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Applied Mergers and Acquisitions

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Страница 1 Table of Contents List of Tables List of Illustrations Guide Pages Страница 7 Applied Mergers and Acquisitions Страница 9Страница 10 About the Author Страница 12 Preface ACKNOWLEDGMENTS NOTES Страница 16 CHAPTER 1 Introduction and Executive Summary AN URGENT PROBLEM: HOW CAN MY TEAM DO BETTER THAN THE AVERAGES? OVERVIEW OF A FRAMEWORK FOR M&A SUCCESS SEVEN DISRUPTIVE IDEAS WORTHY OF BEST PRACTITIONERS CONCLUSION NOTES CHAPTER 2 Ethics in M&A INTRODUCTION WHY SHOULD ONE CARE? Sustainability Trust Team Building Higher Standard Reputation and Conscience IN WHOSE INTERESTS ARE YOU WORKING? WHAT IS “GOOD”? CONSEQUENCES, DUTIES, VIRTUES “Right” and “Wrong” Defined by Consequences “Right” and “Wrong” Defined by Duty or Intentions “Right” and “Wrong” Defined by Virtues PROMOTING ETHICAL BEHAVIOR Adopt a Code of Ethics Talk about Ethics within Your Team and Firm Find and Reflect on Your Dilemmas Act on Your Reflections MINI-CASE: GREENMAIL PAYMENT BY WALT DISNEY PRODUCTIONS, 1984 Assessment of the Problem Origins of the Problem Duties of Disney’s CEO and Board Consequences Possible Engagement with the Other Side Long-Term Validity of the Action Alternatives Public Reaction Conclusion Outcome CONCLUSION NOTES CHAPTER 3 Does M&A Pay? INTRODUCTION MEASUREMENT OF M&A PROFITABILITY: BETTER THAN WHAT? FINDINGS BASED ON THE ANALYSIS OF MARKET-BASED RETURNS TO SHAREHOLDERS Returns to Target Firms Returns to Buyer Firms Returns to Buyer and Target Firms Combined FINDINGS BASED ON THE ANALYSIS OF REPORTED FINANCIAL PERFORMANCE FINDINGS ABOUT THE DRIVERS OF PROFITABILITY FINDINGS FROM SURVEYS OF EXECUTIVES FINDINGS FROM CLINICAL STUDIES CONCLUSIONS OF REVIEWERS THROUGH TIME VIEWING THE WHOLE MOSAIC: SOME CONCLUSIONS SPECIAL NOTE NOTES Страница 66 CHAPTER 4 M&A Activity INTRODUCTION M&A ACTIVITY APPEARS IN WAVES Wave 1: 1895–1904 Wave 2: 1925–1929 Wave 3: 1965–1970 Wave 4a: 1981–1987 Wave 4b: 1992–2000 EXPLANATIONS OF M&A ACTIVITY Hubris Market Manias Overvaluation of Stocks and the Asymmetry of Information Agency Costs and the Correction of Governance Problems Monopoly, Competitive Positioning, and “Rent-Seeking” Behavior Industry Shocks Summary Overview of the Drivers of M&A Activity “CREATIVE DESTRUCTION” AS THE DRIVER OF M&A ACTIVITY IMPLEMENTING THE “CREATIVE DESTRUCTION” VIEW: LISTEN TO MARKETS AND FIRMS What to Look For: The Many Forms of Economic Turbulence Where to Look for Turbulence CONCLUSION APPENDIX 4.1 How to Listen to Customers of Firms APPENDIX 4.2 How to Listen to Macroeconomic and Sector Conditions APPENDIX 4.3 Listening for Turbulence as Communicated through Capital Markets DEBT MARKETS EQUITY MARKETS Multiples Betas Charting and Measures of Market Sentiment DERIVATIVES MARKETS APPENDIX 4.4 Listening to Firms and Their Industries NOTES CHAPTER 5 Cross-Border M&A INTRODUCTION CROSS-BORDER M&A ACTIVITY M&A ACTIVITY WITHIN REGIONS AND TRADING BLOCS DRIVERS OF CROSS-BORDER M&A Exploit Market Imperfections Extend the Reach of the Buyer’s or Target’s Intangible Assets Reduce Tax Expense through Arbitrage across Different Tax Jurisdictions Reduce Risk through Diversification Exploit Differences in Capital Market and Currency Conditions Improve Governance Other Drivers of M&A Activity RETURNS FROM CROSS-BORDER M&A STRATEGIC ANALYSIS OF COUNTRIES: GETTING A VIEW Macroeconomic View Microeconomic View Institutional View Cultural View SUMMARY AND IMPLICATIONS FOR THE PRACTITIONER NOTES CHAPTER 6 Strategy and the Uses of M&A to Grow or Restructure the Firm INTRODUCTION SETTING STRATEGY Mission, Objectives, and Strategy Planning Strategy Starts with SWOT Assessing Competitive Position Business Definitions Are Key Classic Successful Strategies EXPANSION BY INORGANIC GROWTH Motives for Inorganic Growth Transactions for Inorganic Growth Research Findings about Joint Ventures, Alliances, and Minority Equity Investments RESTRUCTURING, REDEPLOYMENT, AND SALE Motives Transactions to Restructure, Redeploy, or Sell Research on the Profitability of Unit Divestitures, Asset Sales, and Liquidation Research on the Profitability of Carve-outs, Spin-offs, Split-offs, and Tracking Stock FRAMEWORK FOR CHOOSING A PATH FOR INORGANIC GROWTH FRAMEWORK FOR CHOOSING A PATH FOR RESTRUCTURING DOES IT PAY TO DIVERSIFY OR FOCUS THE FIRM? Value Drivers in Diversification and Focus Summary of Research Findings Practical Implications of the Research Debate over Diversification versus Focus CONCLUSIONS APPENDIX 6.1 A Critical Look at the Self-Sustainable Rate of Growth Concept and Formulas BEGINNINGS: A FOCUS ON VALUE THE POPULAR MODEL FOR ASSET GROWTH INSIGHTS TO BE GAINED FROM THE POPULAR ASSET GROWTH MODEL Comparisons across Firms Analysis of Policies within a Firm SOME CAVEATS ABOUT THE POPULAR SELF-SUSTAINABLE GROWTH MODEL OF ASSETS NOTES {buyButton}

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