Mergers, acquisitions, and corporate restructurings
The world of mergers and corporate restructuring has undergone dramatic change in the past several years. The highly leveraged, bust-up deals of the 1980s have been replaced by more strategically designed, less leveraged transactions. Today's deals feature a wide variety of transactions that span the full spectrum from large megadeals to various forms of downsizing. While many of the characteristics of the 1980s are still relevant, other newer techniques have been developed and play a major role in today's transactions. In this book Patrick Gaughan takes a fresh look at mergers, acquisitions, and other valuable forms of corporate restructuring practices now in use and describes how they are currently being employed to revitalize and supercharge companies. Working from both practical and historical perspectives, he explains how each form works and the laws governing it in terms that business managers can understand. And perhaps, most importantly, he shows you how each form can be used to your company's best advantage. This pragmatic and comprehensive book covers all types of corporate restructurings, including mergers and acquisitions, divestitures, spin-offs, joint ventures, leveraged buyouts, bankruptcy reorganizations and workouts, and recapitalizations. Incorporated throughout are detailed analyses of relevant economic, legal, and corporate finance considerations based on the latest research and case studies in the field. Dr. Gaughan also covers the whole range of strategic motivating factors that must be carefully considered during the course of a restructuring. He carefully explains the full range of successful offensive and defensive techniques that are relevant to hostile takeovers. Running a business successfully today means having both a clear grasp of the complexities of all forms of corporate restructuring and a sound practical understanding of how to harness them. Mergers, Acquisitions, and Corporate Restructurings provides you with both. The valuation of businesses is demonstrated in a comprehensive yet easy-to-understand manner. Specific techniques used to value both public and closely held businesses are thoroughly explained. The results of the latest research studies are integrated throughout the book allowing the reader to stay current while still maintaining a pragmatic management focus. The first comprehensive guide to today's most important corporate restructuring techniques Mergers and acquisitions are among the most powerful tools in the ongoing campaign to build a new generation of companies with the power and resources to compete successfully on a global basis. In this groundbreaking book, Patrick Gaughan describes how mergers, acquisitions, and other important forms of corporate restructuring can work for your company. Practical, comprehensive, and highly accessible, Mergers, Acquisitions, and Corporate Restructurings: Covers all types of corporate restructuring, including mergers and acquisitions, divestitures, reorganizations, joint ventures, leveraged buyouts, and more Analyzes and incorporates relevant economic, legal, and corporate finance considerations Provides comprehensive coverage of the methods of business valuation for both public and private companies Addresses important strategic motivating factors that arise during the course of restructuring Describes the best offensive and defensive practices for hostile takeovers Reviews, in detail, the latest research and case studies in the field
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History of Mergers
Motives and Determinants
12 other sections not shown
acquiring firm agreement analysis announcement antitakeover defenses antitrust assets average bankruptcy benefits board of directors buyer common stock company's conglomerate costs court creditors DeAngelo debt decline default discount rate diversification divestitures dividend Drexel Burnham Lambert earnings employees equity ESOP example Exchange factors Figure filing Financial Economics fourth merger wave golden parachutes greenmail growth higher holders hostile bidder hostile takeover income increase industry interest investment bank investors issue Journal of Financial junk bond junk bond market leveraged buyout liabilities liquidity mergers and acquisitions million number of shares ownership P/E ratio parent company payments period poison pill preferred stock premium profits proxy fight purchase raider rate of return recapitalization repurchases restructuring result revenues risk securities sell shareholder wealth Source spin-off stock price Table target tender offer tion transaction valuation voting Wall Street Journal wealth effects Williams Act York