Applied international corporate finance:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English German |
| Veröffentlicht: |
München
Vahlen
2011
|
| Ausgabe: | 2., komplett überarb. und erw. Aufl. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Zs.fassung in dt. Sprache |
| Beschreibung: | XXIV, 518 S. graph. Darst. |
| ISBN: | 9783800637515 3800637510 |
Internformat
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| adam_text | IMAGE 1
CONTENT
ENDORSEMENTS V
PREFACE VII
AUTHORS IX
PART 1: MERGERS & ACQUISITIONS (M&A)
CHAPTER 1: WHY MERGERS&ACQUISITIONS? 1.1 THE TERM MERGERS &
ACQUISITIONS 1
1.1.1 MERGERS 2
1.1.2 ACQUISITIONS 6
1.1.3 M&A AND BUSINESS ALLIANCES 6
1.1.3.1 FORMS OF BUSINESS ALLIANCES 6
1.1.3.2 M&A VERSUS BUSINESS ALLIANCES 9
1.2 REASONS FOR AND SUCCESS FACTORS OF M&A 10
1.3 M&A OF LISTED COMPANIES 13
1.3.1 CHALLENGES FOR LISTED COMPANIES 13
1.3.1.1 INCREASED PUBLIC PERCEPTION 13
1.3.1.2 SHAREHOLDER STRUCTURE 14
1.3.1.3 THE TARGET COMPANY S SHARE PRICE AS AN UNCERTAINTY FACTOR 14
1.3.1.4 THE BIDDER COMPANY S SHARE PRICE AS AN UNCERTAINTY FACTOR 15
1.3.2 LEGAL CHARACTERISTICS 16
1.3.2.1 THE REGULATIONS OF § 93 AKTG 16
1.3.2.2 THE REGULATIONS OF § 15 WPUEG 16
1.3.2.3 THE REGULATIONS OFF 21 WPHG 16
1.3.3 TAKEOVER REGULATIONS 16
1.3.3.1 OVERVIEW OF THE WERTPAPIERERWERBS- UND UEBERNAHMEGESETZ (WPUEG)
(SECURITY PURCHASE AND TAKEOVER ACT) 17
1.3.3.2 THE BID PROCESS ACCORDING TO THE WPUEG 18
1.3.3.3 SQUEEZE OUT 20
1.4 THE PROCESS OF M&A 21
CHAPTER 2: INITIAL PHASE (PHASE 1)
2.1 PITCH 23
2.2 CHOICE OF PROCESS 25
2.2.1 THE DISCRETE APPROACH 25
2.2.2 SIMULTANEOUS BILATERAL NEGOTIATIONS 25
2.2.3 CONTROLLED COMPETITIVE AUCTION 25
2.2.4 FULL PUBLIC AUCTION 25
2.3 CANDIDATE SCREENING AND SELECTION 27
2.3.1 MBO OR MBI 28
BIBLIOGRAFISCHE INFORMATIONEN HTTP://D-NB.INFO/997693088
DIGITALISIERT DURCH
IMAGE 2
XII CONTENT
2.3.2 FINANCIAL INVESTORS 29
2.3.3 STRATEGIE INVESTORS 30
2.4 ADVISERS 32
2.4.1 INVESTMENT BANKS 32
2.4.2 ACCOUNTANTS AND TAX ADVISERS 33
2.4.3 LAWYERS 34
2.4.4 OTHER ADVISERS 34
2.5 MANDATE LETTER 36
2.6 CONFIDENTIALITY AGREEMENT 42
CHAPTER 3: CONTACTING INTERESTED PARTIES (PHASE 2)
3.1 DOCUMENTATION 46
3.1.1 ANONYMOUS SHORT PROFILE 46
3.1.2 INFORMATION MEMORANDUM 46
3.2 NON-BINDING OFFER 47
CHAPTER 4: FINANCIAL ASPECTS IN AN M&A SALES PROCESS (PHASE 3)
4.1 DUE DILIGENCE 53
4.2 VALUATION 53
4.3 STRUCTURING 53
CHAPTER 5: LEGAL ASPECTS IN AN M&A SALES PROCESS (PHASE 4)
5.1 NEGOTIATIONS 57
5.2 BINDING OFFER 60
5.3 PURCHASE AGREEMENT AND CLOSING 60
5.3.1 PURCHASE AGREEMENT 60
5.3.2 CLOSING 62
PART 2: PRIVATE EQUITY
CHAPTER 1: WHAT IS PRIVATE EQUITY ALL ABOUT? 1.1 DEFINITIONS 65
1.2 TYPES OF INVESTMENT FINANCING 70
1.2.1 EARLY STAGE FINANCINGS (VENTURE CAPITAL FINANCINGS) 71
1.2.1.1 SEED FINANCING 71
1.2.1.2 START-UP FINANCING 71
1.2.1.3 FIRST-STAGE FINANCING 71
1.2.2 LATER-STAGE FINANCINGS (PRIVATE EQUITY FINANCINGS) 72
1.2.2.1 SECOND-STAGE FINANCING 72
1.2.2.2 THIRD-STAGE FINANCING 73
1.2.2.3 FOURTH-STAGE FINANCING 73
1.3 OCCASIONS FOR PRIVATE EQUITY FINANCING 75
1.3.1 EXPANSION (DEVELOPMENT CAPITAL) 75
1.3.2 BRIDGE FINANCING 75
1.3.3 PUBLIC-TO-PRIVATE (GOING PRIVATE) 76
IMAGE 3
CONTENT XIII
1.3.4 SUCCESSION PLANNING AND DISPLACEMENT OF EXISTING SHAREHOLDERS 76
1.3.5 SPIN-OFF 77
1.3.6 PRIVATE PLACEMENT 77
1.3.7 TURNAROUND 78
1.3.8 PLATFORM STRATEGY OR BUY AND BUILD STRATEGY 78
1.4 TYPES OF INVESTMENTS 80
1.4.1 OPEN INVESTMENTS 80
1.4.2 INDIRECT INVESTMENTS 81
CHAPTER 2: WHO DRIVES PRIVATE EQUITY?
