The Art of Capital Restructuring: Creating Shareholder Value through Mergers and Acquisitions PDF
Preview The Art of Capital Restructuring: Creating Shareholder Value through Mergers and Acquisitions
P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton THE ART OF CAPITAL RESTRUCTURING P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. The series is projected to include approximately65volumescoveringallmajortopicsandspecializationsinfinance, rangingfrominvestments,tocorporatefinance,tofinancialinstitutions.Eachvol- umeintheKolbSeriesinFinanceconsistsofnewarticlesespeciallywrittenforthe volume. Each volume is edited by a specialist in a particular area of finance, who devel- ops the volume outline and commissions articles by the world’s experts in that particularfieldoffinance.Eachvolumeincludesaneditor’sintroductionandap- proximately thirty articles to fully describe the current state of financial research andpracticeinaparticularareaoffinance. Theessaysineachvolumeareintendedforpracticingfinanceprofessionals,grad- uatestudents,andadvancedundergraduatestudents.Thegoalofeachvolumeis toencapsulatethecurrentstateofknowledgeinaparticularareaoffinancesothat thereadercanquicklyachieveamasteryofthatspecialareaoffinance. Please visit www.wiley.com/go/kolbseries to learn about recent and forthcoming titlesintheKolbSeries. P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton THE ART OF CAPITAL RESTRUCTURING Creating Shareholder Value through Mergers and Acquisitions H. Kent Baker Halil Kiymaz TheRobertW.KolbSeriesinFinance JohnWiley&Sons,Inc. P1: OTA/XYZ P2: ABC JWBT448-fm JWBT448-Baker April 8, 2011 8:14 Printer Name: Hamilton Copyright (cid:2)c 2011 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. 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ISBN978-0-470-56951-1(cloth);ISBN978-1-11803035-6(ebk);ISBN978-1-11803033-2 (ebk);ISBN978-1-11803034-9(ebk) 1.Consolidationandmergerofcorporations. 2.Corporatereorganizations. 3.Corporategovernance. 4.Corporations–Valuation. I.Baker,H.Kent(HaroldKent), 1944– II.Kiymaz,Halil,1964– HG4028.M4A782011 658.1’62 2010047236 PrintedintheUnitedStatesofAmerica 10 9 8 7 6 5 4 3 2 1 P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton Contents Acknowledgments ix 1 Mergers,Acquisitions,andCorporateRestructuring: AnOverview 1 H.KentBakerandHalilKiymaz PART I Background 2 MergerWaves 17 JarradHarford 3 TakeoverRegulation 39 MarinaMartynovaandLucRenneboog 4 CorporateGovernanceandM&As 57 FeiXie 5 EthicalandSocialIssuesinM&As 71 RobertW.McGee 6 TheoreticalIssuesonMergers,Acquisitions, andDivestitures 87 AbdulH.Rahman 7 TheShort-TermandLong-TermPerformanceofM&As 105 ShantanuDuttaandSamirSaadi PART II Valuation 8 StandardValuation MethodsforM&As 127 PabloFernandez v P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton vi Contents 9 RealOptionsandTheirImpactonM&As 151 HemanthaHerathandJohnS.JaheraJr. 10 TheLawandFinanceofControlPremiums andMinorityDiscounts 169 HelenBowers 11 Cross-BorderValuationEffectsinDeveloped andEmergingMarkets 185 WenjieChen PART III The M&A Deal Process 12 SourcesofFinancingandMeans ofPaymentinM&As 205 MarinaMartynovaandLucRenneboog 13 CulturalDueDiligence 223 RonaldF.PiccoloandMaryBardes 14 NegotiationProcess,BargainingArea, andContingentPayments 243 WilliamA.Grimm 15 MergerNegotiations:TakeoverProcess,Selling Procedure,andDealInitiation 261 NihatAktasandEricdeBodt 16 PostacquisitionPlanningandIntegration 281 OlimpiaMeglioandArturoCapasso 17 OrganizationalandHumanResource IssuesinM&As 297 SiddharthaS.Brahma PART IV Takeovers and Behavioral Effects 18 TakeoverStrategies 323 Shailendra(Shail)Pandit 19 DefensiveStrategiesin Takeovers 339 ChristianRauchandMarkWahrenburg P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton CONTENTS vii 20 TheImpactofRestructuringonBondholders 359 LucRenneboogandPeterG.Szilagyi 21 BehavioralEffectsinM&As 385 JensHagendorff PART V Recapitalization and Restructuring 22 FinancialRestructuring 401 OtgontsetsegErhemjamtsandKartikRaman 23 GoingPrivateandLeveragedBuyouts 419 OnurBayar 24 InternationalTakeoversandRestructuring 437 RitaBiswas PART VI Special Topics 25 JointVenturesandStrategicAlliances: AlternativestoM&As 461 TomasManteconandJamesA.Conover 26 FairnessOpinionsinM&As 483 StevenM.Davidoff,AnilK.Makhija,andRajeshP.Narayanan 27 HowInitialPublicOfferingsAffectM&AMarkets: TheDualTrackingPhenomenon 495 RobertoRagozzinoandJeffreyJ.Reuer 28 TheDiversificationDiscount 511 SeoungpilAhn 29 PartialAcquisitions:MotivationandConsequences onFirmPerformance 527 PengchengZhuandShantanuDutta AnswerstoEnd-of-ChapterDiscussionQuestions 545 Index 581 P1:OTA/XYZ P2:ABC JWBT448-fm JWBT448-Baker April8,2011 8:14 PrinterName:Hamilton
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