Mergers, acquisitions, and other restructuring activities: an integrated approach to process, tools, cases, and solutions
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
San Diego CA
Academic Press
[2022]
|
| Ausgabe: | Eleventh edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxvii, 566 Seiten Illustrationen |
| ISBN: | 9780128197820 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV047308361 | ||
| 003 | DE-604 | ||
| 005 | 20221010 | ||
| 007 | t | ||
| 008 | 210602s2022 a||| |||| 00||| eng d | ||
| 020 | |a 9780128197820 |9 978-0-128-19782-0 | ||
| 035 | |a (OCoLC)1298742332 | ||
| 035 | |a (DE-599)BVBBV047308361 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-M382 |a DE-11 |a DE-2070s |a DE-739 |a DE-19 | ||
| 084 | |a QP 450 |0 (DE-625)141892: |2 rvk | ||
| 100 | 1 | |a DePamphilis, Donald M. |d 1973- |e Verfasser |0 (DE-588)130406376 |4 aut | |
| 245 | 1 | 0 | |a Mergers, acquisitions, and other restructuring activities |b an integrated approach to process, tools, cases, and solutions |c Donald M. DePamphilis, PH.D. (Emeritus Professor of Finance, College of Business Administration Loyola Marymount University, Los Angeles, CA, United States) |
| 250 | |a Eleventh edition | ||
| 264 | 1 | |a San Diego CA |b Academic Press |c [2022] | |
| 264 | 4 | |c © 2022 | |
| 300 | |a xxvii, 566 Seiten |b Illustrationen | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 0 | 7 | |a Strategisches Management |0 (DE-588)4124261-0 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Reorganisation |0 (DE-588)4115744-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Mergers and Acquisitions |0 (DE-588)4205916-1 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Restrukturierung |0 (DE-588)4335640-0 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Unternehmen |0 (DE-588)4061963-1 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4123623-3 |a Lehrbuch |2 gnd-content | |
| 655 | 7 | |0 (DE-588)4123623-3 |a Lehrbuch |2 gnd-content | |
| 689 | 0 | 0 | |a Mergers and Acquisitions |0 (DE-588)4205916-1 |D s |
| 689 | 0 | 1 | |a Unternehmen |0 (DE-588)4061963-1 |D s |
| 689 | 0 | 2 | |a Restrukturierung |0 (DE-588)4335640-0 |D s |
| 689 | 0 | |5 DE-604 | |
| 689 | 1 | 0 | |a Mergers and Acquisitions |0 (DE-588)4205916-1 |D s |
| 689 | 1 | 1 | |a Unternehmen |0 (DE-588)4061963-1 |D s |
| 689 | 1 | 2 | |a Reorganisation |0 (DE-588)4115744-8 |D s |
| 689 | 1 | |5 DE-604 | |
| 689 | 2 | 0 | |a Unternehmen |0 (DE-588)4061963-1 |D s |
| 689 | 2 | 1 | |a Restrukturierung |0 (DE-588)4335640-0 |D s |
| 689 | 2 | 2 | |a Strategisches Management |0 (DE-588)4124261-0 |D s |
| 689 | 2 | |5 DE-604 | |
| 856 | 4 | 2 | |m Digitalisierung UB Passau - ADAM Catalogue Enrichment |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032711351&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-032711351 | ||
Datensatz im Suchindex
| _version_ | 1804182494591844352 |
|---|---|
| adam_text | Contents About the Author Understanding federal securities laws 39 Understanding antitrust (competition) legislation 44 M A implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act (including 2018 revisions) 54 M A implications of privacy, data protection, and copyright regulations 56 State regulations affecting M As 58 Restrictions on direct foreign investment in the United States 59 Restrictions on foreign acquisitions by US acquirers 59 The US Foreign Corrupt Practices Act 59 The Holding Foreign Companies Accountable Act 60 Specific industry regulation 60 Environmental laws 61 Labor and benefit laws 61 Cross-border transactions 62 Some things to remember 62 Chapter discussion questions 63 End-of-chapter case study: behavioral remedies as an alternative to structural remedies in addressing anticompetitive practices 63 Discussion questions 64 xiii xv Preface Acknowledgments xxiii Praise for various editions xxv I The mergers and acquisitions environment 1. An introduction to mergers, acquisitions, and other restructuring activities Inside mergers and acquisitions: the growing popu larity of digital payments drives a record-setting deal in the electronics payments industry Chapter overview Why do M As happen? M A waves Understanding corporate restructuring activities Alternative takeover strategies The role of holding companies in mergers and acquisitions The role of employee stock ownership plans in M As Business alliances as alternatives to M As Participants in the mergers and acquisitions process The impact of protectionism on M As The impact of the
