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Divestitures And Spin Offs
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Book Synopsis Divestitures and Spin-Offs by : Joseph Joy
Download or read book Divestitures and Spin-Offs written by Joseph Joy and published by Springer. This book was released on 2018-02-08 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of M&A has always been complex and nuanced. Corporations encounter their toughest business problems during a divestiture or a merger. At the same time, optimal execution of divestitures can also create high value for the seller as well as the buyer. This book is a collection of leading practices on Divestitures and covers end to end transaction life cycle from readiness through execution including post deal transformation. It contains the synthesis of experiences across a wide array of clients across industries, ranging from $500 million to $100 billion in revenue. Each chapter in this book can stand on its own as an authority on leading practices related to the topic it presents, and together, these chapters provide a comprehensive set of perspectives needed to successfully complete a divestiture. The highlight of the book is valuable real-life examples and references that a business can benefit from, when it is considering, analyzing or implementing a divestiture.
Book Synopsis Spin-off to Pay-off by : Joseph W. Cornell
Download or read book Spin-off to Pay-off written by Joseph W. Cornell and published by McGraw-Hill Companies. This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than theory and research, however, Spin-off to Pay-off brings you proven evidence of how some spin-offs have worked for shareholders in the past ... while others have left shareholders high and dry. Actual case histories, presented along with Cornell's expert analysis, will fine-tune your sixth sense and clue you in on what signs to watch out for.
Download or read book Divestitures and Spin-offs written by and published by . This book was released on 1971 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Creating Value Through Corporate Restructuring by : Stuart C. Gilson
Download or read book Creating Value Through Corporate Restructuring written by Stuart C. Gilson and published by John Wiley & Sons. This book was released on 2010-04-05 with total page 852 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.
Download or read book REITs written by David M. Einhorn and published by Law Journal Seminars Press. This book was released on 2017-12-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides essential discussion of how the customs of corporate and real estate transactions differ and how conflicts involving letters of intent and contingencies to the deal can be resolved.
Book Synopsis International Mergers and Acquisitions Activity Since 1990 by : Greg N. Gregoriou
Download or read book International Mergers and Acquisitions Activity Since 1990 written by Greg N. Gregoriou and published by Elsevier. This book was released on 2007-06-29 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings.*A selection of the best and latest quantitative research on M&A activity worldwide*Impressive collection of international authors*Provides important insights and implications for practitioners
Book Synopsis Corporate Strategy by : Phanish Puranam
Download or read book Corporate Strategy written by Phanish Puranam and published by Cambridge University Press. This book was released on 2016-03-21 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Many companies are not single businesses but a collection of businesses with one or more levels of corporate management. Written for managers, advisors and students aspiring to these roles, this book is a guide to decision-making in the domain of corporate strategy. It arms readers with research-based tools needed to make good corporate strategy decisions and to assess the soundness of the corporate strategy decisions of others. Readers will learn how to do the analysis for answering questions such as 'Should we pursue an alliance or an acquisition to grow?', 'How much should we integrate this acquisition?' and 'Should we divest this business?'. The book draws on the authors' wealth of research and teaching experience at INSEAD, London Business School and University College London. A range of learning aids, including easy-to-comprehend examples, decision templates and FAQs, are provided in the book and on a rich companion website.
Book Synopsis Corporate Restructuring by : Bjørn Espen Eckbo
Download or read book Corporate Restructuring written by Bjørn Espen Eckbo and published by Now Pub. This book was released on 2013-07 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.
Book Synopsis Mergers, Acquisitions, and Other Restructuring Activities by : Donald DePamphilis
Download or read book Mergers, Acquisitions, and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2011-08-22 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two strengths distinguish this textbook from others. One is its presentation of subjects in the contexts wherein they occur. The other is its use of current events. Other improvements have shortened and simplified chapters, increased the numbers and types of pedagogical supplements, and expanded the international appeal of examples.
Book Synopsis Downscoping by : Robert E. Hoskisson
Download or read book Downscoping written by Robert E. Hoskisson and published by Oxford University Press. This book was released on 1994-09-01 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze. The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term. The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture. Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.
