Gods at War details the recent deals and events that haveforever changed the world of billion-dollar deal-making. This bookis a whirlwind tour of the players determining the destiny ofcorporate America, including the government, private equity,strategic buyers, hedge funds, and sovereign wealth funds.
It not only examines many of the game-changing takeover eventsthat have occurred in the past years, but also puts them intocontext and exposes what is really going on behind the scenes onWall Street. Gods at War completely covers the strategicissues that guide the modern-day deal, and since they unfold underthe shadow of the law, it also focuses on the legal aspects ofdeal-making and takeovers.Each chapter unfolds through the lens of a recent transaction,from the battle between Yahoo! and Microsoft to the UnitedRental/Cerberus disputeProvides in-depth explanations and analysis of the events andactors that have shaped this fast-moving fieldExamines the federal government's regulation by deal approachto saving the financial system and explains the government'sbiggest "deals", including its bail-outs of AIG, Bank of America,and Citigroup
Filled with in-depth insights that will enhance yourunderstanding of this field, Gods at War offers an engaginglook at deals and deal-makers in the context of recent historicalevents. It's a book for those who want to understand deals,takeovers, and the people and institutions who shape our world.
The late 1980s saw a huge wave of corporate leveraging. The U.S. financial landscape was dominated by a series of high-stakes leveraged buyouts as firms replaced their equity with new fixed debt obligations. Cash-financed acquisitions and defensive share repurchases also decapitalized corporations. This trend culminated in the sensational debt-financed bidding for RJR-Nabisco, the largest leveraged buyout of all time, before dramatically reversing itself in the early 1990s with a rapid return to equity.This entertaining summary of the broad reshaping of U.S. corporate finance in the last decade and a half looks at three major issues: why corporations leveraged up in the first place, why and how the leverage wave came to an end, and what policy lessons are to be drawn.Using the Minsky-Kindleberger model as a framework, the authors interpret the rise and fall of leveraging as a financial market mania. In the course of chronicling the return to equity in the 1990s, they address a number of important corporate finance questions: How important was the return to equity in relieving corporations' debt burdens? How did the return to equity affect the ability of young high-tech firms to finance themselves without selling out to foreign firms?
It's common knowledge that about half of all merger and acquisition(M&A) transactions destroy value for the buyer's shareholders,and about three-quarters fall short of the expectations prevailingat the time the deal is announced. In Deals from Hell, RobertBruner, one of the foremost thinkers and educators in this field,uncovers the real reasons for these mishaps by taking a closer lookat twelve specific instances of M&A failure. Through thesereal-world examples, he shows readers what went wrong and why, andconverts these examples into cautionary tales for executives whoneed to know how they can successfully navigate their own M&Adeals. These page-turning business narratives in M&A failureprovide much-needed guidance in this area of business. Byaddressing the key factors to M&A success and failure, thiscomprehensive guide illustrates the best ways to analyze, design,and implement M&A deals. Filled with in-depth insights, expertadvice, and valuable lessons gleaned from other M&Atransactions, Deals from Hell helps readers avoid the commonpitfalls associated with this field and presents them with a clearframework for thinking about how to make any M&A transaction asuccess.
The Art of Capital Restructuring provides a fresh look atthe current state of mergers, acquisitions, and corporaterestructuring around the world. The dynamic nature of M&Asrequires an evolving understanding of the field, and this bookconsiders several different forms of physical restructuring such asdivestitures as well as financial restructuring, which refers toalterations in the capital structure of the firm.
The Art of Capital Restructuring not only explains thefinancial aspects of these transactions but also examines legal,regulatory, tax, ethical, social, and behavioral considerations. Inaddition to this timely information, coverage also includesdiscussion of basic concepts, motives, strategies, and techniquesas well as their application to increasingly complex, real-worldsituations.Emphasizes best practices that lead to M&A successContains important and relevant research studies based onrecent developments in the fieldComprised of contributed chapters from both experiencedprofessionals and academics, offering a variety of perspectives anda rich interplay of ideas
Skillfully blending theory with practice, this book will put youin a better position to make the right decisions with regard tocapital restructuring in today's dynamic business world.