2020 coronavirus pandemic on M As The implications of M As for shareholders, bond holders, and society M As and corporate socially responsible investing The implications of the Biden administration for M As Some things to remember Chapter discussion questions End-of-chapter case study: Occidental petroleum outbids Chevron in high-stakes energy deal Discussion questions 4 5 5 10 11 13 14 14 15 15 20 3. The corporate takeover market: common takeover tactics, antitakeover defenses, and corporate governance 20 Inside mergers and acquisitions: proxy fights—to support a takeover or simply to gain influence? 66 Chapter overview 67 Corporate governance: protecting and managing stakeholder interests 67 Understanding alternative takeover tactics 76 Other tactical considerations 79 Developing a bidding strategy 80 Activist investors: gaining influence without control 82 Understanding alternative takeover defenses 83 The impact of takeover defenses on shareholder value 92 Some things to remember 95 Chapter discussion questions 95 End-of-chapter case study: new technologies drive value chain consolidation 95 Discussion questions 96 21 30 32 32 32 33 35 2. The regulatory environment Inside mergers and acquisitions: AT T’s merger with Time Warner withstands regulatory scrutiny Chapter overview 38 38 vii
viii Contents II The mergers and acquisitions process: Phases 1 through 10 4. Planning: developing business and acquisition plans—phases 1 and 2 of the acquisition process 170 170 170 172 III Inside M As: when cost cutting alone is not a sustainable strategy 100 Chapter overview 101 The role of planning in M As 101 The M A process 102 Phase 1: building the business plan or model 104 The business plan as a communication document 114 Phase 2: building the M A implementation plan 114 Somethingstoremember 118 Chapter discussion questions 118 End-of-chapter case study. Newmont becomes global leader in the gold-mining industry 120 Discussion questions 121 5. Implementation: search through closing—phases 3 to 10 of the acquisition process Inside M A: Salesforce.com makes a big bet to move beyond its core customer relationship management business 124 Chapter overview 125 Phase 3: the search process 125 Phase 4: the screening process 128 Phase 5: first contact 129 Phase 6: negotiation 131 Phase 7: developing the integration plan 138 Phase 8: closing 139 Phase 9: implementing postclosingintegration 142 Phase 10: conducting a postclosing evaluation: stop, assess, and leam 143 The application of technology to the M A process 144 Some things to remember 149 Chapter discussion questions 150 End-of-chapter case study: Roche acquires Spark Therapeutics in move to replenish drug pipeline 150 Discussion questions 151 6. Postclosing integration: mergers, acquisitions, and business alliances Inside M As: setting postmerger integration goals and tactics before closing Chapter overview The
degree of integration varies by type of acquirer and deal The role of integration in successfulacquisitions Integration is a process, not an event Integrating business alliances Some things to remember Chapter discussion questions End-of-chapter case study: culture clash—AT T buys Time Warner Discussion questions 154 155 155 155 157 168 Mergers and acquisitions valuation and modeling 7. Mergers and acquisitions cash flow valuation basics Inside M As: valuation methods and outcomes in M A appraisal cases 176 Chapter overview 176 Economic implications of negative interest rates 177 Estimating required financial returns 177 Risk assessment 183 Calculating free cash flows 186 Applying discounted cash flow methods 187 Using the enterprise method to estimate equity value 193 Valuing nonoperating assets 196 Some things to remember 198 Chapter discussion questions 198 Practice problems and answers 199 End-of-chapter case study: did United Technologies overpay for Rockwell Collins? 201 Discussion questions 202 8. Relative, asset-oriented, and real-option valuation basics Inside M As: real options can provide management with substantial strategic flexibility 204 Chapter overview 204 Relative-valuation methods 205 Asset-oriented methods 211 The weighted-average valuation method 214 Real-options analysis 216 Determining when to use the different approaches to valuation 222 Valuing initial public offerings 222 What do valuation professionals do inpractice? 224 Some things to remember 224 Chapter discussion questions 224 Practice problems and answers 225 End-of-chapter case study: did
British American Tobacco overpay for ReynoldsAmerican? 227 Discussion questions 228 9. Financial modeling basics Inside M As: the role of financial models in the M A process Chapter overview What is financial modeling? Financial modeling data requirements 230 230 231 231
ІХ Contents Common financial model linkages 232 Modeling changes in US corporate tax laws 234 Key steps in the valuation process 234 Model-balancing mechanisms 245 Data sources 245 Managing the model 248 Addressing valuation issues in a near-zero interest rate environment 250 Some things to remember 250 Chapter discussion questions 250 Practice problems and answers 251 End-of-chapter case study: Life Technologies un dertakes a strategic review 251 Discussion questions 256 Form of payment 294 Managing risk and reaching consensus on purchase price 297 Constructing collar arrangements 302 M A options and warrants takeover strategies 302 Form of acquisition 304 Some things to remember 310 Chapter discussion questions 310 End-of-chapter case study: Disney’s bold move in the direct-to-consumer video business 311 Discussion questions 313 10. Analysis and valuation of privately held firms Inside M A: megamerger creates the world’s secondlargest aerospace and defense contractor Chapter overview Understanding tax authority communications Alternative tax structures Taxable transactions Tax-free transactions Tax Cuts and Jobs Act of 2017 State and local tax issues International taxes Tax inversions Master limited partnerships, real estate investment trusts, and yield cos Financial reporting of business combinations Impact of acquisition accounting on business combinations Recapitalization (“recap”) accounting Putting it all together: takeover and deal-structuring strategies Implications of the Biden Administration’s tax policy for M As Some things to remember Chapter discussion
