Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions - DePamphilis, Donald M. (Amsterdam : Elsevier, 2015)
Part III. Mergers and acquisitions valuation and modeling. Mergers and acquisitions cash flow valuation basics. Inside M & A : valuation methodologies, fairness opinions, and Verizon's buyout of Vodafone's share of Verizon Wireless -- Chapter overview -- Estimating required financial returns -- Risk assessment -- Calculating free cash flows -- Applying discounted cash flow methods -- Using the enterprise method to estimate enquiry value -- Valuing nonoperating assets -- Putting it all together -- Some things to remember -- Chapter discussion questions -- Practice problems and answers -- Case study : Hewlett-Packard outbids Dell -- Additional case study recommendations ; Relative, asset-orientation, and real option valuation basics. Insider mergers and acquisitions : China's CNOOC acquires Canadian oil and gas producer Nexen Inc. -- Chapter overview -- Relative valuation methods -- Asset-oriented methods -- The weighted average valuation methods -- Adjusting valuation estimates for purchase price premiums -- Real options analysis -- Determining when to use the different approaches to valuation -- Some things to remember -- Chapter discussion questions -- Practice problems and answers -- Case study : valuing the Twitter IPO -- Additional case study ; Financial modeling basics. Insider mergers and acquisitions : the role of financial models in executive decision making -- Chapter overview -- What is financial modeling? -- Financial modeling data requirements -- Common financial model linkages -- Key steps in the valuation process -- Model balancing mechanism -- Data sources -- Managing the model -- Some things to remember -- Chapter discussion questions -- Practice problems and answers -- Case study : life technologies undertakes a strategic review -- Additional case study recommendations ; Analysis and valuation of privately held firms. Inside M & A : privately owned La Boulange Cafe & Bakery goes nationwide -- Chapter overview -- What are privately held companies? -- Governance issues -- Challenges of valuing privately held companies -- Process for valuing privately held businesses -- Step 1 : adjusting financial statements -- Step 2 : applying valuation methodologies to privately held companies -- Step 3 : developing discount rates -- Step 4 : applying control premiums, liquidity, and minority discounts -- Reverse mergers -- Using leveraged ESOPs to buy private companies -- Empirical studies of shareholder returns -- Some things to remember -- Chapter discussion questions -- Practice problems and answers -- Case study : STK steakhouse chain goes public -- Additional case study recommendations -- pt. IV. Deal structuring and financing strategies. Structuring the deal. Insider mergers and acquisitions : illustrating bidding strategies -- Apollo's takeover of CEC Entertainment -- Chapter overview -- The deal structuring process -- Form of acquisition vehicle and postclosing organization -- Legal form of the selling entry -- Form of payment -- Managing risk and reaching consensus on purchase price -- Constructing collar arrangements -- Form of acquisition -- Some things to remember -- Chapter discussion questions -- Case study : T-Mobile and MetroPCS complete merger -- Additional case study recommendations ; Structuring the deal. Inside M & A : Johnson & Johnson uses financial engineering to acquire Synthes Corporation -- Chapter overview -- Alternative tax structures -- Taxable transactions -- Tax-free transactions -- Other tax considerations affecting corporate restructuring -- Financial reporting of business combinations -- Impact of purchase accounting on business combinations -- Recapitalization ("recap") accounting -- Some things to remember -- Chapter discussion questions -- Practice problems and answers -- Case study : Softbank places a big bet -- Additional case study recommendations ; Financing the deal. Inside M & A : Verizon finances its $130 billion buyout of Vodafone's stake in Verizon Wireless -- Chapter overview -- How are M7A transactions commonly financed? -- What is the role of private equity, hedge, and venture capital funds in deal financing? -- LBOs as financing strategies -- What factors are critical to successful LBOs? -- How do LBOs create value? -- Common LBO deal and capital structures -- Some things to remember -- Chapter discussion questions -- Case study : Berkshire Hathaway and 3G buy Heinz -- Additional case study recommendations ; Applying financial models. Insider mergers and acquisitions : Comcast bids for Time Warner Cable -- evaluating proposals and counterproposals -- Chapter overview -- Understanding and applying M & A financial models -- M & A models : stock purchases -- M & A model : asset purchase -- Quantifying synergy -- Things to remember -- Chapter discussion questions -- Practice problems and answers -- Case study : Thermo Fisher acquires life technologies -- Additional case study recommendations -- Appendix A : debt repayment schedule, convertible securities, interest rates, and betas -- pt. V. Alternative business and restructuring strategies. Business alliances. Inside mergers and acquisitions : Coke moves from the vending machine into the "in-home" market -- Chapter overview -- Motivations for business alliances -- What makes business alliances successful? -- Alternative legal forms of business alliances -- Strategic and operational plans -- Resolving business alliance deal structuring issues -- Empirical findings -- Some things to remember -- Chapter discussion questions -- Case study : Comcast completes the takeover of NBCUniversal -- Additional case study recommendations ; Alternative exit and restructuring strategies. Inside M & A : General Electric downsizes its financial services unit -- Chapter overview -- Why do firms exit businesses? -- Divestitures -- Spin-offs and split-ups -- Tracking, targeted, and letter stocks -- Comparing alternative exit and restructuring strategies -- choosing among divestiture, carve-out, and spin-off restructuring strategies -- Determinants of returns to shareholders resulting from restructuring strategies -- Some things to remember -- Chapter discussion questions -- Case study : anatomy of a spin-off -- Additional case study recommendations ; Alternative exit and restructuring strategies. Inside M & A : American Airlines emerges from the protection of bankruptcy court -- Chapter overview -- Business failure -- Voluntary settlements outside of bankruptcy -- Reorganization and liquidation in bankruptcy -- Alternative options for failing firms -- The increasing role of hedge funds in the bankruptcy process -- Failing firms and systemic risk -- Predicting corporate default and bankruptcy -- Empirical studies of financial distress -- Some things to remember -- Chapter discussion questions -- Case study : Hostess Brands liquidates in bankruptcy -- Additional case study recommendations ; Cross-border mergers and acquisitions. Insider mergers and acquisitions : European mobile phone and cable industry shows signs of consolidation -- Chapter overview -- Globally integrated markets versus segmented capital markets -- Motives for international expansion -- Common international market entry strategies -- Structuring cross-border deals -- Financing cross-border deals -- Planning and implementing cross-border transactions in emerging countries -- How are cross-border transactions valued? -- Empirical studies of cross-border transactions -- Some things to remember -- Chapter discussion questions -- Case study : Actavis buys Forest Labs -- Additional case study : recommendations.
Includes bibliographical references (pages 693-722) and index.
Description based on print version record.
Electronic reproduction. Ann Arbor, MI : ProQuest, 2018. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
Keywords: Organizational change -- United States -- Management; Consolidation and merger of corporations -- United States -- Management; Corporate reorganizations -- United States -- Management; Electronic books