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The Logic Of Mergers
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Book Synopsis Mergers & Acquisitions by : Mohammed Ibrahimi
Download or read book Mergers & Acquisitions written by Mohammed Ibrahimi and published by John Wiley & Sons. This book was released on 2018-08-14 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with corporate mergers and acquisitions by analyzing the financial and strategic aspects. It starts with a chronological justification of the evolution of external growth operations and ends with case studies in order to put into practice the theoretical contribution of the previous titles. Through this book, we wish to detail the types of mergers and acquisitions, their modes, their motivations, their consequences and their performances. First of all, we propose a panoply of scientific research, methodological explanations and logical structuring to expose a subject of experience considered for a long time as a phenomenon in finance. Then, through a sample of 90 mergers or acquisitions, we analyze the effects of these transactions on French companies.
Book Synopsis The Logic of Mergers by : Brian Chiplin
Download or read book The Logic of Mergers written by Brian Chiplin and published by . This book was released on 1987 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Synergy Solution by : Mark Sirower
Download or read book The Synergy Solution written by Mark Sirower and published by Harvard Business Press. This book was released on 2022-03-15 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new M&A bible. Few actions can change the value of a company—and its competitive future—as quickly and dramatically as an acquisition. Yet most companies fail to create shareholder value from these deals, and in many cases they destroy it. It doesn't have to be this way. In The Synergy Solution, Deloitte's Mark Sirower and Jeff Weirens show acquirers how to develop and execute an M&A strategy—end to end—that not only avoids the pitfalls that so many companies fall into but also creates real, long-term shareholder value. This strategy includes how to: Become a prepared "always on" acquirer Test the investment thesis and DCF valuation of a deal Plan for a successful Announcement Day, and properly communicate synergy promises to investors and other stakeholders Realize those promised synergies through integration planning and post-close execution Manage change and build a new, combined organization Sirower and Weirens provide invaluable background to those considering M&A, laying out the issues they have to consider, how to analyze them, and how to plan and execute the deal effectively. They also show those who have already started the process of M&A how to maximize their chances of success. There's an art and a science to getting mergers and acquisitions right, and this powerful book provides the insights and strategies acquirers need to find success at every stage of an often complex and perilous process.
Book Synopsis The Logic of Merger and Acquisition Pricing by : Rainer Lenz
Download or read book The Logic of Merger and Acquisition Pricing written by Rainer Lenz and published by . This book was released on 2009 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The valuation of synergy is vital to the success of any merger, however, given current valuation methodologies and the complexity of the task; it is also the most challenging element of merger and acquisition pricing. Conventional valuation methods assume that sales figures and market share of the acquiring company are easily transferable within the new entity. Current synergy practices also assume amalgamating various corporate functions will produce significant cost reductions. The key component missing from current methodologies is the failure to analyze every corporation as a complex system containing various elements and relations. If such a delicate system is segmented due to a merger, the outcome measured in turnover and profit figures can not be accurately forecasted by simply aggregating key financial figures. The goal of this article is to go beyond the simplicity of current methods in order to develop a methodology better suited for evaluating synergy effects. This new approach integrates elements from both the framework of knowledge management and the sociological theory of systems and elements. The alternative methods proposed in this article will simultaneously deliver creative and innovative solutions to enhance the success of mergers and acquisitions. These new proposals also help to clarify the short comings plaguing traditional methods which inevitably lead to the destruction of shareholder wealth.
Book Synopsis The Art of M&A Strategy: A Guide to Building Your Company's Future through Mergers, Acquisitions, and Divestitures by : Kenneth Smith
Download or read book The Art of M&A Strategy: A Guide to Building Your Company's Future through Mergers, Acquisitions, and Divestitures written by Kenneth Smith and published by McGraw Hill Professional. This book was released on 2012-01-05 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seize the competitive advantage with today’s most powerful strategic tool—M&A “Given the influence of technology, globalization, and regulatory change, M&A will continue to shape our industries. For most companies, therefore, the consideration of M&A in strategy is now fundamental.” –from the Introduction to Part I The Art of M&A Strategy is exactly what you need to build mergers, acquisitions, and divestitures into your overall business strategy—to make M&A a competitive advantage and avoid landing on the long list of M&A failures. Experts in the field of M&A, Smith and Lajoux demystify this otherwise complex subject by taking you through the types of M&A strategy and the key steps to successful M&A strategy development and implementation. The Art of M&A Strategy is conveniently organized into three sections: Part I presents a range of possible corporate strategy situations and provides the role and rationale for M&A in each, such as building and managing a portfolio, participating in industry consolidation, spurring corporate growth, and using acquisitions to create “real options.” Part II outlines how to determine the role of M&A in your strategy—taking into consideration industry context, competitive imperatives, and strategy options—and explains how to find and screen partners, decide whether to buy or sell, and engage the board of directors in M&A decisions. Part III covers M&A as a sustained corporate program, particularly in the context of international growth, outlining the most strategic aspects of post-merger integration, describing how to use advisors throughout the process, and examining core competencies required for successful M&A programs. The authors illuminate the purpose and process of applying M&A with real-world success stories involving Cisco, GE, Google, and many other companies that have leveraged M&A for strategic success. Use The Art of M&A Strategy to create a powerful strategy position for success in today’s changing business environment and to seize and hold competitive advantage.