2.1 BIDDER GROUPS FOR EQUITY CAPITAL 83
2.1.1 CAPTIVE FUNDS 83
2.1.2 PUBLIC FUNDS 83
2.1.3 INDEPENDENT FUNDS 83
2.2 THE ROLE OF BANKS IN THE PRIVATE EQUITY BUSINESS 84
2.3 INVESTORS IN PRIVATE EQUITY CAPITAL 86
2.3.1 NEW FUNDS RAISED ACCORDING TO CAPITAL SOURCES 86
2.3.2 GEOGRAPHICAL DISTRIBUTION IN GERMANY 87
2.3.3 NEW FUNDS RAISED ACCORDING TO FINANCING PHASES 88
2.3.4 SECTORAL DISTRIBUTION OF INVESTMENT 88
CHAPTER 3: HOW ARE PRIVATE EQUITY FIRMS ORGANIZED?
3.1 ORGANIZATIONAL ASPECTS 90
3.1.1 STRUCTURE OF PRIVATE EQUITY COMPANIES 90
3.1.1.1 SEPARATION OF FUND AND MANAGEMENT 90
3.1.1.2 SUBSIDIARIES 91
3.1.2 MANAGEMENT, CONTROL AND ADVISORY ORGANS 91
3.1.3 INNER ORGANIZATION 92
3.2 THE INVESTMENT CONTRACT 94
3.2.1 BASIC TYPES AND SIGNIFICANT PARTS OF THE CONTRACT 94
3.2.2 EXAMPLES OF WORDINGS FOR CERTAIN CLAUSES 96
3.2.2.1 OPTIONS 96
3.2.2.2 PRE-EMPTIVE RIGHT, RIGHT OF FIRST REFUSAL, DUTY TO SUPPLY
INFORMATION ON OFFER 96
3.2.2.3 TAKE-ALONG RIGHTS OF MANAGERS 97
3.2.2.4 DRAG-ALONG RIGHTS 98
3.2.2.5 EXIT/LIQUIDATION PROCEEDS PREFERENCE 98
3.2.2.6 ANTIDILUTION CLAUSE 99
3.2.2.7 CONCENTRATION OF CORPORATE ACTIVITIES 99
3.2.2.8 PROHIBITION OF COMPETITION AND SOLICITATION FOR SELLER 99
3.2.2.9 PROVISIONS REGARDING EXIT 100
3.2.2.10 LIST OF TRANSACTIONS REQUIRING CONSENT 100
3.2.2.11 REPORTING DUTIES 101
3.2.3 ADOPTION OF EXISTING CONTRACTS, IMPORTANT SIDE CONTRACTS AND
COVENANTS 101 3.2.4 COMBINED INVESTMENT CONTRACTS 102
3.2.5 PARTICIPATION IN ADVISORY AND CONTROL ORGANS 103
IMAGE 4
XIV CONTENT
3.3 VALUATION OF PRIVATE EQUITY INVESTMENTS 105
3.3.1 MEASURING PERFORMANCE: THE INTERNAL RATE OF RETURN (IRR) 105
3.3.1.1 DERIVATION OF THE IRR 106
3.3.1.2 CALCULATING THE IRR USING STANDARD SPREADSHEET SOFTWARE 107
3.3.1.3 THREE LEVELS OF IRR ADVOCATED BY EVCA 108
3.3.2 VALUATION PRINCIPLES AND METHODOLOGIES 110
3.3.2.1 VALUATION PRINCIPLES 110
3.3.2.2 VALUATION METHODOLOGIES 112
CHAPTER 4: HOW IS PRIVATE EQUITY BUSINESS DONE?
4.1 THE WORKING APPROACH OF PRIVATE EQUITY COMPANIES 119
4.1.1 ORGANIZATIONAL MILESTONES 119
4.1.1.1 RECRUITING 119
4.1.1.2 FUND RAISING 120
4.1.2 PROJECT-ORIENTED MILESTONES 121
4.1.2.1 DEAL-FLOW 121
4.1.2.2 DUE DILIGENCE 122
4.1.2.3 BUSINESS PLAN 123
4.1.2.4 INVESTMENT NEGOTIATIONS 124
4.1.2.5 INVESTMENT SUPPORT 125
4.1.2.6 EXIT 126
4.2 ACQUISITION POLICY AND RISK MANAGEMENT 132
4.2.1 QUALITY CONTROLS IN THE PROJECT EXAMINATION AREA 132
4.2.2 SETTING OF COMPETENCES AND DECISION LEVELS 133
4.2.3 SELECTION OF PROJECTS ACCORDING TO THE CRITERIA OF COMPANY SIZE
133 4.2.4 RISK LIMITATION THROUGH SYNDICATION 133
4.2.5 RISK LIMITATION THROUGH SPECIALIZATION 134
4.3 INVESTMENT PURCHASE ABROAD 136
4.4 EVCA GOVERNING PRINCIPLES 137
4.4.1 GOVERNING PRINCIPLES 137
4.4.2 EXAMPLES 138
4.4.2.1 INITIAL CONSIDERATIONS 138
4.4.2.1.1 EARLY STAGE PLANNING 138
4.4.2.1.2 INVESTORS AND MARKETING 139
4.4.2.1.3 STRUCTURING 139
4.4.2.2 FUNDRAISING 139
4.4.2.2.1 INITIATORS 140
4.4.2.2.2 TARGET INVESTORS 140
4.4.2.2.3 ORIGIN OF FUNDS 141
4.4.2.2.4 INVESTORS 141
4.4.2.2.5 STRUCTURE OF THE OFFER: TERMS OF INVESTMENT 142
4.4.2.2.6 STRUCTURE OF THE DOCUMENTATION 143
4.4.2.2.7 PRESENTATION TO INVESTORS 144