questions Practice problems and answers End-of-chapter case study: Bristol-Myers Squibb buys Celgene in the biggest biopharma deal in history Discussion questions Inside M A.: factors impacting the success or failure of acquisitions of privately owned firms Chapter overview Ownership structure, agency conflicts, and stock market returns How family control affects M A activity Private versus public company governance Challenges of valuing privately held companies Process for valuing privately held businesses Early-stage investment Taking private companies public Using leveraged employee stock ownership plans to buy private companies Empirical studies of shareholder returns Some things to remember Chapter discussion questions Practice problems and answers End-of-chapter case study: “going public”: reverse merger or initial public offering? Discussion questions 260 261 261 261 262 262 264 279 280 282 282 283 283 283 284 286 IV Deal-structuring and financing strategies 11. Structuring the deal: payment and legal considerations Inside M A: GlaxoSmithKline undertakes a cash tender offer to acquire Tesaro Chapter overview The deal-structuring process Form of acquisition vehicle and postclosing organization Legal form of the selling entity 12. Structuring the deal: tax and accounting considerations 316 317 317 317 317 320 325 329 330 330 331 331 333 338 339 339 340 340 341 341 342 13. Financing the deal: private equity, hedge funds, and other sources of financing 290 291 291 293 294 Inside M As: financing megamergers and acquisitions 344 Chapter overview 345 The role of public and
private financial markets 345 How are M A transactions commonly financed? 346 What is the role of private equity, hedge, and venture capital funds in deal financing? 352
x Impact of tax reform on M A financing Fun with acronyms: the transition from LIBOR to SOFR Leveraged buyouts as financing strategies What factors are critical to successful leveraged buyouts? How do leveraged buyouts create value? Common leveraged buyout deal and capital structures Some things to remember Chapter discussion questions End-of-chapter case study: implications of a credit rating downgrade after a merger or acquisition Discussion questions and answers Contents 356 357 357 361 363 367 369 369 370 372 14. Highly leveraged transactions: leveraged buyout valuation and modeling basics Inside M As: private equity firms partner to acquire Johnson Controls’ power solutions business Chapter overview How are leveraged buyouts valued? The cost of capital method Adjusted present value method Comparing the cost of capital and adjusted present value methods Leveraged buyout valuation and structuring model basics Evaluating leveraged buyout opportunities Leveraged buyout model template Some things to remember Chapter discussion questions Practice problems End-of-chapter case study: investor group takes Dun Bradstreet private in a leveraged buyout Discussion questions 373 374 375 375 376 382 382 382 385 388 388 389 390 391 15. Applying financial models: to value, structure, and negotiate stock and asset purchases Inside M As: the role of financial models in getting to yes on price Chapter overview Understanding and applying M A financial models M A models: stock purchases M A models: asset purchases Quantifying synergy Things to remember Chapter discussion questions Practice
problems and answers End-of-chapter case study: Thermo Fisher acquires Life Technologies Discussion questions Appendix A: debt repayment schedule, convertible securities, interest rates, and betas 394 395 395 399 415 417 419 420 420 422 424 425 V Alternative business and restructuring strategies 16. Domestic and cross-border business alliances: joint ventures, partnerships, strategic alliances, and licensing Inside M As: Aitria makes a big bet on cannabis Chapter overview Motivations for business alliances What makes business alliances successful? Alternative legal forms of business alliances Bilateral versus multilateral alliances Strategic and operational plans Resolving business alliance deal-structuring issues Challenges of cross-border joint ventures Potential impediments to cross-border alliances and minority investments Empirical findings Some things to remember Chapter discussion questions End-of-chapter case study: Disney creates order out of chaos Discussion questions 430 431 432 434 436 441 441 441 448 450 450 451 451 452 453 17. Alternative exit and restructuring strategies: divestitures, spin-offs, carve-outs, split-offs, and tracking stocks Inside M As: reducing leverage through restructuring Chapter overview Why do firms exit businesses? Divestitures Spin-offs Equity carve-outs Split-offs and split-ups Tracking, targeted, and letter stocks Restructuring implementation issues Key restructure legal documents Comparing alternative exit and restructuring strategies Choosing among divestiture, carve-out, and spin-off restructuring strategies Determinants of
