The art of M & A: a merger acquisition buyout guide
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
New York, NY, u.a.
McGraw-Hill
1999
|
| Ausgabe: | 3. ed. |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009269678&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XII, 1011 S. graph. Darst. |
| ISBN: | 0070526605 |
Internformat
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| 246 | 1 | 3 | |a The art of M and A |
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Datensatz im Suchindex
| _version_ | 1819307006593335296 |
|---|---|
| adam_text | CONTENTS
PREFACE vii
Chapter 1 Getting Started in Mergers and Acquisitions 1
Introduction. Basic Terms. Concluding Comments.
Chapter 2 Planning and Finding 11
Introduction. Strategic Planning for Operating Companies. In House Search.
Brokers and Finders. Using Intermediaries. Role of Investment and
Commercial Banks in M A. General Regulatory Considerations for Buyers.
Antitrust Considerations for Acquisitions. Hart Scott Rodino. Concluding
Comments. Appendix 2A—Revision to the Horizontal Merger Guidelines
Issued by the U.S. Department of Justice and the Federal Trade Commission.
Chapter 3 Valuation and Pricing 79
Introduction. Valuation Fundamentals. Pricing Issues. Expressing the
Purchase Price in the Acquisition Agreement. Concluding Comments.
Exhibit 3 1, Estimating the Cost of Capital.
Chapter 4 Financing and Refinancing 139
Introduction. Highly Leveraged Transactions. Minimizing Borrowing.
Pros and Cons of Preserving Debt and Lease Obligations. Determining
Financing Structure. Senior Debt. Sale Leasebacks. The Bank Book
and Commitment Letter. Fraudulent Conveyance and Other Litigation
Concerns. Other Principal Issues in Senior Loan Agreements. Insurance
Company Financing. Junk Bonds. Bridge Loans. Equity Investment
Funds. Seller Takeback Financing. Registration Rights. Intercreditor
Issues. Subordination Issues. Intercreditor Agreements. Refinancing Issues.
Concluding Comments. Appendix 4A—Typical Subordination Provisions of
Publicly Issued Notes. Appendix 4B—Typical Subordination Provisions of
Privately Placed Institutional Notes. Appendix 4C—Typical Subordination
Provisions of Seller Notes. Exhibit 4 1, Installment Sale Models.
iv CONTENTS
Chapter 5 Structuring M/A/B Transactions:
General, Tax, and Accounting Considerations 255
Introduction. General Considerations. Tax Considerations. Accounting
Considerations. Concluding Comments. Transaction Diagrams.
Figure 5 1, Stock Purchase. Figure 5 2, Asset Purchase. Figure 5 3,
Taxable Forward Merger. Figure 5 4, Taxable Reverse Merger.
Figure 5 5, Taxable Forward Subsidiary Merger. Figure 5 6, Tax Free
Forward Merger (A Reorganization). Figure 5 7, Tax Free Forward
Triangular Merger [Hybrid A Reorganization—Section 368 (a)(2)(D)].
Figure 5 8, Tax Free Acquisition of Stock for Voting Stock (B Reorganization).
Figure 5 9, Acquisition of Property for Voting Stock (C Reorganization).
Figure 5 10, Acquisition of Property for Voting Stock (D Reorganization).
Figure 5 11, National Starch Transaction (Section 351 Acquisition).
Chapter 6 The Due Diligence Inquiry 347
Introduction. Getting Started. Litigation Analysis. Environmental
Exposure Analysis. Emerging Legal Issues. Do It Yourself Due
Diligence. Assessing Information. Duration of Due Diligence.
Concluding Comments. Appendix 6A—Due Diligence Checklist.
Appendix 6B—Sample Confidentiality Agreement.
Chapter 7 Pension, Labor, and Compensation Concerns 387
Introduction. Compensation Basics. Employee Benefit Plans. Determining
Plan Assets and Liabilities and Their Effect on Company Books. Plan
Split Ups and Partial Terminations. Underfunded and Overfunded
Plans. Employee Stock Ownership Plans. ESOP Securities Issues. Using
Non ESOP Stock Plans. Plans Holding Stock. Effect of Corporate Structure.
Problems in Acquisitions of Unionized Companies. Concluding Comments.
Chapter 8 Negotiating the Letter of Intent and the Acquisition Agreement 445
Introduction. The Letter of Intent. The Acquisition Agreement.
Components of the Agreement. Introductory Material. Representations and
Warranties. Covenants. Conditions to Closing. The Indemnity Section.
Termination Procedures. Auctions. Acquisitions from an Affiliated
Group. Transactions Involving Public Companies. Negotiating and
Documenting an MBO. Employment Agreements. Stockholders
Agreements. Concluding Comments. About the Appendices.
Appendix 8A—Sample Letter of Intent. Appendix 8B—Typical Merger
Agreement and Commentary.
CONTENTS v
Chapter 9 Closing 611
Introduction. The Basics of Closing. Pre Closing. Closing. Wire Transfers.
Post Closing. Planning Aids. Closing Memorandum. Concluding Comments.
Appendix 9A—Merger of Target Acquisition Corp. into Target Co. Inc.
Closing Memorandum.
