A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, "Takeover Activity, Valuation Estimates and Sources of Merger Gains," focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students interaction with new concepts and applications.
Provides a status report about modern scientific evidence on corporate takeoversExposes students to new methods and empirical evidence while reading high quality primary materialOffers a concise and cost-efficient package of journal and book articles for advanced corporate finance students"

Sooner or later, every business owner will need to transfer ownership of their business. Selling the business is the final chapter of the owner's role in building it. For most business owners, this is an emotional and sometimes overwhelming event. Many business owners have built a company or owned it for years, even decades. They are at it night and day, 24/7 - thinking about the business, cultivating customer relationships, and solving problems. They eat it, drink it and sleep it. It is no surprise, then, that selling the business is an emotional process. It's also a complex process. There are financials to audit, profitability to demonstrate, operations to tighten, confidentiality to maintain, titles to transfer, a price to negotiate and much more. In addition, the business must continue to operate during the process. Now in its third printing, Tom Lyon's, Exit Strategies has helped thousands of business owners wade through and understand the complexities and the emotions involved in selling a business. The principles in this book are designed to help you avoid costly mistakes and instead exist your business with less stress and more money in your pocket.

Corporate Restructuring is a practical approach to rescuing troubled companies and driving underperforming companies to top performance. It combines proven restructuring strategies with rigorous theoretical analysis. This book explains how to set and achieve asset, staffing, sales and profit goals. Topics include diagnostic tools to identify the root cause of problems, the human dynamics that cause a company to thrive or wither, customer service and relationship marketing, customer intelligence systems, new product development, process mapping, continuous process improvement and re-engineering as well as integrating IT into corporate strategy. It is also discussed how to find the resources needed to keep a company alive during restructuring and how to use bankruptcy offensively and defensively. Corporate Restructuring emphasizes execution. All the restructuring theories in the world weigh less than a simple plan, well executed.

THE BEST TIME TO SELL YOUR COMPANY IS BEFORE YOU NEED TO
In the next ten to twenty years, most business owners will either hand their companies over to their children, shut their businesses down, or sell them. Smart business owners will plan for this years before they retire. Those who do not may find themselves settling for far too little, and this lack of planning may leave them unable to survive financially after their business is gone.
In HARVEST, deal experts Christopher J. Younger and David C. Tolson have created the ultimate step-by-step guide that will help you understand how to attain the maximum value for your business and create the perfect exit strategy.
In this book, you will learn how to:
-Evaluate your financial needs
-Plan your exit objectives
-Value your business
-Hire the right advisory team
-Understand financial statements and legal agreements
-Find a pool of potential buyers
-Enhance the value of your business through proper positioning, timing, and operational improvement
-Negotiate the transaction
-Close the deal
The authors' goal with this book is to convince you that the time you spend today thinking about the ultimate sale or transition of your business will yield some of the greatest rewards you will ever experience related to your business, both financially and personally.

This unprecedented book offers the secrets of Sheldon Manheim's success in, and insight into, the art of buying and selling a business. He explains why all businesses must develop an Exit Strategy at inception and revise it regularly, as dictated by its maturation and changes in the economy. With an Exit Strategy in place, business owners are ready to effectuate the techniques as outlined, allowing them to exit rapidly and profitably. Any present or potential business owner will find Exit Strategy to be an invaluable resource. It provides all the information one needs to either sell a business for the most money in the shortest period of time, or to buy the "right" business at the best price. In addition, business brokers throughout the country will benefit from Mr. Manheim's innovative approaches to Recasting, the Vertical Horizontal method of finding a buyer, and the Art of Selling a Business.

This unprecedented book offers the secrets of Sheldon Manheim's success in, and insight into, the art of buying and selling a business. He explains why all businesses must develop an Exit Strategy at inception and revise it regularly, as dictated by its maturation and changes in the economy. With an Exit Strategy in place, business owners are ready to effectuate the techniques as outlined, allowing them to exit rapidly and profitably. Any present or potential business owner will find Exit Strategy to be an invaluable resource. It provides all the information one needs to either sell a business for the most money in the shortest period of time, or to buy the "right" business at the best price. In addition, business brokers throughout the country will benefit from Mr. Manheim's innovative approaches to Recasting, the Vertical Horizontal method of finding a buyer, and the Art of Selling a Business.

