{"product_id":"maximizing-corporate-value-through-mergers-and-acquisitions-isbn-9781118108741","title":"Maximizing Corporate Value through Mergers and Acquisitions","description":"\u003cb\u003eSolid guidance for selecting the correct strategic basis for mergers and acquisitions\u003c\/b\u003e  \u003cp\u003eExamining how M\u0026amp;A fits in corporate growth strategies, \u003ci\u003eMaximizing Corporate Value through Mergers and Acquisitions\u003c\/i\u003e covers the various strategic reasons for companies entering mergers and acquisitions (M\u0026amp;A), with a look at those that are based on sound strategy, and those that are not.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eHelps companies decide whether M\u0026amp;As should be used for growth and increased corporate value\u003c\/li\u003e \u003cli\u003eExplores why M\u0026amp;A deals often fail to deliver what their proponents have represented they would\u003c\/li\u003e \u003cli\u003eExplains which types of M\u0026amp;A work best and which to avoid\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWith insider guidance on what boards of directors should be aware of when evaluating proposed deals, \u003ci\u003eMaximizing Corporate Value through Mergers and Acquisitions\u003c\/i\u003e provides a sound foundation for understanding the risks involved in any mergers and acquisitions deal, before it's too late.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Merger Growth Strategy 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStrategy and M\u0026amp;A 2\u003c\/p\u003e \u003cp\u003eIntroduction to M\u0026amp;A 4\u003c\/p\u003e \u003cp\u003eBackground and Terminology 5\u003c\/p\u003e \u003cp\u003eHostile Takeovers 5\u003c\/p\u003e \u003cp\u003eTakeover Defense 8\u003c\/p\u003e \u003cp\u003eLeveraged Transactions 10\u003c\/p\u003e \u003cp\u003eRestructurings 12\u003c\/p\u003e \u003cp\u003eTrends in Mergers 14\u003c\/p\u003e \u003cp\u003eNotes 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Growth through Mergers and Acquisitions 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIs Growth or Increased Return the More Appropriate Goal? The Case of Hewlett-Packard 21\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Must Fit the Strategy—Not the Other Way Around 24\u003c\/p\u003e \u003cp\u003eStrategy Should Not Be Just M\u0026amp;A 25\u003c\/p\u003e \u003cp\u003eOrganic Growth or Growth through M\u0026amp;A 25\u003c\/p\u003e \u003cp\u003eAcquisition and Development versus Research and Development 26\u003c\/p\u003e \u003cp\u003eCan M\u0026amp;A Be Effectively Used to Buy Growth? 30\u003c\/p\u003e \u003cp\u003eSuccess in Core Business Does Not Always Translate to Success with M\u0026amp;A Strategy: Focus on Microsoft 31\u003c\/p\u003e \u003cp\u003eGrowth through Bolt-On Acquisitions 31\u003c\/p\u003e \u003cp\u003eKnowing When to Exit a Business 35\u003c\/p\u003e \u003cp\u003eFrom Growth through M\u0026amp;A to Growth through Organic Expansion 36\u003c\/p\u003e \u003cp\u003eControlling the Runaway Dealmaker CEO 38\u003c\/p\u003e \u003cp\u003eUsing M\u0026amp;A to Achieve Growth in a Slow-Growth Industry 40\u003c\/p\u003e \u003cp\u003eSqueezing Out Growth in a Slow-Growth Industry Using Multiple Options 40\u003c\/p\u003e \u003cp\u003eDealing with a Slow-Growth Business and Industry 42\u003c\/p\u003e \u003cp\u003eGeographical Expansion through M\u0026amp;A 46\u003c\/p\u003e \u003cp\u003eInternational Growth and Cross-Border Acquisitions 47\u003c\/p\u003e \u003cp\u003eTaking Advantage of Currency Fluctuations to Pursue High-Growth M\u0026amp;A 47\u003c\/p\u003e \u003cp\u003eFinding Growth in High-Growth Markets 49\u003c\/p\u003e \u003cp\u003eCyclical Companies Achieving Growth in Recessed Markets 50\u003c\/p\u003e \u003cp\u003eNotes 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Synergy 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Synergy in the Context of M\u0026amp;A? 53\u003c\/p\u003e \u003cp\u003eAchievement of Synergy: A Probabilistic Event 55\u003c\/p\u003e \u003cp\u003eTypes of Synergy 58\u003c\/p\u003e \u003cp\u003eIndustries’ Pursuit of Cost Economies 65\u003c\/p\u003e \u003cp\u003eResearch on Operating Economies in M\u0026amp;A 69\u003c\/p\u003e \u003cp\u003eEconomies of Scope 70\u003c\/p\u003e \u003cp\u003eScope Economies and the One-Stop Shop 72\u003c\/p\u003e \u003cp\u003eCopycat Following of Another Firm’s Foolish M\u0026amp;A Strategy 74\u003c\/p\u003e \u003cp\u003eCost Economies in Banking Mergers: United States versus Europe 75\u003c\/p\u003e \u003cp\u003eInternationalization Theory of Synergy and Information-Based Assets 79\u003c\/p\u003e \u003cp\u003eNotes 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Diversification 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDiversifying M\u0026amp;A in the Conglomerate Era 91\u003c\/p\u003e \u003cp\u003eModern-Day U.S. Conglomerates 92\u003c\/p\u003e \u003cp\u003ePortfolios of Companies 95\u003c\/p\u003e \u003cp\u003eTheoretical Basis for Diversification 98\u003c\/p\u003e \u003cp\u003eApplying Portfolio Theory to Conglomerates? 99\u003c\/p\u003e \u003cp\u003eDiversification and the Acquisition of Leading Industry Positions 100\u003c\/p\u003e \u003cp\u003eAchieving a Number One or Two Ranking Is Not a Panacea 102\u003c\/p\u003e \u003cp\u003eDiversification to Enter More Profitable Industries 102\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on Diversification 103\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on the Acquisition Programs of the 1960s 103\u003c\/p\u003e \u003cp\u003eHow Likely Is It That Diversifying Acquisitions Will End Up Being Sold Off? 104\u003c\/p\u003e \u003cp\u003eIs There a Diversification Discount? 105\u003c\/p\u003e \u003cp\u003eFocus Hypothesis 106\u003c\/p\u003e \u003cp\u003eTypes of Focus Increases 106\u003c\/p\u003e \u003cp\u003eFocus-Increasing Asset Sales Raise Value 107\u003c\/p\u003e \u003cp\u003eExplanation for the Diversification Discount 107\u003c\/p\u003e \u003cp\u003eRelated versus Unrelated Diversification 108\u003c\/p\u003e \u003cp\u003eWhy Are Very Diversified Companies Allowed to Form? Beware of the Empire Builders 111\u003c\/p\u003e \u003cp\u003eDo Managerial Agendas Drive M\u0026amp;A? 113\u003c\/p\u003e \u003cp\u003eNotes 114\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Horizontal Integration and M\u0026amp;A 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAdvantages of Holding the One and Two Position in the Industry 117\u003c\/p\u003e \u003cp\u003eBenefits of Size: Spotlight on the Mobile Telecommunications Industry 119\u003c\/p\u003e \u003cp\u003eMotivation to Increase Size 122\u003c\/p\u003e \u003cp\u003eCompetitive Pressures of Competitors’ M\u0026amp;A Program 122\u003c\/p\u003e \u003cp\u003eHorizontal Deals: Acquisitions of Competitors and Their Competing Brands 124\u003c\/p\u003e \u003cp\u003eSprint–Nextel Horizontal Deal: One of the Worst in M\u0026amp;A History 125\u003c\/p\u003e \u003cp\u003eDeclining Industry Demand Necessitating Industry Consolidation 128\u003c\/p\u003e \u003cp\u003eSynergistic Gains and Horizontal M\u0026amp;A 129\u003c\/p\u003e \u003cp\u003eNet Benefits of Horizontal Deals = Synergistic Gains – (Easy to Measure Costs + Hard to Measure Costs) 133\u003c\/p\u003e \u003cp\u003eHorizontal Merger Success, Target’s Size, and Post-M\u0026amp;A Integration Costs 134\u003c\/p\u003e \u003cp\u003eMergers of Equals 136\u003c\/p\u003e \u003cp\u003eMergers of Equals and Challenges of Integration 137\u003c\/p\u003e \u003cp\u003eMergers-of-Equals Research: Acquirers versus Target Gains 139\u003c\/p\u003e \u003cp\u003eCompetitive Advantages of Horizontal Deals: Case Study—InBev and Anheuser-Busch 139\u003c\/p\u003e \u003cp\u003eRegulatory Concerns on Merger Integration 141\u003c\/p\u003e \u003cp\u003eHorizontal M\u0026amp;A and Market Power: An Economic Perspective 143\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on Whether Firms Pursue M\u0026amp;A to Achieve Market Power 145\u003c\/p\u003e \u003cp\u003eCountervailing Power, Industry Concentration, and M\u0026amp;A 147\u003c\/p\u003e \u003cp\u003eHorizontal Integration, Consolidation, and Roll-Up Acquisition Programs 155\u003c\/p\u003e \u003cp\u003eNotes 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Vertical Integration 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBenefits of Vertical Integration 159\u003c\/p\u003e \u003cp\u003eRisk and Vertical Integration 159\u003c\/p\u003e \u003cp\u003eVertical Integration as a Path to Global Growth 160\u003c\/p\u003e \u003cp\u003eHow Owning Your Own Supplier Can Be a Competitive Disadvantage 163\u003c\/p\u003e \u003cp\u003eVertical Integration as a Natural Outgrowth of a Business 165\u003c\/p\u003e \u003cp\u003eVertical Integration: A Growth Strategy? 