Book Synopsis Applied Mergers and Acquisitions by : Robert F. Bruner
Download or read book Applied Mergers and Acquisitions written by Robert F. Bruner and published by John Wiley & Sons. This book was released on 2016-02-08 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.
Book Synopsis Advances in Mergers and Acquisitions by : Sydney Finkelstein
Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2012-12-05 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Mergers and Acquisitions offers a unique perspective that will help scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic.
Book Synopsis Success Factors of International Mergers and Acquisitions by : Eduard Fuchs
Download or read book Success Factors of International Mergers and Acquisitions written by Eduard Fuchs and published by GRIN Verlag. This book was released on 2010-09 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2010 in the subject Business economics - Economic Policy, grade: 1,7, University of Kent (Kent Business School), language: English, abstract: The history of mankind is marked by the striving of a person to surpass oneself. In the early days growth was mainly achieved by enlarging the own family, and during the times of sedentarisation growth was achieved by claiming more areas of arable land. These two human characteristics have survived to the present day and have been transferred into modern world economy - on the one hand striving for more and on the other hand the increase of own power or influence. Nowadays those men are called entrepreneurs, and they take care of these things in the economic world through Mergers and Acquisitions. Therefore, it is hardly surprising that this kind of enterprise growth has found more and more approval in the course of the last years. It is easy to recognize that development by comparing the impressively increasing transaction volumes. That this trend will obviously continue has been confirmed by one of the most recent surveys conducted by the Boston Consulting Group (Kronimus et al., 2009). According to the survey every fifth company in Europe plans an acquisition in the year 2010 - in spite of the continuing economic crisis. These figures look impressive, but if one gets deeper into the subject, one realises that almost 70% of these mergers do not achieve the intended objectives (Palmer, n.d.), or are even regarded as a complete failure (Habeck et al., 2000). Remarkable is the fact that there are even unsuccessful mergers involving financially sound companies. Therefore, it can be concluded that the success of a merger or a takeover not only depends on the financial evaluation of the involved organisations but rather that there must be other factors which play a significant role. These other factors will be identified in this paper and their importance will be critically discussed.
Book Synopsis Mergers and Acquisitions Playbook by : Mark A. Filippell
Download or read book Mergers and Acquisitions Playbook written by Mark A. Filippell and published by John Wiley & Sons. This book was released on 2010-12-02 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate "tricks of the trade" guide to mergers and acquisitions Mergers and Acquisitions Playbook provides the practical tricks of the trade on how to get maximum value for a middle-market business. This book uniquely covers how to prepare for a sale, how to present the business most positively, and how to control the sale timetable. Written in a straight-talking style Provides the tricks of the trade on how to get maximum value for a middle-market business Shows how the sellers can take capitalize their inherent "unfair advantages" Examines the differences between "value" and "currency" Explains how to handle bankruptcy and distress company sales Offers tips on managing your lawyers in the documentation process Filled with empirical examples of successful-and unsuccessful-techniques, this practical guide takes you through every step of the M&A process, from how to manage confidentiality, how to create competition (or the impression of competition), to what to do once the deal is closed.