4.4.2.2.8 TRACK RECORDS AND FORECASTS 145
4.4.2.2.9 TIME PERIOD FOR FUNDRAISING 146
4.4.2.3 INVESTING 146
IMAGE 5
CONTENT
XV
4.4.2.3.1 DUE DILIGENCE 146
4.4.2.3.2 INVESTMENT DECISION 147
4.4.2.3.3 STRUCTURING INVESTMENT 147
4.4.2.3.4 POSSIBLE MEANS BY WHICH THE FUND MAY INFLUENCE AN INVESTEE
BUSINESS 148
4.4.2.3.5 INVESTMENT AGREEMENTS AND DOCUMENTS 149
4.4.2.3.6 MANAGER S CONSENT TO INVESTEE BUSINESS ACTIONS 150
4.4.2.3.7 COOPERATION WITH CO-INVESTORS AND SYNDICATE PARTNERS 150
4.4.2.3.8 CO-INVESTMENT AND PARALLEL INVESTMENT BY THE MANAGER AND
EXECUTIVES 151
4.4.2.3.9 CO-INVESTMENT AND PARALLEL INVESTMENTS BY FUND INVESTORS AND
OTHER THIRD PARTIES 151
4.4.2.3.10 DIVESTMENT PLANNING 152
4.4.2.4 MANAGEMENT OF AN INVESTMENT 152
4.4.2.4.1 INVESTMENT MONITORING 152
4.4.2.4.2 EXERCISE OF INVESTOR CONSENTS 153
4.4.2.4.3 FOLLOW-ON INVESTMENTS 153
4.4.2.4.4 UNDER-PERFORMING INVESTMENTS 154
4.4.2.5 DISPOSAL OF AN INVESTMENT 154
4.4.2.5.1 IMPLEMENTATION OF DIVESTMENT PLANNING 155
4.4.2.5.2 RESPONSIBILITY FOR DIVESTMENT DECISION-MAKING 155
4.4.2.5.3 WARRANTIES AND INDEMNITIES 155
4.4.2.5.4 SHOULD CASH ALWAYS BE TAKEN ON REALIZATION OR CAN SHARES/
EARN-OUTS BE ACCEPTED? 156
4.4.2.5.5 SALES TO ANOTHER FUND MANAGED BY THE SAME MANAGER 156
4.4.2.5.6 MANAGING QUOTED INVESTMENTS 157
4.4.2.6 DISTRIBUTION 158
4.4.2.6.1 DISTRIBUTION PROVISIONS IN CONSTITUTION 158
4.4.2.6.2 TIMING OF DISTRIBUTIONS 158
4.4.2.7 INVESTOR RELATIONS 159
4.4.2.7.1 REPORTING OBLIGATIONS 159
4.4.2.7.2 TRANSPARENCY 159
4.4.2.7.3 INVESTOR RELATIONS 160
4.4.2.7.4 INVESTORS COMMITTEE 160
4.4.2.8 WINDING UP OF A FUND 161
4.4.2.8.1 LIQUIDATION 161
4.4.2.8.2 FUND DOCUMENTATION 161
4.4.2.9 MANAGEMENT OF MULTIPLE FUNDS 162
4.4.2.9.1 CONFLICTS OF INTEREST 162
4.4.2.9.2 ESTABLISHMENT OF NEW FUNDS 162
4.4.2.10 MANAGER S INTERNAL ORGANIZATION 163
4.4.2.10.1 HUMAN RESOURCES 163
4.4.2.10.2 INCENTIVIZATION 163
4.4.2.10.3 FINANCIAL RESOURCES 164
4.4.2.10.4 PROCEDURES AND ORGANIZATION 164
4.4.2.10.5 SEGREGATION OF FUND ASSETS 164
4.4.2.10.6 INTERNAL REVIEWS AND CONTROLS 165
IMAGE 6
XVI CONTENT
4.4.2.10.7 EXTERNAL ASSISTANCE 165
4.4.2.11 LIST OF QUESTIONS ADDRESSED IN EXAMPLES SECTION 166
PART 3: ACQUISITION FINANCING
CHAPTER 1: WHAT MAKES ACQUISITION FINANCING SPECIAL? 1.1 DEFINITION AND
CHALLENGES 169
1.2 THE CHALLENGES OF ACQUISITION FINANCING 170
1.3 ACQUISITION FINANCING VS. BUY-OUT/BUY-IN FINANCING 172
1.3.1 MANAGEMENT BUY-OUT (MBO) 172
1.3.2 MANAGEMENT BUY IN (MBI) 173
1.3.3 LEVERAGED BUY-OUT (LBO) 173
CHAPTER 2: WHO DRIVES ACQUISITION FINANCING?
2.1 ACQUISITION FINANCING - PARTIES INVOLVED AND THEIR VARIOUS MOTIVES
.. 175 2.1.1 SENIOR PARTNERS 175
2.1.2 STRATEGIC INVESTORS 176
2.1.3 FINANCIAL INVESTORS (PRIVATE EQUITY INVESTORS) 176
2.1.4 MANAGEMENT 176
2.1.5 FINANCIAL INSTITUTIONS 177
2.1.6 ADVISORS 178
2.2 MAIN GOALS OF DEBT CAPITAL INVESTORS 178
2.2.1 LOW DEBT CAPITAL RATIO 178
2.2.2 COLLATERAL 179
2.2.3 MARKETABILITY - LOAN SYNDICATION 179
2.2.4 RETURN ON DEBT 180
2.3 MAIN GOALS OF EQUITY CAPITAL INVESTORS 181
2.3.1 RETURN ON EQUITY 181
2.3.2 LIMITED LIABILITY 181
2.3.3 CONTRACT FLEXIBILITY 182
2.3.4 MINIMUM EXPENSES 182
CHAPTER 3: HOW DOES ACQUISITION FINANCING WORK?