168\u003c\/p\u003e \u003cp\u003eContinually Reevaluating a Vertical Integration Strategy 173\u003c\/p\u003e \u003cp\u003eRegulation of Vertical Integration 176\u003c\/p\u003e \u003cp\u003eCopycat Vertical Integration 177\u003c\/p\u003e \u003cp\u003eNote 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Growth through Emerging Market M\u0026amp;A 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEconomic Condition of Major Economies in the Postsubprime World 180\u003c\/p\u003e \u003cp\u003eLow-Growth Markets’ Diminishing Returns 181\u003c\/p\u003e \u003cp\u003eRole of Demographics 182\u003c\/p\u003e \u003cp\u003eThe Next 11 183\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Is Not Always the Best Way of Accessing High-Growth Markets 184\u003c\/p\u003e \u003cp\u003eHigh-Growth Regions and Countries 185\u003c\/p\u003e \u003cp\u003eRisks of Emerging Markets 208\u003c\/p\u003e \u003cp\u003eEntering Large Slow-Growth Markets Instead of Fast-Growth Emerging Markets 210\u003c\/p\u003e \u003cp\u003eReducing Country M\u0026amp;A Risk: Investing in Local Companies That Engage in Substantial Emerging Market M\u0026amp;A 211\u003c\/p\u003e \u003cp\u003eFinding Growth in High-Growth Markets 213\u003c\/p\u003e \u003cp\u003eEmerging Market Acquirer 216\u003c\/p\u003e \u003cp\u003eChina and Its Emerging Market Acquirers 218\u003c\/p\u003e \u003cp\u003eNotes 220\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Joint Ventures and Strategic Alliances as M\u0026amp;A Alternatives 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eContracts versus Joint Ventures 222\u003c\/p\u003e \u003cp\u003ePotential Problems with Joint Ventures and Strategic Alliances 222\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects of Joint Ventures 224\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects by Type of Venture 225\u003c\/p\u003e \u003cp\u003eRelatedness and Size 226\u003c\/p\u003e \u003cp\u003eMarket’s Assessment of Risk of Joint Ventures 227\u003c\/p\u003e \u003cp\u003eStrategic Alliances 227\u003c\/p\u003e \u003cp\u003eStrategic Alliance Process 228\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects of Strategic Alliances 229\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects by Type of Alliance 229\u003c\/p\u003e \u003cp\u003eNotes 230\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Role of Corporate Governance in M\u0026amp;A 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAgency Cost Problem 233\u003c\/p\u003e \u003cp\u003eCEO Compensation and Agency Costs 235\u003c\/p\u003e \u003cp\u003eDo Shareholders Get Value for the High Compensation Paid to U.s. Ceos? 237\u003c\/p\u003e \u003cp\u003eBoard Characteristics and CEO Compensation 238\u003c\/p\u003e \u003cp\u003eBenchmarking and How Boards Determine CEO Compensation 239\u003c\/p\u003e \u003cp\u003eAre the High Paid Superstar CEOs Simply Worth the Money? Not 240\u003c\/p\u003e \u003cp\u003eAre CEOs Paid for Luck? 241\u003c\/p\u003e \u003cp\u003eCEO Compensation and M\u0026amp;A Programs 241\u003c\/p\u003e \u003cp\u003eDo Boards Pay CEOs for Doing M\u0026amp;A? 241\u003c\/p\u003e \u003cp\u003eDo Boards Punish CEOs for Doing Bad M\u0026amp;As? Case of Rio Tinto 242\u003c\/p\u003e \u003cp\u003eGolden Parachutes and M\u0026amp;A 243\u003c\/p\u003e \u003cp\u003eCEO Severance Payments 243\u003c\/p\u003e \u003cp\u003eAre CEOs Evaluating M\u0026amp;A by Thinking, “What’s in It for Me?” 244\u003c\/p\u003e \u003cp\u003eCEO Overconfidence and M\u0026amp;A 244\u003c\/p\u003e \u003cp\u003eAre Overconfident CEOs Good for Anything? 