Mergers, acquisitions, and corporate restructurings

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1. Verfasser: Gaughan, Patrick A. (VerfasserIn)
Format: Buch
Sprache:English
Veröffentlicht: New York, NY [u.a.] Wiley 1999
Ausgabe:2. ed.
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MARC

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Datensatz im Suchindex

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adam_text CONTENTS Preface xi Part One Background 1 1 Introduction 3 Definitions 7 Types of Mergers 7 Reasons for Mergers and Acquisitions 8 Merger Financing 8 Merger Professionals 9 Leveraged Buyouts 9 Corporate Restructuring 10 Merger Approval Process 11 Merger Negotiations 12 Merger Approval Procedures 13 Short Form Merger 14 Freezeouts and the Treatment of Minority Shareholders 15 Purchase of Assets Compared with Purchase of Stock 15 Assumption of the Seller s Liabilities 15 Advantages of Asset Acquisitions 16 Asset Selloffs 16 Holding Companies 17 Joint Ventures 18 Strategic Alliances 19 References 20 2 History of Mergers 21 The First Wave, 1897 1904 21 The Second Wave, 1916 29 26 The 1940s 29 The Third Wave, 1965 69 30 Trendsetting Mergers of the 1970s 38 The Fourth Wave, 1981 89 43 The Fifth Wave 50 i CONTENTS Summary 59 References 59 3 Legal Framework 61 Overview 61 Laws Governing Mergers, Acquisitions, and Tender Offers 61 Securities Laws 62 Business Judgment Rule 84 Antitrust Laws 86 Changing Patterns of Antitrust Enforcement in the United States 96 Measuring Concentration and Defining Market Share 99 State Antitakeover Laws 103 Regulation of Insider Trading 109 A Company s Obligation to Disclose Merger Negotiations 112 Summary 113 References 114 4 Merger Strategy 116 Growth 116 Synergy 117 Diversification 128 Economic Motives 144 Hubris Hypothesis of Takeovers 158 Improved Management Hypothesis 161 Tax Motives 164 Summary 167 References 168 Part Two Hostile Takeovers 173 5 Antitakeover Measures 175 Management Entrenchment Hypothesis versus Stockholder Interests Hypothesis 176 Preventative Antitakeover Measures 177 Changing the State of Incorporation 203 Active Antitakeover Defenses 204 Information Content of Takeover Resistance 236 Summary 238 References 239 6 Takeover Tactics 243 Preliminary Takeover Steps 245 Tender Offers 247 Open Market Purchases and Street Sweeps 264 CONTENTS vii Advantages of Tender Offers Over Open Market Purchases 266 Proxy Fights 268 Role of the Independent Election Corporation of America 277 Combination of a Proxy Fight and a Tender Offer 283 Proxy Fights and Takeovers in the 1990s 283 Summary 285 References 286 Part Three Leveraged Transactions 289 7 Leveraged Buyouts 291 LBO Data 291 Costs of Being a Public Company 293 Management Buyouts 294 Leveraged Buyout Process 296 Financing for Leveraged Buyouts 299 Capital Structure of Unsecured LBO Firms 305 Sources of LBO Financing 306 LBO Funds 307 LBO Firms 307 Financial Analysis of LBO Candidates 310 Returns to Stockholders from LBOs 311 Returns to Stockholders from Divisional Buyouts 312 Efficiency Gains from LBOs 312 Reverse LBOs 314 Conflicts of Interest in Management Buyouts 317 Empirical Research on Wealth Transfer Effects 321 Protection for Bondholders 322 Summary 326 References 326 8 Junk Bonds 330 History 330 Investment Bankers 334 The Evolutionary Growth of the Junk Bond Market 337 Rating System for Bonds 342 Z Scores and Zeta Analysis: Credit Evaluation Alternative to Bond Ratings 346 Junk Bond Research 347 Junk Bond Returns: 1980 94 358 Diversification of Junk Bond Investments 360 Risk of a Junk Bond Portfolio 360 Underwriting Spreads 361 Bank Loan Financing versus Junk Bond Financing 365 viii CONTENTS Junk Bonds and Greenmail 365 Regulations Affecting Junk Bond Financing 366 Summary 369 References 370 9 Employee Stock Ownership Plans 372 Historical Growth of ESOPs 372 Types of Plans 374 Characteristics of ESOPs 375 leveraged versus Unleveraged ESOPs 375 Corporate Finance Uses of ESOPs 376 Voting of ESOP Shares 376 Cash Flow Implications 377 Valuation of Stock Contributed into an ESOP 377 Eligibility of ESOPs 378 Put Optjoa^of ESOPs 378 Dividends Pail 378 ESOPs versus a Public Offering of Stock 379 Employee Risk and ESOPs 380 Securities Laws and ESOPs 380 Tax Benefits of Leveraged ESOPs 381 Balance Sheet Effects of ESOPs 381 Drawbacks of Leveraged ESOPs 382 ESOPs and