3.1 FUNCTIONALITY OF LEVERAGED BUY-OUTS 183
3.2 EXPLOITING THE LEVERAGE EFFECT 184
3.3 IMPROVEMENT OF CASH FLOWS 185
3.3.1 FIXED ASSETS AND WORKING CAPITAL OPTIMIZATION 185
3.3.2 STRATEGIC REORIENTATION OF THE ENTERPRISE 185
3.3.3 EFFICIENT CAPITAL ALLOCATION 186
3.3.4 KNOW-HOW TRANSFER BY FINANCIAL INVESTORS 186
3.3.5 ELIMINATION OF UNDERPERFORMANCE IN THE ENTERPRISE 186
3.3.6 ASSET STRIPPING 186
3.4 IMPROVEMENT OF COMPANY VALUATION 187
3.4.1 INCREASE PURCHASE PRICE MULTIPLE DUE TO IMPROVED RETURNS AND
PROFITS 187
IMAGE 7
CONTENT XVII
3.4.2 INCREASE PURCHASE PRICE MULTIPLE DUE TO AN OPTIMIZED FIRM SIZE 187
3.5 INTEGRAL PARTS OF SUCCESSFUL LEVERAGED BUY-OUTS 188
3.5.1 ATTRACTIVE LBO MARKET ENVIRONMENT 188
3.5.2 LBO PROFICIENT COMPANY 188
3.5.3 EXIT POSSIBILITIES AND INCREASE IN COMPANY VALUE 189
3.5.4 MANAGEMENT 189
3.5.5 TRACK RECORD AND FIRM ETHICS OF FINANCIAL INVESTOR 190
3.5.6 FAIR PRICE 190
3.5.7 FISCAL OPTIMIZATION 192
3.5.8 FEASIBLE AND SUSTAINABLE FINANCING STRUCTURE 192
CHAPTER 4: HOW TO STRUCTURE AN ACQUISITION
4.1 ACQUISITION FINANCING - STRUCTURING THE PROJECT UNDER COMPANY LAW .
196 4.1.1 THREE-STEP TAKEOVER APPROACH 196
4.1.2 RESPECTIVE INTERESTS OF EQUITY CAPITAL INVESTORS 198
4.1.3 RESPECTIVE INTERESTS OF DEBT CAPITAL INVESTORS 198
4.1.4 LEGAL RESTRICTIONS 198
4.2 ASSET DEAL VS. SHARE DEAL 199
4.3 ACQUISITION FINANCING - STRUCTURING THE FINANCING TOOLS 200
CHAPTER 5: HOW TO DETERMINE THE FINANCIAL STRUCTURE OF AN ACQUISITION
FINANCING
5.1 DETERMINATION OF THE DEBT SERVICE ABILITY 204
5.2 ACQUISITION FINANCING - ROLE OF EQUITY CAPITAL 207
5.2.1 SHARE CAPITAL 207
5.2.2 SHAREHOLDER LOANS 207
5.3 ACQUISITION FINANCING - ROLE OF OUTSIDE CAPITAL 209
5.3.1 SENIOR TERM DEBT 209
5.3.2 WORKING CAPITAL FACILITIES 212
5.4 MEZZANINE CAPITAL 215
5.4.1 PARTICULAR CHARACTERISTICS OF MEZZANINE CAPITAL 215
5.4.2 MEZZANINE CAPITAL IN THE CONTEXT OF ACQUISITION FINANCINGS 216
5.4.2.1 MEZZANINE CAPITAL - BRIDGING THE GAP 216
5.4.2.2 MEZZANINE CAPITAL - PAYMENT STRUCTURE AND YIELD EXPECTATIONS 217
5.4.2.3 MEZZANINE CAPITAL - CONTRACTUAL STRUCTURING 217
5.4.3 DIFFERENT FORMS OF MEZZANINE CAPITAL 219
5.4.3.1 EQUITY MEZZANINE INSTRUMENTS 220
5.4.3.2 DEBT MEZZANINE INSTRUMENTS 221
5.5 CAPITAL STRUCTURE AND KEY FIGURES 225
CHAPTER 6: WHAT KIND OF CONTRACTS ARE USED IN ACQUISITION FINANCING?
6.1 CREDIT AGREEMENT 228
6.1.1 PRECEDENT CONDITIONS 229
6.1.2 REPRESENTATIONS AND WARRANTIES 229
6.1.3 COVENANTS 230
IMAGE 8
XVIII CONTENT
6.2 COLLATERAL AGREEMENT 233
6.3 CONSORTIUM AGREEMENT 233
6.4 INTERCREDITOR AGREEMENT 233
6.5 PURCHASE AGREEMENT 234
CHAPTER 7: HOW IS ACQUISITION FINANCING DONE?
7.1 PRE-DEAL SCREENING 236
7.1.1 BUSINESS PLAN 236
7.1.2 DUE DILIGENCE 237
7.1.3 FINANCING CASE 239
7.1.4 FINANCING STRUCTURE AND TERM SHEET 239
7.1.5 COMMITMENT LETTER 240
7.1.6 CONTRACT DOCUMENTATION 240
7.1.7 SYNDICATION 240
7.1.8 DEAL SIGNING AND CLOSING 242
7.2 POST-DEAL MONITORING 242
PART 4: INITIAL PUBLIC OFFERING
CHAPTER 1: WHY INITIAL PUBLIC OFFERING? 1.1 DEFINITION AND REASONS FOR
AN IPO 245
1.2 PROS AND CONS 248
1.2.1 BENEFITS AND OPPORTUNITIES 249
1.2.2 DRAWBACKS AND CONTINUING OBLIGATIONS 250
1.3 PRE-IPO STRATEGY 253
CHAPTER 2: WHAT IS THE ROADMAP FOR A SUCCESSFUL IPO?