returns to shareholders resulting from restructuring strategies Some things to remember Chapter discussion questions End-of-chapter case study: Gardner Denver and Ingersoll Rand’s industrial segment merge in a Reverse Morris Trust Discussion questions 456 457 457 459 464 467 469 471 472 474 474 474 476 480 480 481 483
Contents 18. Alternative exit and restructuring strategies: bankruptcy, reorganization, and liquidation Inside M As: iHeartMedia rises from the ashes Chapter overview Business failure Voluntary settlements outside of bankruptcy court Reorganization and liquidation in bankruptcy Alternative options for failing firms The increasing role of hedge funds in the bankruptcy process Failing firms and systemic risk Predicting corporate default and bankruptcy Empirical studies of financial distress Some things to remember Chapter discussion questions End-of-chapter case study: American icon survives Chapter 11 filing Discussion questions 486 486 487 487 489 495 497 497 499 501 502 502 503 505 19. Cross-border mergers and acquisitions: analysis and valuation Inside M As: regulatory risk rises amid growing global trade tensions Chapter overview 508 509 ХІ Is globalization giving way to reduced capital flows, regionalism, and slower economic growth? 509 Motives for international expansion 510 Common international market entry strategies 512 Navigating cross-border deals amid trade frictions and “black swan” events 513 Cross-border M As, institutional voids, and human rights 515 Structuring cross-border deals 516 Financing cross-border deals 519 Planning and implementing cross-border transactions in emerging countries 520 How are cross-border transactions valued? 521 Empirical studies of financial returns on cross-border transactions 530 Some things to remember 533 Chapter discussion questions 534 End-of-chapter case study: Takeda’s high-risk bet to change its strategy and corporate
culture 534 Discussion questions 535 References Glossary Index 537 561 567
|
| adam_txt |
Contents About the Author Understanding federal securities laws 39 Understanding antitrust (competition) legislation 44 M A implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act (including 2018 revisions) 54 M A implications of privacy, data protection, and copyright regulations 56 State regulations affecting M As 58 Restrictions on direct foreign investment in the United States 59 Restrictions on foreign acquisitions by US acquirers 59 The US Foreign Corrupt Practices Act 59 The Holding Foreign Companies Accountable Act 60 Specific industry regulation 60 Environmental laws 61 Labor and benefit laws 61 Cross-border transactions 62 Some things to remember 62 Chapter discussion questions 63 End-of-chapter case study: behavioral remedies as an alternative to structural remedies in addressing anticompetitive practices 63 Discussion questions 64 xiii xv Preface Acknowledgments xxiii Praise for various editions xxv I The mergers and acquisitions environment 1. An introduction to mergers, acquisitions, and other restructuring activities Inside mergers and acquisitions: the growing popu larity of digital payments drives a record-setting deal in the electronics payments industry Chapter overview Why do M As happen? M A waves Understanding corporate restructuring activities Alternative takeover strategies The role of holding companies in mergers and acquisitions The role of employee stock ownership plans in M As Business alliances as alternatives to M As Participants in the mergers and acquisitions process The impact of protectionism on M As The impact of the
2020 coronavirus pandemic on M As The implications of M As for shareholders, bond holders, and society M As and corporate socially responsible investing The implications of the Biden administration for M As Some things to remember Chapter discussion questions End-of-chapter case study: Occidental petroleum outbids Chevron in high-stakes energy deal Discussion questions 4 5 5 10 11 13 14 14 15 15 20 3. The corporate takeover market: common takeover tactics, antitakeover defenses, and corporate governance 20 Inside mergers and acquisitions: proxy fights—to support a takeover or simply to gain influence? 66 Chapter overview 67 Corporate governance: protecting and managing stakeholder interests 67 Understanding alternative takeover tactics 76 Other tactical considerations 79 Developing a bidding strategy 80 Activist investors: gaining influence without control 82 Understanding alternative takeover defenses 83 The impact of takeover defenses on shareholder value 92 Some things to remember 95 Chapter discussion questions 95 End-of-chapter case study: new technologies drive value chain consolidation 95 Discussion questions 96 21 30 32 32 32 33 35 2. The regulatory environment Inside mergers and acquisitions: AT T’s merger with Time Warner withstands regulatory scrutiny Chapter overview 38 38 vii