M&A, Second Edition provides a practicalprimer on mergers and acquisitions for a broad base of individualsnumbering in the hundreds of thousands:
Investment bankers involved with mergers and acquisitions(M&A).Equity analysts at hedge funds, risk arbitrage funds, pensionfunds, and banks, who invest in firms engaged in M&A.Private equity professionals at buyout funds, venture capitalfunds, and hedge funds, who routinely buy and sell companies.Corporate executives and business developmentprofessionals.Institutional loan officers working with M&A and buyouttransactions.Business students at colleges and graduate businessschools.Investor relations professionals at corporations and publicrelations firms.Lawyers who work with corporate clients on M&A-relatedlegal, financial, and tax matters.Independent public accounting firms that review M&Aaccounting.Government regulatorsSophisticated individual investors
Its comprehensive approach covers each step in the process, fromfinding an opportunity, to analyzing the potential, to closing thedeal, with new coverage of private equity funds and internationaltransactions. This updated second edition also includes informationon emerging markets, natural resource valuation, hostile takeovers,special deals, and more, plus new examples and anecdotes taken frommore current events. Additional illustrations and charts helpreaders quickly grasp the complex information, providing a completereference easily accessible by anyone involved in M&A.
The mergers and acquisitions environment has changed in thethirteen years since M&A was initially published,creating a tremendous need for authoritative M&A guidance froma banker's perspective. This M&A update fills that needby providing the characteristic expert guidance in clear, conciselanguage, complete with the most up-to-date information.Discover where M&A fits into different corporate growthstrategies, and the unique merits it confersDelineate clear metrics for determining risk, valuation, andoptimal size of potential acquisitionsGain deeper insight into the fundamentals of negotiation, duediligence, and structuringUnderstand the best time to sell, the best way to sell, and theprocess of the sale itself
In the past decade, the dollar value of M&A deals has jumpedten-fold, and the number of individuals involved has expandedconsiderably. More and more executives, analysts, and bankers needto get up-to-date on the mechanics of M&A, without wadingthrough volume after volume of dense, legalistic jargon. Finally,M&A is back – providing a complete reference tothe current state of the M&A environment.
Good and bad business activities have a pronounced effect on all Americans, who are often being harmed by corporations large and small, as well as occasionally the government. Despite the problems we face, the concept of domestic tranquility and prosperity are values that can still be maintained or achieved.
Jayson Reeves, an investor, business owner, and industrial engineer has worked with a variety of businesses, considers the complicated relationship between business and government a vital concern. The American transition of buyouts and the junk bond market effect on everyday people is a pivotal fact of resources. In this academic analysis, he focuses on
examples of good and bad mergers;
corporate raiders and the role they play
in business; and
ways junk bond markets are affecting the economy.
Youll also gain observation about the Securities and Exchange Commission and the role it plays in the economy as well as the role terrorism is playing on international investments. Therefore discover how the economy works and how it can be improved with Corporate Mergers Transitioning the American Economy.
"What's it worth?" Valuation is the common thread that unifies every M&A transaction, regardless of a company's industry, financial condition, or stage of development. The Art of M&A Valuation and Modeling bridges the gap between M&A valuation in theory and as an appraisal practice. It shows how to perform objective analyses, address all parties’ subjective interests in the transaction, and use practical financial models to complete a smooth transaction that benefits everyone.
Alexandra Reed Lajoux is Chief Knowledge Officer at the National Association of Corporate Directors (NACD). She has more than 30 years of experience as a senior writer and editor of newsletters, articles, and books on various business topics.
H. Peter Nesvold is a managing director with Jefferies & Co. in New York, where he heads transportation and automotive-related equity research.
Elizabeth Bloomer Nesvold is the managing partner of Silver Lane Advisors, an M&A advisory firm specializing in the investment and wealth management industries.
