Maximizing corporate value through mergers and acquisitions: a strategic growth guide
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Hoboken, NJ
Wiley
2013
|
| Series: | Wiley finance series
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIV, 338 S. graph. Darst. |
| ISBN: | 9781118108741 |
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MARC
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Record in the Search Index
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|---|---|
| adam_text | Contents
Preface
xiii
СНАРТНИ
Merger Grown Strategy
1
Strategy and M&A
2
Introduction to M&A
4
Background and Terminology
5
Hostile Takeovers
5
Takeover Defense
8
Leveraged Transactions
10
Restructurings
12
Trends in Mergers
14
Notes
20
СНАРТИ2
firowth through Mergers and Acquisitions
21
Is Growth or Increased Return the More Appropriate Goal?
The Case of Hewlett-Packard
21
M&A Must Fit the Strategy
—
Not the Other Way Around
24
Strategy Should Not Be Just M&A
25
Organic Growth or Growth through M&A
25
Acquisition and Development versus Research and Development
26
Can M&A Be Effectively Used to Buy Growth?
30
Success in Core Business Does Not Always Translate to Success
with M&A Strategy: Focus on Microsoft
31
Growth through Bolt-On Acquisitions
31
Knowing When to Exit a Business
35
From Growth through M&A to Growth through Organic
Expansion
36
Controlling the Runaway
Dealmaker CEO
38
Using M&A to Achieve Growth in a Slow-Growth Industry
40
Squeezing Out Growth in a Slow-Growth Industry Using
Multiple Options
40
Vj
_______________________________________________________CONTENTS
Dealing with a Slow-Growth Business and Industry
42
Geographical Expansion through M&A
46
International Growth and Cross-Border Acquisitions
47
Taking Advantage of Currency Fluctuations to Pursue
High-Growth M&A
47
Finding Growth in High-Growth Markets
49
Cyclical Companies Achieving Growth in Recessed Markets
50
Notes
52
CHAPTBtS
Synergy
58
What Is Synergy in the Context of M&A?
53
Achievement of Synergy: A Probabilistic Event
55
Types of Synergy
5 8
Industries Pursuit of Cost Economies
65
Research on Operating Economies in M&A
69
Economies of Scope
70
Scope Economies and the One-Stop Shop
72
Copycat Following of Another Firm s Foolish M&A Strategy
74
Cost Economies in Banking Mergers: United States versus Europe
75
Internationalization Theory of Synergy and Information-Based
Assets
79
Notes
89
СНАРТЊ4
Diversification
91
Diversifying M&A in the Conglomerate Era
91
Modern-Day U.S. Conglomerates
92
Portfolios of Companies
95
Theoretical Basis for Diversification
98
Applying Portfolio Theory to Conglomerates?
99
Diversification and the Acquisition of Leading Industry Positions
100
Achieving a Number One or Two Ranking Is Not a Panacea
102
Diversification to Enter More Profitable Industries
102
Empirical Evidence on Diversification
103
Empirical Evidence on the Acquisition Programs of the
1960s 103
How Likely Is It That Diversifying Acquisitions Will End Up
Being Sold Off?
104
Is There a Diversification Discount?
105
Focus Hypothesis
106
Contents__________________________________________________________________
vii
Types of Focus Increases
106
Focus-Increasing Asset Sales Raise Value
107
Explanation for the Diversification Discount
107
Related versus Unrelated Diversification
108
Why Are Very Diversified Companies Allowed to Form?
Beware of the Empire Builders 111
Do Managerial Agendas Drive M&A?
