{"product_id":"applied-mergers-and-acquisitions-university-edition-isbn-9780471395348","title":"Applied Mergers and Acquisitions, University Edition","description":"\u003cp\u003e\u003cb\u003eA comprehensive guide to the world of mergers and acquisitions\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy do so many M\u0026amp;A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M\u0026amp;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\u0026amp;A deals. By addressing the key factors of M\u0026amp;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\u0026amp;A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M\u0026amp;A deal. \u003c\/p\u003e \u003cp\u003eForeword xv\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction and Key Themes 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction and Executive Summary 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“How Can My Team Do Better Than the Averages?” A Framework for M\u0026amp;A Success. Seven New Big  Ideas Worthy of the Best Practitioners.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eEthics in M\u0026amp;A 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Should One Care? In Whose Interests? What Is Good?— Consequences, Duties, Virtues.  Promoting Ethical Behavior.\u003c\/p\u003e \u003cp\u003eGreenmail Case: Walt Disney, 1984.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDoes M\u0026amp;A Pay? 30\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Measurement of M\u0026amp;A Profitability: Better Than What? Findings Based on the Analysis of Returns to Shareholders. Findings Based on the Analysis of Reported Financial Performance. Findings about the Drivers of Profitability. Findings from Surveys of Executives. Findings from Clinical Studies.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eStrategy and the Origination of Transaction Proposals 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eM\u0026amp;A Activity 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Activity Appears in Waves. Explanations of M\u0026amp;A Activity. “Creative Destruction” as the Driver of M\u0026amp;A Activity. The Many Forms of Economic Turbulence, and Where to Look for It. Turbulence Drives M\u0026amp;A Activities and Opportunities.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCross-Border M\u0026amp;A 98\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCross-Border M\u0026amp;A Activity. M\u0026amp;A within Regions and Trading Blocs. Drivers of and Returns from  Cross-Border M\u0026amp;A. Strategic Analysis of Countries: Getting a “View.”\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eStrategy and the Uses of M\u0026amp;A to Grow or Restructure the Firm 123 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSetting Strategy. Expansion by Inorganic Growth. Restructuring, Redeployment, and Sale. Choosing a Path. Does It Pay to Diversify or Focus the Firm?\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAcquisition Search and Deal Origination: Some Guiding Principles 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEight Principles of Acquisition Search. Case Study: Kestrel Ventures LLC.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDiligence, Valuation, and Accounting 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDue Diligence 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Concept of Due Diligence. Principles and Strategies. Timing, Team, and Outputs. The Target’s View: The Data Room and Its Pressures. Focus on Knowledge. Excellence in Due Diligence.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eValuing Firms 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRule #1: Think Like an Investor. Rule #2: Intrinsic Value Is Unobservable; We Can Only Estimate It. Rule #3: An Opportunity to Create Value Exists Where Price and Intrinsic Value Differ. Rule #4: So Many Estimators, So Little Time—It Helps to “Have a View.” Rule #5: Exercise Estimators of Intrinsic Value to Find Key Value Drivers and Bets. Rule #6: Think Critically; Triangulate Carefully. Rule #7: Focus on Process, Not Product. Rule #8: When in Doubt, see Rule #1. Valuation Case: Chrysler Corporation, March 1998.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eValuing Options 296\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOption Basics. Option Theory. Option Applications. A Practical Guide to Financial Option Valuation, with Some Important Caveats.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eValuing Synergies 325\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Concept of Synergy. Synergy Estimates Must Be a Central Focus of M\u0026amp;A Analysis. A Framework for Synergy Analysis. Estimating Synergy Value, with Examples. Synergies in the Daimler\/Chrysler Merger. Rules of Thumb.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eValuing the Firm across Borders 348\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Borders Affect M\u0026amp;A Valuation. Strategy for DCF Approach: Home versus Foreign Valuation. Adjusting Cash Flows. Estimating the Discount Rate. Recapitulation: Valuation Process with Adjusted CAPM. Valuation Cases across Borders.