Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions PDF
Preview Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions
MERGERS, ACQUISITIONS, AND OTHER RESTRUCTURING ACTIVITIES SIXTH EDITION Advance PraiseforMergers, Acquisitions, andOtherRestructuringActivities, Sixth Edition “DePamphilishasmasterfullycoveredinonebookallrelevantmanagerial,strategic,financial,accounting, legal,andtaxaspectsofM&AinaneasilyunderstoodroadmapforanyM&Atransaction,largeorsmall.With totallyup-to-datematerial,heprovidesthecrucialinformationthatisnecessaryintoday’srapidlychanging M&Aworld.” —LloydLevitin,ProfessorofClinicalFinanceandBusinessEconomics,UniversityofSouthernCalifornia “AfterteachingM&Afortenyears,IwasrelievedwhenlastsemesterIfinallyswitchedtoDePamphilis’text. HissinglebookreplacednumerousothersourcesthatIhadtousebefore.Hisacademicrigoriscombinedwith hisdeeppersonalexperienceasadealmaker,andthusthetextbookishighlyvaluabletobothnewcomersand thosewhohavebeeninvolvedintransactionsformanyyears.” —ViktoriaDalko,ProfessorofGlobalFinance,HarvardUniversityExtensionSchool “Mergers,Acquisitions,andOtherRestructuringActivities,SixthEdition,deliversanessentialunderstandingof corporaterestructuringprocessesbycombininginsightsfrommanycasestudieswithacademicrigor.The bookpointsouthowM&Acancreatevalueaswellasthewaysitcanleadtovaluedestruction.Inaddition tostate-of-the-artvaluationtechniques,itexplainstheregulatorycorporategovernanceframeworkforboth theUnitedStatesandEurope.It’sanexcellenttext,andIhighlyrecommendit.” —LucRenneboog,ProfessorofCorporateFinance,CentRE,TilburgUniversity “Greattextbookthatinasimpleandstraightforwardmannercombinesthelatestinsightsfromacademiawith contemporaryindustrypractices.ItfitsperfectinaclassofMBAstudentsorexecutives.Iwillbesuretouseit thenexttimeIteachM&A.” —KarinThorburn,DnBNorProfessorofFinance,NorwegianSchoolofEconomicsandBusinessAdministration “Mergers,Acquisitions,andOtherRestructuringActivitiesisquitesimplyanoutstandingtext.DonDePamphilis deliversacomprehensiveguidetotheM&Aprocessfromstarttofinish....Insum,Mergers,Acquisitions,and OtherRestructuringActivitiesisacomprehensive,up-to-date,outstandingtext.” —ScottC.Linn,R.W.MooreChairinFinanceandEconomicDevelopment,UniversityofOklahoma Praise for Mergers, Acquisitions, andOtherRestructuring Activities, Fifth Edition “Thisisatrulycomprehensivetextanddoesawonderfuljobatsupplyingtheunderlyingmotivesandtheory aswellasthecritical‘inpractice’elementsthatmanybookslack.ItspansalltypesofM&Aandrestructuring transactionsandcoversalltherelevantknowledge,fromacademicresearchtothepracticallegal,accounting, andregulatorydetails.Thebookisuptodateandteachesthestate-of-the-arttechniquesusedtoday.Thebook containsnumerouscasesandspreadsheetsupportthatenablethereadertoputintopracticeeverythingthatis covered.ThecombinationofgreatwritingandactivecaselearningmakethisbookthebestIhaveseeninthe M&Aandrestructuringarena.” —MatthewT.Billett,AssociateProfessorofFinance,HenryB.TippieResearchFellow,UniversityofIowa “IamhappytorecommendthefiftheditionofMergers,Acquisitions,andOtherRestructuringActivities.Having usedprioreditionsofDonDePamphilis’text,Icanaffirmthatthenewesteditionbuildsonafirmfoundationof coverage,real-worldexamples,andreadability.Mystudentshaveconsistentlyrespondedfavorablytoprior editionsofthebook.Inthenewestedition,IwasdelightedtodiscoverthatDonisexpandinghiscoverageof family-ownedbusinesses,alreadyastrengthinhisearliereditions,whichweredistinguishedbytheircover- ageofthevaluationofprivatelyheldbusinesses.Additionalattentionispaidtorestructuring,bankruptcy,and