Table of Contents
Foreword
Preface
Part 1 Introduction and Key Themes 1
Chapter 1 Introduction and Executive Summary 3
Chapter 2 Ethics in M&A 13
Chapter 3 Does M&A Pay? 30
Part 2 Strategy and the Origination of Transaction Proposals 67
Chapter 4 M&A Activity 69
Chapter 5 Cross-Border M&A 98
Chapter 6 Strategy and the Uses of M&A to Grow or Restructure the Firm 123
Chapter 7 Acquisition Search and Deal Origination: Some Guiding Principles 183
Part 3 Diligence, Valuation, and Accounting 205
Chapter 8 Due Diligence 207
Chapter 9 Valuing Firms 247
Chapter 10 Valuing Options 296
Chapter 11 Valuing Synergies 325
Chapter 12 Valuing the Firm across Borders 348
Chapter 13 Valuing the Highly Levered Firm, Assessing the Highly Levered Transaction 393
Chapter 14 Real Options and Their Impact on M&A 424
Chapter 15 Valuing Liquidity and Control 455
Chapter 16 Financial Accounting for Mergers and Acquisitions 478
Chapter 17 Momentum Acquisition Strategies: An Illustration of Why Value Creation Is the Best Financial Criterion 511
Part 4 Design of Detailed Transaction Terms 529
Chapter 18 An Introduction to Deal Design in M&A 531
Chapter 19 Choosing the Form of Acquisitive Reorganization 547
Chapter 20 Choosing the Form of Payment and Financing 564
Chapter 21 Framework for Structuring the Terms of Exchange: Finding the "Win-Win" Deal 589
Chapter 22 Structuring and Valuing Contingent Payments in M&A 609
Chapter 23 Risk Management in M&A 636
Chapter 24 Social Issues 668
Part 5 Rules of the Road: Governance, Laws, and Regulations 683
Chapter 25 How a Negotiated Deal Takes Place 685
Chapter 26 Governance in M&A: The Board of Directors and Shareholder Voting 703
Chapter 27 Rules of the Road: Securities Law, Issuance Process, Disclosure, and Insider Trading 725
Chapter 28 Rules of the Road: Antitrust Law 742
Chapter 29 Documenting the M&A Deal 766
Part 6 Competition, Hostility, and Behavioral Effects in M&A 771
Chapter 30 Negotiating the Deal 773
Chapter 31 Auctions in M&A 790
Chapter 32 Hostile Takeovers: Preparing a Bid in Light of Competition and Arbitrage 804
Chapter 33 Takeover Attack and Defense 824
Chapter 34 The Leveraged Restructuring as a Takeover Defense: The Case of American Standard 856
Part 7 Communication, Integration, and Best Practice 877
Chapter 35 Communicating the Deal: Gaining Mandates, Approvals, and Support 879
Chapter 36 Framework for Postmerger Integration 891
Chapter 37 Corporate Development as a Strategic Capability: The Approach of GE Power Systems 914
Chapter 38 M&A "Best Practices": Some Lessons and Next Steps 926
About the CD-ROM 939
References and Suggestions for Further Reading 945
Index 1001
