At least 24 state legislatures have authorized state takeovers of local schools. This handbook assumes that state legislatures will continue endorsing takeovers as state policy, which begs an important question: how can takeovers be made effective? Garland argues that those who execute takeovers should expect a mess_racial, legal, political, and bureaucratic. This book serves as a first and chief resource for those interested in state takeovers of local school districts including a persuasive description of effective legislation, a strategy for implementation, and a comprehensive and well-researched compilation of takeover experiences. The main message is a warning that takeovers always cause turbulent waters but the author presses on to draft a strategy for more effectively navigating these waters. Will be of interest to parents, teachers, administrators, academics, students, and policymakers.

This edited volume includes a broad sample of scholarly publications of Professor Edwin J. Perkins on U.S. financial history and related topics in the fields of economic and business history. Included are journal articles, excerpts from his prominent books, plus three previously unpublished manuscripts. The content is organized chronologically, starting with the colonial era and ending with the second half of the twentieth century. A major highlight of the book is the key role stockbroker, Charles Merrill, founder of Merrill Lynch & Co., played in the evolution and expansion of the nation's equity markets in the twentieth century.

Change Management is not a single, coherent and agreed upon approach but rather an assortment of tools, techniques, methods and simple good intentions - all of which are simply and practically broken down by this book. The problems with change management is at all levels of management and many people have roles which require them to not only perform the traditional day-to-day tasks associated with being a manager, but also need to deliver ongoing change in their teams, departments or divisions. They want straightforward and practical advise that is easy to understand and can be applied immediately, which this book delivers. It shows how change management can be constructively approached by a practical frame work.

Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well as the wider implications for the economy, the level of competition and employment. By drawing on classic research perspectives and placing them alongside more recent alternatives, this book provides readers with a focused yet far-reaching introduction to the study of M&As. Each paper is set in context by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands, not only how and why mergers and acquisitions occur, but also the broader implications for organizations. The book is structured clearly into sections concerned with the issues that arise before, during and after the mergers and acquisitions process including motives and planning, partner selection, integration, employee experiences and communication. A unique collection of selected readings and contextualising commentary, this volume will greatly appeal to MBA and graduate students as well as experienced practitioners.

This book provides a unique account of how perceived justice is influenced by various aspects of an organizational merger and investigates the impact on behavior for those involved in the process. Drawing from both psychological and sociological insights, the author considers justice from an individual and group perspective in light of the political and strategic implications of mergers and acquisitions. Experiences from two empirical cases are used to consider the depth of theoretical analysis provided, in terms of practical outcomes for both organizations and employees alike. In this pioneering new book, the author explores communication, employee attitudes, trust and commitment, and the psychological contract between the employee and the organization, emphasizing the importance of developing a new meaning of organizational culture. Although primarily aimed at an academic audience, this book will also be useful to practitioners as it illuminates the potential pitfalls of overlooking the importance of fair treatment in the workplace.

A comprehensive introduction to today's M&A strategies Make the Deal is a direct and accessible guide to striking a powerful M&A deal. Merging business, finance, and law, this insightful examination of M&A strategy is designed to help you understand M&A negotiations and the ways in which the final outcome affects your financial future. A general overview of an acquisition agreement framework segues into a more detailed discussion of different deal structures, including stock sales, mergers, asset sales, and complex structures, giving you the information you need to know when each one applies best in practice. You'll gain insight into real-world negotiations and the delicate balancing act that occurs as each party attempts to maximize value and minimize risk, and learn the potential pitfalls that can occur. Negotiation statistics and samples from actual contracts back the war stories throughout, and reinforce the idea that there's no single perfect solution. As a topic of study, M&A is constantly evolving; in practice, it changes at the speed of light. Staying ahead of the market is the single most critical element of making the best deal, and the strategy that worked for one deal most likely won't work for the next. Instead of simply providing a list of strategies that have worked in the past, this book shows you why they worked, so you can tailor your strategy specifically to your next deal. Learn how M&A contract terms affect economic outcomes Examine the techniques and mechanics of today's acquisition agreements Develop a legal framework that supports your business strategy Follow the ups and downs that arise in real-world cases A successful M&A transaction requires both attention to detail and a big picture view, combined with skill, intellect, and ingenuity. Make the Deal brings it all together to show you how to run the table and come away with a win.