viii Contents II The mergers and acquisitions process: Phases 1 through 10 4. Planning: developing business and acquisition plans—phases 1 and 2 of the acquisition process 170 170 170 172 III Inside M As: when cost cutting alone is not a sustainable strategy 100 Chapter overview 101 The role of planning in M As 101 The M A process 102 Phase 1: building the business plan or model 104 The business plan as a communication document 114 Phase 2: building the M A implementation plan 114 Somethingstoremember 118 Chapter discussion questions 118 End-of-chapter case study. Newmont becomes global leader in the gold-mining industry 120 Discussion questions 121 5. Implementation: search through closing—phases 3 to 10 of the acquisition process Inside M A: Salesforce.com makes a big bet to move beyond its core customer relationship management business 124 Chapter overview 125 Phase 3: the search process 125 Phase 4: the screening process 128 Phase 5: first contact 129 Phase 6: negotiation 131 Phase 7: developing the integration plan 138 Phase 8: closing 139 Phase 9: implementing postclosingintegration 142 Phase 10: conducting a postclosing evaluation: stop, assess, and leam 143 The application of technology to the M A process 144 Some things to remember 149 Chapter discussion questions 150 End-of-chapter case study: Roche acquires Spark Therapeutics in move to replenish drug pipeline 150 Discussion questions 151 6. Postclosing integration: mergers, acquisitions, and business alliances Inside M As: setting postmerger integration goals and tactics before closing Chapter overview The
degree of integration varies by type of acquirer and deal The role of integration in successfulacquisitions Integration is a process, not an event Integrating business alliances Some things to remember Chapter discussion questions End-of-chapter case study: culture clash—AT T buys Time Warner Discussion questions 154 155 155 155 157 168 Mergers and acquisitions valuation and modeling 7. Mergers and acquisitions cash flow valuation basics Inside M As: valuation methods and outcomes in M A appraisal cases 176 Chapter overview 176 Economic implications of negative interest rates 177 Estimating required financial returns 177 Risk assessment 183 Calculating free cash flows 186 Applying discounted cash flow methods 187 Using the enterprise method to estimate equity value 193 Valuing nonoperating assets 196 Some things to remember 198 Chapter discussion questions 198 Practice problems and answers 199 End-of-chapter case study: did United Technologies overpay for Rockwell Collins? 201 Discussion questions 202 8. Relative, asset-oriented, and real-option valuation basics Inside M As: real options can provide management with substantial strategic flexibility 204 Chapter overview 204 Relative-valuation methods 205 Asset-oriented methods 211 The weighted-average valuation method 214 Real-options analysis 216 Determining when to use the different approaches to valuation 222 Valuing initial public offerings 222 What do valuation professionals do inpractice? 224 Some things to remember 224 Chapter discussion questions 224 Practice problems and answers 225 End-of-chapter case study: did
British American Tobacco overpay for ReynoldsAmerican? 227 Discussion questions 228 9. Financial modeling basics Inside M As: the role of financial models in the M A process Chapter overview What is financial modeling? Financial modeling data requirements 230 230 231 231
ІХ Contents Common financial model linkages 232 Modeling changes in US corporate tax laws 234 Key steps in the valuation process 234 Model-balancing mechanisms 245 Data sources 245 Managing the model 248 Addressing valuation issues in a near-zero interest rate environment 250 Some things to remember 250 Chapter discussion questions 250 Practice problems and answers 251 End-of-chapter case study: Life Technologies un dertakes a strategic review 251 Discussion questions 256 Form of payment 294 Managing risk and reaching consensus on purchase price 297 Constructing collar arrangements 302 M A options and warrants takeover strategies 302 Form of acquisition 304 Some things to remember 310 Chapter discussion questions 310 End-of-chapter case study: Disney’s bold move in the direct-to-consumer video business 311 Discussion questions 313 10. Analysis and valuation of privately held firms Inside M A: megamerger creates the world’s secondlargest aerospace and defense contractor Chapter overview Understanding tax authority communications Alternative tax structures Taxable transactions Tax-free transactions Tax Cuts and Jobs Act of 2017 State and local tax issues International taxes Tax inversions Master limited partnerships, real estate investment trusts, and yield cos Financial reporting of business combinations Impact of acquisition accounting on business combinations Recapitalization (“recap”) accounting Putting it all together: takeover and deal-structuring strategies Implications of the Biden Administration’s tax policy for M As Some things to remember Chapter discussion
