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The ultimate guide to the ins and out of mergers and
acquisitions
Practitioner's Complete Guide to M&As provides the
practical tricks of the trade on M&As: what they need to know,
what they have to know, and what they need to do. Numerous examples
and forms are included illustrating concepts in discussion.
Written in a straight-talking style
A highly, practical application-oriented guide to mergers and
acquisitions
Covers strategy development; deal flow and target
identification; due diligence; valuation and offers; tax
structuring; negotiation; and integration and value creation"
Presents information using bullet points rather than lengthy
narrative for ease of reading
Numerous exhibits, forms, and examples are included
This practical guide takes you through every step of the M&A
process, providing all the necessary tools that both the first-time
M&A player as well as the seasoned practitioner need to
complete a smart transaction.
Autorentext
DAVID T. EMOTT is a seasoned manager with over twenty-five years of progressively greater responsibility in directing corporate strategy development, M&A and joint venture initiatives, performance measurement, strategic planning, control, financing, information technology, and tax planning activities in international and domestic theaters. He currently runs his own consulting business, D.T. Emott Advisory LLC, which provides services to buyers and sellers of companies or operating units.
Zusammenfassung
The ultimate guide to the ins and out of mergers and acquisitions
Practitioner's Complete Guide to M&As provides the practical tricks of the trade on M&As: what they need to know, what they have to know, and what they need to do. Numerous examples and forms are included illustrating concepts in discussion.
Inhalt
Preface xi
Acknowledgments xiii
TOPIC 1 Strategy Development, Then M&A 1
TOPIC 2 M&A Process: Front to Back 13
TOPIC 3 Why M&A? 17
TOPIC 4 Deal Criteria 19
TOPIC 5 Deal Sourcing 26
TOPIC 6 Fees for Services 29
TOPIC 7 Financial and Strategic Buyers 36
TOPIC 8 How Long Will It Take to Complete the Deal? 38
TOPIC 9 Confidentiality Agreements 39
TOPIC 10 "Concern Capture" Due Diligence 44
TOPIC 11 Keep Deal Conversations Quiet 53
TOPIC 12 Auctions 54
TOPIC 13 Seller's Prospectus 62
TOPIC 14 Pay for Inherent Capabilities Only 65
TOPIC 15 Platform Value 68
TOPIC 16 Buyer and Seller Value Perspectives 70
TOPIC 17 Integration Initiatives Will Determine Deal Value 73
TOPIC 18 Unlock Hidden Value: The Lean Enterprise 75
TOPIC 19 The Real Deal: Lean 78
TOPIC 20 Valuation: An Introduction 82
TOPIC 21 Discounted Cash Flow: An Introduction 86
TOPIC 22 Free Cash Flow 90
TOPIC 23 Fair Return on a Deal 95
TOPIC 24 Risk-Free Rates 104
TOPIC 25 Equity Risk Premiums 105
TOPIC 26 What Is Business Risk? 106
TOPIC 27 Entropy: Tendency toward Negative Variation 110
TOPIC 28 Equity Investor Risk 112
TOPIC 29 Beta 113
TOPIC 30 Systematic Risk 116
TOPIC 31 Unsystematic Risk 118
TOPIC 32 Beta with or without Debt 119
TOPIC 33 Beta: Levered or Unlevered 120
TOPIC 34 Beta Application in Determination of CU 123
TOPIC 35 Levered Beta Moves as Debt to Equity Moves 125
TOPIC 36 Size Premium 127
TOPIC 37 Weighted Average Cost of Capital 130
TOPIC 38 Terminal Values, Terminal Value Multiples, and Terminal Value DCFs 137
TOPIC 39 Discounted Cash Flow Valuation Illustrated 142
TOPIC 40 Leverage: The Real Deal 147
TOPIC 41 Debt Limits 149
TOPIC 42 Debt Adds Value: Derivation of Dt 151
TOPIC 43 The Leveraged Buyout; Definition and Valuation 155
TOPIC 44 Valuing the Leveraged Buyout 160
TOPIC 45 Real Option Valuation: An Introduction 169
TOPIC 46 Real Option Valuation: Application and Illustration 173
TOPIC 47 M&A Values Are Not All the Same 179
TOPIC 48 Discounts and Premiums 183
TOPIC 49 Discounted Cash Flow Valuations: Minority or Control 192
TOPIC 50 Inflation in DCF Valuations 194
TOPIC 51 Integration, Alignment, and Synergy Benefits: Plan It Out 195
TOPIC 52 Integration, Alignment, and Valuing Synergy Benefits 197
TOPIC 53 Venture Capital Valuation 208
TOPIC 54 Discount Rates and Valuing Free Cash Flow 211
TOPIC 55 Growth, C*, and Return: The Engine to Increased Valuations and Deferred Tax Advantage 222
TOPIC 56 How Fast Can the Target Grow? 225
TOPIC 57 Cash Flow Multiples, Growth Rates, and Discount Rates 227
TOPIC 58 Comparable Multiples 239
TOPIC 59 Converting FCFM to P/Es and Other Valuation Multiples and Deriving Slot Multiples for Public Companies 247
TOPIC 60 EBITDA Valuation Engine 264
TOPIC 61 Free Cash Flow Equivalent Impacts for Arbitrary Adjustments to Discount Rates 276
TOPIC 62 Transferring Defined Benefit Pension Plan Liability Issues 278
TOPIC 63 Environmental Remediation Expenses 282
TOPIC 64 Environmental Insurance 283
TOPIC 65 Management Warrant Incentive Plans 285
TOPIC 66 Negotiation: Introduction and Overview 290
TOPIC 67 Negotiation: Values, Offers, Prices, and Risk Assumption 292
TOPIC 68 Negotiation: Offer Content 296
TOPIC 69 Negotiation: Create Space in Your Ideas 298
TOPIC 70 Negotiation: Beware of the Emotions of Private Sellers 299
TOPIC 71 Negotiation: Imprint; Do Not Lecture 301
TOPIC 72 Negotiation: Handling Tight Spots 303
TOPIC 73 Negotiation: Closing the Bid-Ask Negotiating Gap 305
TOPIC 74 Negotiation: Be Aware of Leverage and Deal Momentum Shift 308 TOPIC 75 ...