Paul Pignataro reveals the secrets behind growth through M&Ain his new book, Mergers, Acquisitions, Divestitures, and OtherRestructurings + Website. Through market shifts and regulatorychanges, M&A has served as a solid approach to growth. Creatingvalue through mergers and acquisitions is a highly covetedstrategy, and Wall Street has long sought a clear technicalunderstanding of the components of M&A as a key driver ofgrowth. In this book, the author provides that understanding,covering all essential aspects of accounting and modeling for theM&A process.
With over a decade of experience aiding billion-dollarrestructuring deals, Paul Pignataro is in an excellent position tobreak down M&A from a finance standpoint. Mergers,Acquisitions, Divestitures, and Other Restructurings covers thefinancial accounting and modeling behind several M&Astructures. 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 financepractitioners who want to explore every corner of the M&Aprocess.Learn accounting for asset acquisitions, asset divestitures,and corporate mergersExplore modeling methods including mini-merger modeling andfully consolidated merger modelingRead case studies demonstrating the practical success oftheoretical modelsUnderstand EBITDA, cash flow, capital structure, and theirimpact on M&A success and value creation
This new text from the CEO and founder of the New York School ofFinance is key for understanding how restructuring leads to growthand value creation. The importance of M&A shows no signs ofslowing, meaning that finance professionals need to be able toaccurately analyze the prospects and impacts of restructuringmoves. Mergers, Acquisitions, Divestitures, and OtherRestructurings + Website is the authoritative resource fordoing just that.
"Harold Bierman has blended an excellent mix of importantprinciples with real case study examples for a better understandingon a rather sophisticated finance subject."
-Edward M. Dudley, Vice President & General Auditor, ABBAmericas
"The role of private equity firms in financing buyouts as well asproviding growth capital has expanded significantly in the pastdecade. In a clear, concise way, Harold Bierman provides a timelyand astute analysis of the virtues of private equity as well ascreative quantitative methodologies that are applicable toreal-life transactions. This book should become essential readingfor investors, intermediaries, financial advisors and themanagement of private, almost private, or soon-to-be privatefirms."
-James A. Rowan Jr., Managing Director, Investment Banking
Legg Mason Wood Walker, Inc.
"As the private equity asset class has grown to over $300 billionin the last three years, Bierman analyzes the fundamentals behindthe investment decisions of this increasingly important sector.Once completing the book, you will understand the fundamentalanalytical framework underlying private equity investment."
-Peter Nolan, Partner, Leonard Green and Partners
"In looking at the private equity arena, Professor Bierman hasbrought together a diverse group of metrics and valuation formulasinto a single text. The book provides a valuable combination ofacademic theory and real-life case studies. It provides manyinsights."
-Peter H. Vogel, Vice President, MeadWestvaco Corporation
Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong.
Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today.
From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up. Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets.
Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account.
Mergers, Acquisitions, and Corporate Restructurings is an all-inclusive guide to M&As that illustrates how restructuring can be used successfully, how each form works, and the laws that govern them. This updated edition includes the latest statistics, research, graphs, and case studies on the private equity market, ethics, legal frameworks, and corporate governance, presented in a more approachable, manageable way. Written from a practical and historical perspective, this book carefully analyzes the strategies and motives that inspire M&As, the legalities involved each step of the way, and the offensive and defensive techniques used during hostile acquisitions.
Corporate restructurings are indispensable in building a new generation of re-engineered companies with the power and resources to compete on the global playing field. This book covers the full spectrum of transactions, from megadeals to downsizing, and takes a fresh look at restructuring and how it is being used to revitalize and supercharge companies.Learn how corporate restructuring helps companies compete Discover the common impetus behind M&As Understand the laws and rules that govern the field Examine more effective strategies for hostile acquisitions
The slowdown in the world's economy means that mergers and corporate restructuring will likely increase. It is essential for students and professionals to fully understand the concepts and mechanics behind these transactions, and Mergers, Acquisitions, and Corporate Restructurings is the comprehensive guide to the field.
