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Mergers, acquisitions and corporate restructurings

Author: Gaughan, Patrick A. Publisher: Wiley, 2007.Edition: 4th ed.Language: EnglishDescription: 621 p. : Graphs ; 26 cm.ISBN: 9780471705642Type of document: Book Bibliography/Index:
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Book (short loan) Asia Campus
Textbook Collection
Print HD2746.5 .G38 2007
(Browse shelf)
900197403
Available 900197403
Book (short loan) Asia Campus
Textbook Collection
Print HD2746.5 .G38 2007
(Browse shelf)
900197397
Available 900197397
Book Europe Campus
Main Collection
Print HD2746.5 .G38 2007
(Browse shelf)
001293425
Available 001293425
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Mergers, Acquisitions, and Corporate Restructurings Contents Preface About the Web Site Part 1 Background 1 Introduction Recent MandA Trends Definitions Valuing a Transaction Types of Mergers Reasons for Mergers and Acquisitions Merger Financing Merger Professionals Merger Arbitrage Leveraged Buyouts and the Private Equity Market Corporate Restructuring Merger Negotiations Merger Approval Procedures Short-Form Merger Freezeouts and the Treatment of Minority Shareholders Purchase of Assets Compared with Purchase of Stock Structuring the Deal Assumption of the Seller's Liabilities Advantages of Asset Acquisitions Asset Selloffs Reverse Mergers Holding Companies 2 History of Mergers Merger Waves What Causes Merger Waves? First Wave, 1897-1904 Second Wave, 1916-1929 The 1940s Third Wave, 1965-1969 Trendsetting Mergers of the 1970s Fourth Wave, 1984-1989 Fifth Wave Summary xi xiii 1 3 3 12 12 13 14 14 15 16 17 18 19 21 22 23 23 24 24 24 25 25 26 29 29 29 30 36 39 40 47 53 59 67 3 Legal Framework Laws Governing Mergers, Acquisitions, and Tender Offers Securities Laws Other Specific Takeover Rules in the United States International Securities Laws Relating to Takeovers Business Judgment Rule State Antitakeover Laws Regulation of Insider Trading Antitrust Laws Recent Trends in Antitrust Enforcement in the United States Measuring Concentration and Defining Market Share European Competition Policy Antitrust Remedies Summary 4 Merger Strategy Growth Synergy Operating Synergy Diversification Other Economic Motives Hubris Hypothesis of Takeovers Other Motives Tax Motives Summary Part 2 Hostile Takeovers 5 Antitakeover Measures Management Entrenchment Hypothesis versus Stockholder Interests Hypothesis Preventative Antitakeover Measures Changing the State of Incorporation Active Antitakeover Defenses Information Content of Takeover Resistance Summary 6 Takeover Tactics Preliminary Takeover Steps Tender Offers Open Market Purchases and Street Sweeps Advantages of Tender Offers over Open Market Purchases Arbitrage and the Downward Price Pressures Around MandA Announcements Proxy Fights Summary 69 70 70 84 85 91 92 98 100 107 109 114 114 116 117 117 124 126 136 145 157 163 165 165 169 171 172 173 196 197 231 233 234 236 240 258 260 263 263 281 Part 3 Going Private Transactions and Leveraged Buyouts 7 Leveraged Buyouts Terminology Historical Trends in LBOs Costs of Being a Public Company Management Buyouts Conflicts of Interest in Management Buyouts Financing for Leveraged Buyouts Capital Structure of LBOs Sources of LBO Financing Returns to Stockholders from LBOs Returns to Stockholders from Divisional Buyouts Reverse LBOs Empirical Research on Wealth Transfer Effects Protection for Creditors Summary 8 Trends in the Financing of Takeovers and Going Private Transactions Trends in Cash versus Stock Percentage of Takeover Financing Shareholder Wealth Effects and Methods of Payment Private Equity Market Hedge Funds Comparison of Private Equity Funds and Hedge Funds Hedge Fund and Private Equity Fund Convergence Junk Bonds Financing of Takeovers Stapled Financing Securitization and MandA Financing Summary 9 Employee Stock Ownership Plans Historical Growth of ESOPs Types of Plans Characteristics of ESOPs Leveraged versus Unleveraged ESOPs Corporate Finance Uses of ESOPs Voting of ESOP Shares Cash Flow Implications Valuation of Stock Contributed into an ESOP Eligibility of ESOPs Put Options of ESOPs Dividends Paid ESOPs versus a Public Offering of Stock Employee Risk and ESOPs 283 285 285 286 295 297 299 309 314 315 317 317 319 324 325 328 330 331 335 340 348 352 353 355 373 374 375 378 378 380 380 381 381 383 383 384 384 384 385 385 387 Securities Laws and ESOPs Tax Benefits of LESOPs Balance Sheet Effects of ESOPs Drawbacks of LESOPs ESOPs and Corporate Performance ESOPs as an Antitakeover 'Defense ESOPs and Shareholder Wealth ESOPs and LBOs Summary Part 4 Corporate Restructuring 10 Corporate Restructuring Divestitures Divestiture and Spinoff Process Wealth Effects of Selloffs Equity Carve-outs Voluntary Liquidations, or Bustups Tracking Stocks Master Limited Partnerships and Selloffs Summary 11 Restructuring in Bankruptcy Types of Business Failure Causes of Business Failure Bankruptcy Trends U.S. Bankruptcy Laws Reorganization versus Liquidation Reorganization Process Benefits of the Chapter 11 Process for the Debtor Company Size and Chapter 11 Benefits Prepackaged Bankruptcy Workouts Corporate Control and Default Liquidation Investing in the Securities of Distressed Companies Summary 12 Corporate Governance Failed Corporate Governance: Accounting Scandals Sarbanes-Oxley Act Other Regulatory Changes Corporate Governance Summary 388 388 389 389 390 392 393 394 397 399 401 403 413 421 434 437 439 440 442 443 443 444 446 452 453 454 459 459 462 465 470 471 471 477 479 479 481 482 483 517 13 Joint Ventures and Strategic Alliances Contractual Agreements Comparing Strategic Alliances and Joint Ventures with Mergers and Acquisitions Joint Ventures Governance of Strategic Alliances Summary 14 Valuation Valuation Methods: Science or Art? Managing Value as an Antitakeover Defense Benchmarks of Value How the Market Determines Discount Rates Valuation of the Target's Equity Takeovers and Control Premiums Marketability of the Stock Valuation of Stock-for-Stock Exchanges Exchange Ratio Fixed Number of Shares versus Fixed Value International Takeovers and Stock-for-Stock Transactions Desirable Financial Characteristics of Targets Summary Appendix 15 Tax Issues Financial Accounting Taxable versus Tax-Free Transactions Tax Consequences of a Stock-for-Stock Exchange Asset Basis Step-Up Changes in the Tax Laws Role of Taxes in the Merger Decision Taxes as a Source of Value in Management Buyouts Miscellaneous Tax Issues Summary Glossary Index 519 519 520 520 526 530 531 533 533 534 545 555 555 557 566 567 575 575 575 583 584 588 588 589 591 594 595 596 598 599 600 601 609

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