For private business owners, managing a successful exit from their business is one of the most important events in their business lives. This book shows you how to do so with the minimum of fuss and maximum return. It is unique because the author writes from the owner's point of view, bringing together in one place all you need to know about planning this complex process. Exit Strategy Planning emphasises the need to place exit planning on a firm foundation, with taxation planning and business continuity planning providing the basis to ensure a smooth transition that will yield the maximum return. The first three parts of the book ('Laying the Foundations', 'Choosing your Exit Strategy' and 'Preparing and Implementing your Plans') present a best practice approach to this complex subject. Here the book highlights the importance of planning, often several years in advance, and explains the need to make the business 'investor ready' by identifying and removing impediments to sale. Part 3 culminates in a step-by-step guide to producing and implementing your Master Exit Strategy Plan. Following on from this the extensive appendices in Part 4 discuss in detail each of the exit options open to you (many of which you have probably never considered) and show how to choose the optimum exit route. Exit Strategy Planning is a book that will do more than save you time and money now and in the future; it will help you to maximise on what may well be a lifetime's investment.

Tracing developments in British trade union structure over almost 100 years with specific reference to the merger process, this book shows how the underlying processes of change are cyclical. It therefore provides a backdrop for understanding some of the options for structural change that may be adopted by trade unions in the future.

The Takeovers Panel and Takeovers Regulation in Australia is the first detailed analysis of the Australian Takeovers Panel, the regulatory body for takeovers in Australia, whose key power is to declare circumstances relating to a takeover to be unacceptable. Although the first ten years of the Panel are regarded as unsuccessful (only four matters were considered by the Panel), since 2000, it has considered more than 300 matters. It is regarded as having made a very important contribution to the effective regulation of takeovers in Australia. Ian Ramsay brings together leading takeovers practitioners to consider the functions and powers of the Panel, explore why it was established, provide an assessment of its work, examine key issues and discuss possible reforms that would make the Panel even more effective.

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.

A powerful guide for seeking out the best acquisition and merger targets
As increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these M&As will go bad. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. It provides a complete road map for what potential buyers should look for when picking a target and what characteristics of sellers they should steer clear of, as well as pitfalls to avoid during the M&A process. Real-world examples are provided of high-profile failures-Quaker Oats, United Airlines, Sears, and Mattel-and high-profile successes-General Electric and Cisco.
Patrick A. Gaughan (New York, NY) is President of Economatrix Research Associates and a professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He is actively engaged in the practice of business valuations for mergers and acquisitions, as well as other related applications.

"A well written and comprehensive journey into M&A...an essential reference for any M&A practitioner...this isn't just a book about great thoughts and process, but rather how to turn insight into deals, and deals into lasting value."
-From the Foreword by Joseph R. Perella
Chairman, Institutional Securities and Investment Banking Group, Morgan Stanley

"Bob Bruner's Applied Mergers and Acquisitions is a masterful and comprehensive treatment of the topic of M&A. The book is remarkably complete, discussing economic valuation, legal considerations, deal structure, ethics, accounting, post-merger integration-and more. It blends material from practice and from academia in an easy-to-read style, making it a must-read, and want-to-read, for anyone interested in this subject."
-Peter Tufano
Sylvan C. Coleman Professor of Financial Management, Harvard Business School

"How many books really succeed in teaching M&A practitioners to distinguish among deals that should be avoided, deals that are promising but can't be executed by the teams involved, and deals where significant value can be achieved? We should start the count with Bruner's Applied Mergers and Acquisitions. Bruner is the ultimate teacher for practitioners who want to improve performance."
-Edward A. Snyder
Dean and George Pratt Shultz Professor of Economics, University of Chicago Graduate School of Business

"Bob Bruner has achieved the impossible: covering in one book all relevant economic, financial, accounting, legal, and tax aspects of mergers and acquisitions and illustrating each concept with case studies. Impressive!"
-Theo Vermaelen
Professor of Finance, INSEAD

