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.
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.
Table of Contents
Part One: The Big Picture
- Chapter 1: The Global M&A Market: Current Status and Evolution
- Chapter 2: U.S. M&A History, Trends, and Differences from Other Nations
- Chapter 3: The Need for Growth Spurs Acquirers to Buy Other Companies
- Chapter 4: The Three Financial Tactics That Dominate the M&A Business
Part Two: Finding a Deal
- Chapter 5: The Buyer Must Have a Methodical Plan in Order to Find a Quality Transaction
- Chapter 6: To Begin an Acquisition Search, the Buyer First Sets the Likely Parameters of a Deal
- Chapter 7: The Buyer Starts the Formal Acquisition Search by Alerting Intermediaries and Contacting Possible Sellers
- Chapter 8: Finding a Deal: Likely Results of a Search
- Chapter 9: The Four Principal Risks Facing a Buyer in the M&A Business
Part Three: Target Financial Analysis
- Chapter 10: Sizing Up the M&A Target from a Financial Point of View
- Chapter 11: To Facilitate Financial Projections, the Buyer Needs to Classify the Target as a Mature, Growth, or Cyclical Business
- Chapter 12: How Practitioners Forecast an M&A Target’s Sales and Earnings
Part Four: Acquisition Valuation
- Chapter 13: The M&A Industry Typically Uses Four Valuation Methodologies
- Chapter 14: The Use of Discounted Cash Flow in M&A Valuation
- Chapter 15: Valuing M&A Targets Using the Comparable Public Companies Approach
- Chapter 16: Valuing an M&A Target by Considering Comparable Deals and Leveraged Buyouts
Chapter 17: Valuation Situations That Don’t Fit the Standard Models
- The Cyclical Company
- Speculative High-Tech Companies
- Low-Tech, Money-Losing Companies
- Turnaround Considerations
- High-Leverage Company Considerations
- Natural Resources
- Emerging Market Acquisitions
- Discounted Cash Flow (DCF)
- Comparable Public Companies and Comparable Acquisitions in the Emerging Markets
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
- Chapter 19: When Is the Best Time for an Owner to Sell a Business?
- Chapter 20: The Sale Process from the Seller’s Vantage Point
- Chapter 21: A Review of Legal and Tax Structures Commonly Used in Transactions
- Chapter 22: Unusual Transaction Categories
- Chapter 23: Final Thoughts on Mergers and Acquisitions
- About the Author
- End User License Agreement
- Title: M&A: A Practical Guide to Doing the Deal, 2nd Edition
- Release date: December 2014
- Publisher(s): Wiley
- ISBN: 9781118817018