245\u003c\/p\u003e \u003cp\u003eManagement Compensation and Post-Acquisition Performance 245\u003c\/p\u003e \u003cp\u003eRole of the Board of Directors 246\u003c\/p\u003e \u003cp\u003eCEO Tenure, Board Composition, and the Disciplinary Effects of Takeovers 257\u003c\/p\u003e \u003cp\u003eAntitakeover Measures 257\u003c\/p\u003e \u003cp\u003eCorporate Governance and the Divestiture Decision 259\u003c\/p\u003e \u003cp\u003eNotes 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Downsizing: Reversing the Error 263\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAnalyzing the Strategic Fit of a Business Unit 266\u003c\/p\u003e \u003cp\u003eMarket Conditions 267\u003c\/p\u003e \u003cp\u003eRegulatory Concerns 267\u003c\/p\u003e \u003cp\u003eDivestiture Likelihood and Prior Acquisitions 267\u003c\/p\u003e \u003cp\u003eAnother Option: Equity Carve Out 268\u003c\/p\u003e \u003cp\u003eAnother Option: Spinoff 269\u003c\/p\u003e \u003cp\u003eSpinoff or Equity Carve Out: Which Option Is Better? 270\u003c\/p\u003e \u003cp\u003eAnother Option: Split-Off 272\u003c\/p\u003e \u003cp\u003eTax Effects 272\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects of Selloffs 272\u003c\/p\u003e \u003cp\u003eRound Trip Wealth Effects 274\u003c\/p\u003e \u003cp\u003eSpinoffs as a Means of Increasing Focus 274\u003c\/p\u003e \u003cp\u003eDifferences in Types of Focus Increases 275\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects of Spinoffs: United States versus Europe 278\u003c\/p\u003e \u003cp\u003eCorporate Governance and Selloffs 279\u003c\/p\u003e \u003cp\u003eManagerial Ownership and Selloff Gains 280\u003c\/p\u003e \u003cp\u003eActivists and Selloffs 280\u003c\/p\u003e \u003cp\u003eMarket Liquidity and the Decision to Sell a Unit 280\u003c\/p\u003e \u003cp\u003eInvoluntary Selloffs 281\u003c\/p\u003e \u003cp\u003eVoluntary\/Involuntary Selloffs 281\u003c\/p\u003e \u003cp\u003eVoluntary Defensive Selloffs 282\u003c\/p\u003e \u003cp\u003eTracking Stocks 283\u003c\/p\u003e \u003cp\u003eMore Drastic Solutions: Voluntary Bust-Ups 285\u003c\/p\u003e \u003cp\u003eRecent Major Exceptions to Positive Shareholder Wealth Effects of Selloffs 286\u003c\/p\u003e \u003cp\u003eNotes 289\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Valuation and Merger Strategy 291\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial versus Nonfinancial Buyers 291\u003c\/p\u003e \u003cp\u003eTarget and Bidder Valuation Effects 293\u003c\/p\u003e \u003cp\u003eWhat Types of Acquiring Firms Tend to Perform the Poorest? 295\u003c\/p\u003e \u003cp\u003ePremiums 295\u003c\/p\u003e \u003cp\u003eHistorical Trends in Merger Premiums 296\u003c\/p\u003e \u003cp\u003eStock Market Activity and Merger Premiums 297\u003c\/p\u003e \u003cp\u003eStock Market–Driven Acquisitions 298\u003c\/p\u003e \u003cp\u003eDeterminants of Acquisition Premiums 298\u003c\/p\u003e \u003cp\u003ePremiums from Strategic Mergers 298\u003c\/p\u003e \u003cp\u003eHubris and Merger Premiums 299\u003c\/p\u003e \u003cp\u003eEarly Research 300\u003c\/p\u003e \u003cp\u003eLater Research 300\u003c\/p\u003e \u003cp\u003eWinner’s Curse Hypothesis of Takeovers 301\u003c\/p\u003e \u003cp\u003eCampeau’s Mega-Bust 302\u003c\/p\u003e \u003cp\u003eResearch on Winner’s Curse of Takeover Contests 304\u003c\/p\u003e \u003cp\u003eMarket Performance, Valuation, and Takeover Probability 304\u003c\/p\u003e \u003cp\u003eDeal Size and Shareholder Wealth 305\u003c\/p\u003e \u003cp\u003eValuation Analysis and Source of the Flaws in Bad Deals 306\u003c\/p\u003e \u003cp\u003eComments of the Residual Value 308\u003c\/p\u003e \u003cp\u003eFree Cash Flows 308\u003c\/p\u003e \u003cp\u003eCost Cutting and Historical Free Cash Flows 309\u003c\/p\u003e \u003cp\u003eGrowth Rate for Projection 310\u003c\/p\u003e \u003cp\u003eCapitalization Rates and the Exit Multiple 310\u003c\/p\u003e \u003cp\u003eDiscount Rate 311\u003c\/p\u003e \u003cp\u003eWhose Capital Costs Are We Measuring? 