{"product_id":"mergers-acquisitions-and-corporate-restructurings-isbn-9781119380764","title":"Mergers, Acquisitions, and Corporate Restructurings","description":"\u003cb\u003eThe essential M\u0026amp;A primer, updated with the latest research and statistics\u003c\/b\u003e \u003cp\u003e\u003ci\u003eMergers, Acquisitions, and Corporate Restructurings\u003c\/i\u003e provides a comprehensive look at the field's growth and development, and places M\u0026amp;As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M\u0026amp;As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M\u0026amp;A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. \u003c\/p\u003e\u003cp\u003eAs the global economy slows, merger and acquisition activity is expected to increase. This book provides an M\u0026amp;A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. \u003c\/p\u003e\u003cul\u003e \u003cli\u003eUnderstand the many forms of M\u0026amp;As, and the laws that govern them\u003c\/li\u003e \u003cli\u003eLearn the offensive and defensive techniques used during hostile acquisitions\u003c\/li\u003e \u003cli\u003eDelve into the strategies and motives that inspire M\u0026amp;As\u003c\/li\u003e \u003cli\u003eAccess the latest data, research, and case studies on private equity, ethics, corporate governance, and more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eFrom large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. \u003ci\u003eMergers, Acquisitions, and Corporate Restructurings\u003c\/i\u003e is an essential resource for executives needing to quickly get up to date to plan their own company's next moves. \u003c\/p\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Background\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: Introduction 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRecent M\u0026amp;A Trends 3\u003c\/p\u003e \u003cp\u003eTerminology 11\u003c\/p\u003e \u003cp\u003eValuing a Transaction 13\u003c\/p\u003e \u003cp\u003eTypes of Mergers 13\u003c\/p\u003e \u003cp\u003eMerger Consideration 14\u003c\/p\u003e \u003cp\u003eMerger Professionals 15\u003c\/p\u003e \u003cp\u003eMerger Arbitrage 18\u003c\/p\u003e \u003cp\u003eLeveraged Buyouts and the Private Equity Market 19\u003c\/p\u003e \u003cp\u003eCorporate Restructuring 20\u003c\/p\u003e \u003cp\u003eMerger Negotiations 21\u003c\/p\u003e \u003cp\u003eDeal Structure: Asset versus Entity Deals 24\u003c\/p\u003e \u003cp\u003eMerger Agreement 28\u003c\/p\u003e \u003cp\u003eMerger Approval Procedures 29\u003c\/p\u003e \u003cp\u003eDeal Closing 31\u003c\/p\u003e \u003cp\u003eShort-Form Merger 31\u003c\/p\u003e \u003cp\u003eFreezeouts and the Treatment of Minority Shareholders 32\u003c\/p\u003e \u003cp\u003eAppraisal Arbitrage 33\u003c\/p\u003e \u003cp\u003eReverse Mergers 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: History of Mergers 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMerger Waves 41\u003c\/p\u003e \u003cp\u003eFirst Wave, 1897–1904 43\u003c\/p\u003e \u003cp\u003eSecond Wave, 1916–1929 48\u003c\/p\u003e \u003cp\u003eThe 1940s 49\u003c\/p\u003e \u003cp\u003eThird Wave, 1965–1969 49\u003c\/p\u003e \u003cp\u003eTrendsetting Mergers of the 1970s 54\u003c\/p\u003e \u003cp\u003eFourth Wave, 1984–1989 59\u003c\/p\u003e \u003cp\u003eFifth Wave, 1992–2001 64\u003c\/p\u003e \u003cp\u003eSixth Wave, 2004–2007 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Legal Framework 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLaws Governing Mergers, Acquisitions, and Tender Offers 72\u003c\/p\u003e \u003cp\u003eOther U.S. Takeover Rules 85\u003c\/p\u003e \u003cp\u003eTakeovers and International Securities Laws 86\u003c\/p\u003e \u003cp\u003eU.S. State Corporation