Book Synopsis Eat or Be Eaten: A Theory Of Mergers And Merger Waves by : Saskia Schierstädt
Download or read book Eat or Be Eaten: A Theory Of Mergers And Merger Waves written by Saskia Schierstädt and published by GRIN Verlag. This book was released on 2006-12-16 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2006 im Fachbereich VWL - Wettbewerbstheorie, Wettbewerbspolitik, Universität Konstanz, Sprache: Deutsch, Abstract: „The 1990s saw the greatest U.S. merger wave ever“. Vor dem Hintergrund dieser großen Fusionswelle entstand eine Vielzahl von Publikationen, die dieses „Phänomen“ untersuchen. Die vorliegende Seminararbeit behandelt die Veröffentlichung „Eat or Be Eaten: A Theory of Mergers and Merger Waves“ von Gorton, Kahl und Rosen (2005). Ihrer Meinung nach können Fusionswellen zunächst dann auftreten, wenn die Manager der Firmen Anreize haben, die Unabhängigkeit ihrer Firma zu sichern. Indem sie eine andere Firma übernehmen, können sie die Wahrscheinlichkeit, selbst Ziel einer Übernahme zu werden, reduzieren. Hierbei können defensive Übernahmen auftreten, die dadurch gekennzeichnet sind, daß sie unrentabel sind. Des weiteren argumentieren die Autoren, daß eine technologische oder politische Änderung Übernahmen in der Zukunft rentabel machen und so zu einer präventiven Welle defensiver Übernahmen führen kann. Die Autoren beschreiben auch das Timing und die Rentabilität der Übernahmen sowie die Identität von Erwerbern und Zielfirmen. Diese hängen von der Höhe der privaten Einkommen und des Kapitaleigentums der Manager ab sowie von der Wahrscheinlichkeit einer politischen Änderung und der Industriestruktur.2 Des weiteren kann ihre Arbeit im Hinblick auf Fusionswellen drei stilisierte Fakten erklären: Daß die Käufer im Durchschnitt Geld verlieren, daß Übernahmen sich in jenen Industrien konzentrieren, in welchen sich eine politische Änderung abzeichnet und daß Übernahmen in Wellen auftreten. Zu Beginn ihrer Arbeit entwickeln die Autoren zunächst ein einfaches Grundmodell mit drei Firmen, auf das ich im zweiten Kapitel eingehen werde. In Kapitel 3 folgt eine Erweiterung dieses Modells auf fünf Firmen, mit deren Hilfe sich Fusionswellen erklären lassen. Anhand dieser beiden Kapitel wird deutlich, daß sich zwei vollkommen unterschiedliche Arten der Fusionsdynamik entwickeln können. Während im Grundmodell ausschließlich rentable Übernahmen auftreten, entstehen bei der Erweiterung auch defensive, unrentable Übernahmen. In Kapitel 4 wird anhand zweier weiterer Modelle die Rolle untersucht, die der Industriestruktur bei der Betrachtung der Fusionsdynamik zukommt. Die wesentlichen Resultate der Autoren werden in Kapitel 5 zusammengefaßt. In Kapitel 6 werde ich auf weitere Veröffentlichungen zum Thema Fusionswellen eingehen. Zum Abschluß folgen eine kritische Beurteilung der Arbeit von Gorton et al. und eine Schlußbetrachtung.
Book Synopsis Mergers. Value Creation or Destruction? by : Matthias Runkel
Download or read book Mergers. Value Creation or Destruction? written by Matthias Runkel and published by GRIN Verlag. This book was released on 2014-12-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2011 in the subject Business economics - Investment and Finance, grade: 8,0 (out of 10), Maastricht University, language: English, abstract: Mergers and acquisition (M&A) are one of the most important topics in the business world. They provide so many news that online newspapers like the New York Times dedicate own sections to them. Some of the largest mergers did cost more than 100 billion US dollars. In consideration of this public interest and these enormous dollar amounts, a lot of research has been conducted to answer a fundamental question: Do mergers really create value? In order to answer this question, this paper gives an overview of influential research in the wide field of M&A. It is necessary to first provide a theoretical framework to show how a merger be-tween two firms creates synergies. In other words, how can the value of two merged companies be larger than their independent sum? With this framework in mind, it is possible to look at re-sults of academic research on whether mergers create value in practice and the determinants of success and failure. Another interesting topic in the field of M&A is merger waves, periods with abnormally high merger activity. Several of such waves have been observed, but their cause and return are still topic of academic debate. The remainder of this study is structured as follows. The next section reviews the most important reasons to merge in order to understand the theoretical value-creating potential. The third section discusses whether mergers also create value in practice and who benefits the most. Section four describes how merger success or failure depends on different properties of involved parties and deal characteristics. The fifth section gives a brief summary of the last three big merger waves and depicts how the occurrences of such waves are explained by two competing theories. The last section concludes the study.
