{"product_id":"mergers-acquisitions-divestitures-and-other-restructurings-website-isbn-9781118908716","title":"Mergers, Acquisitions, Divestitures, and Other Restructurings, + Website","description":"\u003cb\u003eThe authoritative resource for analyzing mergers and acquisitions (M\u0026amp;A) from every angle\u003c\/b\u003e  \u003cp\u003ePaul Pignataro reveals the secrets behind growth through M\u0026amp;A in his new book, \u003ci\u003eMergers, Acquisitions, Divestitures, and Other Restructurings + Website\u003c\/i\u003e. Through market shifts and regulatory changes, M\u0026amp;A has served as a solid approach to growth. Creating value through mergers and acquisitions is a highly coveted strategy, and Wall Street has long sought a clear technical understanding of the components of M\u0026amp;A as a key driver of growth. In this book, the author provides that understanding, covering all essential aspects of accounting and modeling for the M\u0026amp;A process.\u003c\/p\u003e \u003cp\u003eWith over a decade of experience aiding billion-dollar restructuring deals, Paul Pignataro is in an excellent position to break down M\u0026amp;A from a finance standpoint. \u003ci\u003eMergers, Acquisitions, Divestitures, and Other Restructurings\u003c\/i\u003e covers the financial accounting and modeling behind several M\u0026amp;A structures. Using the merger of Office Depot and Office Max, Mr. Pignataro fully addresses the entire integration, explains EBITDA, and other crucial performance measures. This text is for finance practitioners who want to explore every corner of the M\u0026amp;A process.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eLearn accounting for asset acquisitions, asset divestitures, and corporate mergers\u003c\/li\u003e \u003cli\u003eExplore modeling methods including mini-merger modeling and fully consolidated merger modeling\u003c\/li\u003e \u003cli\u003eRead case studies demonstrating the practical success of theoretical models\u003c\/li\u003e \u003cli\u003eUnderstand EBITDA, cash flow, capital structure, and their impact on M\u0026amp;A success and value creation\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThis new text from the CEO and founder of the New York School of Finance is key for understanding how restructuring leads to growth and value creation. The importance of M\u0026amp;A shows no signs of slowing, meaning that finance professionals need to be able to accurately analyze the prospects and impacts of restructuring moves. \u003ci\u003eMergers, Acquisitions, Divestitures, and Other Restructurings + Website\u003c\/i\u003e is the authoritative resource for doing just that.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Merger and Acquisitions Overview 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe M\u0026amp;A Process 5\u003c\/p\u003e \u003cp\u003eOffice Depot and OfficeMax 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Financial Statements Refresher 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Income Statement 13\u003c\/p\u003e \u003cp\u003eThe Cash Flow Statement 22\u003c\/p\u003e \u003cp\u003eThe Balance Sheet 27\u003c\/p\u003e \u003cp\u003eDepreciation 32\u003c\/p\u003e \u003cp\u003eWorking Capital 42\u003c\/p\u003e \u003cp\u003eDebt Schedule 44\u003c\/p\u003e \u003cp\u003eFinancial Statement Flows Example 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two M\u0026amp;A Analyses 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Raising Debt and Equity 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRaising Debt 55\u003c\/p\u003e \u003cp\u003eRaising Equity 60\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Asset Acquisitions and Asset Divestitures 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAsset Acquisitions 72\u003c\/p\u003e \u003cp\u003eAsset Divestitures 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Accretion\/Dilution Analysis 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStep 1: Obtaining a Purchase Price 88\u003c\/p\u003e \u003cp\u003eStep 2: Estimating Sources and Uses of Funds 89\u003c\/p\u003e \u003cp\u003eStep 3: Creating a Pro-Forma Analysis 94\u003c\/p\u003e \u003cp\u003eSummary 105\u003c\/p\u003e \u003cp\u003eDrivers 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Office Depot\/OfficeMax Merger 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Assumptions 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUses of Funds 119\u003c\/p\u003e \u003cp\u003eSources of Funds 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Income Statement 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePro-Forma Income