The Synergy Trap

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Publisher : Simon and Schuster
ISBN 13 : 1439137706
Total Pages : 321 pages
Book Rating : 4.4/5 (391 download)

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Book Synopsis The Synergy Trap by : Mark L. Sirower

Download or read book The Synergy Trap written by Mark L. Sirower and published by Simon and Schuster. This book was released on 2010-05-11 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.

Merger Movements in American Industry, 1895-1956

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Author :
Publisher :
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Merger Movements in American Industry, 1895-1956 by : Ralph Lowell Nelson

Download or read book Merger Movements in American Industry, 1895-1956 written by Ralph Lowell Nelson and published by . This book was released on 1959 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mergers and Acquisitions in Banking and Finance

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Author :
Publisher : Oxford University Press
ISBN 13 : 9780198036067
Total Pages : 328 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Mergers and Acquisitions in Banking and Finance by : Ingo Walter

Download or read book Mergers and Acquisitions in Banking and Finance written by Ingo Walter and published by Oxford University Press. This book was released on 2004-01-29 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers. It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods of restructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center of gravity of economic restructuring activity. M&A transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 M&A transactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share of strategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on M&A transactions as a key tool of business strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness of decision-making and interface management have co-equal importance - "doing it right."

Applied Mergers and Acquisitions

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Publisher : John Wiley & Sons
ISBN 13 : 1118436393
Total Pages : 1056 pages
Book Rating : 4.1/5 (184 download)

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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.

Financial Analysis of Mergers and Acquisitions

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Author :
Publisher : Springer Nature
ISBN 13 : 3030617696
Total Pages : 304 pages
Book Rating : 4.0/5 (36 download)

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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.

Bank Mergers & Acquisitions

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Author :
Publisher : Springer Science & Business Media
ISBN 13 : 9780792399759
Total Pages : 268 pages
Book Rating : 4.3/5 (997 download)

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Book Synopsis Bank Mergers & Acquisitions by : Yakov Amihud

Download or read book Bank Mergers & Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 1998-02-28 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.

You Can Be a Stock Market Genius

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Publisher : Simon and Schuster
ISBN 13 : 1451628064
Total Pages : 304 pages
Book Rating : 4.4/5 (516 download)

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Book Synopsis You Can Be a Stock Market Genius by : Joel Greenblatt

Download or read book You Can Be a Stock Market Genius written by Joel Greenblatt and published by Simon and Schuster. This book was released on 2010-11-02 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and practical guide to the stock market from a successful fund manager—filled with case studies, important background information, and all the tools you’ll need to become a stock market genius. Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he’s going to show you how to do it, too. You’re about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss—uncharted areas where the individual investor has a huge advantage over the Wall Street wizards. Here is your personal treasure map to special situations in which big profits are possible, including: -Spin-offs -Restructurings -Merger Securities -Rights Offerings -Recapitalizations -Bankruptcies -Risk Arbitrage Prepared with the tools from this guide, it won’t be long until you’re a stock market genius!

Structuring Mergers & Acquisitions

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Author :
Publisher :
ISBN 13 : 9780735510371
Total Pages : 0 pages
Book Rating : 4.5/5 (13 download)

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Book Synopsis Structuring Mergers & Acquisitions by : Peter A. Hunt

Download or read book Structuring Mergers & Acquisitions written by Peter A. Hunt and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike other Mand&A references, this one-volume guide establishes a framework for analyzing each transaction from a financial perspective, and evaluating your options in terms of how they create value today or better position the company to build value tomorrow. In this newly updated Fifth Edition of Structuring Mergers and& Acquisitions: A Guide to Creating Shareholder Value, you get clear, authoritative discussions of: How shareholder value relates to mergers and acquisitions, and different methodologies for valuing a transaction, such as discounted cash flow, comparable company, comparable transaction, premiums paid, price/volume relationships, and private company valuation. How accounting can influence value creating in mergers and acquisitions, a critical aspect of understanding and structuring the proper transaction for differing business circumstances. Collars, break-up fees, lock-ups, walk-aways, minority squeeze outs, earnouts, and anti-trust considerations, and other special topics you will encounter in deals Transactions you may encounter, from and“plain vanillaand” deals like mergers, acquisitions, divestitures, joint ventures, and leveraged buyouts, to more complicated restructuring alternatives like spin-offs, split-offs, share repurchases, recapitalizations and restructuring options that can enhance shareholder value. Protecting against takeover threats, including legal and structural defenses, with coverage of the most common form of legal defense, the shareholder rights plan. Making aggressive or hostile offers for a company, the pros and cons of and“going it aloneand” in attempting a hostile acquisition. Performing effective and complete due diligence on a company in the context of a transaction, a critical step that is often overlooked as something and“someone else should do.and” Handling the human aspects of mergers and acquisitions, including basic transition tips that can avoid massive pre- and post-deal turnover.