Book Synopsis Mergers and Acquisitions Basics by : Donald DePamphilis
Download or read book Mergers and Acquisitions Basics written by Donald DePamphilis and published by Academic Press. This book was released on 2010-10-29 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Negotiations form the heart of mergers and acquisitions efforts, for their conclusions contain both anticipated and unforeseen implications. Don DePamphilis presents a summary of negotiating and deal structuring that captures its dynamic process, showing readers how brokers, bankers, accountants, attorneys, tax experts, managers, investors, and others must work together and what happens when they don't. Writtten for those who seek a broadly-based view of M&A and understand their own roles in the process, this book treads a middle ground between highly technical and dumbed-down descriptions of complex events. It mixes theory with case studies so the text is current and useful. Unique and practical, this book can add hard-won insights to 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
Book Synopsis Mergers and Acquisitions by : A. P. Dash
Download or read book Mergers and Acquisitions written by A. P. Dash and published by I. K. International Pvt Ltd. This book was released on 2013-12-30 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an honest attempt to capture the entire spectrum of M&A activity and share the contours of the implementation process. From valuation to integration, the book is sure to help managers think through what such a strategic move would mean to the organisation. The book attempts to provide working knowledge and skill of underlying concepts, contractual obligations, tax impact and legal background of M&A. Precisely, the book is written to show business managers and financial executives which kind of corporate restructuring can be worked out in the organisation and how best to analyse, design and implement M&A deals. The book can be classified into four basic frameworks. The first three chapters may be clubbed into the conceptual framework, where conceptual issues and economic consequences of M&A are discussed in detail. Critical issues like valuation and due diligence, which forms an integral part of any M&A, are examined with great care to emphasise the framework for pre-merger issues. The legal framework borders on areas like regulatory issues, tax impact, cross-border legal complications, transfer pricing and deal structuring. It is worth mentioning that the structuring of the deals has changed a lot in the recent years under the weight of hundreds of legal precedents, accounting rules and regulatory impositions. The last framework encompasses strategic issues of merger management leading to creation of value to the organisation. Attempt has also been made to find out why mergers fail and how to make them successful. To have a logical conclusion, towards the end, great corporate cases have been presented with high level of clarity and openness to reinforce the learning in earlier chapters. In fact, the cases are the USP of the book.
Book Synopsis Reasons for Frequent Failure in Mergers and Acquisitions by : Thomas Straub
Download or read book Reasons for Frequent Failure in Mergers and Acquisitions written by Thomas Straub and published by Springer Science & Business Media. This book was released on 2007-10-16 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using four statistical methods, Thomas Straub shows that M&A performance is a multi-dimensional function of: strategic logic, organizational behavior, and financial aspects.
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 Elsevier. This book was released on 2009-08-26 with total page 788 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explaining the real-world of mergers, acquisitions, and restructuring based on his own academic knowledge and experience, Donald DePamphilis shows how deals are done, rather than just explaining the theory behind them.
Book Synopsis Mergers and Acquisitions For Dummies by : Bill R. Snow
Download or read book Mergers and Acquisitions For Dummies written by Bill R. Snow and published by John Wiley & Sons. This book was released on 2011-05-09 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The easy way to make smart business transactions Are you a business owner, investor, venture capitalist, or member of a private equity firm looking to grow your business by getting involved in a merger with, or acquisition of, another company? Are you looking for a plain-English guide to how mergers and acquisitions can affect your investments? Look no further. Mergers & Acquisitions For Dummies explains the entire process step by step?from the different types of transactions and structures to raising funds and partnering. Plus, you'll get expert advice on identifying targets, business valuation, doing due diligence, closing the purchase agreement, and integrating new employees and new ways of doing business. Step-by-step techniques and real-world advice for making successful mergers and acquisitions Covers international laws and regulations How to take advantage of high-value deals Going beyond the case studies of other books, Mergers & Acquisitions For Dummies is your one-stop reference for making business growth a success.
Book Synopsis Reaping the Benefits of Mergers and Acquisitions by : John Coffey
Download or read book Reaping the Benefits of Mergers and Acquisitions written by John Coffey and published by Taylor & Francis. This book was released on 2012-04-27 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Will the early years of the new century continue to witness the huge growth in merger and acquisition activity which marked the end of the last? The chances are that they will - witness the value of deals carried out by the top five investment banks in the first quarter of 2001 alone ($456.2 billion). The quest for the golden fleece is alive and well. Will the majority of M&As continue to fail to achieve their potential value? This book is about breaking out of the cycle of grand strategy, great prospects, poor implementation, lost opportunities. The authors believe that it is possible for M&As to realise their value - and more. Bringing home the golden fleece involves more than just setting sail in quest for riches. It's about understanding the destination/end game, and working out the most appropriate route. This book has been written with the practitioner in mind, with the thirteen chapters split into three sections. The first section provides an overview of the merger process and outlining the key elements of success. Section Two focuses on the nuts & bolts of managing the integration process - from transition to full integration. Illustrated by a detailed case study of Articon Integralis AG, the leading supplier of IT Security Solutions and Services in Europe. The final section looks at the themes that can make or break mergers - creating the culture of the new organisation, communications, retention and the roles of line managers and HR. Each section is supported by checklists that should be helpful whether you are a novice at the merger game or an expert.