Corporate Performance 383 ESOPs as an Antitakeover Defense 385 ESOPs and Shareholder Wealth 386 ESOPs and LBOs 387 Summary 390 References 392 Part Four Corporate Restructuring 395 10 Corporate Restructuring 397 Divestitures 398 Divestiture and Spin Off Process 404 Wealth Effects of Sell Offs 410 Equity Carve Outs 420 Voluntary Liquidations, or Bustups 423 Master Limited Partnerships 425 Restructuring of the 1990s 426 Summary 428 References 429 CONTENTS ix 11 Restructuring in Bankruptcy 432 Types of Business Failure 432 Causes of Business Failure 433 Bankruptcy Data 435 Bankruptcy Laws 437 Reorganization versus Liquidation 439 Chapter 11 Reorganization Process 439 Benefits of the Chapter 11 Process for the Debtor 444 Company Size and Chapter 11 Benefits 445 Prepackaged Bankruptcy 446 Workouts 449 Corporate Control and Default 450 Liquidation 450 Investing in the Securities of Distressed Companies 452 Summary 456 References 457 Part Five Valuation for Mergers and Acquisitions 459 12 Financial Analysis 461 Hostile versus Friendly Deals: Access to Financial Data 462 Balance Sheet 463 Income Statement 468 Statement of Cash Flows 470 Analysis of Financial Statements and Computer Programs 472 Financial Ratio Analysis 473 Summary 489 References 489 13 Valuation of a Publicly Held Company 491 Valuation Methods: Science or Art? 492 Managing Value as an Antitakeover Defense 493 , Stock Valuation Methods 493 Marketability of the Stock 498 Defining the Earnings Base 499 Forecasting Methods 507 Financial Valuation Methodologies 512 Cost of Preferred Stock 517 Cost of Common Stock 517 How the Market Determines Discount Rates 518 Control Premium 519 x CONTENTS Valuation of Stock for Stock Exchanges 529 Exchange Ratio 533 Stock Price Variability and Collar Agreements 540 Benchmarks of Value 540 Desirable Financial Characteristics of Targets 541 Summary 553 References 554 14 Valuation of Privately Held Businesses 557 Differences in Valuation of Public and Private Businesses 557 Differences in Reporting of Income 560 Recasting the Income Statement: An Example of the Addback Process 562 Most Commonly Used Valuation Methods 565 Summary 586 References 587 15 Tax Issues 589 Financial Accounting 589 Taxable versus Tax Free Transactions 593 Tax Consequences of a Stock for Stock Exchange 595 Asset Basis Step Up 598 Changes in the Tax Laws 598 Role of Taxes in the Merger Decision 600 Taxes as a Source of Value in Management Buyouts 602 Summary 604 References 604 Glossary 607 Index 615
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spellingShingle Gaughan, Patrick A.
Mergers, acquisitions, and corporate restructurings
Acquisition d'entreprise
Entreprises - Réorganisation ram
Fusion d'entreprises
Fusion d'entreprises ram
Redressement d'entreprise
Restructuration de l'entreprise
Unternehmen (DE-588)4061963-1 gnd
Restrukturierung (DE-588)4335640-0 gnd
Reorganisation (DE-588)4115744-8 gnd
Mergers and Acquisitions (DE-588)4205916-1 gnd
subject_GND (DE-588)4061963-1
(DE-588)4335640-0
(DE-588)4115744-8
(DE-588)4205916-1
(DE-588)4078704-7
(DE-588)4123623-3
title Mergers, acquisitions, and corporate restructurings
title_auth Mergers, acquisitions, and corporate restructurings
title_exact_search Mergers, acquisitions, and corporate restructurings
title_full Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan
title_fullStr Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan
title_full_unstemmed Mergers, acquisitions, and corporate restructurings Patrick A. Gaughan
title_short Mergers, acquisitions, and corporate restructurings
title_sort mergers acquisitions and corporate restructurings
topic Acquisition d'entreprise
Entreprises - Réorganisation ram
Fusion d'entreprises
Fusion d'entreprises ram
Redressement d'entreprise
Restructuration de l'entreprise
Unternehmen (DE-588)4061963-1 gnd
Restrukturierung (DE-588)4335640-0 gnd
Reorganisation (DE-588)4115744-8 gnd
Mergers and Acquisitions (DE-588)4205916-1 gnd
topic_facet Acquisition d'entreprise
Entreprises - Réorganisation
Fusion d'entreprises
Redressement d'entreprise
Restructuration de l'entreprise
Unternehmen
Restrukturierung
Reorganisation
Mergers and Acquisitions
USA
Lehrbuch
url http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009556365&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv AT gaughanpatricka mergersacquisitionsandcorporaterestructurings