Mergers

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Publisher : John Wiley & Sons
ISBN 13 : 0471727326
Total Pages : 370 pages
Book Rating : 4.4/5 (717 download)

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Book Synopsis Mergers by : Patrick A. Gaughan

Download or read book Mergers written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2005-05-20 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: A powerful guide for seeking out the best acquisition and merger targets As increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these M&As will go bad. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. It provides a complete road map for what potential buyers should look for when picking a target and what characteristics of sellers they should steer clear of, as well as pitfalls to avoid during the M&A process. Real-world examples are provided of high-profile failures-Quaker Oats, United Airlines, Sears, and Mattel-and high-profile successes-General Electric and Cisco. Patrick A. Gaughan (New York, NY) is President of Economatrix Research Associates and a professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He is actively engaged in the practice of business valuations for mergers and acquisitions, as well as other related applications.

Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future

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Publisher : McGraw Hill Professional
ISBN 13 : 0071736379
Total Pages : 257 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future by : Alfred Rappaport

Download or read book Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future written by Alfred Rappaport and published by McGraw Hill Professional. This book was released on 2011-08-19 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conquering the obession with short-term profits is critical to the future of business, society, and capitalism itself—Alfred Rappaport presents a game plan every business leader should read “As Rappaport keeps on speaking out for the realities surrounding investment and speculation, our society will profit as it builds on his keen insights.” John C. Bogle, founder of The Vanguard Group (from the Foreword) About the Book: Alfred Rappaport, who first introduced the principles and practical application of "shareholder value" in his groundbreaking 1986 classic Creating Shareholder Value, reiterated the basic message in his 2006 Harvard Business Review article: Focusing on Wall Street quarterly earnings expectations rather than on creating long-term value is an invitation to disaster. Rappaport shows how deeply flawed short-term performance incentives for corporate and investment managers were an essential cause of the recent global financial crisis. In Saving Capitalism from Short-Termism, Rappaport examines the causes and consequences of “short-termism” and offers specific recommendations for how publicly traded companies and the investment management community can overcome it. Whether you're a corporate manager, money manager, public policymaker, business-school student, or simply concerned about your financial future, Saving Capitalism from Short-Termism provides valuable insights and practical ideas to change the course of your organization—and contribute to a healthier economy that benefits all.

Merger Arbitrage

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Publisher : John Wiley & Sons
ISBN 13 : 1118440013
Total Pages : 325 pages
Book Rating : 4.1/5 (184 download)

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Book Synopsis Merger Arbitrage by : Lionel Melka

Download or read book Merger Arbitrage written by Lionel Melka and published by John Wiley & Sons. This book was released on 2014-02-03 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wave of corporate mergers, acquisitions, restructuring, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to investors. Surprisingly, there is little transparency and instruction for investors interested in learning the latest risk arbitrage techniques. Merger Arbitrage – A Fundamental Approach to Event-Driven Investing helps readers understand the inner workings of the strategy and hedge funds which engaged in this investment strategy. Merger arbitrage is one of the most commonly used strategies but paradoxically one of the least known. This book puts it in the spotlight and explains how fund managers are able to benefit from mergers and acquisitions. It describes how to implement this strategy, located at the crossroad of corporate finance and asset management, and where its risks lie through numerous topical examples. The book is split into three parts. The first part, examining the basis of merger arbitrage, looks at the key role of the market in takeover bids. It also assesses the major changes in the financial markets over recent years and their impact on M&A. Various M&A risk and return factors are also discussed, alongside the historical profitability of merger arbitrage, the different approaches used by fund managers and the results of academic studies on the subject. The second part of the book deals with the risk of an M&A transaction failing in terms of financing risk, competition issues, the legal aspects of merger agreements and administrative and political risks. The third part of the book examines specificities of M&A transactions, comprehensively covering hostile takeovers and leveraged buyouts. Each part contains many recent examples and case studies in order to show how the various theories and notions are put into practice. From researching prospects and determining positions, to hedging and trading tactics, Lionel Melka and Amit Shabi present the full complement of sophisticated risk arbitrage techniques, making Merger Arbitrage a must read for finance and investment professionals who want to take advantage of the nearly limitless opportunities afforded by today’s rapidly changing global business environment. The book builds on its authors’ diverse backgrounds and common experience managing a merger arbitrage fund, providing readers with an enriching inside view on M&A operations. Translated by Andrew Fanko and Frances Thomas