2.1 PHASE ONE: PLANNING AND PREPARATION 257
2.1.1 CHECKING THE PRE-REQUISITES FOR GOING PUBLIC 257
2.1.1.1 STOCK CORPORATION 257
2.1.1.2 FINANCIAL REPORTING 259
2.1.1.3 BUSINESS PLAN 260
2.1.2 EQUITY STORY 260
2.1.3 ISSUE CONCEPT 263
2.2 PHASE TWO: STRUCTURING 265
2.2.1 RECRUITING SYNDICATE BANKS 265
2.2.1.1 COORDINATORS 265
2.2.1.2 SYNDICATE STRUCTURE 267
2.2.1.3 DESIGNATIONS 269
2.2.1.4 BEAUTY CONTEST AND SELECTION CRITERIA 270
2.2.1.5 AGREEMENTS WITH COORDINATORS 272
2.2.1.6 UNDERWRITING COMMISSIONS 273
2.2.2 IPO CONSULTANTS 274
2.2.3 LEGAL ADVISERS 275
2.2.4 AUDITORS AND TAX ADVISERS 277
IMAGE 9
CONTENT XIX
2.2.5 IR/PR AGENCIES 277
2.2.6 DUE DILIGENCE 278
2.2.7 VALUATION 280
2.2.8 PROSPECTUS 282
2.2.9 CORPORATE GOVERNANCE 285
2.3 PHASE THREE: MARKETING: INVESTOR RELATIONS, PRE-MARKETING, AND ROAD
SHOW 286
2.3.1 INVESTOR RELATIONS 286
2.3.2 PRE-MARKETING 287
2.3.2.1 ANALYST MEETINGS 287
2.3.2.2 RESEARCH 287
2.3.3 ROAD SHOW 290
2.4 PHASE FOUR: PRICING, ALLOCATION AND STABILISATION 291
2.4.1 PRICING 291
2.4.1.1 PRICING METHODS 291
2.4.1.1.1 FIXED-PRICE METHOD 291
2.4.1.1.2 BOOKBUILDING 291
2.4.1.2 PRICING STRUCTURE 292
2.4.1.3 PRICING MECHANISM 292
2.4.2 ALLOCATION 295
2.4.2.1 ALLOCATION TO INSTITUTIONAL INVESTORS 295
2.4.2.2 ALLOCATION TO RETAIL INVESTORS 296
2.4.2.3 EMPLOYEE EQUITY COMPENSATION PROGRAMS 297
2.4.2.4 FRIENDS & FAMILY PROGRAM 297
2.4.3 STABILIZATION 298
2.4.3.1 GREENSHOE (OVER-ALLOTMENT OPTION) 298
2.4.3.2 NAKED SHORT 299
2.4.3.3 NAKED LONG 299
2.5 PHASE FIVE: LIFE AS A PUBLIC COMPANY 300
2.5.1 AD-HOC DISCLOSURES 300
2.5.2 INSIDER INFORMATION AND COMPLIANCE 301
2.5.3 TRANSPARENCY FOR CAPITAL MARKETS 302
2.5.4 ANNUAL FINANCIAL STATEMENTS AND QUARTERLY REPORTS 303
2.5.5 ANALYST CONFERENCES AND RESEARCH 305
2.5.6 CORPORATION ACTION TIMETABLE 305
4.5.7 INVESTOR RELATIONS 306
PART 5: GOING PRIVATE
CHAPTER 1: WHY GO PRIVATE? 1.1 DEFINITION OF GOING PRIVATE 309
1.2 GOING PRIVATE AND GOING DARK 310
1.2.1 GOING DARK 310
1.2.2 SIMILARITIES AND DIFFERENCES BETWEEN GOING PRIVATE AND GOING DARK
. .. 312
IMAGE 10
XX CONTENT
1.3 MOTIVES AND SUCCESS FACTORS FOR GOING PRIVATE 313
1.3.1 REASONS FOR GOING PRIVATE 313
1.3.2 BENEFITS OF GOING PRIVATE 314
1.3.3 RISKS OF GOING PRIVATE 315
1.4 CANDIDATES FOR GOING PRIVATE TRANSACTIONS 316
1.5 RECENT TRANSACTIONS IN THE U.S., U.K. AND GERMANY 317
CHAPTER 2: GOING PRIVATE IN GERMANY 2.1 WHAT IS THE LEGAL FRAMEWORK OF
GOING PRIVATE TRANSACTIONS IN GERMANY? 322
2.2 HOW CAN DELISTING BE DONE? 323
2.2.1 EX OFFICIO DELISTING 323
2.2.2 HOT DELISTING 323
2.2.3 COLD DELISTING 324
2.2.3.1 SQUEEZE-OUT 324
2.2.3.2 INTEGRATION 326
2.2.3.3 CONVERSION, MERGER AND CORPORATE DIVISION 327
2.2.3.4 LIQUIDATION AND SALE OF ALL ASSETS 328
PART 6: DUE DILIGENCE
CHAPTER 1: WHY DUE DILIGENCE? 1.1 DEFINITION OF THE TERM DUE DILIGENCE
331
1.2 MOTIVES FOR CONDUCTING A DUE DILIGENCE 332
1.3 OBJECTIVES OF THE DUE DILIGENCE PROCESS 333
1.3.1 REDUCING THE INFORMATION ASYMMETRY 333
1.3.2 IDENTIFYING AND EXAMINING THE SYNERGY POTENTIAL 333
1.3.3 LINKING THE STRATEGIC PREPARATION WITH THE INTEGRATION PERIOD 334
1.3.4 PROVIDING REPS AND WARRANTIES 334
1.4 PARTICIPANTS IN THE DUE DILIGENCE PROCESS 334
1.5 INFORMATION SOURCES FOR CONDUCTING DUE DILIGENCE 335
1.5.1 INTERNAL SOURCES OF INFORMATION 335
1.5.1.1 THE DATA ROOM 335
1.5.1.2 INTERVIEWING THE MANAGEMENT 335
1.5.1.3 SITE VISITS 336
1.5.2 EXTERNAL SOURCES OF INFORMATION 336
CHAPTER 2: WHAT IS A DATA ROOM?