Book Synopsis Fad-Free Strategy by : Daniel Deneffe
Download or read book Fad-Free Strategy written by Daniel Deneffe and published by Routledge. This book was released on 2019-09-06 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fad-Free Strategy provides a ground-breaking approach to making better business strategy decisions: more efficient, open to out-of-the-box opportunities and evidence-based. Most strategy books focus on Grand Strategy, the process that leads to high-level recommendations or, more accurately, hypotheses about where and how to compete. While this book briefly covers critical Grand Strategy practices, it deep dives into Operational Strategy, the process of validation, adaptation and possible rejection of those hypotheses. Operational Strategy is based on an in-depth understanding of customer preferences and anticipating the choices they make. Those choices rather than managers’ ambitions determine whether a strategy will generate the aspired financial results. The book explains, by means of detailed real-world cases across industries, how to generate validated solutions to any strategic problem such as: how to enter successfully into new markets, either as an innovator or as a latecomer? How to defend one’s position against aggressive new entrants? Or how to sustain margins when price is the only thing customers seem to care about? This remarkable book contains expert advice from accomplished strategic advisors and thought leaders Daniel Deneffe and Herman Vantrappen. Fad Free Strategy will be a useful tool for smart business executives at mainstream companies who are disappointed with strategy fads and simplistic solutions based on cherry-picked, anecdotal evidence from today’s hero companies. It will also appeal to economics faculty members teaching graduate courses in business strategy who are looking for an economics-based strategy textbook that is both rigorous and comprehensive. The book’s core ideas have been taught successfully in continuing and executive education programs at Harvard University and Hult International Business School.
Book Synopsis Financial Analysis of Mergers and Acquisitions by : Eli Amir
Download or read book Financial Analysis of Mergers and Acquisitions written by Eli Amir and published by Springer Nature. This book was released on 2021-02-02 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions (M&As) reshape the corporate landscape helping companies expand market share and gain a strategic advantage. The ability to understand and analyze these transactions is a crucial skill. The first step in acquiring that skill is being able to gather and analyse information on M&As from public sources, such as financial statements. This textbook helps its readers better analyze M&A transactions using information provided in financial statements. Covering accounting and reporting of consolidations, goodwill, non-controlling interests, step acquisitions, spin-offs, equity carve-outs, joint ventures, leveraged buyouts, disposal of subsidiaries, special purpose entities, and taxes, it focuses on the link between underlying economic events and the information in financial statements and how this link affects the assessment of corporate performance. The first part of the book provides description of the accounting rules governing M&A transactions, while the second part includes cases of M&A transactions. Each case focuses on a different element of an M&A transaction, and it is followed by a detailed solution with a complete analysis. Unlike other books in this field, this textbook focuses exclusively on accounting and financial analysis for graduate and upper undergraduate level courses in financial analysis, corporate finance, and financial accounting.
Book Synopsis Real Options Theory by : Jeffrey J. Reuer
Download or read book Real Options Theory written by Jeffrey J. Reuer and published by Emerald Group Publishing. This book was released on 2007-07-05 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the ways in which real options theory can contribute to strategic management. This volume offers conceptual pieces that trace out pathways for the theory to move forward and presents research on the implications of real options for strategic investment, organization, and firm performance.
Book Synopsis The Art of Capital Restructuring by : H. Kent Baker
Download or read book The Art of Capital Restructuring written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-07-28 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
Book Synopsis Share Repurchases by : Theo Vermaelen
Download or read book Share Repurchases written by Theo Vermaelen and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey derives some of the key results on the taxation of international investment in variants of one model of multinational investment.
Book Synopsis Resource Redeployment and Corporate Strategy by : Timothy Folta
Download or read book Resource Redeployment and Corporate Strategy written by Timothy Folta and published by Emerald Group Publishing. This book was released on 2016-09-06 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the differences between resource sharing and resource redeployment, and the subsequent effects on firm value creation and industry evolution.
Book Synopsis Corporate Divestitures by : William J. Gole
Download or read book Corporate Divestitures written by William J. Gole and published by John Wiley & Sons. This book was released on 2008-04-25 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing practical application of best practices employed in the divestiture process, Corporate Divestitures provides you with detailed guidance on how your corporation should handle a divestiture. It provides a structured approach that emphasizes disciplined execution and illustrative documents and application aids that can be adapted for use in real-world situations.