questions Practice problems and answers End-of-chapter case study: Bristol-Myers Squibb buys Celgene in the biggest biopharma deal in history Discussion questions Inside M A.: factors impacting the success or failure of acquisitions of privately owned firms Chapter overview Ownership structure, agency conflicts, and stock market returns How family control affects M A activity Private versus public company governance Challenges of valuing privately held companies Process for valuing privately held businesses Early-stage investment Taking private companies public Using leveraged employee stock ownership plans to buy private companies Empirical studies of shareholder returns Some things to remember Chapter discussion questions Practice problems and answers End-of-chapter case study: “going public”: reverse merger or initial public offering? Discussion questions 260 261 261 261 262 262 264 279 280 282 282 283 283 283 284 286 IV Deal-structuring and financing strategies 11. Structuring the deal: payment and legal considerations Inside M A: GlaxoSmithKline undertakes a cash tender offer to acquire Tesaro Chapter overview The deal-structuring process Form of acquisition vehicle and postclosing organization Legal form of the selling entity 12. Structuring the deal: tax and accounting considerations 316 317 317 317 317 320 325 329 330 330 331 331 333 338 339 339 340 340 341 341 342 13. Financing the deal: private equity, hedge funds, and other sources of financing 290 291 291 293 294 Inside M As: financing megamergers and acquisitions 344 Chapter overview 345 The role of public and
private financial markets 345 How are M A transactions commonly financed? 346 What is the role of private equity, hedge, and venture capital funds in deal financing? 352
x Impact of tax reform on M A financing Fun with acronyms: the transition from LIBOR to SOFR Leveraged buyouts as financing strategies What factors are critical to successful leveraged buyouts? How do leveraged buyouts create value? Common leveraged buyout deal and capital structures Some things to remember Chapter discussion questions End-of-chapter case study: implications of a credit rating downgrade after a merger or acquisition Discussion questions and answers Contents 356 357 357 361 363 367 369 369 370 372 14. Highly leveraged transactions: leveraged buyout valuation and modeling basics Inside M As: private equity firms partner to acquire Johnson Controls’ power solutions business Chapter overview How are leveraged buyouts valued? The cost of capital method Adjusted present value method Comparing the cost of capital and adjusted present value methods Leveraged buyout valuation and structuring model basics Evaluating leveraged buyout opportunities Leveraged buyout model template Some things to remember Chapter discussion questions Practice problems End-of-chapter case study: investor group takes Dun Bradstreet private in a leveraged buyout Discussion questions 373 374 375 375 376 382 382 382 385 388 388 389 390 391 15. Applying financial models: to value, structure, and negotiate stock and asset purchases Inside M As: the role of financial models in getting to yes on price Chapter overview Understanding and applying M A financial models M A models: stock purchases M A models: asset purchases Quantifying synergy Things to remember Chapter discussion questions Practice
problems and answers End-of-chapter case study: Thermo Fisher acquires Life Technologies Discussion questions Appendix A: debt repayment schedule, convertible securities, interest rates, and betas 394 395 395 399 415 417 419 420 420 422 424 425 V Alternative business and restructuring strategies 16. Domestic and cross-border business alliances: joint ventures, partnerships, strategic alliances, and licensing Inside M As: Aitria makes a big bet on cannabis Chapter overview Motivations for business alliances What makes business alliances successful? Alternative legal forms of business alliances Bilateral versus multilateral alliances Strategic and operational plans Resolving business alliance deal-structuring issues Challenges of cross-border joint ventures Potential impediments to cross-border alliances and minority investments Empirical findings Some things to remember Chapter discussion questions End-of-chapter case study: Disney creates order out of chaos Discussion questions 430 431 432 434 436 441 441 441 448 450 450 451 451 452 453 17. Alternative exit and restructuring strategies: divestitures, spin-offs, carve-outs, split-offs, and tracking stocks Inside M As: reducing leverage through restructuring Chapter overview Why do firms exit businesses? Divestitures Spin-offs Equity carve-outs Split-offs and split-ups Tracking, targeted, and letter stocks Restructuring implementation issues Key restructure legal documents Comparing alternative exit and restructuring strategies Choosing among divestiture, carve-out, and spin-off restructuring strategies Determinants of