2.1 THE DATA ROOM 337
2.2 DATA ROOM CHECKLIST 339
2.2.1 CORPORATE ORGANIZATION 339
2.2.2 EMPLOYEES 340
2.2.3 LITIGATION 340
2.2.4 PENSIONS 340
IMAGE 11
CONTENT XXI
2.2.5 TAXATION 340
2.2.6 AGREEMENTS 341
2.2.7 INSURANCES 341
2.2.8 FINANCIAL DOCUMENTS 341
2.2.9 INTELLECTUAL PROPERTY 341
2.2.10 PROPERTY 341
2.2.11 PRODUCTS/SERVICES/TECHNOLOGY 342
CHAPTER 3: WHAT IS DONE IN A DUE DILIGENCE?
3.1 THE STRATEGIC AUDIT 343
3.1.1 ASSESSING THE TARGET COMPANY S FORECASTING PROCESS 343
3.1.2 STEPS FOR FORMULATING A BUSINESS PLAN 343
3.1.3 WHAT HAPPENS WITH THE BUSINESS PLAN? 344
3.1.4 CHALLENGING THE BUSINESS PLAN 344
3.2 THE FINANCIAL AUDIT 349
3.2.1 ASSESSING INTERNAL CONTROLS 349
3.2.2 ASSESSING ANNUAL REPORTS 349
3.3 THE LEGAL AUDIT 353
3.3.1 THE LEGAL FOUNDATION 353
3.3.2 THE LEGAL RISK FACTORS 353
3.3.3 THE INTERNAL LEGAL STRUCTURE 354
3.3.4 THE EXTERNAL LEGAL STRUCTURE 354
3.4 CONDUCTING A TAX DUE DILIGENCE 355
3.4.1 THE SCOPE OF THE TAX DUE DILIGENCE 355
3.4.2 PAST PERIODS THAT WERE NOT COVERED BY TAX AUDITS 356
PART 7: AN OVERVIEW OF CORPORATE VALUATION
CHAPTER 1: WHY VALUATION? 1.1 VALUATION METHODS AT A GLANCE 359
1.2 OCCASIONS AND PURPOSES OF VALUATION 361
1.3 GENERAL FRAMEWORK 364
1.3.1 VALUATION: ART OR SCIENCE? 364
1.3.2 VALUE VS. PRICE 364
CHAPTER 2: HOW TO CARRY OUT A VALUATION
2.1 VALUATION TECHNIQUES 366
2.2 METHODS OF INDIVIDUAL VALUATION 366
2.2.1 NET ASSET VALUE BASED ON REPRODUCTION VALUES 367
2.2.2 NET ASSET VALUE BASED ON LIQUIDATION VALUES 367
2.3 MULTIPLE METHODS 369
IMAGE 12
XXII CONTENT
CHAPTER 3: THE DCF METHOD
3.1 OVERVIEW OF THE VARIOUS DCF APPROACHES 372
3.1.1 THE WACC APPROACH 372
3.1.2 ADJUSTED PRESENT VALUE (APV) APPROACH 374
3.1.3 EQUITY APPROACH (NET APPROACH) 375
3.2 CALCULATION OF THE CASH FLOWS AND TERMINAL VALUE 377
3.2.1 CALCULATION OF THE OPERATING FREE CASH FLOWS ACCORDING TO THE WACC
APPROACH AND THE APV APPROACH 377
3.2.2 CALCULATION OF THE FLOWS TO EQUITY IN THE EQUITY APPROACH 380
3.2.3 CALCULATION OF THE TERMINAL VALUE 382
3.2.3.1 THE TWO-PHASE MODEL FOR THE DETERMINATION OF THE VALUE OF A
COMPANY WITH INFINITE LIFETIME 382
3.2.3.2 DETERMINATION OF THE TERMINAL VALUE 383
3.2.3.3 DETERMINATION OF THE DETAIL PLANNING HORIZON (DETAIL PLANNING
PERIOD) 387
3.3 DETERMINATION OF THE DISCOUNT RATE 389
3.3.1 DETERMINATION OF THE DISCOUNT RATE SUBJECT TO THE RESPECTIVE DCF
METHOD 389
3.3.2 DETERMINATION OF THE MARKET VALUE-WEIGHTED CAPITAL STRUCTURE . ..
391 3.3.2.1 DETERMINATION OF THE CURRENT CAPITAL STRUCTURE 391
3.3.2.2 TARGET CAPITAL STRUCTURE 393
3.3.3 COST OF EQUITY 396
3.3.3.1 DETERMINATION OF THE INTEREST RATE OF A RISK-FREE INVESTMENT 396
3.3.3.2 RISK PREMIUM 401
3.3.3.2.1 SYSTEMATIZATION OF RISKS 401
3.3.3.2.2 DETERMINATION OF THE RISK PREMIUM WITH THE HELP OF CAPITAL
MARKET THEORY MODELS 402
3.3.3.2.2.1 MARKET RISK PREMIUM 403
3.3.3.2.2.2 SIGNIFICANCE OF THE BETA FACTOR 404
3.3.3.2.2.3 STRUCTURE OF THE BETA FACTOR (DEPENDENCE OF THE BETA FACTOR
ON THE LEVERAGE) 405
3.3.3.2.2.4 DETERMINATION OF THE BETA FACTOR OUT OF PAST VALUES 407
3.3.3.2.2.5 BETA FACTORS FOR NON-PUBLICLY LISTED COMPANIES 410
3.3.3.2.2.6 DETERMINATION OF BETA FACTORS FOR CONGLOMERATES 414
3.3.3.2.2.7 ESTIMATION OF FUTURE BETA FACTORS 415
3.3.3.2.2.8 MODEL ASSUMPTIONS OF THE CAPM 415
3.3.3.2.3 AGIOS IN THE CALCULATION OF THE RISK PREMIUM 416
3.3.3.2.3.1 AGIOS FOR THE UNSYSTEMATIC RISK 416
3.3.3.2.3.2 MOBILITY AGIO (LIQUIDITY AGIO, FUNGIBILITY AGIO) 417
3.3.3.2.3.3 AGIO FOR PERSONAL LIABILITY 417
3.3.3.2.3.4 MAJORITY DISAGIO (PACKAGE AGIO) 417
3.3.4 COST OF DEBT 420
3.3.4.1 BUT WHERE CAN THE INFORMATION ON THE RISK PREMIUM WHICH IS
CURRENTLY VALID IN THE MARKET BE OBTAINED? 420
3.4 CALCULATION OF THE ENTERPRISE VALUE 424
3.5 PERIOD-SPECIFIC WACC 430
IMAGE 13
CONTENT XXIII
