Introduction 293
y^ B. Taxes Frequently Affecting Acquisitions and
Divestitures 293
C. State Authority to Impose Taxes 294
D. State Taxes Based on Income 297
E. Sales, Use and Gross Receipts Taxes 202
F. Real Property Transfer Taxes 202
G. Mortgage Recording and Security Interest Filing
Taxes 202
H. Taxes Imposed on Assessed Values of Property 203
1. Reference Materials 203
9. Accounting Methods 205
A. Introduction 205
B. Generally Accepted Accounting Principles 205
C. Generally Accepted Auditing Standards 208
D. Tax Accounting Principles 208
E. The Basic Methods of Accounting for
Acquisitions 209
Contents ix
F. The Purchase Method 209
G. Example of the Purchase Method 225
H. The Pooling of Interests Method 216
I. Example of the Pooling of Interests Method 222
J. Comparison of the Effects of the Purchase and Pooling of
Interests Methods 222
K. Controversies about the Basic Methods 223
. L. Leveraged Buyouts 224
M. Leveraged Recapitalizations 227
N. Push Down Accounting 228
0. Accounting for Acquisitions by Employee Stock
Ownership Plans 228
P. Reference Materials 228
Q. Exhibit 228
Exhibit 9 1 Example of a Report of Independent x
Auditors 229
10. Antitrust Law Requirements 231
A. The Antitrust Laws 232
B. Section 7 of the Clayton Act 232
C. Merger Guidelines 234
D. Analysis of Acquisitions under the 1992 Merger
Guidelines 236
E. Enforcement by the DOJ and the FTC 242
F. Private Antitrust Enforcement 242
G. State Antitrust Enforcement 242
H. Premerger Notification and Waiting Periods 244
1. Recent Developments 249
J. Planning to Meet the Requirements of the Clayton
Act 250
K. Reference Materials 251
11. The Securities Regulation Laws—Overview, Public
Offerings and Private Placements 253
A. How the Securities Laws Affect Acquisitions and
Divestitures 253
B. The Securities Laws 254
C. How the Securities Laws Accomplish Their
Objectives 254
D. Registration Under the 1933 Act: A Brief Introduction 256
E. Registration of Exchange Offers to Public
Securityholders 257
F. Registration of Securities Issued in Mergers and Asset
Acquisitions Approved by a Vote of Shareholders 258
G. Registration of Securities Sold to Raise Acquisition
Financing 260
H. Acquisitions for Unregistered Securities 260
I. Private Placements to Raise Acquisition Financing 264
J. Liability for Sale of a Business by the Stock Purchase
Method 274
K. Blue Sky Laws 276
L. Reference Materials 276
M. Exhibits 277
Exhibit 11 1 Example of an Independent Accounting Firm s
Opinion 278
Exhibit 11 2 Form S 4 279
Exhibit 11 3 Legend Restricting Transfer of Restricted
Securities 295
Exhibit 11 4 Form of Subscription Agreement 296
Exhibit 11 5 Example of Contractual Registration Rights
Provisions 300
Exhibit 11 6 Accredited Investor Questionnaire 307
Exhibit 11 7 Form 144 303
12. The Securities Regulation Laws—Tender Offers;
Going Private ; Proxy Solicitation and Contests 305
A. Introduction to the Securities Exchange Act of 1934 305
B. Registration of Securities under the 1934 Act 305
C. Listing for Trading on a Stock Exchange or for Quotation
in the NASDAQ System 307
D. Tender Offers 322
E. Going Private Transactions 329
F. Proxy Solicitation and Proxy Contests 332
G. Certain Tax Issues 337
H. Short Form Mergers 339
I. Short Swing Trading Liability 339
J. Insider Trading 340
K. Margin Rules 344
L. Reference Materials 344
M. Exhibits 345
Exhibit 12 1 Example of a Listing Application to the New
York Stock Exchange 346
Exhibit 12 2 Schedule 13D 350
Exhibit 12 3 Schedule 14D 1 357
Exhibit 12 4 Schedule 14D 9 365
Contents xi
Exhibit 12 5 Announcement of a Shareholder Rights ( Poison
Pill ) Plan 368
Exhibit 12 6 Example of a Fairness Opinion 369
13. Other Legal Matters 371
A. Introduction 372
B. State Corporation Statutes 372
C. Disclosures and Insider Information 373
D. Exchange Policies on Stockholder Approval 377
E. Sale of Corporate Control 378
R Intellectual Properties 379
G. Bulk Transfers 382
H. Successor Liability after an Assets Acquisition 383
I. Parent Liability after a Stock Purchase Acquisition 384
J. Employee Claims 385
K. Union Recognition and Collective Bargaining
Agreements 388
L. Product Liability 389
M. Environmental Laws 390
N. Pension Plan Liabilities 401
0. Worker Adjustment and Retraining Notification
Act 403
P. Occupational Safety and Health 404
Q. Directors and Officers Duties to Preferred Shareholders
and Creditors 406
R. Laws Against Discrimination in Employment 406
S. Insurance Coverage 409
T. No Shop and Break Up Fee Agreements 410
U. Reference Materials 411
14 Leveraged Buyouts 413
A. Introduction 423
B. A Brief History of LBO Acquisitions 424
C. Developments During the 1990s 426
D. Selecting Candidates for LBO Acquisitions 426
E. How LBO Buyers Became Competitive Bidders 418
F. Basic Corporate Structures and Methods 420