Statement 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Cash Flow Statement 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash Flow from Operating Activities 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Balance Sheet Adjustments 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Buyer is Paying for 191\u003c\/p\u003e \u003cp\u003eThe Buyer is Receiving 192\u003c\/p\u003e \u003cp\u003eAdditional Adjustments 192\u003c\/p\u003e \u003cp\u003eOffice Depot and OfficeMax Balance Sheet Adjustments 198\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Depreciation Schedule 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStraight-Line Depreciation 218\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Operating Working Capital 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReceivables 231\u003c\/p\u003e \u003cp\u003eInventories 233\u003c\/p\u003e \u003cp\u003ePrepaid Expenses and Other Current Assets 235\u003c\/p\u003e \u003cp\u003eDeferred Income Taxes and Receivables 236\u003c\/p\u003e \u003cp\u003eTrade Accounts Payable, Accrued Expenses, and Other Accrued Liabilities 238\u003c\/p\u003e \u003cp\u003eIncome Tax Payable 240\u003c\/p\u003e \u003cp\u003eOther Current Liabilities 241\u003c\/p\u003e \u003cp\u003eProjecting Operating Working Capital 242\u003c\/p\u003e \u003cp\u003eOperating Working Capital and the Cash Flow Statement 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Balance Sheet Projections 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash Flow Drives Balance Sheet versus Balance Sheet Drives Cash Flow 265\u003c\/p\u003e \u003cp\u003eBalancing an Unbalanced Balance Sheet 278\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Debt Schedule and Circular References 289\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDebt Schedule Structure 289\u003c\/p\u003e \u003cp\u003eModeling the Debt Schedule 290\u003c\/p\u003e \u003cp\u003eCircular References 314\u003c\/p\u003e \u003cp\u003eAutomatic Debt Paydowns 320\u003c\/p\u003e \u003cp\u003eBasic Switches 322\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Accretion\/Dilution 323\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFairness Opinions 323\u003c\/p\u003e \u003cp\u003ePreferred Shares 325\u003c\/p\u003e \u003cp\u003eContribution Analysis 327\u003c\/p\u003e \u003cp\u003eConclusion 328\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendixes\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix 1: Model Quick Steps 331\u003c\/p\u003e \u003cp\u003eAppendix 2: Financial Statement Flows 333\u003c\/p\u003e \u003cp\u003eAppendix 3: Excel Hot Keys 335\u003c\/p\u003e \u003cp\u003eAbout the Companion Website 337\u003c\/p\u003e \u003cp\u003eAbout the Author 339\u003c\/p\u003e \u003cp\u003eIndex 341\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePAUL PIGNATARO\u003c\/b\u003e is the founder and CEO of the New York School of Finance (NYSF). He has over thirteen years of experience in investment banking and private equity in business mergers, acquisitions, restructurings, asset divestitures, asset acquisitions, and debt and equity transactions covering the oil, gas, power and utility, internet and technology, real estate, defense, travel, banking, and service industries. At NYSF, Mr. Pignataro continues to participate on the training team, actively providing training at bulge bracket banks and M\u0026amp;A teams at corporations and billion dollar funds. Prior to his entrepreneurial en- deavors, Mr. Pignataro worked at TH Lee Putnam Ventures, a $1 billion private equity firm affiliatedwith buyout giant Thomas H. Lee Partners. Prior to that, he worked in the Investment Banking department of Morgan Stanley.   \u003c\/p\u003e\u003cp\u003eAs a strategy, mergers and acquisitions (M\u0026amp;A) hold the promise of adding value and refreshing the financial landscape for large and small corporations. And despite inevitable changes in regulations, markets, and industries, M\u0026amp;A transactions—which include divestitures and other restructurings—continue to evolve and thrive as a tactic for growth.\u003c\/p\u003e \u003cp\u003eBut a successful M\u0026amp;A transaction requires careful information-gathering and modeling followed by discerning analysis—a complex process that has, outside of Wall Street, largely remained a mystery. Until now.\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eMergers, Acquisitions, Divestitures, and Other Restructurings: A Practical Guide to Investment Banking and Private Equity\u003c\/i\u003e, Paul Pignataro, founder and CEO of the New York School of Finance, offers a clear, step-by-step guide to the technical analysis behind M\u0026amp;A, whether you're a novice or an expert investor. He lays out the fundamental tools you need to analyze financial information and determine the key drivers of value—even if you don't have a team of expert analysts on call.