A must have book for business owners, key employees, and theiradvisors who need to be aware of the full spectrum of successionoptions, Buyouts provides objectives, advice, steps, and ahost of examples on the full spectrum of insider-led buyouts. Aroad map for CPAs, it presents the parameters for many of the majorindustry segments, techniques for managing risk, providingretention and performance incentives for key personnel and insightsinto getting deals financed.Features advice and examples of insider led buyoutsEssential guidance on succession options for business owners,key employees, and their advisorsThe 411 on selling your company for a fair price, maintainingcontrol over the process, and realizing lifelong goals
Transition planning is becoming a hot business topic as millionsof business owners head into retirement. The fact is that only alimited number of privately held companies will be successfullysold to third parties. A road map for CPAs, Buyouts presentsthe parameters for many of the major industry segments, techniquesfor managing risk, providing retention and performance incentivesfor key personnel, as well as insights into getting dealsfinanced.
*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
Subtitled “Tales of A Deal Junkie,” this serious butoccasionally irreverent book tells it like it is, includinganecdotes to provide a “feel” for what really goes onin middle market transactions. The author, a former practicing CPAand a business valuation expert, is a veteran M&A investmentbanker with years of real life experience. He also is awidely-acclaimed instructor in the M&A field and anationally-respected practitioner who has trained thousands ofinvestment bankers. No comparable book on the market today providesthis degree of comprehensive and invaluable insight.
M&A Titans provides insight into the culture of thedifferent investment banks and how each of the bankers influencedthe firms they worked in as they became more powerful. Some such asGleacher, Harris, Wasserstein, Perella and Greenhill clashed withthe men running their firms and left. Others such as Friedman andBoisi stayed and profoundly influenced how the firm did business.The career of Michael Milken, perhaps the notorious name on WallStreet in the 1980s, is also examined as well as the actions andtactics of his firm, Drexel Burnham Lambert. Milken and Drexelpaved the way for the growth of private equity and helpedpopularize attacks on management by investors such as Boone Pickensand Carl Icahn.
M&A advisors have an unprecedented opportunity in the middle market with the generational transfer of wealth and capital being deployed by private equity and corporate investors. Middle Market M&A: Handbook for Investment Banking and Business Consulting is a must-read for investment bankers, M&A intermediaries and specialists, CPAs and accountants, valuation experts, deal and transaction attorneys, wealth managers and investors, corporate development leaders, consultants and advisors, CEOs, and CFOs.Provides a holistic overview and guide on mergers, acquisitions, divestitures and strategic transactions of companies with revenues from $5 million to $500 millionEncompasses current market trends, activities, and strategies covering pre, during, and post transactionAddresses the processes and core subject areas required to successfully navigate and close deals in the private capital marketIncludes content on engagement and practice management for those involved in the M&A business
This practical guide and reference is also an excellent primer for those seeking to obtain their FINRA Series 79 license.
Optimists see distressed M&A
Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies.
The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to:Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts Navigate through complicated valuation, financing, legal, accounting, and tax issues Communicate effectively and make informed proposals in multiparty negotiations Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions
The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.
In mergers and acquisitions, intellectual property assets can beespecially difficult to accurately value, most notably in rapidlyevolving high-tech industries. Understanding the factors thatcreate value in intellectual property assets, and the part suchassets play in both domestic and international mergers, is vitallyimportant to anyone involved in the merger and acquisition process.This book provides an overview of the intellectual propertylandscape in mergers and acquisitions and thoroughly coversimportant topics from financial and accounting concerns to duediligence and transfer issues.
Bringing together some of the leading economists, valuationexperts, lawyers, and accountants in the area of intellectualproperty, this helpful guide acts as an advisor to businessprofessionals and their counsel who need answers for intellectualproperty questions. The valuation methods presented here are simpleand don't require a background in finance. Whether you're a manageror executive, an accountant or an appraiser, Intellectual PropertyAssets in Mergers and Acquisitions offers all the expert help youneed to better understand the issues and the risks in intellectualproperty assets in mergers and acquisitions.