"Bob Bruner's bookcombines the best of academic thinking and business practice on one of the most fascinating and challenging topics in all of business. The area of mergers and acquisitions stretches executives and scholars to consider the whole realm of management practice-from strategy, to finance, to law, to negotiations, to integration planning, to human behavior."
-Robert S. Harris
Dean, Darden Graduate School of Business Administration, University of Virginia

Five Frogs on a Log offers readers an entertaining and no--nonsense field guide to the mergers and acquisitions jungle, packed with insight and instruction for executing corporate change and capturing shareholder value. Whether youa re buying another company or acquiring a new vision of the future, this book proffers an unconventional perpsective and a practical, readily accessible set of solutions to the single greatest challenge facing todaya s managers: execting rapid transitions in mergers, acquisitions and gut wrenching change.

Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the "plain vanilla" strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum. Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.

The world of M&A has always been complex and nuanced. Corporations encounter their toughest business problems during a divestiture or a merger. At the same time, optimal execution of divestitures can also create high value for the seller as well as the buyer. This book is a collection of leading practices on Divestitures and covers end to end transaction life cycle from readiness through execution including post deal transformation. It contains the synthesis of experiences across a wide array of clients across industries, ranging from $500 million to $100 billion in revenue. Each chapter in this book can stand on its own as an authority on leading practices related to the topic it presents, and together, these chapters provide a comprehensive set of perspectives needed to successfully complete a divestiture. The highlight of the book is valuable real-life examples and references that a business can benefit from, when it is considering, analyzing or implementing a divestiture.

The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.

There are thousands of mergers every year and, by some estimates, two-thirds of them either fail or fall far short of expectations. How can leaders keep their merger from becoming a head-on collision?
In The Human Side of M&A, Dennis Carey and Dayton Ogden argue that most failed mergers looked good on paper--they made financial and strategic sense--but the crucial human element was neglected or overlooked. Consequently, corporate cultures often clash and wreck any chance that the companies will work harmoniously together.
The authors, who have worked with many companies in the process of merging, draw on their unique experience to demonstrate how to address the human side of a merger, revealing pitfalls to avoid as well as best practices to pursue. They describe how to assess the quality of the people on both sides, aligned with the strategy, to determine whom to retain. They argue that the CEOs need to create a new vision for the combined company (one that differs from the visions of the two individual entities). And they stress that it is vitally important to move quickly once the merger is approved so that the new enterprise can hit the ground running on the first official day of operating as a combined company. The book concludes with a rigorous statistical appendix that analyzes some of the most successful mergers of the past ten years, validating the book's underlying theme and conclusions.
While the volume of mergers may wax and wane depending on a host of economic factors, mergers will endure as a logical, efficient, and profitable strategy for many companies in a global economy. This book will help ensure the success of those who choose this path.

Praise for International M & A, Joint Ventures & Beyond

"The Second Edition of International M&A, Joint Ventures, and Beyond is superb. David BenDaniel, Arthur Rosenbloom, and James Hanks Jr. have assembled informative, comprehensive, and reliable source materials for cross-border merger and acquisition transactions. These materials will benefit those of us who are engaged daily in the international arena as well as those who are introduced to such ventures for the first time."
–Arthur M. Siskind, Esq., Senior Executive Vice President and Group General Counsel, The News Corporation Limited

"In their second edition of International M&A, Joint Ventures, and Beyond, BenDaniel, Rosenbloom, and Hanks update readers in business, law, and academia alike on what it takes to get sound cross-border deals accomplished. This book is a must for practitioners and in courses covering cross-border business transactions."
–Alan Patricof, Chairman, Apax Partners, Inc.

"A thoughtful compilation of topics, authors, and points of view that is as useful to the novice as it is to the experienced practitioner. Rosenbloom and BenDaniel, now joined by Hanks, are there when you need them."
–Arthur Kowaloff, Managing Director
BNY Capital Markets, Inc.