The European Takeover Directive and Its Implementation describes the history and the political and economic objectives of the Directive. Paul Van Hooghten offers detailed commentary on the text of the Directive including a discussion and explanation of each article. He provides insight on national takeover legislation as amended by the Directive in a number of key jurisdictions.
This publication also addresses the optional agreements provided for in the Directive and all of the different provisions that may apply in the various member states. Particular attention is given to new provisions resulting from the Directive, with analysis from attorneys in each member state. Key issues covered include a discussion of the rights of employees under the Directive, a timetable for implementation, the sanctions for not implementing on schedule, and analysis of whether the Directive is compatible with the WTO obligations of the EU. Special attention in given to the Directive's impact on US companies bidding on companies established in the EU.

This is a step-by-step guide on how to buy any business for yourself, or with your co-workers. Any size of business can be acquired by following the step-by-step guide outlined in the book, by the principals of STERLING COOPER, INC., a consulting firm ( www.sterlingcooper.info ) who have participated in thousands of acquisitions, valuations, appraisals and financings. The book concentrates on the principle of structuring a LEVERAGED BUYOUT (LBO) for the prospective acquisition and guides the reader to a means of accomplishing the purchase in easy to understand, straight forward terminology, with a daily suggested step-by-step program. This is a great handbook for anyone looking to buy a business. Readers may also contact the author directly for initial advice at no cost. The book is designed for the first time buyer, someone who needs the step by step guidance as to how to buy a business, any business, but it works just as well for the business owner who is interested in making an add-on acquisition and grow his business though acquisitions. The principles are applicable to a small business to run personally or one with hundreds of employees. The book involves some 35 years of acquisition experience and has some great stories about real and completed LBO'S ( LEVERAGED BUYOUTS) of some well known companies all done on a shoestring budget, using the assets of the acquired companies as the collateral for the loans taken out to acquire the businesses. The book is written to allow even a relatively inexperienced buyer/business owner, to find and to complete the transaction step-by-step. The SterlingCooper firm is available as a total daily step-by-step coach in the entire process if necessary so that you are not out there all alone, trying to just follow the book, but you have a real coach to accomplish the first acquisition. Initail consultation is at no cost to the reader. The entire process is broken down to easy to follow and organized steps what start with describing how the process of structuring an LBO works, and then guides the reader though the individual steps needed to identify the business to be acquired ( or acquire the business you now work for by yourself or with other employees). Every step of the process is documented day by day to accomplish the first transaction in a period of 60-90 working days as the optimum result Since the acquisition process is geared to minimize the funds needed from the buyer and concentrates on using the leverageable assets of the acquired company, the buyer will minimize the use of his own funds...that is the whole basis of a properly structured LBO. You heard the term "OTHER PEOPLE'S MONEY"? A properly structured LBO is the best of use of borrowed funds; the bank's Banks are very interested in financing a properly structured acquisition since they want to lend money The book also contains a variety of helpful and ready to use forms and agreements that can be easily used to close the deal including a Draft Stock Purchase Agreement. Most valuable is the INFORMATIONAL QUESTIONNAIRE, which provides you with all the questions to ask relating to the business, its operations and financial statements, and will be the document you can share with your lenders for financing. You will be able to evaluate the entire business, its history of operations and intricacies like a pro, without having to spend hundreds of thousands of dollars on hiring a battery of professionals to do that job for you. The ability to buy a business, literally any business is now in your hands. Depending on your available free capital there is no limit to the possibilities of what can be acquired. You will enjoy reading about the completed opportunistic acquisition of a divestiture, of a 12,000 employee firm, by a motivated seller, a large publicly traded conglomerate, and even provided a line of credit to help with the acquisition When you buy this book, you are not alone in your acquisition search.

