January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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18.3 Analyzing and Negotiating Mergers
LG3
LG4
Initially, we will consider how to value the target company and how to use stock swap transactions to acquire companies. Next, we will look at the merger negotiation process. We will then review the major advantages and disadvantages of holding companies. Finally, we will discuss international mergers.
Valuing The Target Company
Once the acquiring company isolates a target company it wishes to acquire, it must estimate the target’s value. The acquirer uses that value, along with a proposed financing scheme, to negotiate the transaction, be it on a friendly basis or a hostile basis. The value of the target is estimated by using the valuation techniques presented in Chapter 7 and applied to long-term ...
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