CHAPTER 4: THE TRADING MULTIPLES METHOD
4.1 BASIC PRINCIPLE AND PROCEDURE 433
4.1.1 THE PROCEDURE OF MULTIPLES VALUATION 432
4.1.2 CREATION OF MULTIPLES 434
4.1.3 CALCULATION OF THE COMPANY VALUE 435
4.2 PRESENTATION OF THE DIFFERENT MULTIPLES 436
4.2.1 EQUITY VALUE VS. ENTITY VALUE MULTIPLES 436
4.2.2 TRADING VS. TRANSACTION MULTIPLES 438
4.2.3 OVERVIEW OF THE DIFFERENT MULTIPLES 439
4.2.4 MULTIPLES BASED ON BALANCE SHEET FIGURES - PRICE-BOOK-VALUE 440
4.2.5 MULTIPLES BASED ON PROFIT & LOSS STATEMENT FIGURES 442
4.2.5.1 SALES MULTIPLES 443
4.2.5.2 EV/EBITDA MULTIPLE 445
4.2.5.3 EV/EBITA MULTIPLE 446
4.2.5.4 EV/EBIT MULTIPLE 447
4.2.5.5 PRICE-EARNINGS-RATIO 448
4.2.6 CASH FLOW MULTIPLES 449
4.2.7 NON-FINANCIAL MULTIPLES 450
4.2.8 CONSIDERATION OF GROWTH 451
4.3 CALCULATION OF THE MULTIPLES OF THE PEER COMPANIES 453
4.3.1 SELECTION OF THE PEER COMPANIES 453
4.3.2 SELECTION OF THE VALUATION PERIOD 457
4.3.3 SELECTION OF THE MULTIPLE 459
4.3.4 COLLECTION AND PREPARATION OF THE INFORMATION 460
4.3.4.1 MARKET VALUE OF THE EQUITY AND ENTERPRISE VALUE 460
4.3.4.2 DETERMINATION OF THE REFERENCE FIGURES: ANNUAL REPORT FIGURES
461 4.3.4.3 DETERMINATION OF THE REFERENCE FIGURES: ESTIMATIONS 461
4.3.5 INFORMATION PREPARATION AND MULTIPLES CALCULATION BASED ON THE
EXAMPLE OF BERN AG 464
4.3.5.1 MARKET VALUE OF THE EQUITY 464
4.3.5.2 ENTERPRISE VALUE 464
4.3.5.3 CALCULATION OF PAST-ORIENTED MULTIPLES 464
4.3.5.3.1 DETERMINATION OF THE REFERENCE FIGURES OF THE SINGLE MULTIPLES
FROM THE ANNUAL REPORT FIGURES 464
4.3.5.3.2 CALCULATION OF THE MULTIPLES 467
4.3.5.4 CALCULATION OF FUTURE-ORIENTED MULTIPLES 468
4.3.5.4.1 COLLECTION OF THE ESTIMATIONS 468
4.3.5.4.2 VERIFICATION OF THE ESTIMATIONS 471
4.3.5.4.3 INTERPOLATION IN CASE OF A BUSINESS YEAR DEVIATING FROM THE
CALENDAR YEAR 472 4.3.5.4.4 CALCULATION OF THE MULTIPLES 474
4.3.6 MARKET VALUE VS. BOOK VALUE FOR MINORITY INTERESTS AND NON-FULLY
CONSOLIDATED PARTICIPATIONS 476
4.3.6.1 CONSIDERATION OF MINORITY INTERESTS IN THE EXAMPLE OF PEUGEOT
AND FAURECIA 477
4.3.6.2 CONSIDERATION OF NON-CONSOLIDATED PARTICIPATIONS BASED ON THE
EXAMPLE OF RENAULT AND NISSAN 479
IMAGE 14
XXIV CONTENT
4.4 MULTIPLES VALUATION FOR AUTOMOTIVE SUPPLIER GMBH 481
4.4.1 DETERMINATION OF THE PEER COMPANIES MULTIPLES 481
4.4.2 AGGREGATION OF THE MULTIPLES 490
4.4.3 CALCULATION OF THE COMPANY VALUE OF AUTOMOTIVE SUPPLIER GMBH . ..
494
CHAPTER 5: THE TRANSACTION MULTIPLES METHOD 5.1 VALUATION CONCEPTION 498
5.2 PREVALENCE AND APPLICATION OF THE VALUATION METHOD 498
5.3 THOUGHTS ON THE PRACTICAL APPLICATION OF TRANSACTION MULTIPLES 499
5.3.1 PREFERRED MULTIPLES 499
5.3.2 DETERMINATION OF RELEVANT COMPARABLE TRANSACTIONS 501 5.3.2.1
COMPANY-SPECIFIC FACTORS 501
5.3.2.2 TRANSACTION-SPECIFIC FACTORS 501
5.3.3 DATA COLLECTION AND CALCULATION 502
5.3.3.1 CALCULATION OF THE TRANSACTION MULTIPLES 502
5.3.3.2 FINANCIAL DATA OF THE VALUATION OBJECT 505
5.4 SECTOR-SPECIFIC ISSUES AND REGIONAL DIFFERENCES 506
5.4.1 THE RELEVANCE OF THE SECTOR AND THE REGIONAL PRESENCE FOR
TRANSACTION MULTIPLES 506
5.4.2 REASONS AND IMPLICATIONS 507
5.5 TAKEOVER PREMIUMS 508
5.5.1 SIGNIFICANCE OF THE TAKEOVER PREMIUM 508
5.2.2 REASONS FOR TAKEOVER PREMIUMS 510
5.2.2.1 UNDERVALUATION OF THE TARGET COMPANY 510
5.2.2.2 COMPENSATION OF SYNERGY EFFECTS 511
5.2.2.3 MANAGER HYBRIS 511
5.5.2.4 CONTROL PREMIUM 511
5.2.2.5 BIDDER COMPETITION VS. EXCLUSIVE NEGOTIATIONS 512
5.6 CASE STUDY 513
5.7 CRITIQUE OF THE VALUATION METHODOLOGY 514
INDEX 517
|
| any_adam_object | 1 |
| author | Ernst, Dietmar 1968- Häcker, Joachim 1968- |
| author_GND | (DE-588)131883011 (DE-588)120447568 |
| author_facet | Ernst, Dietmar 1968- Häcker, Joachim 1968- |
| author_role | aut aut |
| author_sort | Ernst, Dietmar 1968- |
