A Practical Guide to Mergers and Acquisitions: Truth Is Stranger Than Fiction
This highly readable book from Lou Richard, a 50 year veteran of International Corporate buisness and founder of Newport Capital, provides a practical explanation of key technical and tactical aspects of mergers and acquisitions, and also provides insightful real-life descriptions - "digressions" - of transactions as they happened, proving that truth is indeed stranger than fiction.
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Why Do Companies Make Acquisitions?
Digression 1 The Toothpaste Man
An Acquirers Tool Bag
Comparables and Valuation Models
Digression 2 Honest John HJ
Why Do Most Acquisitions Fail?
Digression 5 Wise Man
Relentless Searches for the Premium Buyer
Relationships Brand and Quality
ValuationsArt and Science
Getting it Wrong
Digression 3 Adventures in Paradise?
Why Are Companies Sold?
Life Cycle Venders
SpinOffs and Strategic Sales
Habitual SellersSerial Entrepreneurs
Digression 4 Luck of the Irish
Mandate from the Top
Commitment and Determination
Vision or Utility
But have they?
Fastpaced processes on the other hand drive better outcomes
Digression 6 The Banker
Raising Capital In Australia
Miscellaneous Trivia Minutiae
Process and Schedule for Transaction
Assessment of Bids
Speed of Completion
Digression 7 Finglish
I Told You So
About the Author
acquired business acquirer’s acquisition advisor approaches asked assessed asset Atos Origin Australian BAFOs bank bank’s agent Banker Blue Beard Bob Tway break fee bulge bracket buy-side client call centre cash chairman completion contingent consideration corporate course deal Digression document due diligence earn EBIT engagement enterprise established executive team exit Finglish firms Fujitsu funds Gary Helsinki HJ’s Honk I-banks Iceman ICT sector identified interest investment investors leverage Lionel listed entity mate Megacorp methodology Microcat million NBOs negotiations Newport Capital Newport Capital’s NuSkin offer offeror Ohio’s operations opportunities organization pace payable percent post-transaction potential premium buyer process and schedule purchase Qantas revenue risk sell sell-side seller client shareholders strategic fit strategy Sybase Sydney synergies target templates Telstra tend term sheet Thor tion Transaction/success fees typically Unisys valuation models various vender venture WACC