Cross Border Mergers and Acquisitions is a practical toolbox for corporate strategy and development professionals dealing with the many challenges involved in cross border M&A. With a detailed discussion of key market specifics and broadly-applicable critical insight, this book demystifies the cross border M&A process and provides a host of practical tools that ease strategic implementation. A geographical overview explains the trends in major M&A markets including Australia, Brazil, China, Russia, the U.K., and the U.S., and industry-specific guidance covers Financial Services, Aerospace and Defense, Health Care, Tech, Manufacturing, and more. Leading experts relate lessons learned while managing actual PMI (post merger integration) processes, and the discussion of cultural impacts and specific situational needs provides deep insight into the type of leadership a flawless integration requires.
Corporate restructuring and internationalization efforts are increasingly relying on cross border mergers and acquisitions. Strategies, motives, and consequences are a complex navigational minefield, but this insightful guide provides solid, actionable guidance for leading a successful integration.Understand the region-specific details that make an impactOvercome common challenges and manage complex dealsGain practical insight and valuable tools for leading integrationLearn the most current best practices for PMI® processes
Cross border M&A is complex, with myriad challenges and obstacles inherent to the situation. Successful integration and a smooth transition are critical, and there's little wiggle room—it's a situation where you have only one chance to get it right. Cross Border Mergers and Acquisitions is an essential guide to the process, with key tools for execution.
This hands-on, step-by-step volume provides strategies, frameworks, guidelines, and ample examples for managing and optimizing M&A performance, including:
ways to analyze different types of synergy;
understanding and analyzing cultural difference along corporate and national cultural dimensions, using measurement tools;
using negotiation, due diligence, and planning to analyze the above factors; making use of this data during negotiation, screening, planning, agreement, and when deciding on post-merger integration approaches.
Students, researchers, and managers will find this text a vital resource when it comes to understanding this key facet of the international business world.
Examining how M&A fits in corporate growth strategies,Maximizing Corporate Value through Mergers and Acquisitionscovers the various strategic reasons for companies entering mergersand acquisitions (M&A), with a look at those that are based onsound strategy, and those that are not.Helps companies decide whether M&As should be used forgrowth and increased corporate valueExplores why M&A deals often fail to deliver what theirproponents have represented they wouldExplains which types of M&A work best and which toavoid
With insider guidance on what boards of directors should beaware of when evaluating proposed deals, Maximizing CorporateValue through Mergers and Acquisitions provides a soundfoundation for understanding the risks involved in any mergers andacquisitions deal, before it's too late.
When you’re buying a business, it’s wise to conduct due diligence. That's the process of investigating and verifying the firm’s finances, labor record, exposure to environmental issues, store of intellectual property, hard assets, ownership structure, and much more. If you don’t, you may later stumble into serious, costly problems, or you may pay an inflated price for the business. This book not only shows you how to conduct such an examination and what to look for, but it will also help you uncover hidden issues that some sellers might not want you to know about.
Conversely, this book shows smart business sellers how to conduct due diligence on their own firms to arrive at the right sales price, uncover issues that might scare off buyers or investors, solve lingering problems before a sale, and more. Done right, due diligence can help sellers ensure they sell the business for the best price and with the least risk. Due Diligence and the Business Transaction will help you understand when to conduct due diligence, whom to include, and how to spot the red flags that signal danger. In addition, you will learn:
How to conduct due diligence when contemplating a joint venture, business loan, franchise opportunity, or manufacturing deal How to calibrate the correct scope and breadth of the due diligence investigation depending on your situation How the results of due diligence may and often will change the elements of the final deal How to draft due diligence documents so they protect your interests What successful deals look like Corporate attorney and due diligence expert Jeffrey W. Berkman interweaves critical action points, guidelines and procedural steps, case studies, and due diligence questionnaires, checklists, and documents. The veteran of many business deals, Berkman's advice will help you avoid business-crippling mistakes and make the best deal possible.