Laws and Legal Principles 96\u003c\/p\u003e \u003cp\u003eState Antitakeover Laws 99\u003c\/p\u003e \u003cp\u003eRegulation of Insider Trading 108\u003c\/p\u003e \u003cp\u003eAntitrust Laws 110\u003c\/p\u003e \u003cp\u003eMeasuring Concentration and Defining Market Share 117\u003c\/p\u003e \u003cp\u003eExample of the HH Index 118\u003c\/p\u003e \u003cp\u003eEuropean Competition Policy 121\u003c\/p\u003e \u003cp\u003eResearch Note: Event Studies Methodology 124\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Research: Event Studies 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Merger Strategy 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGrowth 127\u003c\/p\u003e \u003cp\u003eSynergy 136\u003c\/p\u003e \u003cp\u003eOperating Synergy 138\u003c\/p\u003e \u003cp\u003eDiversification 146\u003c\/p\u003e \u003cp\u003eFocus Hypothesis 151\u003c\/p\u003e \u003cp\u003ePossible Explanation for the Diversification Discount 152\u003c\/p\u003e \u003cp\u003eDo Diversified or Focused Firms Do Better Acquisitions? 156\u003c\/p\u003e \u003cp\u003eOther Economic Motives 157\u003c\/p\u003e \u003cp\u003eHubris Hypothesis of Takeovers 168\u003c\/p\u003e \u003cp\u003eDo Managerial Agendas Drive M\u0026amp;A? 171\u003c\/p\u003e \u003cp\u003eOther Motives 176\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Hostile Takeovers\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Antitakeover Measures 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManagement Entrenchment Hypothesis versus Stockholder Interests Hypothesis 184\u003c\/p\u003e \u003cp\u003eRights of Targets’ Boards to Resist: United States Compared to the Rest of the World 185\u003c\/p\u003e \u003cp\u003ePreventative Antitakeover Measures 186\u003c\/p\u003e \u003cp\u003ePoison Pills 187\u003c\/p\u003e \u003cp\u003eCorporate Charter Amendments 199\u003c\/p\u003e \u003cp\u003eChanging the State of Incorporation 210\u003c\/p\u003e \u003cp\u003eActive Antitakeover Defenses 211\u003c\/p\u003e \u003cp\u003eInformation Content of Takeover Resistance 234\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Takeover Tactics 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreliminary Takeover Steps 238\u003c\/p\u003e \u003cp\u003eTender Offers 245\u003c\/p\u003e \u003cp\u003eAdvantages of Tender Offers over Open Market Purchases 260\u003c\/p\u003e \u003cp\u003eProxy Fights 267\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Hedge Funds as Activist Investors 279\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMacroeconomic Foundations of the Growth of Activist Funds 281\u003c\/p\u003e \u003cp\u003eLeading Activist Hedge Funds and Institutional Investors 282\u003c\/p\u003e \u003cp\u003eHedge Funds as Acquirers 288\u003c\/p\u003e \u003cp\u003eHedge Fund Activism and Firm Performance 292\u003c\/p\u003e \u003cp\u003eBuyout Premiums: Activist Hedge Funds versus Private Equity Firms 294\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: Going-Private Transactions and Leveraged Buyouts\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Leveraged Buyouts 305\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTerminology 305\u003c\/p\u003e \u003cp\u003eHistorical Trends in LBOs 306\u003c\/p\u003e \u003cp\u003eManagement Buyouts 314\u003c\/p\u003e \u003cp\u003eConflicts of Interest in Management Buyouts 318\u003c\/p\u003e \u003cp\u003eU.S. Courts’ Position on Leveraged Buyout Conflicts 319\u003c\/p\u003e \u003cp\u003eFinancing for Leveraged Buyouts 328\u003c\/p\u003e \u003cp\u003eReturns to Stockholders from LBOs 336\u003c\/p\u003e \u003cp\u003eReturns to Stockholders from Divisional Buyouts 337\u003c\/p\u003e \u003cp\u003eEmpirical Research on Wealth Transfer Effects 342\u003c\/p\u003e \u003cp\u003eProtection for Creditors 343\u003c\/p\u003e \u003cp\u003eIntra-Industry Effects of Buyouts 344\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: The Private Equity Market 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHistory of the Private Equity and LBO Business 345\u003c\/p\u003e \u003cp\u003ePrivate Equity Market 346\u003c\/p\u003e \u003cp\u003eComputing Private Equity Internal Rates of Return 360\u003c\/p\u003e \u003cp\u003eCharacteristics of Private Equity Returns 361\u003c\/p\u003e \u003cp\u003eReplicating Private Equity Investing 365\u003c\/p\u003e \u003cp\u003eBoard Interlocks and Likelihood of Targets to Receive Private Equity Bids 366\u003c\/p\u003e \u003cp\u003eSecondary Market for Private Equity Investments 366\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: High-Yield Financing and the Leveraged Loan Market 369\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHistory of the Junk Bond Market 369\u003c\/p\u003e \u003cp\u003eLeveraged Loan Market 380\u003c\/p\u003e \u003cp\u003eStapled Financing 383\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: Corporate Restructuring\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: Corporate Restructuring 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDivestitures 392\u003c\/p\u003e \u003cp\u003eDivestiture and Spinoff Process 403\u003c\/p\u003e \u003cp\u003eManagerial Ownership and Sell-Off Gains 408\u003c\/p\u003e \u003cp\u003eActivists and Sell-Offs 408\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects of Spinoffs: U.S. versus Europe 417\u003c\/p\u003e \u003cp\u003eEquity Carve-Outs 424\u003c\/p\u003e \u003cp\u003eVoluntary Liquidations or Bust-Ups 430\u003c\/p\u003e \u003cp\u003eTracking Stocks 431\u003c\/p\u003e \u003cp\u003eMaster Limited Partnerships and Sell-Offs 433\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Restructuring in Bankruptcy 437\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypes of Business Failure 438\u003c\/p\u003e \u003cp\u003eCauses of Business Failure 439\u003c\/p\u003e \u003cp\u003eBankruptcy Trends 444\u003c\/p\u003e \u003cp\u003eU.S. Bankruptcy Laws 448\u003c\/p\u003e \u003cp\u003eReorganization versus Liquidation 449\u003c\/p\u003e \u003cp\u003eReorganization Process 450\u003c\/p\u003e \u003cp\u003eBenefits of the Chapter 11 Process for the Debtor 457\u003c\/p\u003e \u003cp\u003ePrepackaged Bankruptcy 461\u003c\/p\u003e \u003cp\u003eWorkouts 465\u003c\/p\u003e \u003cp\u003eCorporate Control and Default 470\u003c\/p\u003e \u003cp\u003eLiquidation 471\u003c\/p\u003e \u003cp\u003eInvesting in the Securities of Distressed Companies 472\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13: Corporate Governance 477\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStructure of Corporations and Their Governance 477\u003c\/p\u003e \u003cp\u003eCEO Severance Payments 494\u003c\/p\u003e \u003cp\u003eManagerial Compensation, Mergers, and Takeovers 494\u003c\/p\u003e \u003cp\u003eCEO Compensation and Power 495\u003c\/p\u003e \u003cp\u003eGolden Parachutes 499\u003c\/p\u003e \u003cp\u003eCompensation Characteristics of Boards That are More Likely to Keep Agency Costs in Check 501\u003c\/p\u003e \u003cp\u003eRole of the Board of Directors 502\u003c\/p\u003e \u003cp\u003eAntitakeover Measures and Board Characteristics 512\u003c\/p\u003e \u003cp\u003eDisciplinary Takeovers, Company Performance, CEOs, and Boards 515\u003c\/p\u003e \u003cp\u003eMerger Strategy and Corporate Governance 516\u003c\/p\u003e \u003cp\u003eCEO Compensation and M\u0026amp;A Programs 516\u003c\/p\u003e \u003cp\u003eDo Boards Reward CEOs for Initiating Acquisitions and Mergers? 