returns to shareholders resulting from restructuring strategies Some things to remember Chapter discussion questions End-of-chapter case study: Gardner Denver and Ingersoll Rand’s industrial segment merge in a Reverse Morris Trust Discussion questions 456 457 457 459 464 467 469 471 472 474 474 474 476 480 480 481 483
Contents 18. Alternative exit and restructuring strategies: bankruptcy, reorganization, and liquidation Inside M As: iHeartMedia rises from the ashes Chapter overview Business failure Voluntary settlements outside of bankruptcy court Reorganization and liquidation in bankruptcy Alternative options for failing firms The increasing role of hedge funds in the bankruptcy process Failing firms and systemic risk Predicting corporate default and bankruptcy Empirical studies of financial distress Some things to remember Chapter discussion questions End-of-chapter case study: American icon survives Chapter 11 filing Discussion questions 486 486 487 487 489 495 497 497 499 501 502 502 503 505 19. Cross-border mergers and acquisitions: analysis and valuation Inside M As: regulatory risk rises amid growing global trade tensions Chapter overview 508 509 ХІ Is globalization giving way to reduced capital flows, regionalism, and slower economic growth? 509 Motives for international expansion 510 Common international market entry strategies 512 Navigating cross-border deals amid trade frictions and “black swan” events 513 Cross-border M As, institutional voids, and human rights 515 Structuring cross-border deals 516 Financing cross-border deals 519 Planning and implementing cross-border transactions in emerging countries 520 How are cross-border transactions valued? 521 Empirical studies of financial returns on cross-border transactions 530 Some things to remember 533 Chapter discussion questions 534 End-of-chapter case study: Takeda’s high-risk bet to change its strategy and corporate
culture 534 Discussion questions 535 References Glossary Index 537 561 567 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | DePamphilis, Donald M. 1973- |
| author_GND | (DE-588)130406376 |
| author_facet | DePamphilis, Donald M. 1973- |
| author_role | aut |
| author_sort | DePamphilis, Donald M. 1973- |
| author_variant | d m d dm dmd |
| building | Verbundindex |
| bvnumber | BV047308361 |
| classification_rvk | QP 450 |
| ctrlnum | (OCoLC)1298742332 (DE-599)BVBBV047308361 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | Eleventh edition |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02431nam a2200529 c 4500</leader><controlfield tag="001">BV047308361</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20221010 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">210602s2022 a||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780128197820</subfield><subfield code="9">978-0-128-19782-0</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1298742332</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047308361</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-M382</subfield><subfield code="a">DE-11</subfield><subfield code="a">DE-2070s</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QP 450</subfield><subfield code="0">(DE-625)141892:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">DePamphilis, Donald M.</subfield><subfield code="d">1973-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)130406376</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Mergers, acquisitions, and other restructuring activities</subfield><subfield code="b">an integrated approach to process, tools, cases, and solutions</subfield><subfield code="c">Donald M. DePamphilis, PH.D. (Emeritus Professor of Finance, College of Business Administration Loyola Marymount University, Los Angeles, CA, United States)</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">Eleventh edition</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">San Diego CA</subfield><subfield code="b">Academic Press</subfield><subfield code="c">[2022]</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">© 2022</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">xxvii, 566 Seiten</subfield><subfield code="b">Illustrationen</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Strategisches Management</subfield><subfield code="0">(DE-588)4124261-0</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Reorganisation</subfield><subfield code="0">(DE-588)4115744-8</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Mergers and Acquisitions</subfield><subfield code="0">(DE-588)4205916-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Restrukturierung</subfield><subfield code="0">(DE-588)4335640-0</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Unternehmen</subfield><subfield code="0">(DE-588)4061963-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4123623-3</subfield><subfield code="a">Lehrbuch</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4123623-3</subfield><subfield code="a">Lehrbuch</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Mergers and Acquisitions</subfield><subfield code="0">(DE-588)4205916-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Unternehmen</subfield><subfield code="0">(DE-588)4061963-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Restrukturierung</subfield><subfield