Mergers, Acquisitions, Divestitures, and Other Restructurings + Website – A Practical Guide to Investment Banking and Private Equity
+ Website
Gebonden Engels 2015 9781118908716Samenvatting
The authoritative resource for analyzing mergers and acquisitions (M&A) from every angle
Paul Pignataro reveals the secrets behind growth through M&A in his new book, Mergers, Acquisitions, Divestitures, and Other Restructurings + Website. Through market shifts and regulatory changes, M&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&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&A process.
With over a decade of experience aiding billion–dollar restructuring deals, Paul Pignataro is in an excellent position to break down M&A from a finance standpoint. Mergers, Acquisitions, Divestitures, and Other Restructurings covers the financial accounting and modeling behind several M&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&A process.
Learn accounting for asset acquisitions, asset divestitures, and corporate mergers
Explore modeling methods including mini–merger modeling and fully consolidated merger modeling
Read case studies demonstrating the practical success of theoretical models
Understand EBITDA, cash flow, capital structure, and their impact on M&A success and value creation
This 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&A shows no signs of slowing, meaning that finance professionals need to be able to accurately analyze the prospects and impacts of restructuring moves. Mergers, Acquisitions, Divestitures, and Other Restructurings + Website is the authoritative resource for doing just that.
Specificaties
Lezersrecensies
Inhoudsopgave
<p>PART ONE Introduction 1</p>
<p>CHAPTER 1 Merger and Acquisitions Overview 3</p>
<p>The M&A Process 5</p>
<p>Office Depot and OfficeMax 7</p>
<p>CHAPTER 2 Financial Statements Refresher 13</p>
<p>The Income Statement 13</p>
<p>The Cash Flow Statement 22</p>
<p>The Balance Sheet 27</p>
<p>Depreciation 32</p>
<p>Working Capital 42</p>
<p>Debt Schedule 44</p>
<p>Financial Statement Flows Example 45</p>
<p>PART TWO M&A Analyses 53</p>
<p>CHAPTER 3 Raising Debt and Equity 55</p>
<p>Raising Debt 55</p>
<p>Raising Equity 60</p>
<p>CHAPTER 4 Asset Acquisitions and Asset Divestitures 71</p>
<p>Asset Acquisitions 72</p>
<p>Asset Divestitures 83</p>
<p>CHAPTER 5 Accretion/Dilution Analysis 87</p>
<p>Step 1: Obtaining a Purchase Price 88</p>
<p>Step 2: Estimating Sources and Uses of Funds 89</p>
<p>Step 3: Creating a Pro–Forma Analysis 94</p>
<p>Summary 105</p>
<p>Drivers 106</p>
<p>PART THREE Office Depot/OfficeMax Merger 109</p>
<p>CHAPTER 6 Assumptions 111</p>
<p>Uses of Funds 119</p>
<p>Sources of Funds 122</p>
<p>CHAPTER 7 Income Statement 129</p>
<p>Pro–Forma Income Statement 130</p>
<p>CHAPTER 8 Cash Flow Statement 171</p>
<p>Cash Flow from Operating Activities 171</p>
<p>CHAPTER 9 Balance Sheet Adjustments 191</p>
<p>The Buyer Is Paying For 191</p>
<p>The Buyer Is Receiving 192</p>
<p>Additional Adjustments 192</p>
<p>Office Depot and OfficeMax Balance Sheet Adjustments 198</p>
<p>CHAPTER 10 Depreciation Schedule 217</p>
<p>Straight–Line Depreciation 218</p>
<p>CHAPTER 11 Operating Working Capital 229</p>
<p>Receivables 231</p>
<p>Inventories 233</p>
<p>Prepaid Expenses and Other Current Assets 235</p>
<p>Deferred Income Taxes and Receivables 236</p>
<p>Trade Accounts Payable, Accrued Expenses, and Other</p>
<p>Accrued Liabilities 238</p>
<p>Income Tax Payable 240</p>
<p>Other Current Liabilities 241</p>
<p>Projecting Operating Working Capital 242</p>
<p>Operating Working Capital and the Cash Flow Statement 251</p>
<p>CHAPTER 12 Balance Sheet Projections 261</p>
<p>Cash Flow Drives Balance Sheet versus Balance Sheet Drives</p>
<p>Cash Flow 265</p>
<p>Balancing an Unbalanced Balance Sheet 278</p>
<p>CHAPTER 13 Debt Schedule and Circular References 289</p>
<p>Debt Schedule Structure 289</p>
<p>Modeling the Debt Schedule 290</p>
<p>Circular References 314</p>
<p>Automatic Debt Paydowns 320</p>
<p>Basic Switches 322</p>
<p>CHAPTER 14 Accretion/Dilution 323</p>
<p>Fairness Opinions 323</p>
<p>Preferred Shares 325</p>
<p>Contribution Analysis 327</p>
<p>Conclusion 328</p>
<p>Appendixes</p>
<p>Appendix 1: Model Quick Steps 331</p>
<p>Appendix 2: Financial Statement Flows 333</p>
<p>Appendix 3: Excel Hot Keys 335</p>
<p>About the Companion Website 337</p>
<p>About the Author 339</p>
<p>Index 341</p>
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