516\u003c\/p\u003e \u003cp\u003eCEO Compensation and Diversification Strategies 517\u003c\/p\u003e \u003cp\u003eAgency Costs and Diversification Strategies 518\u003c\/p\u003e \u003cp\u003eInterests of Directors and M\u0026amp;As 519\u003c\/p\u003e \u003cp\u003eManagerial Compensation and Firm Size 520\u003c\/p\u003e \u003cp\u003eCorporate Control Decisions and Their Shareholder Wealth Effects 521\u003c\/p\u003e \u003cp\u003eDoes Better Corporate Governance Increase Firm Value? 522\u003c\/p\u003e \u003cp\u003eCorporate Governance and Competition 523\u003c\/p\u003e \u003cp\u003eExecutive Compensation and Postacquisition Performance 524\u003c\/p\u003e \u003cp\u003eMergers of Equals and Corporate Governance 525\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Joint Ventures and Strategic Alliances 535\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eContractual Agreements 535\u003c\/p\u003e \u003cp\u003eComparing Strategic Alliances and Joint Ventures with Mergers and Acquisitions 536\u003c\/p\u003e \u003cp\u003eJoint Ventures 536\u003c\/p\u003e \u003cp\u003eStrategic Alliances 542\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15: Valuation 551\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValuation Methods: Science or Art? 553\u003c\/p\u003e \u003cp\u003eManaging Value as an Antitakeover Defense 553\u003c\/p\u003e \u003cp\u003eBenchmarks of Value 554\u003c\/p\u003e \u003cp\u003eHow the Market Determines Discount Rates 566\u003c\/p\u003e \u003cp\u003eValuation of the Target’s Equity 579\u003c\/p\u003e \u003cp\u003eMarketability of the Stock 579\u003c\/p\u003e \u003cp\u003eTakeovers and Control Premiums 583\u003c\/p\u003e \u003cp\u003eValuation of Stock-for-Stock Exchanges 588\u003c\/p\u003e \u003cp\u003eShareholder Wealth Effects and Methods of Payment 589\u003c\/p\u003e \u003cp\u003eExchange Ratio 595\u003c\/p\u003e \u003cp\u003eFixed Number of Shares versus Fixed Value 602\u003c\/p\u003e \u003cp\u003eMerger Negotiations and Stock Offers: Halliburton versus Baker Hughes 603\u003c\/p\u003e \u003cp\u003eInternational Takeovers and Stock-for-Stock Transactions 603\u003c\/p\u003e \u003cp\u003eDesirable Financial Characteristics of Targets 604\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16: Tax Issues in M\u0026amp;A 613\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Accounting for M\u0026amp;As 614\u003c\/p\u003e \u003cp\u003eTaxable versus Tax-Free Transactions 614\u003c\/p\u003e \u003cp\u003eTax Consequences of a Stock-for-Stock Exchange 617\u003c\/p\u003e \u003cp\u003eAsset Basis Step-Up 618\u003c\/p\u003e \u003cp\u003eChanges in the Tax Laws 619\u003c\/p\u003e \u003cp\u003eRole of Taxes in the Merger Decision 620\u003c\/p\u003e \u003cp\u003eRole of Taxes in the Choice of Sell-Off Method 622\u003c\/p\u003e \u003cp\u003eOrganizational Form and M\u0026amp;A Premiums 622\u003c\/p\u003e \u003cp\u003eCapital Structure and Propensity to Engage in Acquisitions 623\u003c\/p\u003e \u003cp\u003eTaxes as a Source of Value in Management Buyouts 624\u003c\/p\u003e \u003cp\u003eMiscellaneous Tax Issues 625\u003c\/p\u003e \u003cp\u003eGlossary 631\u003c\/p\u003e \u003cp\u003eIndex 643\u003c\/p\u003e   \u003cp\u003e\u003cb\u003ePATRICK A. GAUGHAN\u003c\/b\u003e is President of Economatrix Research Associates, an economic and financial consulting firm. The firm specializes in the application of economics and finance to litigated matters. Dr. Gaughan also provides various consulting services in the field of mergers and acquisitions and valuation. Dr. Gaughan is also a Professor at the University of International Business and Economics in Beijing, China.     \u003c\/p\u003e\u003cp\u003eNow in its seventh edition, \u003ci\u003eMergers, Acquisitions, and Corporate Restructurings\u003c\/i\u003e is the revised seminal work that includes an all-inclusive guide to mergers and acquisitions and clearly shows how restructuring can be used to an organization's advantage. As the field of mergers and acquisitions continues to undergo tumultuous changes, this updated resource offers the most recent information on the topic. The text presents the history of mergers and acquisitions, a thoughtful analysis of the strategies and motives that lead to M\u0026amp;As, outlines the legalities involved for each step of the process, and presents the offensive and defensive techniques used during hostile acquisitions.  \u003c\/p\u003e\u003cp\u003eWritten for CFOs, CEOs, controllers, and other financial professionals, the new seventh edition has been thoroughly updated and redesigned to be more approachable, manageable and concise. It includes the latest research, graphs, and case studies on the private equity market, ethics, legal frameworks, and corporate governance. The revised edition also contains an expanded chapter devoted to the valuation of businesses, including the valuation of privately held firms. This is an important topic, as a proper valuation can be the key between a successful and a failed transaction.  \u003c\/p\u003e\u003cp\u003eThe author, Patrick Gaughan—a noted expert in the field—takes an interdisciplinary approach. In addition to highlighting material from the world of corporate finance, he draws on the most relevant information from the fields of law and economics. Bridging the gap between the practical and the academic, this important text integrates the skills and knowledge of finance practitioners with the current research from the world of academic finance.  \u003c\/p\u003e\u003cp\u003eThe \u003ci\u003eSeventh Edition\u003c\/i\u003e of \u003ci\u003eMergers, Acquisitions, and Corporate Restructurings\u003c\/i\u003e is the essential resource for anyone who is thinking of navigating successfully in today's highly competitive global marketplace.     \u003c\/p\u003e\u003cp\u003e\u003cb\u003eTHE TIME-TESTED GUIDE TO MERGERS AND ACQUISITIONS, THOROUGHLY UPDATED WITH THE MOST CURRENT RESEARCH AND STATISTICS\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\u003ci\u003e\"The rapidly evolving nature of M\u0026amp;As requires constant updating. Every effort has been made to include recent developments occurring just before the publication date. We wish the reader an enjoyable and profitable trip through the world of M\u0026amp;As.\"\u003c\/i\u003e—From the Preface by Patrick A. Gaughan  \u003c\/p\u003e\u003cp\u003eRevised and updated to reflect the recent developments in mergers and acquisitions, the seventh edition of \u003ci\u003eMergers, Acquisitions, and Corporate Restructurings\u003c\/i\u003e offers a practical and all-inclusive guide to the changing trends, legislations, and global perspectives.  \u003c\/p\u003e\u003cp\u003eWritten in clear terms and designed to be more approachable, the new edition features the latest research and data to provide the most accurate assessment of the current merger and acquisition landscape. In addition, ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eMergers, Acquisitions, and Corporate Restructurings\u003c\/i\u003e is an essential resource for executives who are planning to enhance their organization's success.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989608579301,"sku":"NP9781119380764","price":100.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119380764.jpg?v=1761784794","url":"https:\/\/k12savings.com\/es\/products\/mergers-acquisitions-and-corporate-restructurings-isbn-9781119380764","provider":"K12savings","version":"1.0","type":"link"}