Masterminding the deal : breakthroughs in M & A strategy and analysis /
Global M & A activity may have seemed to quieten in recent years, but a new megaboom is already underway - exemplified by Facebook's pursuit of Instagram in early 2012 for US1bn in cash and stock. But in an age where two-thirds of all merger deals can be said to fail (where deals fall short...
Clasificación: | Libro Electrónico |
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Autor principal: | |
Otros Autores: | |
Formato: | Electrónico eBook |
Idioma: | Inglés |
Publicado: |
London :
Kogan Page Limited,
[2013]
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Temas: | |
Acceso en línea: | Texto completo |
Tabla de Contenidos:
- List of figures and tables; About the authors; Foreword; Preface; Introduction; 01 The next merger boom is already here; 1.1 Business-merger waves: patterns, theories on causes, issues; 1.2 Four post-1980 business-merger waves, four phases; 1.3 The fourth (and final?) post-1980 wave is already underway; 1.4 Merger wave issue I: (T)APP-synergy divergence as the wave progresses; 1.5 Merger wave issue II: whipsaw-merger market entry and exit missteps; 02 Debunking the six merger fallacies that destroy value; 2.1 Myth 1; 2.2 Myth 2; 2.3 Myth 3; 2.4 Myth 4; 2.5 Myth 5; 2.6 Myth 6.
- 03 Criteria: First, get the merger valuation methodology right3.1 You can't manage what you can't measure especially when it comes to M & A; 3.2 Criteria-setters: preeminence of continuing shareholders of the acquiring firm; 3.3 Overview: four alternative merger valuation methods; 3.4 Event studies (ES): exceeding the limits of rational market theory; 3.5 Total shareholder return (TSR): most appropriate for round turn financial acquirers?; 3.6 Value gap (VG): do synergies offset the price premium necessary to acquire the target?
- 3.7 Incremental value effect (IVE): two-scenario DCF analysis, adapted to mergers3.8 Reconciling the tier I merger valuation methodologies; 3.9 Multiples: critical confirmation role in merger valuation; 04 Merger segmentation comes of age; 4.1 The case for segmentation by merger type: precedent; 4.2 Four categories, nine merger types: different deal types mean different M & A success; 4.3 Applying the nine merger type framework; 4.4 The path forward in merger segmentation: towards M-Score©; 05 Mergers still fail, but does it matter?; 5.1 More confirmation that historically, most mergers fail.
- 5.2 No effective refutation of MMF5.3 M & A's core contradiction, segmentation and stakeholders' different merger perspectives; 5.4 Moving forward: expanding upon Hayward's three causes of merger failure; 06 The merger megaboom's signature IPO: Facebook; 6.1 The straw that stirs the drink; 6.2 Social networking and the 2011-19 merger megaboom; 6.3 Direct and indirect merger market effects of social networking sector acquisitions, 2011+; 6.4 Vapor numbers: when is the social networking valuation?; 07 Towards systematic investigation and implementation of post-merger synergies.
- 7.1 Synergies: definitions, approaches, issues7.2 Net realizable synergies and merger success: value gap revisited; 7.3 A key category-based net realizable synergy investigatory framework; 7.4 Post-merger priorities explored; 7.5 Other PMI implementation issues: choosing the PMI implementation team; 08 The seven keys to merger success; 8.1 Merger success: the seven keys; 8.2 Some implementation considerations; Epilogue; Appendix A Acquisition purchase premium-related issues; Appendix B Debunking the extremeacquisition leverage fallacy; Bibliography; Further Reading; Acronyms and glossary.