113
Notes
114
СНАРТНІб
Horizontal Integration and M&A
117
Advantages of Holding the One and Two Position in the Industry
117
Benefits of Size: Spotlight on the Mobile Telecommunications
Industry
119
Motivation to Increase Size
122
Competitive Pressures of Competitors M&A Program
122
Horizontal Deals: Acquisitions of Competitors and
Their Competing Brands
124
Sprint-Nextel Horizontal Deal: One of the Worst in M&A
History
125
Declining Industry Demand Necessitating Industry
Consolidation
128
Synergistic Gains and Horizontal M&A
129
Net Benefits of Horizontal Deals
=
Synergistic Gains
-
(Easy to
Measure Costs
+
Hard to Measure Costs)
133
Horizontal Merger Success, Target s Size, and Post-M&A
Integration Costs
134
Mergers of Equals
136
Mergers of Equals and Challenges of Integration
137
Mergers-of-Equals Research: Acquirers versus Target Gains
139
Competitive Advantages of Horizontal Deals:
Case Study
—
InBev and Anheuser-Busch
139
Regulatory Concerns on Merger Integration
141
Horizontal M&A and Market Power: An Economic Perspective
143
Empirical Evidence on Whether Firms Pursue M&A to Achieve
Market Power
145
Countervailing Power, Industry Concentration, and M&A
147
Horizontal Integration, Consolidation, and Roll-Up
Acquisition Programs
155
Notes
156
yj
____________________________________________________CONTENTS
СНАРТИ6
Vertical
Integration
159
Benefits of Vertical Integration
159
Risk and Vertical Integration
159
Vertical Integration as a Path to Global Growth
160
How Owning Your Own Supplier Can Be a Competitive
Disadvantage
163
Vertical Integration as a Natural Outgrowth of a Business
165
Vertical Integration: A Growth Strategy?
168
Continually Reevaluating a Vertical Integration Strategy
173
Regulation of Vertical Integration
176
Copycat Vertical Integration
177
Note
178
CHAPmtľ
Growth through Emerging Market M&A
179
Economic Condition of Major Economies in the Postsubprime
World
180
Low-Growth Markets Diminishing Returns
181
Role of Demographics
182
The Next
11 183
M&A Is Not Always the Best Way of Accessing
High-Growth Markets
184
High-Growth Regions and Countries
185
Risks of Emerging Markets
208
Entering Large Slow-Growth Markets Instead of Fast-Growth
Emerging Markets
210
Reducing Country M&A Risk: Investing in Local Companies
That Engage in Substantial Emerging Market M&A
211
Finding Growth in High-Growth Markets
213
Emerging Market Acquirer
216
China and Its Emerging Market Acquirers
218
Notes
220
СНАРТШб
Joint Venturas and Strategic Alliances as M&A Alternatives
221
Contracts versus Joint Ventures
222
Potential Problems with Joint Ventures and Strategic Alliances
222
Shareholder Wealth Effects of Joint Ventures
224
Shareholder Wealth Effects by Type of Venture
225
Contents_______________________________________________________________
¡Χ
Relatedness
and Size
226
Market s Assessment of Risk of Joint Ventures
227
Strategic Alliances
227
Strategic Alliance Process
228
Shareholder Wealth Effects of Strategic Alliances
229
Shareholder Wealth Effects by Type of Alliance
229
Notes
230
chapter
9
Role of Corporate Governance in M&A
233
Agency Cost Problem
233
CEO Compensation and Agency Costs
235
Do Shareholders Get Value for the High Compensation Paid to
U.S. CEOs?
237
Board Characteristics and CEO Compensation
238
Benchmarking and How Boards Determine CEO Compensation
239
Are the High Paid Superstar CEOs Simply Worth the
Money? Not
240
Are CEOs Paid for Luck?
241
CEO Compensation and M&A Programs
241
Do Boards Pay CEOs for Doing M&A?
241
Do Boards Punish CEOs for Doing Bad M&As? Case
of
Rio Tinto
242
Golden Parachutes and M&A
243
CEO Severance Payments
243
Are CEOs Evaluating M&A by Thinking,
What s in It for Me?
244
CEO Overconfidence and M&A
244
Are Overconfident CEOs Good for Anything?
245
Management Compensation and Post-Acquisition Performance
245
Role of the Board of Directors
246
CEO Tenure, Board Composition, and the Disciplinary
Effects of Takeovers
257
Antitakeover Measures
257
Corporate Governance and the Divestiture Decision
259
Notes
259
CHAPTER
10
Downsrang:
Reversing the Error
263
Analyzing the Strategic Fit of a Business Unit
266
Market Conditions
267
CONTENTS
Regulatory
Concerns
267
Divestiture Likelihood and Prior Acquisitions
267
Another Option: Equity Carve Out
268
Another Option: Spinoff
269
Spinoff or Equity Carve Out: Which Option Is Better?
