Mergers, Acquisitions, and Other Restructuring Activities

Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Ninth Edition, is the most current, comprehensive and cutting-edge text on M&A and corporate restructuring available. It includes many of the most up-to-date and notable deals and precedent setting judicial decisions, as well as new regulations, trends and tactics employed in M&As. The implications of recent developments such as negative interest rates on valuation and the backlash against globalization for cross-border M&As are discussed.

More than 90% of the case studies are new for this edition, involving deals either announced or completed during the last several years. It is comprehensive in that nearly all aspects of M&As and corporate restructuring are explored from business plan development to target selection and valuation to negotiation and post-merger integration. It is cutting edge in that conclusions and insights are anchored by the most recent academic research, with references to more than 160 empirical studies published in leading peer-reviewed journals just since the release of the last edition in 2015.

• Teaches about the financial, legal, accounting and strategic elements of mergers and acquisitions by concentrating on the ways their agents interact
• Emphasizes current events and trends through new and updated cases
• Highlights international mergers and acquisitions activities

Upper-division undergraduates, graduate students, and professionals working on subjects in corporate finance, corporate governance, law and economics, and industrial organization

PART I THE MERGERS AND ACQUISITION ENVIRONMENT
1. Introduction to Mergers, Acquisitions, and Other Restructuring Activities
2. The Regulatory Environment
3. The Corporate Takeover Market: Common Takeover Tactics, Anti-Takeover Defenses, and Corporate Governance

PART II THE MERGERS AND ACQUISITIONS PROCESS: PHASES 1–10
4. Planning, Developing Business, and Acquisition Plans: Phases 1 and 2 of the Acquisition Process
5. Implementation: Search through Closing: Phases 3 to 10 of the Acquisition Process
6. Postclosing Integration: Mergers, Acquisitions, and Business Alliances

PART III MERGER AND ACQUISITIONS VALUATION AND MODELING
7. Merger and Acquisition Cash Flow Valuation Basics
8. Relative, Asset-Oriented, and Real Option Valuation Basics
9. Applying Financial Models to Value, Structure, and Negotiate Mergers and Acquisitions
10. Analysis and Valuation of Privately Held Companies

PART IV DEAL STRUCTURING AND FINANCING STRATEGIES
11. Structuring the Deal: Payment and Legal Considerations
12. Structuring the Deal: Tax and Accounting Considerations
13. Financing the Deal: Private Equity, Hedge Funds, and Other Sources of Funds
14. Highly Leveraged Transactions: LBO Valuation and Modeling Basics

PART V ALTERNATIVE BUSINESS AND RESTRUCTURING STRATEGIES
15. Business Alliances: Joint Ventures, Partnerships, Strategic Alliances, and Licensing
16. Alternative Exit and Restructuring Strategies: Divestitures, Spin-offs, Carve-outs, Split-Ups, and Split-Offs
17. Alternative Exit and Restructuring Strategies: Bankruptcy Reorganization and Liquidation
18. Cross-Border Mergers and Acquisitions: Analysis and Valuation