Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions

by Donald DePamphilis

Overview

Case studies make an important contribution to students learning about mergers and acquisitions. Though placing theories and measurements in real-world settings, providing opportunities for additional research, and possessing subsequent histories that students can evaluate, case studies quickly go out of date, taking the best M&A books with them.

Don DePamphilis has updated all business cases and chapters for this new edition and has added 18 new cases. All the cases include study questions, and many possess answers in the Appendix.

In general, a "merger" can be a legal or structural event or an economic one. From a structural standpoint, a merger is a combination of two firms in which only one firm's identity survives. In a typical merger, shareholders of the target firm exchange their shares for those of the acquiring firm. From an economic perspective, a merger can be either horizontal (between two firms in the same industry), conglomerate (the acquiring company purchases firms in largely unrelated industries), or vertical (in which two firms participate at different states of the production or value chain). An "acquisition" occurs when one company takes a controlling ownership interest in another firm, a legal subsidiary of a firm, or selected assets of another firm (such as a manufacturing facility). "Restructuring" includes actions taken to expand or contract a firm's basic operations or fundamentally change its asset or financial structure.

Key Features

* Includes 18 new case studies; all 70 cases have been updated

* Instructor's Manual available on the web; includes practice problems and solutions

* Accompanying CD includes a set of Excel spreadsheets that will supplement Chapter 8

Author Biography: Donald M. DePamphilis has a Ph.D. in economics from Harvard University and has managed more than 30 acquisitions, divestitures, joint ventures, minority investments, as well as licensing and supply agreements. He is currently Clinical Professor of Finance at the College of Business Administration at Loyola Marymount University in Los Angeles. He has also taught mergers and

acquisitions and corporate restructuring at the Graduate School of Management at the University of California, Irvine, and Chapman University to

undergraduates, MBA, and Executive MBA students. He has published a number of articles on economic forecasting, business planning, and marketing. As Vice President of Electronic Commerce at Experian, Dr. DePamphilis managed the development of an award winning Web Site. He was also Vice President of Business Development at TRW Information Systems and Services, Director of Planning at TRW, and Chief Economist at National Steel Corporation.

Product Details

ISBN-13:	9780128150764
Publisher:	Elsevier Science
Publication date:	09/04/2019
Sold by:	Barnes & Noble
Format:	eBook
Pages:	584
File size:	31 MB
Note:	This product may take a few minutes to download.

About the Author

Donald M. DePamphilis has a Ph.D. in economics from Harvard University and has managed more than 30 acquisitions, divestitures, joint ventures, minority investments, as well as licensing and supply agreements. He is Emeritus Clinical Professor of Finance at the College of Business Administration at Loyola Marymount University in Los Angeles. He has also taught mergers and acquisitions and corporate restructuring at the Graduate School of Management at the University of California, Irvine, and Chapman University to undergraduates, MBA, and Executive MBA students. He has published a number of articles on economic forecasting, business planning, and marketing. As Vice President of Electronic Commerce at Experian, Dr. DePamphilis managed the development of an award winning Web Site. He was also Vice President of Business Development at TRW Information Systems and Services, Director of Planning at TRW, and Chief Economist at National Steel Corporation

Table of Contents

PART I THE MERGERS AND ACQUISITIONS ENVIRONMENT 1. Introduction to Mergers, Acquisitions, and Other Restructuring Activities 2. The Regulatory Environment 3 The Corporate Takeover Market: Common Takeover Tactics, Anti-Takeover Defenses, and Corporate Governance

PART II; THE MERGERS AND ACQUISITIONS PROCESS: Phases 1–10 4. Planning: Developing Business and Acquisition Plans: Phases 1 and 2 of the Acquisition Process 5. Implementation: Search through Closing: Phases 3 to 10 of the Acquisition Process 6. Post-closing Integration: Mergers, Acquisitions, and Business Alliances

PART III: MERGER AND ACQUISITION VALUATION AND MODELING 7. Merger and Acquisition Cash Flow Valuation Basics 8. Relative, Asset-Oriented, and Real Option Valuation Basics 9. Financial Modeling Basics 10. Analysis and Valuation of Privately Held Companies

PART IV: DEAL STRUCTURING AND FINANCING STRATEGIES 11. Structuring the Deal: Payment and Legal Considerations 12. Structuring the Deal: Tax and Accounting Considerations 13. Financing the Deal: Private Equity, Hedge Funds, and Other Sources of Funds 14. Applying Financial Modeling to Value, Structure, and Negotiate Stock and Asset Purchases

PART V: ALTERNATIVE BUSINESS AND RESTRUCTURING STRATEGIES 15. Business Alliances: Joint Ventures, Partnerships, Strategic Alliances, and Licensing 16. Alternative Exit and Restructuring Strategies: Divestitures, Spin-offs, Carve-outs, Split-Ups, and Split-Offs 17. Alternative Exit and Restructuring Strategies: Bankruptcy Reorganization and Liquidation 18. Cross-Border Mergers and Acquisitions: Analysis and Valuation

What People are Saying About This

From the Publisher

The best textbook and online package for mergers, acquisitions and other restructuring activities, revised and expanded for post-2015 events

Editorial Reviews

"Mergers, Acquisitions, and Other Restructuring Activities, 6th ed. delivers an essential understanding of the corporate restructuring processes by combining insights from many case studies with academic rigor. The book points out how M&A can create value as well as the ways it can lead to value destruction. In addition to the state of the art valuation techniques, it also explains the regulatory corporate governance framework for both the US and Europe. It's an excellent text, and I highly recommend it." —Luc Renneboog, Professor of Corporate Finance, CentER, Tilburg University "Great text book that in a simple and straightforward manner combines the latest insights from academia with contemporary industry practices. It fits perfect in a class of MBA students or executives. I will for sure use it next time I teach M&A." —Karin Thorburn, DnB Nor Professor of Finance, Norwegian School of Economics and Business Administration "DePamphilis has masterfully covered in one book all relevant managerial, strategic, financial, accounting, legal and tax aspects of M&A into an easily understood roadmap for any M&A transaction, large or small. With totally up-to-date material, he provides the crucial information that is necessary in today's rapidly changing M&A world." —Lloyd Levitin, Professor of Clinical Finance and Business Economics, University of Southern California "Mergers, Acquisitions, and Other Restructuring Activities is quite simply an outstanding text. Don DePamphilis delivers a comprehensive guide to the M&A process from start to finish. The reader is exposed to the latest thoughts on valuation methods as well as the myriad of alternative corporate asset restructuring decisions available to today’s managers and how to best evaluate each. The book is punctuated with numerous up-to-date case examples as well as case study problems for analysis, giving the reader an immediate connection between the textual discussion and what we observe in practice. I have no doubt the book’s content will appeal to a wide audience including students, instructors and practitioners. I particularly like the chapters on valuation methods and the fact that the text is accompanied by excellent Excel spreadsheet models for executing a complete analysis. In sum, Mergers, Acquisitions, and Other Restructuring Activities is a comprehensive, up-to-date, outstanding text." —Scott C. Linn, R.W. Moore Chair in Finance and Economic Development, the University of Oklahoma "After teaching M&A for ten years, I was relieved when last semester I finally switched to DePamphilis' text. His single book replaced numerous other sources that I had to use before. DePamphilis' academic rigor is combined with his deep personal experience as a deal maker, and thus the textbook is highly valuable to both newcomers and those being involved in transactions for many years." —Viktoria Dalko, Global Professor of Finance, Harvard University Extension School

From the Publisher