\u003c\/p\u003e \u003cp\u003eYou'll first receive a valuable refresher in the basics of financial statements, such as income statements, cash flow statements, and balance sheets. Then, the book deftly guides you through essential M\u0026amp;A transactions, such as determining whether to raise debt or equity, acquire or divest assets, perform accretion or dilution analysis, and more.\u003c\/p\u003e \u003cp\u003eYou'll soon understand how to perform merger modeling, including mini-merger modeling and fully consolidated merger modeling. And you'll have the opportunity to apply what you've learned to real life. Using the merger of Office Depot and Office Max as a case study, Paul Pignataro puts you into the role of an investment banker, where you get a firsthand perspective as you evaluate this major M\u0026amp;A transaction using the same modeling tools as bulge bracket investment banks and top private equity firms.\u003c\/p\u003e \u003cp\u003ePacked with detail, this valuable book also includes a website with downloadable financial models and more.\u003c\/p\u003e \u003cp\u003eWhether you're preparing for a career or are an independent investor, this book is the ideal resource to sharpen your analytical skills. It's also the perfect refresher for active investment banking or private equity professionals seeking a thorough review of M\u0026amp;A modeling essentials.\u003c\/p\u003e  \u003cp\u003eAs a strategy, mergers and acquisitions (M\u0026amp;A) hold the promise of adding value and refreshing the finan- cial landscape for large and small corporations. And despite inevitable changes in regulations, markets, and industries, M\u0026amp;A transactions—which include divestitures and other restructurings— continue to evolve and thrive as a tactic for growth. \u003c\/p\u003e\u003cp\u003eBut a successful M\u0026amp;A transaction requires careful information-gathering and modeling followed by discerning analysis—a complex process that has, outside of Wall Street, largely remained a mystery. Until now. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eMergers, Acquisitions, Divestitures, and Other Restructurings: A Practical Guide to Investment Banking   and Private Equity\u003c\/i\u003e, Paul Pignataro, founder and CEO of the New York School of Finance, offers a clear, step-by-step guide to the technical analysis behind M\u0026amp;A, whether you're a novice or an expert investor. He lays out the fundamental tools you need to analyze financial information and determine the key drivers of value— even if you don't have a team of expert analysts on call. \u003c\/p\u003e\u003cp\u003eYou'll first receive a valuable refresher in the basics of financial statements, such as income statements, cash flow statements, and balance sheets. Then, the book deftly guides you through essential M\u0026amp;A transactions, such as determining whether to raise debt or equity, acquire or divest assets, perform accretion or dilution analysis, and more. \u003c\/p\u003e\u003cp\u003eYou'll soon understand how to perform merger modeling, including mini-merger modeling and fully consolidated merger modeling. And you'll have the opportunity to apply what you've learned to real life. Using the merger of Office Depot and Office Max as a case study, Paul Pignataro puts you into the role of an investment banker, where you get a firsthand perspective as you evaluate this major M\u0026amp;A transaction using the same modeling tools as bulge bracket investment banks and top private equity firms.  \u003c\/p\u003e\u003cp\u003ePacked with detail, this valuable book also includes a website with downloadable financial models and more. \u003c\/p\u003e\u003cp\u003eWhether you're preparing for a career or are an independent investor, this book is the ideal resource to sharpen your analytical skills. It's also the perfect refresher for active investment banking or private equity professionals seeking a thorough review of M\u0026amp;A modeling essentials.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989608710373,"sku":"NP9781118908716","price":105.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118908716.jpg?v=1761784792","url":"https:\/\/k12savings.com\/products\/mergers-acquisitions-divestitures-and-other-restructurings-website-isbn-9781118908716","provider":"K12savings","version":"1.0","type":"link"}