"This is an excellent set of materials on cross-border business combinations–the best that one can find anywhere. The authors are leading practitioners and academics, and their unparalleled expertise shows in this fine work. The topic is, of course, of ever-growing importance as integration in the world economy continues at a rapid pace."
–John J. Barcelo III, William Nelson Cromwell Professor of International and Comparative Law, and Director, Berger International Legal Studies Program, Cornell University

What makes the "Advances in Mergers and Acquisitions" series stand out is its focus on all three characteristics that make up this research field - studies from scholars in different countries, with different research questions, and relying on different theoretical perspectives. Such a broad, and inclusive, approach to mergers and acquisitions is not easily replicated in academic journals, with much narrower mandates and metrics. The collections published each year provide cutting edge ideas by leading scholars on a global scale. Doing so not only broadens the questions being studied, but also helps researchers consider the inter-relationships among different perspectives. In the final analysis, the best way to build understanding around a topic as diffuse as mergers and acquisitions is to be both integrative, and expansive, in choice of research questions and theoretical underpinnings. "Advances in Mergers and Acquisitions" offers this unique perspective, not easily found elsewhere, that will help scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic.

Determine a company's value, what drives it, and how to enhance value during a M&A Valuation for M&A lays out the steps for measuring and managing value creation in non-publicly traded entities, and helps investors, executives, and their advisors determine the optimum strategy to enhance both market value and strategic value and maximize return on investment. As a starting point in planning for a transaction, it is helpful to compute fair market value, which represents a "floor" value for the seller since it by definition represents a value agreed upon by any hypothetical willing and able buyer and seller. But for M&A, it is more important to compute investment value, which is the value of the target company to a strategic buyer (and which can vary with each prospective buyer). Prepare for the sale and acquisition of a firm Identify, quantify, and qualify the synergies that increase value to strategic buyers Get access to new chapters on fairness opinions and professional service firms Find a discussion of Roger Grabowski's writings on cost of capital, cross-border M&A, private cost of capital, intangible capital, and asset vs. stock transactions Inside, all the necessary tools you need to build and measure private company value is just a page away!

What makes the "Advances in Mergers and Acquisitions" series stand out is its focus on all three characteristics that make up this research field - studies from scholars in different countries, with different research questions, relying on different theoretical perspectives. Such a broad, and inclusive, approach to mergers and acquisitions is not easily replicated in academic journals, with much narrower mandates and metrics. The collections published each year provide cutting edge ideas by leading scholars on a global scale. Doing so not only broadens the questions being studied, but also helps researchers consider the inter-relationships among different perspectives. In the final analysis, the best way to build understanding around a topic as diffuse as mergers and acquisitions is to be both integrative, and expansive, in choice of research questions and theoretical underpinnings. "Advances in Mergers and Acquisitions" offers this unique perspective, not easily found elsewhere, that will help scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic.

This thesis analyzes the motivation and performance of 403 acquisitions made by emerging multinational corporations (EMNCs) in Western Europe and North America between 1994 and 2013. The findings indicate that most EMNCs were motivated to acquire in order to obtain access to the upstream and downstream know-how of their target firms. In addition, the thesis' event study results demonstrate that EMNCs on average generated value for their shareholders with their acquisitions over short periods around acquisition announcement. This result is particularly significant since similar studies on buying firms from developed markets have frequently come to the conclusion that acquirers destroy shareholder value.

Must reading for business sellers, buyers, and the professionals who serve them

The secret of success in any business venture is in the details.

In Buying and Selling Businesses, a remarkably successful business consultant supplies you with all the details you'll need to expand your professional practice into this booming market. Bill Bumstead covers everything from business valuation to closing the deal and gives you lots of tips on marketing your services, dealing with buyers and sellers, and avoiding the industry's many pitfalls. This indispensable guide:

• Provides practical strategies for marketing intermediary services to buyers and sellers of businesses
• Shows you how to combine the business of buying with the business of selling
• Supplies numerous sample checklists and forms
• Helps you work effectively with buyers and sellers
• Includes an extensive glossary and an industry resource list.