270
Another Option: Split-Off
272
Tax Effects
272
Shareholder Wealth Effects of Selloffs
272
Round Trip Wealth Effects
274
Spinoffs
as a Means of Increasing Focus
274
Differences in Types of Focus Increases
275
Shareholder Wealth Effects of
Spinoffs:
United States versus
Europe
278
Corporate Governance and Selloffs
279
Managerial Ownership and Selloff Gains
280
Activists and Selloffs
280
Market Liquidity and the Decision to Sell a Unit
280
Involuntary Selloffs
281
Voluntary/Involuntary Selloffs
281
Voluntary Defensive Selloffs
282
Tracking Stocks
283
More Drastic Solutions: Voluntary Bust-Ups
285
Recent Major Exceptions to Positive Shareholder Wealth
Effects of Selloffs
286
Notes
289
СНАРТШП
Valuation and Merger Strategy
291
Financial versus Nonfinancial Buyers
291
Target and Bidder Valuation Effects
293
What Types of Acquiring Firms Tend to Perform the Poorest?
295
Premiums
295
Historical Trends in Merger Premiums
296
Stock Market Activity and Merger Premiums
297
Stock Market-Driven Acquisitions
298
Determinants of Acquisition Premiums
298
Premiums from Strategic Mergers
298
Hubris and Merger Premiums
299
Early Research
300
Later Research
300
Winner s Curse Hypothesis of Takeovers
301
Contents________________________________________________________________Xi
Campeau s Mega-Bust
302
Research on Winner s Curse of Takeover Contests
304
Market Performance, Valuation, and Takeover Probability
304
Deal Size and Shareholder Wealth
305
Valuation Analysis and Source of the Flaws in Bad Deals
306
Comments of the Residual Value
308
Free Cash Flows
308
Cost Cutting and Historical Free Cash Flows
309
Growth Rate for Projection
310
Capitalization Rates and the Exit Multiple
310
Discount Rate
311
Whose Capital Costs Are We Measuring?
313
Using the Build-Up Method
313
Short-Term Interest Rate Trends
315
Using
Comparables
316
Public versus Private Acquirers
316
Public versus Private Sellers
318
Notes
321
About the Author 32S
Index
327
|
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| isbn | 9781118108741 |
| language | English |
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| spelling | Gaughan, Patrick A. 1953- Verfasser (DE-588)170479544 aut Maximizing corporate value through mergers and acquisitions a strategic growth guide Patrick A. Gaughan Hoboken, NJ Wiley 2013 XIV, 338 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Unternehmenszusammenschluss (DE-588)4321280-3 gnd rswk-swf Management (DE-588)4037278-9 gnd rswk-swf Unternehmenszusammenschluss (DE-588)4321280-3 s Management (DE-588)4037278-9 s DE-604 Erscheint auch als Online-Ausgabe, EPUB 978-1-118-23733-5 Erscheint auch als Online-Ausgabe, MOBI 978-1-118-26235-1 Erscheint auch als Online-Ausgabe, PDF 978-1-118-22422-9 Digitalisierung UB Bamberg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026104126&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gaughan, Patrick A. 1953- Maximizing corporate value through mergers and acquisitions a strategic growth guide Unternehmenszusammenschluss (DE-588)4321280-3 gnd Management (DE-588)4037278-9 gnd |
| subject_GND | (DE-588)4321280-3 (DE-588)4037278-9 |
| title | Maximizing corporate value through mergers and acquisitions a strategic growth guide |
| title_auth | Maximizing corporate value through mergers and acquisitions a strategic growth guide |
| title_exact_search | Maximizing corporate value through mergers and acquisitions a strategic growth guide |
| title_full | Maximizing corporate value through mergers and acquisitions a strategic growth guide Patrick A. Gaughan |
| title_fullStr | Maximizing corporate value through mergers and acquisitions a strategic growth guide Patrick A. Gaughan |
| title_full_unstemmed | Maximizing corporate value through mergers and acquisitions a strategic growth guide Patrick A. Gaughan |
| title_short | Maximizing corporate value through mergers and acquisitions |
| title_sort | maximizing corporate value through mergers and acquisitions a strategic growth guide |
| title_sub | a strategic growth guide |
| topic | Unternehmenszusammenschluss (DE-588)4321280-3 gnd Management (DE-588)4037278-9 gnd |
| topic_facet | Unternehmenszusammenschluss Management |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026104126&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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