The Economic Assessment of Mergers Under European Competition Law

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Author :
Publisher : Cambridge University Press
ISBN 13 : 1107007720
Total Pages : 559 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis The Economic Assessment of Mergers Under European Competition Law by : Daniel Gore

Download or read book The Economic Assessment of Mergers Under European Competition Law written by Daniel Gore and published by Cambridge University Press. This book was released on 2013-04-25 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.

Mergers, Acquisitions, and Other Restructuring Activities

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Publisher : Academic Press
ISBN 13 : 0123854857
Total Pages : 784 pages
Book Rating : 4.1/5 (238 download)

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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.

Wealth Creation in the World’s Largest Mergers and Acquisitions

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Author :
Publisher : Springer
ISBN 13 : 303002363X
Total Pages : 341 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Wealth Creation in the World’s Largest Mergers and Acquisitions by : B. Rajesh Kumar

Download or read book Wealth Creation in the World’s Largest Mergers and Acquisitions written by B. Rajesh Kumar and published by Springer. This book was released on 2018-11-29 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book highlights research-based case studies in order to analyze the wealth created in the world’s largest mergers and acquisitions (M&A). This book encourages cross fertilization in theory building and applied research by examining the links between M&A and wealth creation. Each chapter covers a specific case and offers a focused clinical examination of the entire lifecycle of M&A for each mega deal, exploring all aspects of the process. The success of M&A are analyzed through two main research approaches: event studies and financial performance analyses. The event studies examine the abnormal returns to the shareholders in the period surrounding the merger announcement. The financial performance studies examine the reported financial results of acquirers before and after the acquisition to see whether financial performance has improved after merger. The relation between method of payment, premium paid and stock returns are examined. The chapters also discuss synergies of the deal-cost and revenue synergies. Mergers and acquisitions represent a major force in modern financial and economic environment. Whether in times of boom or bust, M&As have emerged as a compelling strategy for growth. The biggest companies of modern day have all taken form through a series of restructuring activities like multiple mergers. Acquisitions continue to remain as the quickest route companies take to operate in new markets and to add new capabilities and resources. The cases covered in this book highlights high profile M&As and focuses on the wealth creation for shareholders of acquirer and target firms as a financial assessment of the merger’s success. The book should be useful for finance professionals, corporate planners, strategists, and managers.

Comparative Company Law

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Author :
Publisher : Cambridge University Press
ISBN 13 : 1107186358
Total Pages : 1095 pages
Book Rating : 4.1/5 (71 download)

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Book Synopsis Comparative Company Law by : Andreas Cahn

Download or read book Comparative Company Law written by Andreas Cahn and published by Cambridge University Press. This book was released on 2018-10-04 with total page 1095 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents in-depth, comparative analyses of German, UK and US company laws illustrated by leading cases, with German cases in English translation.

Mergers, Acquisitions, Divestitures, and Other Restructurings, + Website

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 1118908716
Total Pages : 373 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis Mergers, Acquisitions, Divestitures, and Other Restructurings, + Website by : Paul Pignataro