M&A mania is back! U.S. business sales are booming once again—some say annual volume now exceeds $400 billion. With the majority of these sales involving businesses priced below $1 million, opportunities abound for professionals who want to expand their practices to intermediary services for buyers and sellers of businesses. But if you're going to enter this hyperactive market, you can't afford to learn by trial and error. You need reliable, up-to-date information on how to apply your skills to this highly specialized field.

Buying and Selling Businesses takes the guesswork out of buying, selling, and valuing businesses. Drawing on highly developed skills and decades of practical experience, author William W. Bumstead explains every detail of every stage in the process—from arriving at an asking price to matching buyers to businesses, from negotiating a purchase agreement to closing the deal. He offers countless tips on marketing intermediary services to business buyers and sellers; packaging businesses for the selling process; ethical, legal, and confidentiality issues; and the personal and professional traits that make for success in the field.

He also provides:

• A special section on business valuation by master valuer George D. Abraham
• Numerous checklists, forms, form letters, and telephone scripts for marketing intermediary services
• Invaluable tips on avoiding pitfalls in the industry
• Information on potential certification and licensing of intermediaries
• An extensive professional glossary and industry resource list.

For consultants, intermediaries, attorneys, CPAs, realtors, and other professionals, Buying and Selling Businesses is an indispensable guide and introduction to the industry. It will remain a helpful and much-thumbed reference for years to come. It is also an important resource for anyone interested in buying or selling a business who needs to understand the kinds of services that professionals can provide as well as the processes involved in the sale or purchase of a business.

Mergers and acquisitions continue to be a primary vehicle of growth for companies around the world. Not only in the United States and Europe, but also in Japan, China, India, Brazil and elsewhere senior executives are making huge bets on the future of their firms. With such intense scrutiny in the world of business, it is not surprising that academic research on mergers and acquisitions has been similarly robust. The topics range from strategy, to organizational integration, culture, leadership, human resource planning, and financial analysis. Similarly, the theories brought to bear to help understand mergers and acquisitions range from upper echelons theory to the resource based view of the firm, competitive analysis, organizational trust, networks, knowledge management, and others.
What makes the Advances in Mergers and Acquisitions series stand out is its focus on all three characteristics that make up this research field---studies from scholars in different countries, with different research questions, relying on different theoretical perspectives. Such a broad, and inclusive, approach to mergers and acquisitions is not easily replicated in academic journals, with much narrower mandates and metrics. The collections published each year provide cutting edge ideas by leading scholars on a global scale. Doing so not only broadens the questions being studied, but also helps researchers consider the inter-relationships among different perspectives. In the final analysis, the best way to build understanding around a topic as diffuse as mergers and acquisitions is to be both integrative, and expansive, in choice of research questions and theoretical underpinnings. Advances in Mergersand Acquisitions offers this unique perspective, not easily found elsewhere, that will help scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic. In light of the enormous sums being invested in growth-via-acquisition strategies around the world, academic research on mergers and acquisitions has never been more important.

For the last four decades, researchers in various disciplines have been trying to explain the enduring paradox of the growing activity and volume of mergers and acquisitions (M&A) versus the high failure rate of M&A. This handbook will stimulate scholars to focus on new research directions.The contributors explore how underlying concepts and methodologies can make an important contribution towards understanding M&A and their performance. This authoritative volume presents research that incorporates multidisciplinary, multi-level, multi-stage and cross-cultural models and analyses, and also focuses on such issues as process-content, knowledge transfer, due diligence, performance measures, communication, trust, grief, integration approaches, individual values, change management, and consulting. Scholars interested in research on strategy as well as Masters and PhD students on mergers and acquisitions courses will find much of value in this compilation. Contributors include: M.F. Ahammad, N.M. Ashkanasy, Z.R. Bachar, A.F. Buono, K.M. Ellis, P.-G. Hourque, P. Junni, M.H. Kavanagh, B.T. Lamont, M.L. Mark, O. Meglio, E. Metais, P.H. Mirvis, A.L. Ranft, T.H. Reus, A. Risberg, R.M. Sarala, A.-M. Soderberg, G.K. Stahl, S. Tarba, E. Vaara, P. Very, Y. Weber