Creating Value from Mergers and Acquisitions is the first book to provide a comparative analysis of the M&A scene in Europe and the US, the two most active markets in the world. Now in its second edition it continues to develop an international and multidisciplinary perspective of M&A, and considers M&A as a process and not a mere transaction. The author draws upon economics, finance, strategy, law, organisational theories to formulate a five-stage model and emphasises the need to understand the interconnected nature of these stages. The book's central focus in on the challenges to using M&A as an instrument to create shareholder value, how M&A risks can be mitigated and how odds of success in acquisitions can me increased.
Creating Value from Mergers and Acquisitions is suitable for those studying advanced undergraduate and MBA courses in industrial organisations, finance, business strategy, and corporate governance, as well as those preparing for professional exams. The rigorous integration of the conceptual, empirical, and practical aspects of M&A means that researchers and practitioners will also find this book extremely useful.
1 Introduction
Part One HISTORIC, CONCEPTUAL AND PERFORMANCE OVERVIEW OF MERGERS AND ACQUISITIONS
2 Historical overview of mergers and acquisitions activity
3 Alternative perspectives on mergers
4 Are acquisitions successful?
Part Two CORPORATE STRATEGY AND ORGANIZING FOR ACQUISITIONS
5 Sources and limits of value creation in horizontal and related mergers
6 Sources and limits of value creation in vertical mergers
7 Sources and limits of value creation in conglomerate acquisitions
8 Cross-border acquisitions
9 Strategic alliances as an alternative to mergers and acquisitions
10 Corporate divesture
11 Leveraged buyouts
12 Acquisition decision process: organizational, psychological and governance perspectives
13 Target selection for acquisition
Part Three DEAL STRUCTURING AND NEGOTIATION
14 Target valuation
15 Accounting for mergers and acquisitions
16 Paying for the acquisitions
17 Antitrust regulation
18 Regulating takeover bids
19 Advisors in takeovers
20 Bid strategies and tactics
21 Defences against takeovers
Part Four POST-ACQUISITION INTEGRATION AND ORGANIZATIONAL LEARNING
22 Organizational and human aspects of post-acquisition integration
23 Post-acquisition audit and organizational learning
24 Meeting the challenges of mergers and acquisitions