There are substantial bodies of literature that advance theory about why merger and acquisition candidates are found to be unattractive, why negotiations are not concluded, and why the benefits of companies that are acquired are not realised. Little, if any, research identifies why merger and acquisition opportunities are not pursued in the period after candidates are analysed and found to be attractive but before negotiations begin. This study addresses this period by developing a theoretical framework of the variables that intervene to reverse decisions to pursue apparently attractive candidates before negotiations begin and which, in doing so, result in missed opportunities. The study is informed primarily by the strategic-management content literature but draws from the strategy-process literature including streams in strategic decision making (SDM) and behavioural decision theory (BDT). This is a critical book for business scholars that provides an important perspective that has not yet been studied.

This highly readable book from Lou Richard, a 50 year veteran of International Corporate buisness and founder of Newport Capital, provides a practical explanation of key technical and tactical aspects of mergers and acquisitions, and also provides insightful real-life descriptions - "digressions" - of transactions as they happened, proving that truth is indeed stranger than fiction.

In today's business environment, market maturity and globalization have increased the level of competition, making it more difficult to capture and increase market share. This has led to the age of mergers and acquisitions (M&A), where the easiest way to grow your business and deliver shareholder value is to acquire and merge companies and their revenue streams. The net result is that most people will either have to experience and survive M&As firsthand, or at least know someone that has gone through a merger or acquisition in their professional career. Though management will paint M&As as a "win-win" for all those involved, the reality is that the only people who win are the executive management teams. The remaining employees are trapped in the middle trying to make M&As work for their own survival. "10 Truths of Mergers and Acquisitions: A Survival Guide" lays out the reality of what happens when companies are acquired or merged. Starting with The Truth of Mergers: "There are no mergers, only acquisitions," each truth is conveyed with humor and irony, backed by real-life examples, and offers guidelines for success to help you survive the situation. Dr. C. M. Cower shares his own personal M&A mistakes and lessons learned, preparing you to delicately tread through the minefield of acquisitions and mergers.

Companies and their advisors are frequently faced with questions regarding mergers, acquisitions, and divestitures. Until now, relevant information has only been available in large multi-volume sets or in volumes covering each aspect separately. This will be the first single-volume desktop reference to cover all important aspects at once, including business, legal, finance, accounting, tax, and process issues. The author writes in an engaging, accessible style that will appeal to professionals and students alike. Anyone seeking "one-stop shopping" for mergers, acquisitions, and divestitures will appreciate this very useful, concise, and readable new book.

"When is the Deal Done?" The greatest barrier to successful integration is cultural incompatibility. Undervaluing or ignoring the human dynamics related to an M&A transaction can prompt the departure of key talent that were among the assets that made the acquisition attractive to the buyer in the first place. The importance of an organization s culture, particularly as a risk factor in M&A integration, cannot be underestimated. Harvard researchers report that firms that managed their culture realized a nearly seven-fold increase in revenue, compared with only 166% for firms that did not manage culture. You will discover how using transition teams, an integration manager, and a comprehensive employee communications strategy rank among the best practices the 5C Integration Model for strengthening your M&A Integration the 5C Self Assessment workbook for your M&A planning the importance of the human dimension to overall M&A success.

This collection of exclusive articles presents the latest research in the area of mergers and acquisitions. It presents what drives corporate performance under different economic conditions, both in the US and across the globe, and examines the role of mergers and acquisitions in maintaining the efficiency of world markets.

A rigorous and relevant book on mergers, acquisitions and corporate restructuring for students and practitioners of finance.

The key features of this work are:

- It covers the entire spectrum of activities in a typical merger transaction - starting from searching for candidates to closing the deal.

- Topics discussed include rationale for diversification via acquisition, searching for acquisitions, valuation of publicly and privately held companies, design of consideration in acquisitions, crossborder acquisitions and empirical data on mergers.

- The book covers various forms of corporate restructuring like spin offs, carve outs, targeted stocks, reorganization of debt contracts, lay offs and downsizing.

- It contains numerous real life examples and summarizes much of the research done in the last 20 years.

Private Equity Exits provides the first comprehensive analysis of private equity divestment processes so-called 'exits' for European buyouts. The work is designed as a compendium of current scientific knowledge on portfolio company exits and also provides deeper insights into various aspects of divestment processes, which is underpinned by own extensive empirical analysis and findings.

