M&A (eBook)

A Practical Guide to Doing the Deal
eBook Download: PDF
2014 | 2. Auflage
224 Seiten
John Wiley & Sons (Verlag)
978-1-118-81704-9 (ISBN)

Lese- und Medienproben

M&A - Jeffrey C. Hooke
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The comprehensive M&A guide, updated to reflect the latest
changes in the M&A environment

M&A, Second Edition provides a practical
primer on mergers and acquisitions for a broad base of individuals
numbering in the hundreds of thousands:

* Investment bankers involved with mergers and acquisitions
(M&A).

* Equity analysts at hedge funds, risk arbitrage funds, pension
funds, and banks, who invest in firms engaged in M&A.

* Private equity professionals at buyout funds, venture capital
funds, and hedge funds, who routinely buy and sell companies.

* Corporate executives and business development
professionals.

* Institutional loan officers working with M&A and buyout
transactions.

* Business students at colleges and graduate business
schools.

* Investor relations professionals at corporations and public
relations firms.

* Lawyers who work with corporate clients on M&A-related
legal, financial, and tax matters.

* Independent public accounting firms that review M&A
accounting.

* Government regulators

* Sophisticated individual investors

Its comprehensive approach covers each step in the process, from
finding an opportunity, to analyzing the potential, to closing the
deal, with new coverage of private equity funds and international
transactions. This updated second edition also includes information
on emerging markets, natural resource valuation, hostile takeovers,
special deals, and more, plus new examples and anecdotes taken from
more current events. Additional illustrations and charts help
readers quickly grasp the complex information, providing a complete
reference easily accessible by anyone involved in M&A.

The mergers and acquisitions environment has changed in the
thirteen years since M&A was initially published,
creating a tremendous need for authoritative M&A guidance from
a banker's perspective. This M&A update fills that need
by providing the characteristic expert guidance in clear, concise
language, complete with the most up-to-date information.

* Discover where M&A fits into different corporate growth
strategies, and the unique merits it confers

* Delineate clear metrics for determining risk, valuation, and
optimal size of potential acquisitions

* Gain deeper insight into the fundamentals of negotiation, due
diligence, and structuring

* Understand the best time to sell, the best way to sell, and the
process of the sale itself

In the past decade, the dollar value of M&A deals has jumped
ten-fold, and the number of individuals involved has expanded
considerably. More and more executives, analysts, and bankers need
to get up-to-date on the mechanics of M&A, without wading
through volume after volume of dense, legalistic jargon. Finally,
M&A is back - providing a complete reference to
the current state of the M&A environment.

JEFFREY C. HOOKE is a Managing Director of Focus Securities, a mid-market investment bank. Previously, he led deals at the Emerging Markets Partnership, a $5 billion private equity fund, and was a Principal Investment Officer of the International Finance Corporation, the World Bank's $51 billion private sector division. Earlier, he was an investment banker with Lehman Brothers and Schroder Wertheim in New York. Hooke is a respected author and finance and investment executive with international experience.

Preface ix

PART ONE The Big Picture

CHAPTER 1

The Global M&A Market: Current Status and Evolution 3

CHAPTER 2

U.S. M&A History, Trends, and Differences from Other Nations
9

CHAPTER 3

The Need for Growth Spurs Acquirers to Buy Other Companies 15

CHAPTER 4

The Three Financial Tactics That Dominate the M&A Business
25

PART TWO Finding a Deal

CHAPTER 5

The Buyer Must Have a Methodical Plan in Order to Find a Quality
Transaction 39

CHAPTER 6

To Begin an Acquisition Search, the Buyer First Sets the Likely
Parameters of a Deal 43

CHAPTER 7

The Buyer Starts the Formal Acquisition Search by Alerting
Intermediaries and Contacting Possible Sellers 47

CHAPTER 8

Finding a Deal: Likely Results of a Search 59

CHAPTER 9

The Four Principal Risks Facing a Buyer in the M&A Business
65

PART THREE Target Financial Analysis

CHAPTER 10

Sizing Up the M&A Target from a Financial Point of View 77

CHAPTER 11

To Facilitate Financial Projections, the Buyer Needs to Classify
the Target as a Mature, Growth, or Cyclical Business 91

CHAPTER 12

How Practitioners Forecast an M&A Target's Sales and
Earnings 97

PART FOUR Acquisition Valuation

CHAPTER 13

The M&A Industry Typically Uses Four Valuation Methodologies
109

CHAPTER 14

The Use of Discounted Cash Flow in M&A Valuation 113

CHAPTER 15

Valuing M&A Targets Using the Comparable Public Companies
Approach 123

CHAPTER 16

Valuing an M&A Target by Considering Comparable Deals and
Leveraged Buyouts 133

CHAPTER 17

Valuation Situations That Don't Fit the Standard Models
143

PART FIVE Combination, the Sale Process, Structures, and
Special Situations

CHAPTER 18

Combining the Buyer's and Seller's Financial Results
for the M&A Analysis 159

CHAPTER 19

When Is the Best Time for an Owner to Sell a Business? 167

CHAPTER 20

The Sale Process from the Seller's Vantage Point 173

CHAPTER 21

A Review of Legal and Tax Structures Commonly Used in Transactions
183

CHAPTER 22

Unusual Transaction Categories 193

CHAPTER 23

Final Thoughts on Mergers and Acquisitions 199

About the Author 201

Index 203

Erscheint lt. Verlag 14.11.2014
Reihe/Serie Wiley Finance Editions
Wiley Finance Editions
Sprache englisch
Themenwelt Recht / Steuern Wirtschaftsrecht
Wirtschaft Betriebswirtschaft / Management Finanzierung
Wirtschaft Betriebswirtschaft / Management Planung / Organisation
Schlagworte Finance & Investments • Finanz- u. Anlagewesen • Gemeinschaftsunternehmen • Unternehmenskauf
ISBN-10 1-118-81704-4 / 1118817044
ISBN-13 978-1-118-81704-9 / 9781118817049
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