liquidationaswellasriskmanagement,whichareclearlytopicsofinteresttoeverybusinesspersonintoday’s economicclimate.” —KentHickman,ProfessorofFinance,GonzagaUniversity “Thisfiftheditionisoneofthemostcomprehensivebooksonmergersandacquisitions.Thetextcombines theories,valuationmodels,andreal-lifecasestogivebusinessstudentsanoverallinsightintotheM&Adeal process.Theup-to-datereal-lifeexamplesandcasesprovideopportunitiesforreaderstoexploreandapply theoriestoawidevarietyofscenariossuchascross-bordertransactions,highlylevereddeals,firmsinfinancial distress,andfamily-ownedbusinesses.Thechapteronrestructuringunderbankruptcyandliquidation,both insideandoutsidetheprotectionofbankruptcycourt,istimelyandmostusefulinlightoftoday’seconomic crisis.Overall,thisisanexcellentbookonmergers,acquisitions,andcorporaterestructuringactivities.” —Tao-HsienDollyKing,RushS.DicksonProfessorofFinance,AssociateProfessor,Department ofFinance,TheBelkCollegeofBusiness,UniversityofNorthCarolinaatCharlotte “Mergers,Acquisitions,andOtherRestructuringActivitiesisaninterestingandcomprehensivelookatthemost importantaspectsofM&Aandcorporaterestructuring—fromstrategicandregulatoryconsiderationsand M&Adeal processes,throughseveralchapterson M&Avaluationanddeal structuring,to othertypesof restructuringactivities.ItnotonlyprovidesaroadmapforM&Aandothercorporaterestructuringtransac- tions but also highlights key things to watch for. The book is clearly written with extensive but easy- to-followcaseexamplesandempiricalfindingsandcasestoillustratethepointsinthetext.Itisabookby anexpertforM&Ainstructorsandstudentsaswellaspractitioners.” —QiaoLui,FacultyofBusinessandEconomics,TheUniversityofHongKong “IamdelightedwithDonDePamphilis’Mergers,Acquisitions,andOtherRestructuringActivities,FifthEdition. Itisaclear,comprehensive,andthoroughdiscussionoftheissuesinvolvingallrestructuringactivities.Theuse ofmini-casesthroughouteachchapterbothhighlightsandclarifieskeyelementsofthedecision-makingpro- cess.Theend-of-chapterdiscussionquestionsideallycomplementedtheproblemsetquestionstochallenge readers’understandingofthecoveredconcepts.Iamimpressedwiththecurrentreflectionofmarketcondi- tionsthroughoutthetextandtheextentofthechangestoprovidegreaterunderstandingforstudents.Iexpect tofindthatstudentswillalsobeimpressedwiththeclarityandstructureofthetextwhenIintroducethenew- esteditiontomycourse.Irecommendthefiftheditiontoanyprofessorcoveringmergers,acquisitions,bank- ruptcies,orotherrestructuringtopicswhichcanbeusedwithspecificchapterstocoverlimitedtopics,orasa textwithacompletecourseonrestructurings.” —JohnF.Manley,ProfessorofFinance,HaganSchoolofBusiness,IonaCollege “MergersandAcquisitionscontinuetobeamongthepreferredcompetitiveoptionsavailabletocompanies seekingtogrowandprosperintherapidlychangingglobalbusinessscenario.Inthisnewupdatedandrevised fiftheditionofhispath-breakingbook,M&AexpertDr.DePamphilisillustrateshowmergers,acquisitions, andothermajorformsofrestructuringcanhelpacompanygrowandprosperinthehighlycomplexandcom- petitivecorporatetakeovermarketplace.Interspersedwithhighlyrelevantandup-to-dateM&Acasestudies coveringabroadrangeofindustriesarethemultifariousaspectsofcorporaterestructuringinanintegrated manneradoptingalucidstyle.Whileacademicresearchstudiesonthesubjecthavebeenincorporatedina coherentmanneratappropriateplacesinthebook,everyefforthasbeenmadebytheauthortodealwith theintricaciesofthesubjectbyofferingcomprehensivecoverageofthelatestmethodsandtechniquesadopted