G. Financial Structuring 422
H. Taxation 425
1. Rights of Creditors Other Than Acquisition Lenders 427
J. Conflicts of Interest 432
K. Reference Materials 433
15. Employee Stock Ownership Plan (ESOP)
Acquisitions 435
A. Introduction 435
B. Internal Revenue Code Provisions 437
C. ERISA Provisions 442
D. Accounting Aspects 443
E. Valuation of Equity Securities in ESOP Transactions 444
16. Acquisition Contracts 449
A. Introduction 449
B. Confidentiality Agreements 450
C. Letters of Intent 452
D. Option Agreements, Rights of First Refusal and Standstill
Agreements 454
E. Provisions Common to Acquisition Contracts 456
F. Stock Purchase Agreements 460
G. Assets Purchase Agreements 461
H. Merger Agreements 463
I. Drafting Contingent Price Provisions 465
J. Drafting Indemnification Provisions 466
K. Drafting Securities Registration Provisions 468
L. Drafting Noncompetition Provisions 468
M. Reference Materials 469
O. Exhibits 469
Exhibit 16 1 Example of a Confidentiality Agreement 470
Exhibit 16 2 Example of a Letter of Intent 472
Exhibit 16 3 Example of a Stock Purchase Agreement 473
Exhibit 16 4 Example of an Assets Purchase Agreement and
Escrow Agreement 480
Exhibit 16 5 Escrow Agreement 491
Exhibit 16 6 Example of a Merger Agreement providing for
a Triangular Cash Out Merger 494
Exhibit 16 7 Introductory Provisions of a Merger Agreement
and Plan of Reorganization for a Tax Free
Reorganization 514
17. Acquisition Closings 517
A. Introduction 527
B. Setting a Closing Date 527
C. Factors Affecting the Closing Procedures 518
D. Documents Needed for Most Closings 529
E. Stock Purchase Transactions (Closely Held
Corporations) 520
Contents xiii
F. Stock Purchase Transactions (Publicly Held
Corporations) 521
G. Assets Purchase Transactions 522
H. Merger Transactions 523
I. Fulfilling the Closing Conditions 524
J. Cordiality 533
K. Exhibits 533
Exhibit 17 1 Closing Memorandum and Documents Checklist 534
Exhibit 17 2 Secretary s Certificate 537
Exhibit 17 3 Officer s Certificate 538
Exhibit 17 4 General Bill of Sale, Conveyance and
Assignment 538
Exhibit 17 5 General Assignment and Assumption
Agreement 539
Exhibit 17 6 FIRPTA Certificate (Nonforeign Person) 540
Exhibit 17 7 Legal Opinion (Assets Purchase Transaction) 540
Exhibit 17 8 AICPA Form of Agreed Upon Procedures
Letter 533
18. Post Closing Integration and Other Activities 545
A. Introduction 545
B. Achieving Acquisition Objectives 545
C. Avoiding Loss of Insurance Coverage 551
D. Continuing, Modifying or Terminating Pension Plans 553
E. Post Closing Claims 558
F. A Checklist of Steps to Complete Acquisition
Transactions 559
G. Reference Materials 561
19. Some Aspects of International Acquisitions 563
A. Introduction 563
B. Acquisitions by U.S. Companies in Foreign
Nations 564
C. Acquisitions in the United States by Foreign
Companies 576
Index 583
|
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| isbn | 0070580308 |
| language | English |
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| spelling | Shea, Edward E. Verfasser aut The McGraw-Hill guide to acquiring and divesting businesses Edward E. Shea New York [u.a.] McGraw-Hill 1999 XV, 597 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Consolidation and merger of corporations United States Corporate divestiture United States Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf USA Mergers and Acquisitions (DE-588)4205916-1 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009588261&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Shea, Edward E. The McGraw-Hill guide to acquiring and divesting businesses Consolidation and merger of corporations United States Corporate divestiture United States Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4205916-1 |
| title | The McGraw-Hill guide to acquiring and divesting businesses |
| title_auth | The McGraw-Hill guide to acquiring and divesting businesses |
| title_exact_search | The McGraw-Hill guide to acquiring and divesting businesses |
| title_full | The McGraw-Hill guide to acquiring and divesting businesses Edward E. Shea |
| title_fullStr | The McGraw-Hill guide to acquiring and divesting businesses Edward E. Shea |
| title_full_unstemmed | The McGraw-Hill guide to acquiring and divesting businesses Edward E. Shea |
| title_short | The McGraw-Hill guide to acquiring and divesting businesses |
| title_sort | the mcgraw hill guide to acquiring and divesting businesses |
| topic | Consolidation and merger of corporations United States Corporate divestiture United States Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Consolidation and merger of corporations United States Corporate divestiture United States Mergers and Acquisitions USA |
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