4

Mergers and Acquisitions

The material in this chapter should be cross-referenced with Case Study 4, “The Best Deal Gillette Could Get? Procter & Gamble’s Acquisition of Gillette.”

Corporate change of ownership transactions or combinations such as mergers, acquisitions, divestitures, and joint ventures (collectively, M&A) are important strategic considerations for companies that are contemplating ways to enhance shareholder value or reduce shareholder risk. Investment bankers play a key role in initiating, valuing, and executing M&A transactions. This activity accounts for a substantial portion of revenue generated by the Investment Banking Division within large investment banks and represents most of the revenue at certain boutique investment ...

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