V Chapter 10 i*ostmerger Integration 643
Introduction. Postmerger Performance: The Basics. Integration Elements in
the Acquisition Agreement. The Integration Plan. The Role of Outsiders in
Planning M A Integration. Communicating the Integration Plan. Integrating
Human Resources. Integrating Assets (on Paper and in Reality). Integrating
Commitments to Employees. Concluding Comments. Appendix 10A—
Principles for Business: The Caux Round Table. Appendix 10B—A Master
Checklist for Postmerger Integration.
Chapter 11 Workouts and Bankruptcies 697
Introduction. Workouts. Bankruptcies. Prepackaged Bankruptcies. State
Insolvency Procedures. Investment Opportunities. Bankruptcy Information
Sources. Concluding Comments.
Chapter 12 Special Issues for M A in Public Companies 723
Introduction. Legal and Business Considerations. Tender Offer Basics.
Proxy Solicitation Disclosures. Merger Disclosure Issues. Director
Responsibilities in Responding to Unsolicited Bids. Insider Trading.
Financing the Public Transaction. Considerations Applicable to Hostile
Acquisitions. Antitrust Defenses. Restructuring Defenses. Poison Pills.
Charter and Bylaw Amendments. Defensive Sales or Acquisitions.
Defensive Payments. Related State Laws. Concluding Comments.
Chapter 13 M A in Family Businesses, Partnerships, Franchises, and Nonprofits 799
Introduction. Family Businesses. Partnerships. Franchises. Nonprofits.
Concluding Comments.
Chapter 14 Beyond M A: Spin Offs and Strategic Alliances 817
Introduction. Spin Offs. Strategic Alliances. Concluding Comments.
Appendix 14A—The AT T Spin Offs. Appendix 14B—The Joint Venture
Agreement: A Checklist from the Regional and Economic Development
Services of Saskatchewan, Canada. Appendix 14C—Diagrams. Exhibit 14 1,
Spin Offs. Exhibit 14 2, Split Offs. Exhibit 14 3, Split Ups.
vi CONTENTS
Chapter 15 Special Issues for Transactions with International Aspects 839
Introduction. Nontax Issues Regarding Foreign Investment in the United
States (Inbound). Nontax Issues Regarding U.S. Investment Abroad
(Outbound). International Tax and Disclosure Considerations. Tax
Considerations in Inbound Acquisitions. Tax Considerations in Outbound
Acquisitions. Concluding Comments.
Epilogue M A in the New Millennium 903
Introduction. The Megamerger Wave. The Merger Wave Concept.
Problems with the Merger Wave Concept. The First Wave (Crest: 1890s).
The Second Wave (Crest: 1920s). The Third Wave (Crest: 1960s). The
Fourth Wave (Crest: 1980s). The Fifth Wave (Crest: 1990s). The Sixth
Wave (Crest: ?) M A: The Ultimate Entrepreneurship.
Case A WOFC Case Study: J.T. Smith Consultants 927
The Case. The WOFC Sessions. Discussion and Observations. Growth
Variables. Marketing Related Variables. Operations. The Market
Intensification Mode. The Vertical Integration Mode. The Diversification
Mode. Exhibit Case 1, Schedule for J.T. Smith Strategic Planning Meeting.
Exhibit Case 2, Strength Analysis (Fit Chart Supplement). Exhibit Case 3,
Weakness Analysis (Fit Chart Complement). Exhibit Case 4, Description of
Potential Variables. Exhibit Case 5, Opportunity Description. Exhibit
Case 6, Stanley Foster Reed s Systems Approach to Corporate Growth.
Exhibit Case 7, Instant Delphi Tally Sheet for Fit Chart. Exhibit Case 8,
Fit Chart: J.T. Smith Consultants. Exhibit Case 9, A Wheel of Opportunity
for J. T. Smith Consultants.
TABLE OF CASES 969
LANDMARK LEGAL CASE SUMMARIES 973
INDEX 995
|
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| edition | 3. ed. |
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| id | DE-604.BV013574446 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T10:49:42Z |
| institution | BVB |
| isbn | 0070526605 |
| language | English |
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| spellingShingle | Reed, Stanley Foster Lajoux, Alexandra Reed The art of M & A a merger acquisition buyout guide Unternehmenskauf (DE-588)4078600-6 gnd Fusion (DE-588)4071520-6 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4078600-6 (DE-588)4071520-6 (DE-588)4205916-1 (DE-588)4078704-7 |
| title | The art of M & A a merger acquisition buyout guide |
| title_alt | The art of M and A The art of M&A |
| title_auth | The art of M & A a merger acquisition buyout guide |
| title_exact_search | The art of M & A a merger acquisition buyout guide |
| title_full | The art of M & A a merger acquisition buyout guide Stanley Foster Reed ; Alexandra Reed Lajoux |
| title_fullStr | The art of M & A a merger acquisition buyout guide Stanley Foster Reed ; Alexandra Reed Lajoux |
| title_full_unstemmed | The art of M & A a merger acquisition buyout guide Stanley Foster Reed ; Alexandra Reed Lajoux |
| title_short | The art of M & A |
| title_sort | the art of m a a merger acquisition buyout guide |
| title_sub | a merger acquisition buyout guide |
| topic | Unternehmenskauf (DE-588)4078600-6 gnd Fusion (DE-588)4071520-6 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Unternehmenskauf Fusion Mergers and Acquisitions USA |
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