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Books > Business & Economics > Business & management > Ownership & organization of enterprises > Takeovers, mergers & buy-outs
Valuations, Mergers & Acquisitions deals with the valuation of businesses for the purpose of mergers and acquisitions transactions, shareholder exits, capital raising and initial public offerings and covers the key principles involved in valuing businesses as going concerns.
Features:
- Critical thinking boxes commenting on the consequences of market events or the actions of specific companies which help students to get to grips with the uncertainties and complexities of valuations.
- The gaps between financial regulations and actual business practices are highlighted, such as IFRS 3 in Chapter 19.
- A variety of end-of-chapter and self-assessment questions and tasks allows readers to apply what they are learning as well as to develop their professional confidence.
Valuations, Mergers & Acquisitions is relevant to senior undergraduate students taking modules in Valuations and Mergers and Acquisitions as part of Financial Management courses, MBA and MBL students, and SAICA seminar students. The book is also of practical use to corporate financiers and company executives who wish to clarify or research particular areas of concern in valuing a business in practice.
This book examines how to conduct due diligence on mergers and
acquisitions for organisations in China written from a management
perspective. Aimed primarily at practitioners within the field of
International Human Resource Management, it highlights models that
appear straightforward and yet are susceptible to oversights and
failings. It examines the roles of human resource practitioners
from when a target company is identified for mergers or
acquisitions through to assessing its risks. The book incorporates
adopting human resource management strategies under differing
business conditions, negotiating to secure the deal and integrating
the new business unit to the merged or acquired organisation. This
title gives a fantastically detailed analysis of due diligence,
capturing the nuances of the Chinese way of doing things and how
this affects a business environment.
Private Equity and Management Buy-outs provides a balanced view of
the often polarized private equity debate. This careful and
objective analysis of the presence of private equity in buy-out
firms reviews the effects of this ownership transfer in terms of
firm performance and survival, thus placing private equity in a
broader context of implications for value creation. The analysis
provides an overview of international trends in private equity and
develops a conceptual framework for understanding the heterogeneity
of private equity deals. Systematic evidence from large-scale
studies of private equity and buy-outs are used to shed light on
short- and longer-term economic and social effects. For the first
time the broader scope of the key issues now facing private equity
and buy-outs are brought together in the contributions herein. The
book includes highlights such as: * empirical evidence on a special
organizational form of private equity; * examination of backed
buy-outs (perspectives from strategy, finance, HRM and management
accounting); * discussion on the level of PE involvement; *
challenging further debate on economic and social key issues
regarding policy implications and a future research agenda.
Academics and researchers - postgraduate and above - in business
schools and schools of economics will find this book enlightening.
It will also hold great interest for practitioners in the fields of
mergers and acquisitions, general, strategic and financial
management, and corporate entrepreneurship and corporate
governance.
Research suggests that an increasing number of people experience
organisational changes such as mergers and acquisitions as highly
emotional life events. Indeed, given that, as the authors prove,
70% of all mergers and acquisitions fail to reach their initial
goals largely because of neglected people issues, it is a must for
every manager and M&A researcher to understand the emotional
side of such change processes. This fascinating book explains how
managerial behaviour and communication styles influence the
emotions of employees and affect their readiness to contribute to a
successful post-merger integration. It combines emotion theories
from other disciplines with recent M&A findings, and offers
practical implications through illustrative case studies. Academics
and practitioners will find the combination of management
literature with psychology and sociology literature of great
interest.
Competition in the generation, transmission, and distribution of
electricity is of increasing interest to policy makers as well as
to buyers and sellers of power. The use of competition as a social
policy tool to benefit consumers carries the necessity of
preserving competition when it is threatened by mergers or other
structural changes. The work explains central principles of
antitrust economics and applies them to mergers in the electric
power industry. This work focuses on mergers, but the economic
principles explained here will be useful in analyzing many
important issues flowing from growth of competition in electric
power. For example, proper definition of markets and analysis of
market power will be useful in decisions on whether to continue
regulation.
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.
As Trade Union membership has declined, union mergers have been
prominent features in strategies of revitalization. Yet, there is
very little systematic and empirical research into the effects of
union mergers on the unions actually merging or of their impact on
the wider union movement. This ground-breaking study fills this gap
with its in-depth analysis of British unions' mergers since 1978:
the point at which British unions moved from growth into decline,
primarily due to adverse and damaging changes in the British
industrial relations climate.
