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Mergers, Acquisitions, and Other Restructuring Activities by Donald DePamphilis

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Chapter 7

A Primer on Merger and Acquisition Cash-Flow Valuation

The greater danger for most of us is not that our aim is too high and we might miss it, but that it is too low and we reach it.

—Michelangelo

Inside M&A: the importance of distinguishing between operating and nonoperating assets

In 2006, Verizon Communications and MCI Inc. executives completed a deal in which MCI shareholders received $6.7 billion for 100% of MCI stock. Verizon's management argued that the deal cost their shareholders only $5.3 billion in Verizon stock, with MCI having agreed to pay its shareholders a special dividend of $1.4 billion contingent on their approval of the transaction. The $1.4 billion special dividend reduced MCI's cash in excess of what was required ...

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