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Ⅰ THE MERGERS AND ACQUISITIONS ENVIRONMENT6

1.An Introduction to Mergers，Acquisitions，and Other Restructuring Activities6

Inside Mergers and Acquisitions：PC Maker Lenovo Moves to Diversify Its Core Business6

Chapter Overview8

Why M＆As Happen8

Historical Developments in M＆As17

Understanding Corporate Restructuring Activities20

Alternative Takeover Strategies24

The Role of Holding Companies in M＆As26

The Role of Employee Stock Ownership Plans（ESOPs）in M＆As27

Business Alliances as Alternatives to M＆As27

Participants in the M＆A Process28

The Implications of M＆As for Shareholders，Bondholders，and Society35

Some Things to Remember42

Chapter Discussion Questions42

Case Study：Microsoft Acquires Nokia44

Additional Case Study Recommendations48

2.The Regulatory Environment50

Inside Mergers and Acquisitions：Gaining Regulatory Approval Often Requires Concessions by Merger Partners50

Chapter Overview51

Understanding Federal Securities Laws52

Understanding Antitrust Legislation61

The Implications for M＆A of the Dodd—Frank Wall Street Reform and Consumer Protection Act69

State Regulations Affecting M＆As70

Restrictions on Direct Foreign Investment in the United States74

The U.S.Foreign Corrupt Practices Act74

Fair Disclosure（Regulation FD）75

Specific Industry Regulations76

Environmental Laws77

Labor and Benefit Laws78

Cross-Border Transactions78

Some Things to Remember79

Chapter Discussion Questions80

Case Study：Regulators Approve Merger81

Additional Case Study Recommendations86

3.The Corporate Takeover Market88

Inside Mergers and Acquisitions：Clothiers Men’s Wearhouse and Jos.A.Bank Reach Agreement After Lengthy Battle88

Chapter Overview90

Corporate Governance91

Understanding Alternative Takeover Tactics98

Other Tactical Considerations103

Developing a Bidding Strategy104

Activist Investors：Gaining Influence Without Control106

Understanding Alternative Takeover Defenses108

The Impact of Takeover Defenses on Shareholder Value120

Some Things to Remember123

Chapter Discussion Questions124

Case Study：Dell Goes Private125

Additional Case Study Recommendations131

Ⅱ THE MERGERS AND ACQUISITIONS PROCESS：PHASES 1—10138

4.Planning：Developing Business and Acquisition Plans138

Inside Mergers and Acquisitions：Consolidation in the Supermarket Industry138

Chapter Overview139

The Role of Planning in M＆As140

The Merger and Acquisition Process141

Phase 1：Building the Business Plan142

The Business Plan as a Communication Document158

Phase 2：Building the Merger-Acquisition Implementation Plan160

Some Things to Remember164

Chapter Discussion Questions164

Case Study：Facebook Buys Whatsapp166

Additional Case Study Recommendations171

5.Implementation：Search Through ClosingInside M＆A：When Patience Pays—Signet Jewelers to Buy Zales174

Chapter Overview175

Phase 3：The Search Process175

Phase 4：The Screening Process178

Phase 5：First Contact179

Phase 6：Negotiation183

Phase 7：Developing the Integration Plan191

Phase 8：Closing193

Phase 9：Implementing Postclosing Integration197

Phase 10：Conducting a Postclosing Evaluation198

Some Things to Remember199

Chapter Discussion Questions200

Case Study：Google’s Foray Into Device Makers201

Additional Case Study Recommendations206

6.Postclosing Integration210

Inside Mergers and Acquisitions：The Challenges of Airline Integration210

Chapter Overview212

The Role of Integration in Successful M＆As212

Integration Is a Process，Not an Event215

Integrating Business Alliances229

Integrating Family Owned Firms230

Some Things to Remember231

Chapter Discussion Questions231

Case Study：Has Procter ＆Gamble Fully Recovered232

Additional Case Study Recommendations236

Ⅲ MERGERS AND ACQUISITIONS VALUATION AND MODELING240

7.Mergers and Acquisitions Cash Flow Valuation Basics240

Inside M＆A：Valuation Methodologies，Fairness Opinions，and Verizon’s Buyout of Vodafone’s Share of Verizon Wireless240