Initially the book describes the merger processes (transfers and
amalgamations) and the extent of British unions' merger activities.
This is placed in context by an examination of the generally
hostile environment in which such mergers were sought and
concluded. The different non-merger strategies adopted by unions to
mitigate their membership loss and reduced political status are
also assessed. In the body of the text the focus is on: the factors
shaping unions' merger searches; the consequent merger
negotiations; and the merged unions' subsequent performance.
Because of the distinctly different opportunities for reform
offered by transfers, as against amalgamations, the book examines
each, in turn, in Parts 2 and 3.
The interpretative framework adopted for analysing transfers and
amalgamations addresses the following elements of unions'
interests: members' job territories; political objectives and
means; democratic ethos and government; administration (including
finance); and leaders' imperatives. Drawing on a wealth of material
gathered over the past 20 years via surveys, interviews and action
research the different purposes andperformances of the merged
unions are critically assessed. It is concluded that transfers
served to generate a limited range of improvements, generally of
advantage to the minor partner union. In contrast, amalgamations
are found to have the potential to transform many aspects of union
organisation. However, in practice, they also tended to generate a
number of unintended and unwelcome consequences. In conclusion
mergers' contributions to the revitalization of the wider British
trade union movement are also discussed.
This authoritative study of British unions' merger strategies is
essential reading for all those interested in the future of trade
unions and the potential mergers offer for generating significant
reforms. Academics and students in employee relations, industrial
relations, HRM and labour history should also find it useful for
increasing their understanding of how unions have responded to
changes in the economic and political context. Policy makers and
union practitioners should also gain insights into the kinds of
problems associated with unions' structural reforms.
The decision to carry out a merger or acquisition is certainly a
risky one, not least because of the number of variables influencing
the final outcome. It is also a decision frequently based on the
wrong objectives and an incorrect evaluation process. With this in
mind, this important new book offers solutions for reducing the
high percentage of mergers and acquisitions (M&As) that fail.
It adopts a normative approach, using theoretical analysis to show
what managers could and should do to increase shareholders' value
through successful M&A strategies. It also explores the
conditions that are suitable for favouring a certain type of
M&A (horizontal, vertical or diversified) over the others. The
author presents various analytical models combined with a selection
of case studies to demonstrate the relevant conditions under which
each type of strategy can create value. The book analyses different
types of M&As, the specific sources of synergy and the way
value can be calculated. An integrated analysis of potential
synergies, their evaluation and the modifications to the
organizational structure necessary for implementation is also
included. In conclusion, the book presents some case studies of
successful M&A strategies providing a link between theory and
practice. Building upon traditional theories and providing original
and innovative analysis, this is an essential book for students and
scholars in economics, business and strategic management, as well
as managers and consultants seeking an analytical and practical
understanding of M&A strategies.
Security metrics is the application of quantitative, statistical,
and/or mathematical analyses to measuring security functional
trends and workload. In other words, tracking what each function is
doing in terms of level of effort (LOE), costs, and productivity.
Security metrics management is the managing of an assets protection
program and related security functions through the use of metrics.
It can be used where managerial tasks must be supported for such
purposes as supporting the security professional's position on
budget matters, justifying the cost-effectiveness of decisions,
determining the impact of downsizing on service and support to
customers, etc.
Security Metrics Management is designed to provide basic guidance
to security professionals so that they can measure the costs of
their assets protection program - their security program - as well
as its successes and failures. It includes a discussion of how to
use the metrics to brief management, justify budget and use trend
analyses to develop a more efficient and effective assets
protection program.
- Over 100 checklists, flowcharts, and other illustrations depict
examples of security metrics and how to use them
- Drawings, model processes, model procedures and forms enable the
reader to immediately put concepts to use in a practical
application
- Provides clear direction on how to meet new business demands on
the Security Professional
This book examines the effects of hostile takeovers, their
impact on regional economies and industries, and the policy
implications of such takeovers for both the corporation and the
public sector. The book's contributors present arguments for and
against corporate takeovers, identifying both the strong and weak
points on each side. Then, they consider economic, legal, ethical
and geographical issues--particularly interregional issues, legal
difficulties involving different levels of governement, and
interstate differences. "Pension World"
The ongoing trend of hostile corporate takeovers has been
discussed at some length in the press and in the business
literature. However, even as terms like golden parachutes,
greenmail, and white knights enter the popular lexicon, little has
been written about the effects, real or potential, that specific
takeovers may have upon the economic base of metropolitan areas,
states, or regions that house individual corporate operations. This
volume represents a systematic attempt to fill that gap by
examining the effects of hostile takeovers, their impact on
regional economies and industries, and the policy implications of
such takeovers for both the corporation and the public sector.