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eValuing the Highly Levered Firm, Assessing the Highly Levered Transaction 393\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe World of Highly Levered Firms. The Effect of Leverage on Firm Value. The “Whole Deal” Approach. A Case in Leveraged Recapitalization: Koppers Company. LBO Case: MediMedia International, Ltd. LBO Case #2: Revco Drug Stores.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eReal Options and Their Impact on M\u0026amp;A 424\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypes of Real Options. Where Real Options Appear in M\u0026amp;A. Why Not Value Everything as an Option? How to Assess the Impact of Real Options. Four Mini-Cases in the Analysis of Real Options.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eValuing Liquidity and Control 455\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAdjusting Values for Discounts and Premiums. Where Do Illiquidity Discounts Come From? Where Do Control Premiums Come From? Interaction of Liquidity and Control. Case Study: Volvo\/Renault,  1993.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFinancial Accounting for Mergers and Acquisitions 478 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview of Purchase Accounting. How to Interpret Reported Financial Results from a Business Combination. Linkage among Accounting Choices, Form of Payment, Financing, and Price. Dangers of Earnings Management.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMomentum Acquisition Strategies: An Illustration of Why Value Creation Is the Best Financial Criterion 511\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e Four Cautionary Tales. Momentum Acquisition Strategies. The Arguments for and against Momentum Acquiring. Value Creation Is the Best Criterion for Evaluating Acquisition Strategies. Momentum versus Value Strategies.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDesign of Detailed Transaction Terms 529\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAn Introduction to Deal Design in M \u0026amp; A 531\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeal Structures Are Solutions to Economic Problems. Possible Desirables in Designing a Deal. Design Leads to Results. Each Deal Is a System: The “Whole Deal” Perspective. Some Implications for the Deal Designer.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChoosing the Form of Acquisitive Reorganization 547\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFive Key Concerns for the Deal Designer. Deals That Are Immediately Taxable to the Selling Shareholders. Deals That Defer Tax to the Selling Shareholders.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChoosing the Form of Payment and Financing 564\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePatterns and Trends in Form of Payment. Does Form of Payment Matter? Considerations in Selecting the Form of Payment. Assessing the Financing Aspects of a Deal.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFramework for Structuring the Terms of Exchange: Finding the “Win-Win” Deal 589\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Model for Critically Assessing Exchange Ratios. Uses and Illustration of the Model. Extension to Cash-for-Stock Deals. Choosing Exchange Ratio Targets in the “Win-Win” Zone.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eStructuring and Valuing Contingent Payments in M\u0026amp;A 609\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eContingent Payments in M\u0026amp;A. Earnouts Can Be Useful; But If So, Why Aren’t They Ubiquitous? Earnouts Are Options on Future Performance. Structuring an Earnout. Tax and Accounting Considerations. A Generic Approach to Valuing Earnout Instruments. The Eli Lilly Case. Proposing and Negotiating an Earnout and Other Contingent Payments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRisk Management in M\u0026amp;A 636\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValue at Risk When a Deal Fails. Transaction Risk: Types and Sources. Types of Risk Management. Collars and Their Analysis. Contingent Value Rights Case. Staged Acquiring Case. Where and When to Manage Risk.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 24\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSocial Issues 668\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Social Issues in M\u0026amp;A. Survey of Social Issues. Impact of Social Issues on Attractiveness of the Deal. Case Studies in the Role of Social Issues.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRules of the Road: Governance, Laws, and Regulations 683\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHow a Negotiated Deal Takes Place 685\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Deal Shaping Process. Risks: How the Process Can Get Derailed. Transaction Planning and Preparation. Initiating Discussions. First-Round Documents. The Definitive Agreement. Disclosures to Investors and Regulators. Gaining Approval. Case Study: Daimler-Benz and Chrysler.