Examining the efficiency of exits, this book offers recommendations and guidelines for an integrated and exit-oriented private equity portfolio management and provides a detailed assessment of exit decision drivers. Findings contribute to a clearer understanding and better predictability of exit behavior. The work highlights the growing need for pro-active as well as thoroughly planned divestment strategies, efficient executions, and the importance and value of paying attention also to other stakeholders interests when selling stakes in businesses."

"In medieval times, stone castles dotted the countryside of Europe. They attracted itinerant merchants and craftsmen who would wander from castle to castle selling their labor, products, and services. When wars occurred between the castle rulers which resulted in one castle taking over another, it was a common practice of the time to plunder the castles treasures, take prisoners, and scatter the occupants of the enemy castle throughout the countryside. Today, corporate castles of steel and glass dot the countryside of many modern nations. Itinerant professional college students and workers wander from corporate castle to corporate castle seeking employment much as their ancestors might have done during the middle ages. When modern economic wars between castles occur and one corporate castle takes over another corporate castle, the assets of the acquired corporation are taken over and the occupants of the former corporation are either incorporated into the new corporation or laid off."
-T. H. Henning, From "Web Based Corporate Institutes"

Defense industry and commercial industry corporate executives who are searching for strategies and solutions to better manage people in multicultural corporations may find a solution in "Web Based Corporate Institutes." The case for developing a web based corporate institute as one way to resolve human resource development issues is thought provoking and insightful. The author provides highlights from his experience at International Business Machines Corporation, Loral Corporation, Lockheed Martin Corporation, Litton Industries TASC (now a division of Northrop Grumman), and Veridian (recently acquired by General Dynamics).

One of the main and most controversial issues in competition policy is that of merger control. Work by academic researchers and practitioners during the last decades has resulted in laying a theoretical foundation for merger control and some practical applications for it have been developed, but many questions surrounding the concept remain to be answered. For example, what kinds of mergers are so harmful that they need to be prohibited by the state? Ulrich Kirschner starts with a brief overview of the different effects a merger can have and then continues with a detailed exploration of practical assessment approaches. The work focuses on applied empirical methods, commonly used measures based on market structure, and on barriers to entry, setting out the advantages and disadvantages of each type of approach used for merger assessment. The concluding chapter deals with the specifics, and possible consequences, of the current European Competition Policy. The book, which is designed for the academic researcher and interested students, is a welcome contribution to the lively and important debate surrounding the vital topic of merger control in this age of globalization.

Presents a map of the various options one has on the journey through an alliance; the principles of design; new insights into what has been missing in order to understand alliances; how to find the right partners; purchaser-supplier alliances; some of the consequences that occur when certain principles are violated; how to improve the chances of obtaining excellent results from an alliance and much more.

Healthy mergers are commonly hindered by easily avoidable mistakes: poorly-defined strategic fit, under-resourcing of the integration team and lack of attention from senior management during the integration process.
In this essential new book, the authors recognize the importance of a strong managerial discipline and extensive integration experience in counteracting these problems. This book offers fresh, practical ideas about the role of CEOs and senior management in post-merger integration, and suggests innovative, realistic approaches to accomplish strong post-merger success.

The lack of adequate and timely IT involvement in the merger and acquisition process costs companies millions of dollars every year. Current research shows that IT accounts for 20-30% of the post-acquisition benefits in a merger or acquisition, and it is growing. With M&A activity back on an upwards trend, the need to get IT right has never being greater.
- How can a merger be achieved in today's business world with successful use of IT?
- How can companies avoid M&A failure and additional risks in an IT M&A project?
- What should your company be doing about IT when contemplating a merger or acquisition?
This book addresses these topical questions and provides the answers. By presenting new analysis and research, this book appeals to multiple audiences. Whether you are an international group or small company, a practitioner CIO or IT manager, a consultant or senior manager there are plenty of management and technical best practices to give you a practical insight into how to make use of IT in a M&A transaction.

Acquisitions are increasingly used to source capabilities, but often without success. Based on best practices from companies such as HP, IBM, GE and Intel, the book outlines the key factors impacting innovativeness post acquisition. These underpin a strategic acquisition and integration management concept. The author provides tools to support managers in their selection of the appropriate target, conducting a technology due diligence, and in choosing and managing the right integration approach.