Download or read book Mergers, Acquisitions, Divestitures, and Other Restructurings, + Website written by Paul Pignataro and published by John Wiley & Sons. This book was released on 2015-01-27 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authoritative resource for analyzing mergers and acquisitions (M&A) from every angle Paul Pignataro reveals the secrets behind growth through M&A in his new book, Mergers, Acquisitions, Divestitures, and Other Restructurings + Website. Through market shifts and regulatory changes, M&A has served as a solid approach to growth. Creating value through mergers and acquisitions is a highly coveted strategy, and Wall Street has long sought a clear technical understanding of the components of M&A as a key driver of growth. In this book, the author provides that understanding, covering all essential aspects of accounting and modeling for the M&A process. With over a decade of experience aiding billion-dollar restructuring deals, Paul Pignataro is in an excellent position to break down M&A from a finance standpoint. Mergers, Acquisitions, Divestitures, and Other Restructurings covers the financial accounting and modeling behind several M&A structures. Using the merger of Office Depot and Office Max, Mr. Pignataro fully addresses the entire integration, explains EBITDA, and other crucial performance measures. This text is for finance practitioners who want to explore every corner of the M&A process. Learn accounting for asset acquisitions, asset divestitures, and corporate mergers Explore modeling methods including mini-merger modeling and fully consolidated merger modeling Read case studies demonstrating the practical success of theoretical models Understand EBITDA, cash flow, capital structure, and their impact on M&A success and value creation This new text from the CEO and founder of the New York School of Finance is key for understanding how restructuring leads to growth and value creation. The importance of M&A shows no signs of slowing, meaning that finance professionals need to be able to accurately analyze the prospects and impacts of restructuring moves. Mergers, Acquisitions, Divestitures, and Other Restructurings + Website is the authoritative resource for doing just that.

Winning at Mergers and Acquisitions

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Author :
Publisher : Wiley
ISBN 13 : 9780471190561
Total Pages : 0 pages
Book Rating : 4.1/5 (95 download)

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Book Synopsis Winning at Mergers and Acquisitions by : Mark N. Clemente

Download or read book Winning at Mergers and Acquisitions written by Mark N. Clemente and published by Wiley. This book was released on 1998-03-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive new framework for winning at Mfrom up-front planning to postmerger integration The challenges of mergers and acquisitions can be daunting-but the opportunities and benefits they offer forward-thinking companies can be tremendous. Winning at Mergers and Acquisitions offers a critical new approach to strategic M&A based on the authors' pioneering concept of marketing due diligenceSM. Covering every stage of market-driven M&A planning and integration, this book shows how to look beyond the quick hit to focus on long-term growth rather than short-term cost-cutting. Featuring dozens of real-life case studies-including both failures and extraordinary successes-plus inside comments from leading M&A specialists, this book contains crucial guidance on: * Predeal planning-how to identify your strategic needs and pinpoint the merger candidate(s) that will help you meet them * Sizing up targets for acquisition-how to examine the essential marketing, sales, and product issues that will determine a good company "fit,".strategically and culturally * Revenue enhancement planning-how to identify ways to drive top-line growth and develop action plans to generate near- and long-term revenues * Filling the pipeline-how to prioritize and actualize the critical steps necessary to drive shareholder value * Developing communication programs-how to design and execute communication strategies to garner support for the merger by employees, customers, and other stakeholders * Building a comprehensive postmerger integration plan-how to align diverse corporate cultures, develop training and reward programs, and move beyond the turf wars and lack of productivity that hamper the success of mergers and acquisitions. Last year more than 7,000 mergers and acquisitions were completed, with a collective price tag estimated at more than $800 billion. And although they are known as highly effective means of achieving corporate growth and strategic advantage, these transactions are fraught with pitfalls: Statistics indicate that a third of these deals will fail and another third will not bear out the expectations of the merger partners. What can businesses looking to undertake strategic mergers and acquisitions do to ensure that they do not fall victim to confusion, multimillion-dollar losses, declining market share and profits, or any number of other negative results of failed transactions? The answers are in Winning at Mergers and Acquisitions, a pioneering step-by-step guide to growth-driven planning and swift, effective post-merger integration. Challenging the conventional emphasis on cost-reduction synergies, this book presents the authors' groundbreaking blueprint for mergers that yield strategic synergies and high returns in meeting long-term growth, increased market share, and revenue generation objectives. Mark Clemente and David Greenspan explore in detail the marketing, sales, and organizational issues that are vital aspects of successful M&A ventures. They take executives through the entire strategic M&A process-from setting objectives, to evaluating target companies, to aligning corporate cultures in an effort to ensure problem-free integration. They show how to maintain a sharp focus on the markets that will be reached by the merger-and they offer invaluable advice on charting a steady course through the often tumultuous period of integration, when organizational chaos can cause the merged company to lose momentum, market share, and the backing of customers, prospects, and shareholders. Winning at Mergers and Acquisitions is essential reading for CEOs, managers, deal makers, and others looking to capitalize on one of the most important methods of effecting corporate growth in business today-while staying focused on the people, product, and process issues that power that growth.