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 26\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eGovernance in M\u0026amp;A: The Board of Directors and Shareholder Voting 703\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGoverning Well Is Hard to Do. Good Governance Pays. How Shareholders Rule. Fiduciary Duties of Target Directors in Considering M\u0026amp;A. Preparing for the Board’s Review of a Deal. How Can Firms Be Governed Better?\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRules of the Road: Securities Law, Issuance Process, Disclosure, and Insider Trading 725\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview of Key Securities Laws and Rules. International Law Comparison. Disclosures. Insider Trading. Observance of Deal Process.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 28\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRules of the Road: Antitrust Law 742\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAntitrust Law: History and Motives. How Antitrust Regulators and Laws Affect M\u0026amp;A. U.S. Antitrust Merger Guidelines. Premerger Review Process in the United States. Antitrust Regulation of M\u0026amp;A in the European Union. Critical Perspectives on Antitrust Policy.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDocumenting the M\u0026amp;A Deal 766\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFirst-Round Documents. Definitive Agreement. Merger Proxy Statement and Prospectus.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Six\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCompetition, Hostility, and Behavioral Effects in M\u0026amp;A 771\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 30\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eNegotiating the Deal 773\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Relevance of Negotiation Process. Behavioral Finance. Influencing Bargaining Outcomes: An Overview of the Challenge. How to Prepare for a Negotiation. Managing the Negotiation Process Proactively.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAuctions in M\u0026amp;A 790\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAuction Structures and Motives. Advantages and Disadvantages of Auctions. Auctions in Practice: The Case of RJR Nabisco. The “Winner’s Curse” in M\u0026amp;A: Is It Real? Some Practical Advice to Sellers in Auctions.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 32\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHostile Takeovers: Preparing a Bid in Light of Competition and Arbitrage 804\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTakeovers Are Games. A Profile of Hostile Takeovers. Beware of the Players, Both on the Field and Off. The Arb Is the Consummate Economic Actor. Interpreting Arbitrage Spreads. The Arb Assesses a Recapitalization Proposal in Terms of Blended Value. Government Constraints on the Game. Selling Shareholders Face a Prisoner’s Dilemma. To Set a Bid Price: Think Like an Investor. The Game Has Implications for Design and Defense of Takeovers.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eTakeover Attack and Defense 824\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Prevalence of Antitakeover Defenses. Profile of the Target of a Hostile Bid. Optionality in Takeover Attack and Defense. Tactics of Takeover Attack. Tactics of Takeover Defense. Implications for the Practitioner.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 34\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThe Leveraged Restructuring as a Takeover Defense: The Case of American Standard 856 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe American Standard Case. The Response. Of Parachutes, Pills, and Litigation. Restructuring Defenses. When Does a Restructuring Make Sense?\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Seven\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCommunication, Integration, And Best Practice 877\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCommunicating the Deal: Gaining Mandates, Approvals, and Support 879\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCore Challenges to Effective Communication. Some Guiding Principles for Communicating the Deal. Presenting the “Concept Proposal.” Communicating the Deal to the Board for Approval. Communicating with Employees. Announcing the Deal to the Public.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 36\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFramework for Postmerger Integration 891\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntegration Strategy. Implementation of Integration Strategy. The Case of Union Bank of Switzerland and Swiss Bank Corporation. Integration as Transformation.