Chapter Overview241

Estimating Required Financial Returns241

Risk Assessment247

Calculating Free Cash Flows251

Applying Discounted Cash Flow Methods254

Using the Enterprise Method to Estimate Equity Value261

Valuing Nonoperating Assets266

Putting It All Together268

Some Things to Remember268

Chapter Discussion Questions272

Practice Problems and Answers272

Case Study：Hewlett-Packard Outbids Dell276

Additional Case Study Recommendations278

8.Relative，Asset-Oriented，and Real Option Valuation Basics280

Inside Mergers and Acquisitions：China’s CNOOC Acquires Canadian Oil and Gas Producer Nexen Inc.280

Chapter Overview281

Relative Valuation Methods281

Asset-Oriented Methods291

The Weighted Average Valuation Method296

Adjusting Valuation Estimates for Purchase Price Premiums296

Real Options Analysis297

Determining When to Use the Different Approaches to Valuation307

Some Things to Remember307

Chapter Discussion Questions307

Practice Problems and Answers309

Case Study：Valuing The Twitter IPO312

Additional Case Study Recommendations315

9.Financial Modeling Basics318

Inside Mergers and Acquisitions：The Role of Financial Models in Executive Decision Making318

Chapter Overview319

What Is Financial Modeling？319

Financial Modeling Data Requirements320

Common Financial Model Linkages322

Key Steps in the Valuation Process324

Model Balancing Mechanism338

Data Sources338

Managing the Model344

Some Things to Remember344

Chapter Discussion Questions345

Practice Problems and Answers345

Case Study：Life Technologies Undertakes a Strategic Review346

Additional Case Study Recommendations355

10.Analysis and Valuation of Privately Held Firms358

Inside M＆A：Privately Owned La Boulange Cafe＆Bakery Goes Nationwide358

Chapter Overview359

What Are Privately Held Companies？360

Governance Issues361

Challenges of Valuing Privately Held Companies361

Process for Valuing Privately Held Businesses363

Step 1：Adjusting Financial Statements363

Step 2：Applying Valuation Methodologies to Privately Held Companies369

Step 3：Developing Discount Rates371

Step 4：Applying Control Premiums，Liquidity，and Minority Discounts377

Reverse Mergers384

Using Leveraged ESOPs to Buy Private Companies385

Empirical Studies of Shareholder Returns386

Some Things to Remember387

Chapter Discussion Questions387

Practice Problems and Answers388

Case Study：STK Steakhouse Chain Goes Public389

Additional Case Study Recommendations394

Ⅳ DEAL STRUCTURING AND FINANCING STRATEGIES398

11.Structuring the Deal398

Inside Mergers and Acquisitions：Illustrating Bidding Strategies——Apollo’s Takeover of CEC Entertainment398

Chapter Overview400

The Deal Structuring Process400

Form of Acquisition Vehicle and Postclosing Organization403

Legal Form of the Selling Entity405

Form of Payment405

Managing Risk and Reaching Consensus on Purchase Price409

Constructing Collar Arrangements414

Form of Acquisition416

Some Things to Remember426

Chapter Discussion Questions426

Case Study：T -Mobile and MetroPCS Complete Merger427

Additional Case Study Recommendations433

12.Structuring the Deal436

Inside M＆A：Johnson ＆ Johnson Uses Financial Engineering to Acquire Synthes Corporation436

Chapter Overview437

Alternative Tax Structures437

Taxable Transactions437

Tax-Free Transactions441

Other Tax Considerations Affecting Corporate Restructuring447

Financial Reporting of Business Combinations451

Impact of Purchase Accounting on Business Combinations453

Recapitalization（“Recap”）Accounting458

Some Things to Remember459

Chapter Discussion Questions460

Practice Problems and Answers460

Case Study：Softbank Places a Big Bet461

Additional Case Study Recommendations467

13.Financing the DealInside M＆A：Verizon Finances Its $130 Billion Buyout of Vodafone’s Stake in Verizon Wireless470