313\u003c\/p\u003e \u003cp\u003eUsing the Build-Up Method 313\u003c\/p\u003e \u003cp\u003eShort-Term Interest Rate Trends 315\u003c\/p\u003e \u003cp\u003eUsing Comparables 316\u003c\/p\u003e \u003cp\u003ePublic versus Private Acquirers 316\u003c\/p\u003e \u003cp\u003ePublic versus Private Sellers 318\u003c\/p\u003e \u003cp\u003eNotes 321\u003c\/p\u003e \u003cp\u003eAbout the Author 325\u003c\/p\u003e \u003cp\u003eIndex 327\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePATRICK A. GAUGHAN\u003c\/b\u003e is President of Economatrix Research Associates, an economic and financial consulting firm with offices in New York City; Newark, New Jersey; and Miami, Florida. Gaughan holds a PhD in economics and is a graduate professor of economics and finance at the Silberman College of Business at Fairleigh Dickinson University in New Jersey. He is also the author and\/or editor of eight other books.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eMaximizing Corporate Value Through Mergers and Acquisitions\u003cbr\u003e \u003ci\u003eA Strategic Growth Guide\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eCompanies enter into mergers and acquisitions (M\u0026amp;A) in order to grow their businesses. This seems like an obvious point, but a look through the annals of M\u0026amp;A reveals that companies and executives disregard this basic principle surprisingly often. Whether through faulty analysis, poor organizational decision-making, or getting caught up in the heat of the deal, even the best businesses and their leaders find ways to fumble these high-stakes transactions. Yet many M\u0026amp;A debacles could have been avoided through a better understanding of exactly why past deals have and haven’t worked. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eMaximizing Corporate Value through Mergers and Acquisitions\u003c\/i\u003e cuts through the hype surrounding M\u0026amp;A to take a calm, considered look at the many strategic growth options available to businesses. Utilizing the large body of research in this field, author Patrick Gaughan walks readers through both the risks and the benefits associated with different kinds of deals. In so doing, he offers a comprehensive treatment of key factors—including market, industry, and psychological considerations—and their role in successful and unsuccessful outcomes.  \u003c\/p\u003e\u003cp\u003eA vital handbook for professionals considering strategic growth, \u003ci\u003eMaximizing Corporate Value through Mergers and Acquisitions\u003c\/i\u003e provides sound guidance and illustrative case studies on topics including: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eEnsuring that M\u0026amp;A is part of an overall growth strategy\u003c\/li\u003e \u003cli\u003eUnderstanding and achieving synergies\u003c\/li\u003e \u003cli\u003eM\u0026amp;A for diversification\u003c\/li\u003e \u003cli\u003eM\u0026amp;A for horizontal and vertical integration\u003c\/li\u003e \u003cli\u003eM\u0026amp;A in emerging markets\u003c\/li\u003e \u003cli\u003eThe impact of valuation and premiums on deals\u003c\/li\u003e \u003cli\u003e“Deal reversal” strategies to mitigate damage when deals don’t deliver as anticipated\u003c\/li\u003e \u003cli\u003ePursuing organic growth instead of growth through M\u0026amp;A\u003c\/li\u003e \u003cli\u003eAlternatives to M\u0026amp;A such as joint ventures or strategic alliances\u003c\/li\u003e \u003cli\u003eAnd more\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eAn essential reference for boards, executives, advisors, and other practitioners, \u003ci\u003eMaximizing Corporate Value through Mergers and Acquisitions\u003c\/i\u003e offers an up-to-date guide for navigating the complex yet rewarding world of M\u0026amp;A.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989590458597,"sku":"NP9781118108741","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118108741.jpg?v=1761784720","url":"https:\/\/k12savings.com\/es\/products\/maximizing-corporate-value-through-mergers-and-acquisitions-isbn-9781118108741","provider":"K12savings","version":"1.0","type":"link"}