inmanagingM&Atransactionsingeneralandindealingwithbusinessvaluationsofbothpublicandprivate companiesinparticular. ThebookprovidespracticalwaysofdealingwithM&Aseveninaneconomicdownturn,withanexclusive chapteroncorporaterestructuringunderbankruptcyandliquidation.Withthegreatlyenlargedandup-to-date materialonvariedaspectsofthesubject,thebookprovidesaplethoraofreal-worldexamplesthat willgoalong wayinmakingthesubjecteasy,stimulating,andinterestingtoacademiciansandpractitionersalike.” —DonepudiPrasad,ICFAIBusinessSchool,Hyderabad,India “ProfessorDePamphilishasmadesignificant,important,andverytimelyupdatesinthisfiftheditionofhis text.HeincorporatescontemporaryeventssuchasthecreditcrunchandthelatestaccountingrulesintheWest plusM&Aissuesinemergingmarketswhichincludesfamilybusinesses.Healsoreaddressescorporategov- ernance,atopicthatwillbecomeincreasinglyimportantinbusinessschoolstheworldoverinM&A.Thistext has become, and will increasingly become, the definitive, comprehensive, and thorough reference on the subject.” —JeffreyV.Ramsbottom,VisitingProfessor,ChinaEuropeInternationalBusinessSchool,Shanghai “IthinkthefiftheditionofMergers,Acquisitions,andOtherRestructuringActivitiesdoesacomprehensivejobof coveringtheM&Afield.Asinthepreviousedition,thebookisdividedintofiveparts.Thesearelogicaland easytofollow,withaniceblendoftheory,empiricalresearchfindings,andpracticalissues.Iespeciallylike twochapters—thatonbankruptcyandliquidationisextremelyrelevantintoday’seconomicconditions,and thatonprivateequityandhedgefundsisinterestingbecauseM&Aactivitiesbytheseplayersarenotwell- documentedintheliterature.Overall,IbelievethatMBAstudentswillfindthebookusefulbothasatextbook inclassandasareferencebookforlateruse.” —RaghavendraRau,PurdueUniversityandBarclaysGlobalInvestors “Thisbookistrulyoutstandingamongtextbooksontakeovers,valuation,andcorporaterestructuringforsev- eralreasons:theDePamphilisbooknotonlygivesaveryup-to-dateoverviewoftherecentresearchfindings ontakeoversaroundtheworldbutalsooffersnearly100businesscasestudies.Thebooktreatsallthevaluation techniquesindepthandalsooffersmuchinstitutionaldetailonM&AandLBOtransactions.Notjusttakeover successesareanalyzedbutalsohowfinanciallydistressedcompaniesshouldberestructured.Inshort,the idealtextbookforanyM&Agraduatecourse.” —LucRenneboog,ProfessorofCorporateFinance,TilburgUniversity,TheNetherlands “ThefiftheditionofMergers,Acquisitions,andOtherRestructuringActivitiesbyProfessorDonaldDePamphilisis anexcellentbook.Amongitsmanystrengths,Icaneasilyidentifythreethatstandout.First,itisuptodate, coveringrecentknowledgepublishedinmostofacademicjournals.Second,itofferscomprehensivecoverage ofthesubjectmatter,includingchaptersontheU.S.institutional,legal,andaccountingenvironment;ontech- nicalaspects;valuationtechniques;andstrategicissues.Third,itispracticalbyincludingExcelspreadsheet modelsandalargenumberofrealcases.Thesethreeaspects,alongwiththelargenumberofend-of-chapter discussion and review questions, problems, and exercises, makethis book one of the best choices for the subject.” —NickolaosG.Travlos,TheKittyKyriacopoulosChairinFinanceandDean, ALBAGraduateBusinessSchool,Greece “Itisdifficulttoimaginethathisfourtheditioncouldbeimprovedupon,butDr.DePamphilishasdonejust that.Hislatesteditionisclearerandbetterorganized,andcontainsawealthofvitallyimportantnewmaterial forthesechallengingtimes.Iespeciallyrecommendthenewchapteronliquidationformembersofboardsof