Acknowledgments |
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ix | |
Introduction to the Fourth Edition |
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xi | |
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1 The Basics of Mergers and Acquisitions |
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1 | (12) |
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2 | (7) |
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Why Bad Deals Happen to Good People |
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9 | (1) |
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Why Do Buyers Buy, and Why Do Sellers Sell? |
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10 | (3) |
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2 Preparing for the Dance: The Seller's Perspective |
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13 | (22) |
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Conducting a Thorough EOTB Analysis |
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17 | (1) |
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Preparing for the Sale of the Company |
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18 | (11) |
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Common Preparation Mistakes |
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29 | (2) |
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Other Considerations for the Seller |
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31 | (2) |
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Getting Deal Terms and Structure That Fit the Seller's Objectives, Personal Needs, and Post-closing Plans |
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33 | (2) |
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3 Initiating the Deal: The Buyer's Perspective |
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35 | (16) |
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36 | (1) |
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Developing an Acquisition Plan |
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37 | (7) |
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Applying the Criteria: How to Narrow the Field |
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44 | (1) |
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Approaching a Company That Is Not for Sale |
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45 | (1) |
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Dealing with the Seller's Management Team |
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46 | (1) |
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Directory of M&A Resources for Prospective Buyers (and Sellers) |
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47 | (4) |
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4 The Letter of Intent and Other Preliminary Matters |
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51 | (16) |
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55 | (4) |
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59 | (3) |
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Common Reasons Why Deals Die at an Early Stage |
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62 | (1) |
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Preparation of the Work Schedule |
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63 | (1) |
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The Growing Debate About the Role and Usefulness of Fairness Opinions |
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64 | (3) |
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67 | (42) |
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Best Practices in Due Diligence in the Era of Accountability 2.0 |
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68 | (13) |
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81 | (8) |
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Business and Strategic Due Diligence |
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89 | (9) |
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98 | (1) |
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Appendix to Chapter 5: Post-Sarbanes-Oxley Due Diligence Checklist |
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99 | (10) |
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The Disclosure Requirements |
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99 | (5) |
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Checklist of Items Post-Sarbox |
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104 | (5) |
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6 The Board's Role in M&A |
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109 | (10) |
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Specific Board Responsibilities |
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112 | (2) |
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114 | (5) |
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7 An Overview of Regulatory Considerations |
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119 | (20) |
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119 | (1) |
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120 | (3) |
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123 | (2) |
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125 | (4) |
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129 | (3) |
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132 | (7) |
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139 | (26) |
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Stock vs. Asset Purchases |
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141 | (4) |
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Tax and Accounting Issues Affecting the Structure of the Transaction |
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145 | (4) |
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One-Step vs. Staged Transactions |
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149 | (2) |
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151 | (3) |
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Nontraditional Structures and Strategies |
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154 | (11) |
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9 Valuation and Pricing of the Seller's Company |
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165 | (14) |
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167 | (1) |
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A Quick Introduction to Pricing |
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168 | (2) |
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170 | (9) |
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10 Financing the Acquisition |
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179 | (36) |
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An Overview of Financing Sources |
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181 | (3) |
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Understanding the Lender's Perspective |
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184 | (1) |
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Financing Deals in Times of Turmoil |
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185 | (3) |
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Steps in the Loan Process |
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188 | (4) |
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192 | (23) |
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11 The Purchase Agreement and Related Legal Documents |
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215 | (66) |
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Case Study: GCC Acquires TCI |
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218 | (19) |
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Sample Schedule of Documents to Be Exchanged at a Typical Closing |
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237 | (44) |
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12 Keeping M&A Deals on Track: Managing the Deal Killers |
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281 | (8) |
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Communication and Leadership |
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282 | (1) |
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Diagnosing the Source of the Problem |
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283 | (1) |
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Understanding the Types of Deal Killers |
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284 | (2) |
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Curing the Transactional Patient |
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286 | (1) |
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Maintaining Order in the M&A Process: Simple Principles for Keeping Deals on Track |
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286 | (1) |
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287 | (2) |
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13 Post-closing Challenges |
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289 | (26) |
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292 | (2) |
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Staffing Levels and Related Human Resources Challenges |
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294 | (4) |
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298 | (1) |
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298 | (1) |
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299 | (1) |
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Problems Involving Attitudes and Corporate Culture |
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300 | (2) |
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Benefit and Compensation Plans |
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302 | (1) |
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303 | (1) |
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304 | (1) |
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Minimizing Barriers to the Transition |
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305 | (3) |
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Post-merger Integration Key Lessons and Best Practices |
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308 | (3) |
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Common Areas of Post-closing Disputes and Litigation |
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311 | (1) |
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312 | (3) |
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14 Special Challenges (and Opportunities) in Cross-Border Transactions |
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315 | (10) |
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15 Alternatives to Mergers and Acquisitions |
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325 | (28) |
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Growth Strategy Alternative 1: Joint Ventures |
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327 | (6) |
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Growth Strategy Alternative 2: Franchising |
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333 | (10) |
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Growth Strategy Alternative 3: Technology and Merchandise Licensing |
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343 | (7) |
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Growth Strategy Alternative 4: Distributorships and Dealerships |
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350 | (3) |
Index |
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353 | |