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Mergers: what can go wrong and how to prevent it

Author: Gaughan, Patrick A. Publisher: Wiley, 2005.Language: EnglishDescription: 356 p. : Graphs/Ill. ; 24 cm.ISBN: 0471419001Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book (short loan) Asia Campus
Textbook Collection
Print HD2746.5 .G38 2005
(Browse shelf)
Available 900093992
Total holds: 0

Includes bibliographical references and index


Mergers Contents Preface xi 1 3 3 Chapter 1 Introduction to Mergers and Acquisitions Background and Terminology Merger Process Economic Classifications of Mergers and Acquisitions Regulatory Framework of Mergers and Acquisitions Antitrust Laws State Corporation Laws Hostile Takeovers Takeover Defense Leveraged Transactions Restructurings Reasoning for Mergers and Acquisitions Trends in Mergers Conclusion Case Study: Lessons from the Failures of the Fourth Merger Wave Chapter 2 Merger Strategy: Why Do Firms Merge? Growth Examples of Growth as an Inappropriate Goal Using MandAs to Achieve Growth 4 7 11 12 14 16 20 23 25 26 29 33 41 42 44 45 MandAs in a Slow-Growth Industry as a Way to Achieve Growth Synergy Merger Gains: Operating Synergy or Revenue Enhancements-Case of Banking Industry Industry Clustering Deregulation Improved Management Hypothesis Hubris Hypothesis of Takeovers Winner's Curse and the Hubris Hypothesis Cross-Industry Deals and Hubris Diversification and CEO Compensation Diversification that Does Seem to Work Better: Related Diversification Merging to Achieve Greater Market Power Do Firms Really Merge to Achieve Market Power? Merging to Achieve the Benefits of Vertical Integration Special Cases of Mergers Motivated by Specific Needs Conclusion Case Study: Vivendi Chapter 3 Merger Success Research Criteria for Defining Merger Success Using Research Studies Takeover Premiums and Control Initial Comment on Merger Research Studies Research Studies Mergers of Equals: Acquirers versus Target Gains Firm Size and Acquisition Gains Long-Term Research Studies Long- versus Short-Term Performance and Method of Payment Bidder Long-Term Effects: Methods of Payment Bidder's Performance Over the Fifth Merger Wave Conclusion 146 Case Study: Montana Power-Moving Unfamiliar Areas into Chapter 4 Valuation and Overpaying Valuation: Part Science and Part Art Valuation: Buyer versus Seller's Perspective Synergy, Valuation, and the Discount Rate Financial Synergies and the Discount Rate Toe Holds and Bidding Contests Bidding Contest Protections Overpaying and Fraudulent Seller Financials Valuation and Hidden Costs Postmerger Integration CostsHard Costs to Measure Conclusion Case Study: AOL Time Warner Chapter 5 Corporate Governance: Part of the Solution Governance Failure Regulatory Changes Corporate Governance Managerial Compensation and Firm Size Managerial Compensation, Mergers, and Takeovers Disciplinary Takeovers, Company Performance, and CEOs and Boards Managerial and Director Voting Power and Takeovers Shareholder Wealth Effects of Mergers and Acquisitions and Corporation Acquisition Decisions Post-Acquisitions Performance and Executive Compensation Lessons from the Hewlett-Packard-Compaq Merger: Shareholders Lose, CEOs Gain CEO Power and Compensation Do Boards Reward CEOs for Initiating Acquisitions and Mergers? Corporate Governance and Mergers of Equals Antitakeover Measures and Corporate Governance Conclusion Case Study: WorldCom 245 246 Chapter 6 Reversing the Error: Sell-Offs and Other Restructurings Divestitures Decision: Retain or Sell Off Spin-offs Involuntary Spin-offs Defensive Spin-Offs Tax Benefits of Spin-Offs Shareholder Wealth Effects of Sell-Offs Rationale for a Positive Stock Price Reaction to Sell-Offs Wealth Effects of Voluntary Defensive Sell-Offs Wealth Effects of Involuntary Sell-Offs Financial Benefits for Buyers of Sold-Off Entities Shareholder Wealth Effects of Spin-offs Corporate Focus and Spin-Offs Equity Carve-Outs Benefits of Equity Carve-Outs Equity Carve-Outs Are Different from Other Public Offerings Shareholder Wealth Effects of Equity Carve-Outs Under Which Situations Should a Company Do a Spin-off versus an Equity Carve-Out? Shareholder Wealth Effects of Tracking Stock Issuances Conclusion Case Study: DaimlerChrysler Chapter 7 Joint Ventures and Strategic Alliances: Alternatives to Mergers and Acquisitions Contractual Agreements Comparing Strategic Alliances and Joint Ventures with Mergers and Acquisitions Joint Ventures Motives for Joint Ventures Regulation and Joint Ventures Shareholder Wealth Effects of Joint Ventures Shareholder Wealth Effects by Type of Venture Restructuring and Joint Ventures Potential Problems with Joint Ventures Strategic Alliances Governance of Strategic Alliances Shareholder Wealth Effects of Strategic Alliances Shareholder Wealth Effects by Type of Alliance What Determines the Success of Strategic Alliances? Potential for Conflicts with Joint Ventures and Strategic Alliances Cross Stock Holdings as Conflict Insurance Conclusion Case Study: ATandT Index

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