directorswhofaceextremecircumstances.Thisisaremarkablyusefulbookforreadersatanylevel—students, instructors,andcompanyexecutives,aswellasboardmembers.BravoDon!” —WesleyB.Truitt,AdjunctProfessor,SchoolofPublicPolicy,PepperdineUniversity “Thebookisanexcellentsourceforbothacademiciansandpractitioners.Inadditiontodetailedcases,itpro- videstoolscontributingtovaluecreationinM&A.AmustbookforanM&Acourse.” —VahapUysal,AssistantProfessorofFinance,PriceCollegeofBusiness,UniversityofOklahoma “Animpressivelydetailedoverviewofallaspectsofmergersandacquisitions.Numerousrecentcasestudies andexamplesconvincethereaderthatthematerialisveryrelevantintoday’sbusinessenvironment.” —TheoVermaelen,ProfessorofFinance,INSEAD This page intentionally left blank MERGERS, ACQUISITIONS, AND OTHER RESTRUCTURING ACTIVITIES AN INTEGRATED APPROACH TO PROCESS, TOOLS, CASES, AND SOLUTIONS SIXTH EDITION D M. D P , P .D. ONALD E AMPHILIS H CollegeofBusinessAdministration LoyolaMarymountUniversity LosAngeles,California AcademicPressisanimprintofElsevier 525BStreet,Suite1800,SanDiegoCA92101,USA 225WymanStreet,Waltham,MA02451,USA TheBoulevard,LangfordLane,Kidlington,Oxford,OX51GB,UK #2012ElsevierInc.Allrightsreserved. Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,electronic ormechanical,includingphotocopying,recording,oranyinformationstorageandretrievalsystem, withoutpermissioninwritingfromthePublisher.Detailsonhowtoseekpermission,further informationaboutthePublisher’spermissionspoliciesandourarrangementswithorganizations suchastheCopyrightClearanceCenterandtheCopyrightLicensingAgency,canbefoundatour website:www.elsevier.com/permissions. Thisbookandtheindividualcontributionscontainedinitareprotectedundercopyrightbythe Publisher(otherthanasmaybenotedherein). Notices Knowledgeandbestpracticeinthisfieldareconstantlychanging.Asnewresearchandexperience broadenourunderstanding,changesinresearchmethods,professionalpractices,ormedicaltreatment maybecomenecessary. Practitionersandresearchersmustalwaysrelyontheirownexperienceandknowledgeinevaluating andusinganyinformation,methods,compounds,orexperimentsdescribedherein.Inusingsuch informationormethodstheyshouldbemindfuloftheirownsafetyandthesafetyofothers,including partiesforwhomtheyhaveaprofessionalresponsibility. Tothefullestextentofthelaw,neitherthePublishernortheauthors,contributors,oreditorsassume anyliabilityforanyinjuryand/ordamagetopersonsorpropertyasamatterofproductsliability, negligenceorotherwise,orfromanyuseoroperationofanymethods,products,instructions,orideas containedinthematerialherein. LibraryofCongressCataloging-in-PublicationData DePamphilis,DonaldM. Mergers,acquisitions,andotherrestructuringactivities:anintegratedapproach toprocess,tools,cases,andsolutions/DonaldM.DePamphilis.–6thed. p. cm. Includesbibliographicalreferencesandindex. ISBN978-0-12-385485-8(alk.paper) 1.Organizationalchange—UnitedStates—Management. 2.Consolidationandmerger ofcorporations—United States—Management. 3.Corporatereorganizations—United States—Management.I.Title. HD58.8.D4672012 658.1’6–dc23 2011022347 BritishLibraryCataloguing-in-PublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary. ForinformationonallAcademicPresspublications, visitourwebsiteatwww.elsevierdirect.com PrintedintheUnitedStates 11 12 13 14 15 10 9 8 7 6 5 4 3 2 1 Iextend myheartfelt gratitudetomy wife, Cheryl,and mydaughter, Cara, withoutwhosepatienceand understandingthisbookcould nothave been completed, andto mybrother, Mel, without whose encouragement this book would never have been undertaken.
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