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCorporate Development as a Strategic Capability: The Approach of GE Power Systems 914\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBusiness Development at GE Power Systems. Deal Process at GE Power Systems. The M\u0026amp;A “Factory”: Operationalizing Business Development. Implications for Best Practice.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 38\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eM\u0026amp;A “Best Practices”: Some Lessons and Next Steps 926\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSome Elements of M\u0026amp;A Best Practice. Where the Sidewalk Ends. Developing Best Practitioners. The End of It All. About the CD-ROM 939\u003c\/p\u003e \u003cp\u003eReferences and Suggestions for Further Reading 945\u003c\/p\u003e \u003cp\u003eIndex 1001\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eROBERT F. BRUNER\u003c\/b\u003e is the Distinguished Professor of business Administration at the Darden School of the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School's executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He is the author of over 250 case studies and a casebook, \u003ci\u003ecase Studies in Finance: Managing for Corporate Value Creation\u003c\/i\u003e, which has been adopted for use at over 200 schools. Bruner's articles have been published in the \u003ci\u003eJournal of Financial Economics\u003c\/i\u003e, the \u003ci\u003eJournal of Accounting and Economics\u003c\/i\u003e, the \u003ci\u003eJournal of Financial and Quantitative Analysis\u003c\/i\u003e, the \u003ci\u003eJournal of Money, Credit, and Banking\u003c\/i\u003e, and \u003ci\u003eFinancial Management\u003c\/i\u003e. He has served as a consultant to over twenty corporations as well as to the U.S. Government, and prior to his academic career, worked as a commercial banker and venture capitalist, Bruner holds a BA from Yale University, and an MBA and DBA from Harvard University.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eAPPLIED MERGERS \u0026amp; ACQUISITIONS\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003cb\u003eUNIVERSITY EDITION\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"A well written and comprehensive journey into M\u0026amp;A...an essential reference for any M\u0026amp;A practitioner...this isn't just a book about great thoughts and process, but rather how to turn insight into deals, and deals into lasting value.\"\u003cbr\u003e —\u003cb\u003eFrom the Foreword by Joseph R. Perella\u003c\/b\u003e Chairman, Institutional Securities and Investment Banking Group, Morgan Stanley  \u003c\/p\u003e\u003cp\u003e\"Bob Burner's \u003ci\u003eApplied Mergers and Acquisitions\u003c\/i\u003e is a masterful and comprehensive treatment of the topic of M\u0026amp;A. The book is remarkably complete, discussing economic valuation, legal considerations, deal structure, ethics, accounting, post-merger integration-and more. It blends materials from practice and from academia in an easy-to-read style, making it a must-read, and want-to-read, for anyone interested in this subject.\"\u003cbr\u003e —\u003cb\u003ePeter Tufano\u003c\/b\u003e Sylvan C. Coleman Professor of Financial Management, Harvard School  \u003c\/p\u003e\u003cp\u003e\"How many boos really succeed in teaching M\u0026amp;A practitioners to distinguish among deals that should be avoided, deals that are promising but can't be executed by the teams involved, and deals where significant valu can be achieved? We should start the count with Bruner's \u003ci\u003eApplied Mergers and Acquisitions.\u003c\/i\u003e Bruners is the ultimate teacher for practitioners who want to improve performence.\"\u003cbr\u003e —\u003cb\u003eEdward A. Snyder\u003c\/b\u003e Dean and George Pratt Shultz Professor of Economics, University of Chicago Graduate School of Business  \u003c\/p\u003e\u003cp\u003e\"Bob Bruner has achived the impossible: covering in one book all relevant economic, financial, accounting, legal, and tax aspects of mergers and acquisitions and illustrating each concept with case studies, Impressive!\"\u003cbr\u003e —\u003cb\u003eThco Vermaelen\u003c\/b\u003e Professor of Finance, INSEAD  \u003c\/p\u003e\u003cp\u003e\"Bob Bruner's book combines the best of academic thinking and business practice on one of the most fascinating and challenging topics in all of business. The area of mergers and acquisitions stretches executives and scholars to consider the whole realm of management practice-from strategy, to finance, to law, to negotiations, to integration planning, to human behavior.\"\u003cbr\u003e —\u003cb\u003eRobert S. Harris\u003c\/b\u003e Dean, Darden Graduate School of Business Administration, University of Virginia\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988752089317,"sku":"NP9780471395348","price":95.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471395348.jpg?v=1761781451","url":"https:\/\/k12savings.com\/es\/products\/applied-mergers-and-acquisitions-university-edition-isbn-9780471395348","provider":"K12savings","version":"1.0","type":"link"}