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.

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.

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 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

Advances in Mergers and Acquisitions stands out from the competition due to its focus on three key characteristics: 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 chapters published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world.

The fight to control RJR Nabisco during October and November of 1988 was more than just the largest takeover in Wall Street history. Marked by brazen displays of ego not seen in American business for decades, it became the high point of a new gilded age, and its repercussions are still being felt. The ultimate story of greed and glory, Barbarians at the Gate is the gripping account of these two frenzied months, of deal makers and publicity flaks, of an old-line industrial powerhouse that became the victim of the ruthless and rapacious style of finance in the 1980s. Written with the bravado of a novel and researched with the diligence of a sweeping cultural history, here is the unforgettable story of the takeover in all its brutality.

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.

Advances in Mergers and Acquisitions stands out from the competition due to its focus on three key characteristics: 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 papers published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world.

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.

Discover the keys to effective organizational transformation from an author who did it as the CEO of an iconic company In Driving Results: Six Lessons Learned from Transforming an Iconic Company, now-retired Chief Executive Officer Gary Garfield delivers an incisive and eye-opening road map of how to transform any organization, department, or group. Through a series of massive changes, Garfield drove record results while the CEO. By sharing his learnings on driving change in this insightful book, you'll learn how you can use the six essential elements to drive results through change at your organization or with your team. In the book, the celebrated author presents: Startling insights into the symptoms of a dysfunctional organization or group--and how to turn it around Comprehensive explanations of each of the six keys to transformation and how to implement them in any company or team Strategies for selling change throughout your organization or group to ensure its success The hallmarks of successful change leaders The importance of culture and how to change it Critical people issues that so often arise during transformation efforts and how to deal with those issues A must-read collection of thought-provoking, practical, and hands-on methods for delivering impactful and quantifiable change in any environment, Driving Results is the blueprint for transforming any organization or group into a high-performing and culturally healthy powerhouse.

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.

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, broadening the questions being studied and helping researchers consider the inter-relationships among different perspectives. 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.

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.

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.

Corporate governance, namely the relationship between the ownership and control of firms, takes on new dimensions in the case of international joint ventures operating in the special context of China. The present study contributes a new examination of this relationship firstly through its conceptual refinement, and secondly through original empirical research. It develops the concept of ownership as suited to joint venture, in which account is taken of non-capital resourcing by foreign and Chinese partners.

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.

Selling a business is a critical event that may occur only once in a lifetime. This is an event when you can't afford to make a mistake. Small business owners need basic guidance from someone who doesn't have a stake in the sale of their business. Moving On: Getting the Most from the Sale of Your Small Business is a straightforward, highly pragmatic discussion that will guide you through the sales process and help you avoid some of the common pitfalls faced by business owners that lack experience with the process. This book will assist you in finding the right professional help when you are ready. James F. Grebey, an operations management specialist who provides small business owners with insight into the sales process, helps you recognize pitfalls that could impact your sale negotiations. This book is replete with tips and tools that you will need to drive a successful sale of your business, such as writing the "book" used to market the business, and recommendations to create a working model with a dynamic (what if) spreadsheet to justify your sales projections. Readers will learn where to reach out for qualified professionals that can help with the sale process. Click here (https://goo.gl/GgLNM8) for the author's related article "The Benefits of Effective Due Diligence for Investors and Business Owners" featured as the cover article on Divestopedia.

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.

As a business owner, you are guaranteed at some point to have to ask yourself, are you content with your level of success or do you want to continue growing? Because whether you are in technology, sales, the restaurant business, or any other type of industry, there is a cap to your single business. But what if you purchased another company and expanded that way? That may seem daunting to you, especially considering where you came from, but when done right, expanding your acquisitions can deliver outstanding rewards.Written by an M&A expert with more than $1 billion in transactions under his belt, Successful Acquisitions fills business leaders in on all they need to know about finding and buying the right companies that most closely already match their business model and are most likely to successfully expand their business toward the growth it is ready for. The book's practical and comprehensive approach integrates all the moving pieces into a logical step-by-step process that covers: * The art and science of researching companies * Building and balancing an acquisition team * Valuation tips that look beyond the obvious * The importance of "the seller's equation" * Developing a negotiation platform * Guidelines for structuring an airtight deal * Bringing the deal to a timely close * A 100-day plan for making integration a success* And more!You don't have to be in the mergers and acquisitions business to be able to successfully expand your company by way of a multimillion-dollar purchase. Successful Acquisitions has done all the homework for you. From building the foundation to growing the relationships to cementing the deal, you'll be well on your way to unimaginable growth in no time!

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.

There can be little doubt that acquisitions are a precarious business. Some acquisitions are disasters and can seriously damage the buyer; others transform companies and increase profits dramatically. The appeal is obvious, and yet current research shows that at least half of all acquisitions fail to meet expectations. So, what are the criteria for assessing the potential of a takeover/merger/alliance/partnership and what are the factors involved which determine its success or failure? This practical guide takes you through each of the essential steps of the acquisition process, pointing out all the major danger points where good intentions can lead to disaster. It is backed by Europe’s most comprehensive study into acquisition success or failure. Based on over 350 transactions, the study has been conducted by AMR, Europe’s leading specialist in commercial due diligence. Checklists provide readily accessible information summarising the essential steps in the main stages of the acquisition process. Concise case studies are used to draw out important lessons in each of the major areas which determine success or failure. The practical nature of this guide makes it particularly accessible and useful for senior managers and executives involved in acquisitions who want to grow their businesses profitably and create wealth for their shareholders, as well as advisers specialising in mergers and acquisitions.