Chapter 18

Cross-Border Mergers and Acquisitions: Analysis and Valuation

Abstract

This chapter addresses common motives for international expansion, as well as the advantages and disadvantages of a variety of international market entry strategies, with the focus on mergers and acquisitions as a market entry or expansion mode. This chapter also addresses the implications of recent changes in US tax laws for cross-border deals, integrated versus segmented capital markets, the recent rise of impediments to trade and capital flows on M&As, and the challenges of M&A deal structuring, financing, valuation, and execution in both developed and emerging countries. Particular emphasis is placed on the adjustments required for cash flows (e.g., currency ...

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