Two strengths distinguish this textbook from others. One is its presentation of subjects in the contexts where they occur. Students see different perspectives on subjects and learn how complex and dynamic the mergers and acquisitions environment is. The other is its use of current events. Of its 72 case studies, 3/4 are new or have been updated. The implications of Dodd-Frank and US Supreme Court rulings affecting the Sarbanes-Oxley Act, among other regulatory changes, are developed to enhance teaching and learning experiences.&
Front Cover; Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions; Copyright; Dedication; Contents; Contents of the Companion Site; List of Business Case Studies; Preface; Acknowledgments; About the Author; Part I: The Mergers and Acquisitions Environment; Chapter 1: Introduction to Mergers and Acquisitions; Inside M&A: dell moves into information technology services; Chapter overview; Mergers and Acquisitions as Change Agents; Why Mergers and Acquisitions Happen; Merger and acquisition waves
Why It Is Important to Anticipate Merger WavesAlternative forms of corporate restructuring; Friendly versus hostile takeovers; The role of holding companies in mergers and acquisitions; The role of employee stock ownership plans in M&As; Business Alliances as Alternatives to Mergers and Acquisitions; Participants in the Mergers and Acquisitions Process; Alternative investors and lenders; Activist Investors and M&A Arbitrageurs; Do M&As pay off for shareholders, bondholders, and society?; Why some M&As fail to meet expectations; Long-term performance; Some things to remember
Chapter business casesCase Study 1.1: Xerox Buys ACS to Satisfy Shifting Customer Requirements; Case Study 1.2: Assessing Procter & Gamble's Acquisition of Gillette; Chapter 2: Regulatory Considerations; Inside M&A: The limitations of regulation and the lehman brothers meltdown; Chapter overview; Federal securities laws; Antitrust laws; Dodd-frank wall street reform and consumer protection act; State Regulations Affecting Mergers and Acquisitions; National Security-Related Restrictions on Direct Foreign Investment in the United States; The U.S. foreign corrupt practices act
Fair disclosure (regulation FD)Regulated Industries; Environmental laws; Labor and benefit laws; Cross-border transactions; Some Things to Remember; Chapter Business Cases; Case study 2.5: Global Financial Exchanges Pose Regulatory Challenges; Case study 2.6: The Legacy of GE's Aborted Attempt to Merge with Honeywell; Chapter 3: The Corporate Takeover Market; Inside M&A: Kraft Sweetens its Offer to Overcome Cadbury's Resistance; Chapter Overview; Alternative models of corporate governance; Factors that affect corporate governance; Alternative takeover tactics in the corporate takeover market
What Makes the Aggressive Approach Successful?Other Tactical Considerations; Developing a Bidding or Takeover Strategy; Alternative Takeover Defenses in the Corporate Takeover Market; The Impact of Takeover Defenses on Shareholder and Bondholder Value; Some things to remember; Chapter business cases; Case Study 3.1: Mittal Acquires Arcelor-A Battle of Global Titans in the European Corporate Takeover Market; Case Study 3.2: Verizon Acquires MCI-The Anatomy of Alternative Bidding Strategies; Part II: The mergers and acquisitions process: Phases 1 through 10
Chapter 4: Planning: Developing Business and Acquisition Plans: Phases 1 and 2 of the Acquisition Process