An Introduction to Mergers, Acquisitions, and Other Restructuring Activities
This chapter explores the underlying dynamics of mergers and acquisitions in the context of an increasingly interconnected world and views M&As as change agents in the corporate restructuring process. The focus is on M&As, why they happen, and why they tend to cluster in waves. The chapter also introduces a variety of legal structures and strategies that are employed to restructure corporations. Moreover, the role of the various participants in the M&A process is explained. Reflecting the latest empirical studies, this chapter addresses the questions of whether mergers pay off for the target and acquiring company shareholders and bondholders, as ...
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