DePamphilis Mergers and Acquisitions Basics

Negotiation and Deal Structuring
1. Auflage 2010
ISBN: 978-0-08-095910-8
Verlag: Elsevier Science & Techn.
Format: EPUB
Kopierschutz: 6 - ePub Watermark

E-Book, Englisch, 240 Seiten

Negotiations form the heart of mergers and acquisitions efforts, for their conclusions contain both anticipated and unforeseen implications.ÿ Don DePamphilis presents a summary ofÿnegotiating and deal structuring that captures itsÿdynamic process, showing readers howÿbrokers, bankers, accountants, attorneys, tax experts, managers, investors, and others must work together and what happens when they don't.ÿÿWrittten for those who seek a broadly-based view of M&A and understandÿtheir own roles in theÿprocess, this book treads a middle ground between highly technical and dumbed-down descriptions of complex events.ÿ It mixesÿtheory withÿcase studies so the text is current and useful.ÿ Unique and practical, this book can add hard-won insightsÿto anybody's list of M&A titles.. - Presents negotiation as a team effort - Includes all participants, from investment bankers to accountants and business managers - Emphasizes the interactive natures of decisions about assets, payments, and appropriate legal structures - Written for those who seek summarizing, non-technical information

Donald M. DePamphilis has a Ph.D. in economics from Harvard University and has managed more than 30 acquisitions, divestitures, joint ventures, minority investments, as well as licensing and supply agreements. He is Emeritus Clinical Professor of Finance at the College of Business Administration at Loyola Marymount University in Los Angeles. He has also taught mergers and acquisitions and corporate restructuring at the Graduate School of Management at the University of California, Irvine, and Chapman University to undergraduates, MBA, and Executive MBA students. He has published a number of articles on economic forecasting, business planning, and marketing. As Vice President of Electronic Commerce at Experian, Dr. DePamphilis managed the development of an award winning Web Site. He was also Vice President of Business Development at TRW Information Systems and Services, Director of Planning at TRW, and Chief Economist at National Steel Corporation

Autoren/Hrsg.

Depamphilis, Donald

Inhaltsverzeichnis

1;Front Cover;1
2;Mergers and Acquisitions Basics;2
3;Copyright Page;3
4;Table of Contents;4
5;Preface;10
6;Acknowledgments;14
7;Chapter 1. Introduction to Negotiating Mergers and Acquisitions;16
7.1;Key Participants in Negotiating Mergers and Acquisitions;17
7.2;Prenegotiation: Profiling the Target Market and Firm;20
7.3;Prenegotiation: First Contact;28
7.4;Negotiation;30
7.5;A Case in Point: Pfizer Acquires Wyeth in an Attempt to Kick-Start Growth;43
8;Chapter 2. Selecting the Form of Acquisition Vehicle and Postclosing Organization;46
8.1;Alternative Acquisition Vehicle and Postclosing Organizational Structures;48
8.2;Choosing the Appropriate Acquisition Vehicle;62
8.3;Choosing the Appropriate Postclosing Organization;64
8.4;A Case in Point: Vivendi Universal and GE Combine Entertainment Assets to Form NBC Universal;67
9;Chapter 3. Selecting the Form of Payment;70
9.1;Form of Payment or Total Consideration;70
9.2;Managing Risk and Closing the Gap on Price;74
9.3;Using Collar Arrangements to Preserve Shareholder Value;81
9.4;Calculating Share Exchange Ratios;87
9.5;A Case in Point: Boston Scientific Overcomes Johnson & Johnson to Acquire Guidant: A Lesson in Bidding Strategies;88
10;Chapter 4. Selecting the Form of Acquisition;92
10.1;Form of Acquisition;92
10.2;Acquisition Agreements;108
10.3;A Case in Point: Teva Pharmaceuticals Buys Barr Pharmaceuticals to Create a Global Generic Drugs Powerhouse;110
11;Chapter 5. Tax Structures and Strategies;114
11.1;Taxable Transactions;115
11.2;Tax-Free Transactions;119
11.3;Other Tax Considerations Affecting Corporate Restructuring Activities;132
11.4;Legal Form of Selling Entity;138
11.5;A Case in Point: "Grave Dancer" Takes Tribune Company Private in an Ill-Fated Transaction;139
12;Chapter 6. Accounting Considerations;144
12.1;Limitations of Financial Data;145
12.2;Financial Reporting of Business Combinations;146
12.3;Impact of Purchase Accounting on Financial Statements;152
12.4;International Accounting Standards;159
12.5;Recapitalization Accounting;159
12.6;A Case in Point: JDS Uniphase-SDL Merger Results in Huge Write-off;160
13;Chapter 7. Financing Structures and Strategies;164
13.1;Why Financing Structures Matter;165
13.2;Financing Strategies: Borrowing;166
13.3;Financing Strategies: Equity and Hybrid Securities;173
13.4;Financing Strategies: Seller Financing;174
13.5;Financing Strategies: Selling Discretionary Assets;176
13.6;Highly Leveraged Transactions;178
13.7;Common Forms of Leveraged Buyout Deal Structures;181
13.8;Estimating the Impact of Alternative Financing Structures;184
13.9;A Case in Point: Financing LBOs—The SunGard Transaction;188
14;Chapter 8. The Role of Takeover Tactics and Defenses in the Negotiation Process;192
14.1;Alternative Takeover Tactics in the Corporate Takeover Market;193
14.2;Developing a Bidding or Takeover Strategy;200
14.3;Alternative Takeover Defenses in the Corporate Takeover Market—Pre-offer and Post-offer Defenses;203
14.4;A Case in Point: Mittal Acquires Arcelor in a Battle of Global Titans;216
15;Glossary;220
15.1;A;220
15.2;B;220
15.3;C;220
15.4;D;221
15.5;E;221
15.6;F;222
15.7;G;222
15.8;H;223
15.9;I;223
15.10;J;223
15.11;L;223
15.12;M;223
15.13;N;223
15.14;O;224
15.15;P;224
15.16;R;224
15.17;S;225
15.18;T;225
15.19;V;226
15.20;W;226
16;References;228
17;Index;232
17.1;A;232
17.2;B;232
17.3;C;233
17.4;D;233
17.5;E;234
17.6;F;234
17.7;G;235
17.8;H;235
17.9;I;235
17.10;J;236
17.11;K;236
17.12;L;236
17.13;M;236
17.14;N;237
17.15;O;237
17.16;P;237
17.17;R;238
17.18;S;238
17.19;T;239
17.20;U;240
17.21;V;240
17.22;W;240
17.23;Y;240