Chapter Overview471

How Are M＆A Transactions Commonly Financed？472

What Is the Role of Private Equity，Hedge，and Venture Capital Funds in Deal Financing？477

LBOs as Financing Strategies483

What Factors Are Critical to Successful LBOs？489

How Do LBOs Create Value？492

Common LBO Deal and Capital Structures496

Some Things to Remember500

Chapter Discussion Questions500

Case Study：Berkshire Hathaway and 3G Buy Heinz501

Additional Case Study Recommendations504

14.Applying Financial Models506

Inside Mergers and Acquisitions：Comcast Bids for Time Warner Cable——Evaluating Proposals and Counterproposals506

Chapter Overview508

Understanding and Applying M＆A Financial Models510

M＆A Models：Stock Purchases515

M＆A Model：Asset Purchase537

Quantifying Synergy539

Things to Remember541

Chapter Discussion Questions541

Practice Problems and Answers543

Case Study：Thermo Fisher Acquires Life Technologies546

Additional Case Study Recommendations551

Appendix A：Debt Repayment Schedule，Convertible Securities，Interest Rates，and Betas551

Ⅴ ALTERNATIVE BUSINESS AND RESTRUCTURING STRATEGIES558

15.Business Alliances558

Inside Mergers and Acquisitions：Coke Moves from the Vending Machine into the “In-Home” Market558

Chapter Overview559

Motivations for Business Alliances561

What Makes Business Alliances Successful？565

Alternative Legal Forms of Business Alliances567

Strategic and Operational Plans575

Resolving Business Alliance Deal Structuring Issues575

Empirical Findings584

Some Things to Remember585

Chapter Discussion Questions586

Case Study：Comcast Completes the Takeover of NBCUniversal587

Additional Case Study Recommendations590

16.Alternative Exit and Restructuring Strategies592

Inside M＆A：General Electric Downsizes Its Financial Services Unit592

Chapter Overview593

Why Do Firms Exit Businesses？594

Divestitures597

Spin-Offs604

Equity Carve-Outs607

Split-Offs and Split-Ups609

Tracking，Targeted，and Letter Stocks611

Comparing Alternative Exit and Restructuring Strategies612

Choosing Among Divestiture，Carve-Out，and Spin-Off Restructuring Strategies613

Determinants of Returns to Shareholders Resulting from Restructuring Strategies614

Some Things to Remember622

Chapter Discussion Questions622

Case Study：Anatomy of a Spin-Off623

Additional Case Study Recommendations626

17.Alternative Exit and Restructuring Strategies628

Inside M＆A：American Airlines Emerges from the Protection of Bankruptcy Court628

Chapter Overview630

Business Failure631

Voluntary Settlements Outside of Bankruptcy632

Reorganization and Liquidation in Bankruptcy634

Alternative Options for Failing Firms643

The Increasing Role of Hedge Funds in the Bankruptcy Process645

Failing Firms and Systemic Risk646

Predicting Corporate Default and Bankruptcy647

Empirical Studies of Financial Distress650

Some Things to Remember652

Chapter Discussion Questions652

Case Study：Hostess Brands Liquidates in Bankruptcy653

Additional Case Study Recommendations657

18.Cross-Border Mergers and Acquisitions660

Inside Mergers and Acquisitions：European Mobile Phone and Cable Industry Shows Signs of Consolidation660

Chapter Overview662

Globally Integrated Markets Versus Segmented Capital Markets662

Motives for International Expansion663

Common International Market Entry Strategies666

Structuring Cross-Border Deals667

Financing Cross-Border Deals670

Planning and Implementing Cross-Border Transactions in Emerging Countries671

How Are Cross-Border Transactions Valued？672

Empirical Studies of Cross-Border Transactions686

Some Things to Remember688

Chapter Discussion Questions689

Case Study：Actavis Buys Forest Labs689

Additional Case Study：Recommendations692

References693

Glossary723

Index731