The contributors begin by presenting arguments for and against
corporate takeovers, identifying both the strong and weak points on
each side of the debate. They then turn to a consideration of
economic, legal, ethical, and geographical issues, paying
particular attention to interregional issues, legal difficulties
involving different levels of government, and interstate
differences. Separate chapters are also devoted to foreign direct
investment in the United States and the impact of federal tax
policy on the takeover process. The contributors conclude with an
overview of the corporate impact of takeovers and specific policy
recommendations.
Ffrench's book offers a way out of the pervasive confusion that has
frustrated efforts of companies attempting to deal with foreign
regulatory practices. Designed as a practical, comprehensive guide,
it is the only work to present securities law and regulation for
all of North, Central, and South America. In addition it provides
details concerning various nations' business organizations,
regulatory institutions, anti-trust laws, foreign investment laws,
laws of insider trading, and labor laws. The author includes
complete coverage of the intricate statutory regulations and case
law of the United States and Canada, and he advances reform
proposals that would simplify take-over and merger regulation in
these and other countries.
This best-selling classic provides a graduate-level,
non-historical, modern introduction of quantum mechanical concepts.
The author, J. J. Sakurai, was a renowned theorist in particle
theory. This revision by Jim Napolitano retains the original
material and adds topics that extend the text's usefulness into the
21st century. The introduction of new material, and modification of
existing material, appears in a way that better prepares the
student for the next course in quantum field theory. Students will
still find such classic developments as neutron interferometer
experiments, Feynman path integrals, correlation measurements, and
Bell's inequality. The style and treatment of topics is now more
consistent across chapters. The Second Edition has been updated for
currency and consistency across all topics and has been checked for
the right amount of mathematical rigor.
Global in scope and written by leading scholars in the field, the
Research Handbook on Mergers and Acquisitions is a modern-day
survey providing cutting edge analysis of the state of M&A
using history, theory, and empirical work, and also providing a
theoretical framework for future research and development in the
field. Its chapters explore the history of mergers and
acquisitions, considering the theory behind the structure of modern
transaction documentation. The authors also address other key
M&A issues, such as takeover defenses; judges and
practitioners' perspectives on litigation; the appraisal remedy and
other aspects of Federal and state law, as well as M&A
considerations in the structure of start-ups. The book's coverage
is novel as well as broad, broaching comparative issues and
shareholder activism in addition to more traditional areas. This
Research Handbook will be an invaluable resource for scholars,
practitioners, judges and legislators
An updated revisting of the themes of Robin Marris' classic The
Economic Theory of Managerial Capitalism (1964). This was widely
recognised as pathbreaking as it was the first attempt by a
professional economist to make a formal theory of the behaviour and
growth of a large-scale 'managerial' corporation based on a
realistic assessment of the sociological and institutional
environment. The model determined the long-run growth rates of
individual firms on the basis of the financial and market
environment on the one hand and the needs, interest and aspirations
of both managers and shareholders on the other. Managers in
particular were shown to trade desire for growth against fear of
takeover. These then novel important features of modern capitalism
- mergers, takeovers and executive bonuses and the relationship
between the growth of firms and the growth of the economy - have
become increasingly topical. The book contains the original
introduction along with reworked and updated coverage of the
theoretical model, along with completely new chapters both of
micro-theory and Marris' substantive response to the debate which
the original book created.
This book provides scholars and practitioners in mergers and
acquisitions (M&As) with a solid foundation for further
research. M&As continue to shape the economic landscape across
the globe. While there is already a huge body of scholarly work on
the subject, findings appear contradictory and academics and
practitioners often struggle to understand what factors make
M&As successful. Due to the lack of an agreed-upon definition,
research findings appear contradictory, while in fact they are
often simply not comparable. To address this, the book rethinks how
we measure key umbrella constructs. It specifically focuses on the
conceptualization phase of the measurement process, often taken for
granted in the current research.
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