| author_variant | d e de j h jh |
| building | Verbundindex |
| bvnumber | BV036031644 |
| classification_rvk | QP 700 QP 710 |
| ctrlnum | (OCoLC)633590289 (DE-599)DNB997693088 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 2., komplett überarb. und erw. Aufl. |
| format | Book |
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| id | DE-604.BV036031644 |
| illustrated | Illustrated |
| indexdate | 2024-08-01T11:16:30Z |
| institution | BVB |
| isbn | 9783800637515 3800637510 |
| language | English German |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018923704 |
| oclc_num | 633590289 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-20 DE-898 DE-BY-UBR DE-945 DE-384 DE-473 DE-BY-UBG DE-M382 DE-2070s DE-19 DE-BY-UBM DE-M347 DE-1051 DE-634 DE-92 DE-Aug4 DE-858 DE-863 DE-BY-FWS DE-521 DE-1043 DE-12 DE-1102 DE-188 DE-N2 DE-860 |
| owner_facet | DE-355 DE-BY-UBR DE-20 DE-898 DE-BY-UBR DE-945 DE-384 DE-473 DE-BY-UBG DE-M382 DE-2070s DE-19 DE-BY-UBM DE-M347 DE-1051 DE-634 DE-92 DE-Aug4 DE-858 DE-863 DE-BY-FWS DE-521 DE-1043 DE-12 DE-1102 DE-188 DE-N2 DE-860 |
| physical | XXIV, 518 S. graph. Darst. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | Vahlen |
| record_format | marc |
| spellingShingle | Ernst, Dietmar 1968- Häcker, Joachim 1968- Applied international corporate finance Internationales Management (DE-588)4114040-0 gnd Corporate Finance (DE-588)4269795-5 gnd Private Equity (DE-588)7594875-8 gnd Finanzmanagement (DE-588)4139075-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzierung (DE-588)4017182-6 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Going Private (DE-588)4627114-4 gnd Investment Banking (DE-588)4200159-6 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Going Public (DE-588)4219438-6 gnd Due Diligence (DE-588)4516677-8 gnd |
| subject_GND | (DE-588)4114040-0 (DE-588)4269795-5 (DE-588)7594875-8 (DE-588)4139075-1 (DE-588)4075092-9 (DE-588)4017182-6 (DE-588)4205916-1 (DE-588)4627114-4 (DE-588)4200159-6 (DE-588)4078594-4 (DE-588)4219438-6 (DE-588)4516677-8 |
| title | Applied international corporate finance |
| title_auth | Applied international corporate finance |
| title_exact_search | Applied international corporate finance |
| title_full | Applied international corporate finance von Dietmar Ernst und Joachim Häcker |
| title_fullStr | Applied international corporate finance von Dietmar Ernst und Joachim Häcker |
| title_full_unstemmed | Applied international corporate finance von Dietmar Ernst und Joachim Häcker |
| title_short | Applied international corporate finance |
| title_sort | applied international corporate finance |
| topic | Internationales Management (DE-588)4114040-0 gnd Corporate Finance (DE-588)4269795-5 gnd Private Equity (DE-588)7594875-8 gnd Finanzmanagement (DE-588)4139075-1 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzierung (DE-588)4017182-6 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Going Private (DE-588)4627114-4 gnd Investment Banking (DE-588)4200159-6 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Going Public (DE-588)4219438-6 gnd Due Diligence (DE-588)4516677-8 gnd |
| topic_facet | Internationales Management Corporate Finance Private Equity Finanzmanagement Multinationales Unternehmen Finanzierung Mergers and Acquisitions Going Private Investment Banking Unternehmensbewertung Going Public Due Diligence |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018923704&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT ernstdietmar appliedinternationalcorporatefinance AT hackerjoachim appliedinternationalcorporatefinance |
Inhaltsverzeichnis
Würzburg Zentralbibliothek Lesesaal
| Signatur: |
1000 QP 700 E71 A6(2) |
|---|---|
| Exemplar 1 | ausleihbar Verfügbar Bestellen |