—New York Times Book Review
A #1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco. An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.” The Chicago Tribune raves, “It’s hard to imagine a better story...and it’s hard to imagine a better account.” And in an era of spectacular business crashes and federal bailouts, it still stands as a valuable cautionary tale that must be heeded.
In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Until the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, no one had taken the time to properly codify the lifeblood of the corporate financier's work-namely, valuation, through all of the essential lenses of an investment banker. With the release of Investment Banking, Second Edition: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Rosenbaum and Pearl once again have written the definitive book that they wish had existed when they were trying to break into Wall Street. The Second Edition includes both the technical valuation fundamentals as well as practical judgment skills and perspective to help guide the science. This book focuses on the primary valuation methodologies currently used on Wall Street: comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout analysis. With the new fully revised edition, they have added the most comprehensive, rigorous set of intuition-building and problem-solving ancillaries anywhere all of which promised to become essential, knowledge enhancing tools for professionals, and professors and students.
For those who purchase this edition of the book, there are options to purchase the Valuation Models separately (9781118586167), and to also consider purchase of the Investing Banking Workbook (9781118456118) and Investment Banking Focus Notes (9781118586082) for further self-study.
In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors while the financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance.
Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity will drive the economy and provide a model for how financing will work in the years to come.
The WORKBOOK—which parallels the main book chapterby chapter—contains over 400 problem-solving exercises andmultiple-choice questions.
Topics reviewed include:Valuationand its various forms of analysis, including comparable companies,precedent transactions and discounted cash flowanalysis Leveragedbuyouts—from the fundamentals of LBO economics and structureto detailed modeling and valuationM&Asell-side tools and techniques, including an overview of anorganized M&A sale processM&Abuy-side strategy and analysis, including a comprehensive mergerconsequences analysis that includes accretion/(dilution) andbalance sheet effects The lessons found within will help you successfully navigate thedynamic world of investment banking and professional investing.Investment Banking WORKBOOK will enable you to takeyour learning to the next level in terms of understanding andapplying the critical financial tools necessary to be an effectivefinance professional.
This book is written for buyers and sellers of businesses, financial analysts, chief executive officers, chief financial officers, operating managers, investment bankers, and portfolio managers. Others who may have an interest include bank lending officers, venture capitalists, government regulators, human resource managers, entrepreneurs, and board members. The book may also be used as a companion or supplemental text for undergraduate and graduate students taking courses on mergers and acquisitions, corporate restructuring, business strategy, management, governance, and entrepreneurship.Describes a broad view of the mergers and acquisition process to illustrate agents' interactions Simplifies without overgeneralizingBases conclusions on empirical evidence, not experience and opinionFeatures a recent business case at the end of each chapter
The authors evaluate the hypothesis that the rise in the cost of capital during the 1980s helped stimulate the surge in corporate takeovers. They analyze the effect that changes in tax laws and in the volume of government debt have had on corporate financial decisions. The authors examine how recent financial innovations have blurred the distinction between debt and equity finance.
Managing Growth and Expansion into Global Markets addresses the unique logistical, transportation, and distribution issues surrounding growth and expansion into global markets. It supplies a full overview of contemporary management assessment tools, to provide an understanding of exactly what it takes to enter foreign markets and avoid common pitfalls.
Distilling the author’s decades of experience in global supply chain management and international business, this book is ideal for those looking to grow and develop their global supply chains.
The book details the benefits and drawbacks of both organic growth and merger and acquisitions into global markets. It illustrates the most common types of problems that occur during mergers and acquisitions and describes exactly what you can expect during the transition period.
Explaining why some organizations transition new business units successfully while others struggle, this book will help you properly assess your best options to grow your organization and expand your supply chain capabilities.
The book examines the array of legal and regulatory implications that you need to review, understand, and bring into your decision-making process. It also provides specific answers, strategies, and a best-practice outline that you can follow.
A must-read for anyone involved with global growth and expansion in the supply chain arena, this book is also an ideal tutorial to help students and business-school attendees gain practical insights into global supply chain issues.