M&A 2e – A Practical Guide to Doing the Deal
A Practical Guide to Doing the Deal
Gebonden Engels 2015 2e druk 9781118816998Samenvatting
The comprehensive M&A guide, updated to reflect the latest changes in the M&A environment
M&A, Second Edition provides a practical primer on mergers and acquisitions for a broad base of individuals numbering in the hundreds of thousands:
Investment bankers involved with mergers and acquisitions (M&A).
Equity analysts at hedge funds, risk arbitrage funds, pension funds, and banks, who invest in firms engaged in M&A.
Private equity professionals at buyout funds, venture capital funds, and hedge funds, who routinely buy and sell companies.
Corporate executives and business development professionals.
Institutional loan officers working with M&A and buyout transactions.
Business students at colleges and graduate business schools.
Investor relations professionals at corporations and public relations firms.
Lawyers who work with corporate clients on M&A–related legal, financial, and tax matters.
Independent public accounting firms that review M&A accounting.
Government regulators
Sophisticated individual investors
Its comprehensive approach covers each step in the process, from finding an opportunity, to analyzing the potential, to closing the deal, with new coverage of private equity funds and international transactions. This updated second edition also includes information on emerging markets, natural resource valuation, hostile takeovers, special deals, and more, plus new examples and anecdotes taken from more current events. Additional illustrations and charts help readers quickly grasp the complex information, providing a complete reference easily accessible by anyone involved in M&A.
The mergers and acquisitions environment has changed in the thirteen years since M&A was initially published, creating a tremendous need for authoritative M&A guidance from a banker′s perspective. This M&A update fills that need by providing the characteristic expert guidance in clear, concise language, complete with the most up–to–date information.
Discover where M&A fits into different corporate growth strategies, and the unique merits it confers
Delineate clear metrics for determining risk, valuation, and optimal size of potential acquisitions
Gain deeper insight into the fundamentals of negotiation, due diligence, and structuring
Understand the best time to sell, the best way to sell, and the process of the sale itself
In the past decade, the dollar value of M&A deals has jumped ten–fold, and the number of individuals involved has expanded considerably. More and more executives, analysts, and bankers need to get up–to–date on the mechanics of M&A, without wading through volume after volume of dense, legalistic jargon. Finally, M&A is back providing a complete reference to the current state of the M&A environment.
Specificaties
Lezersrecensies
Inhoudsopgave
<p>PART ONE The Big Picture</p>
<p>CHAPTER 1<br /> The Global M&A Market: Current Status and Evolution 3</p>
<p>CHAPTER 2<br /> U.S. M&A History, Trends, and Differences from Other Nations 9</p>
<p>CHAPTER 3<br /> The Need for Growth Spurs Acquirers to Buy Other Companies 15</p>
<p>CHAPTER 4<br /> The Three Financial Tactics That Dominate the M&A Business 25</p>
<p>PART TWO Finding a Deal</p>
<p>CHAPTER 5<br /> The Buyer Must Have a Methodical Plan in Order to Find a Quality Transaction 39</p>
<p>CHAPTER 6<br /> To Begin an Acquisition Search, the Buyer First Sets the Likely Parameters of a Deal 43</p>
<p>CHAPTER 7<br /> The Buyer Starts the Formal Acquisition Search by Alerting Intermediaries and Contacting Possible Sellers 47</p>
<p>CHAPTER 8<br /> Finding a Deal: Likely Results of a Search 59</p>
<p>CHAPTER 9<br /> The Four Principal Risks Facing a Buyer in the M&A Business 65</p>
<p>PART THREE Target Financial Analysis</p>
<p>CHAPTER 10<br /> Sizing Up the M&A Target from a Financial Point of View 77</p>
<p>CHAPTER 11<br /> To Facilitate Financial Projections, the Buyer Needs to Classify the Target as a Mature, Growth, or Cyclical Business 91</p>
<p>CHAPTER 12<br /> How Practitioners Forecast an M&A Target s Sales and Earnings 97</p>
<p>PART FOUR Acquisition Valuation</p>
<p>CHAPTER 13<br /> The M&A Industry Typically Uses Four Valuation Methodologies 109</p>
<p>CHAPTER 14<br /> The Use of Discounted Cash Flow in M&A Valuation 113</p>
<p>CHAPTER 15<br /> Valuing M&A Targets Using the Comparable Public Companies Approach 123</p>
<p>CHAPTER 16<br /> Valuing an M&A Target by Considering Comparable Deals and Leveraged Buyouts 133</p>
<p>CHAPTER 17<br /> Valuation Situations That Don t Fit the Standard Models 143</p>
<p>PART FIVE Combination, the Sale Process, Structures, and Special Situations</p>
<p>CHAPTER 18<br /> Combining the Buyer s and Seller s Financial Results for the M&A Analysis 159</p>
<p>CHAPTER 19<br /> When Is the Best Time for an Owner to Sell a Business? 167</p>
<p>CHAPTER 20<br /> The Sale Process from the Seller s Vantage Point 173</p>
<p>CHAPTER 21<br /> A Review of Legal and Tax Structures Commonly Used in Transactions 183</p>
<p>CHAPTER 22<br /> Unusual Transaction Categories 193</p>
<p>CHAPTER 23<br /> Final Thoughts on Mergers and Acquisitions 199</p>
<p>About the Author 201</p>
<p>Index 203</p>
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