code="0">(DE-588)4335640-0</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="1" ind2="0"><subfield code="a">Mergers and Acquisitions</subfield><subfield code="0">(DE-588)4205916-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="1"><subfield code="a">Unternehmen</subfield><subfield code="0">(DE-588)4061963-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="2"><subfield code="a">Reorganisation</subfield><subfield code="0">(DE-588)4115744-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="2" ind2="0"><subfield code="a">Unternehmen</subfield><subfield code="0">(DE-588)4061963-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="2" ind2="1"><subfield code="a">Restrukturierung</subfield><subfield code="0">(DE-588)4335640-0</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="2" ind2="2"><subfield code="a">Strategisches Management</subfield><subfield code="0">(DE-588)4124261-0</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="2" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Passau - ADAM Catalogue Enrichment</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032711351&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-032711351</subfield></datafield></record></collection> |
| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV047308361 |
| illustrated | Illustrated |
| index_date | 2024-07-03T17:25:30Z |
| indexdate | 2024-07-10T09:08:27Z |
| institution | BVB |
| isbn | 9780128197820 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032711351 |
| oclc_num | 1298742332 |
| open_access_boolean | |
| owner | DE-M382 DE-11 DE-2070s DE-739 DE-19 DE-BY-UBM |
| owner_facet | DE-M382 DE-11 DE-2070s DE-739 DE-19 DE-BY-UBM |
| physical | xxvii, 566 Seiten Illustrationen |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | Academic Press |
| record_format | marc |
| spelling | DePamphilis, Donald M. 1973- Verfasser (DE-588)130406376 aut Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions Donald M. DePamphilis, PH.D. (Emeritus Professor of Finance, College of Business Administration Loyola Marymount University, Los Angeles, CA, United States) Eleventh edition San Diego CA Academic Press [2022] © 2022 xxvii, 566 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Strategisches Management (DE-588)4124261-0 gnd rswk-swf Reorganisation (DE-588)4115744-8 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Restrukturierung (DE-588)4335640-0 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Mergers and Acquisitions (DE-588)4205916-1 s Unternehmen (DE-588)4061963-1 s Restrukturierung (DE-588)4335640-0 s DE-604 Reorganisation (DE-588)4115744-8 s Strategisches Management (DE-588)4124261-0 s Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032711351&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | DePamphilis, Donald M. 1973- Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions Strategisches Management (DE-588)4124261-0 gnd Reorganisation (DE-588)4115744-8 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Restrukturierung (DE-588)4335640-0 gnd Unternehmen (DE-588)4061963-1 gnd |
| subject_GND | (DE-588)4124261-0 (DE-588)4115744-8 (DE-588)4205916-1 (DE-588)4335640-0 (DE-588)4061963-1 (DE-588)4123623-3 |
| title | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions |
| title_auth | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions |
| title_exact_search | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions |
| title_exact_search_txtP | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions |
| title_full | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions Donald M. DePamphilis, PH.D. (Emeritus Professor of Finance, College of Business Administration Loyola Marymount University, Los Angeles, CA, United States) |
| title_fullStr | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions Donald M. DePamphilis, PH.D. (Emeritus Professor of Finance, College of Business Administration Loyola Marymount University, Los Angeles, CA, United States) |
| title_full_unstemmed | Mergers, acquisitions, and other restructuring activities an integrated approach to process, tools, cases, and solutions Donald M. DePamphilis, PH.D. (Emeritus Professor of Finance, College of Business Administration Loyola Marymount University, Los Angeles, CA, United States) |
| title_short | Mergers, acquisitions, and other restructuring activities |
| title_sort | mergers acquisitions and other restructuring activities an integrated approach to process tools cases and solutions |
| title_sub | an integrated approach to process, tools, cases, and solutions |
| topic | Strategisches Management (DE-588)4124261-0 gnd Reorganisation (DE-588)4115744-8 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Restrukturierung (DE-588)4335640-0 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Strategisches Management Reorganisation Mergers and Acquisitions Restrukturierung Unternehmen Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032711351&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT depamphilisdonaldm mergersacquisitionsandotherrestructuringactivitiesanintegratedapproachtoprocesstoolscasesandsolutions |