Efnisyfirlit

• Contents
• Preface
• Chapter 1: Merger Growth Strategy
  • Strategy and M&A
  • Introduction to M&A
  • Background and Terminology
  • Hostile Takeovers
  • Takeover Defense
  • Leveraged Transactions
  • Restructurings
  • Trends in Mergers
  • Notes
• Chapter 2: Growth through Mergers and Acquisitions
  • Is Growth or Increased Return the More Appropriate Goal? The Case of Hewlett-Packard
  • M&A Must Fit the Strategy—Not the Other Way Around
  • Strategy Should Not Be Just M&A
  • Organic Growth or Growth through M&A
  • Acquisition and Development versus Research and Development
  • Can M&A Be Effectively Used to Buy Growth?
  • Success in Core Business Does Not Always Translate to Success with M&A Strategy: Focus on Microsoft
  • Growth through Bolt-On Acquisitions
  • Knowing When to Exit a Business
  • From Growth through M&A to Growth through Organic Expansion
  • Controlling the Runaway Dealmaker CEO
  • Using M&A to Achieve Growth in a Slow-Growth Industry
  • Squeezing Out Growth in a Slow-Growth Industry Using Multiple Options
  • Dealing with a Slow-Growth Business and Industry
  • Geographical Expansion through M&A
  • International Growth and Cross-Border Acquisitions
  • Taking Advantage of Currency Fluctuations to Pursue High-Growth M&A
  • Finding Growth in High-Growth Markets
  • Cyclical Companies Achieving Growth in Recessed Markets
  • Notes
• Chapter 3: Synergy
  • What Is Synergy in the Context of M&A?
  • Achievement of Synergy: A Probabilistic Event
  • Types of Synergy
    • Revenue-Enhancing Operating Synergy
    • Cost - Reducing Operating Synergies
  • Industries’ Pursuit of Cost Economies
  • Research on Operating Economies in M&A
  • Economies of Scope
  • Scope Economies and the One-Stop Shop
  • Copycat Following of Another Firm’s Foolish M&A Strategy
  • Cost Economies in Banking Mergers: United States versus Europe
  • Internationalization Theory of Synergy and Information-Based Assets
    • Synergy and Acquisition Premiums
    • Financial Synergy
    • Financial Synergy and Acquisitions Followed by Divestitures
  • Notes
• Chapter 4: Diversfication
  • Diversifying M&A in the Conglomerate Era
  • Modern-Day U.S. Conglomerates
  • Portfolios of Companies
  • Theoretical Basis for Diversification
  • Applying Portfolio Theory to Conglomerates?
  • Diversification and the Acquisition of Leading Industry Positions
  • Achieving a Number One or Two Ranking Is Not a Panacea
  • Diversification to Enter More Profitable Industries
  • Empirical Evidence on Diversification
  • Empirical Evidence on the Acquisition Programs of the 1960s
  • How Likely Is It That Diversifying Acquisitions Will End Up Being Sold Off?
  • Is There a Diversification Discount?
  • Focus Hypothesis
  • Types of Focus Increases
  • Focus-Increasing Asset Sales Raise Value
  • Explanation for the Diversification Discount
  • Related versus Unrelated Diversification
  • Why Are Very Diversified Companies Allowed to Form? Beware of the Empire Builders
  • Do Managerial Agendas Drive M&A?
  • Notes
• Chapter 5: Horizontal Integration and M&A
  • Advantages of Holding the One and Two Position in the Industry
  • Benefits of Size: Spotlight on the Mobile Telecommunications Industry
  • Motivation to Increase Size
  • Competitive Pressures of Competitors’ M&A Program
  • Horizontal Deals: Acquisitions of Competitors and Their Competing Brands
  • Sprint–Nextel Horizontal Deal: One of the Worst in M&A History
  • Declining Industry Demand Necessitating Industry Consolidation
  • Synergistic Gains and Horizontal M&A
  • Net Benefits of Horizontal Deals = Synergistic Gains – (Easy to Measure Costs + Hard to Measure Co
  • Horizontal Merger Success, Target’s Size, and Post-M&A Integration Costs
  • Mergers of Equals
  • Mergers of Equals and Challenges of Integration
  • Mergers-of-Equals Research: Acquirers versus Target Gains
  • Competitive Advantages of Horizontal Deals: Case Study—InBev and Anheuser-Busch
  • Regulatory Concerns on Merger Integration
  • Horizontal M&A and Market Power: An Economic Perspective
  • Empirical Evidence on Whether Firms Pursue M&A to Achieve Market Power
  • Countervailing Power, Industry Concentration, and M&A
  • Horizontal Integration, Consolidation, and Roll-Up Acquisition Programs
  • Notes
• Chapter 6: Vertical Integration
  • Benefits of Vertical Integration
  • Risk and Vertical Integration
  • Vertical Integration as a Path to Global Growth
  • How Owning Your Own Supplier Can Be a Competitive Disadvantage
  • Vertical Integration as a Natural Outgrowth of a Business
  • Vertical Integration: A Growth Strategy?
  • Continually Reevaluating a Vertical Integration Strategy
  • Regulation of Vertical Integration
  • Copycat Vertical Integration
  • Note
• Chapter 7: Growth through Emerging Market M&A
  • Economic Condition of Major Economies in the Postsubprime World
  • Low-Growth Markets’ Diminishing Returns
  • Role of Demographics
  • The Next 11
  • M&A Is Not Always the Best Way of Accessing High-Growth Markets
  • High-Growth Regions and Countries
    • Asia
    • India
    • Australia
    • Central and South America
    • Central and Eastern Europe
    • Africa
  • Risks of Emerging Markets
  • Entering Large Slow-Growth Markets Instead of Fast-Growth Emerging Markets
  • Reducing Country M&A Risk: Investing in Local Companies That Engage in Substantial Emerging Market M
  • Finding Growth in High-Growth Markets
  • Emerging Market Acquirer
  • China and Its Emerging Market Acquirers
  • Notes
• Chapter 8: Joint Ventures and Strategic Alliances as M&A Alternatives
  • Contracts versus Joint Ventures
  • Potential Problems with Joint Ventures and Strategic Alliances
  • Shareholder Wealth Effects of Joint Ventures
  • Shareholder Wealth Effects by Type of Venture
  • Relatedness and Size
  • Market’s Assessment of Risk of Joint Ventures
  • Strategic Alliances
  • Strategic Alliance Process
  • Shareholder Wealth Effects of Strategic Alliances
  • Shareholder Wealth Effects by Type of Alliance
  • Notes
• Chapter 9: Role of Corporate Governance in M&A
  • Agency Cost Problem
  • CEO Compensation and Agency Costs
  • Do Shareholders Get Value for the High Compensation Paid to U.S. CEOS?
  • Board Characteristics and CEO Compensation
  • Benchmarking and How Boards Determine CEO Compensation
  • Are the High Paid Superstar CEOs Simply Worth the Money? Not
  • Are CEOs Paid for Luck?
  • CEO Compensation and M&A Programs
  • Do Boards Pay CEOs for DoingM&A?
  • Do Boards Punish CEOs for Doing Bad M&As? Case of Rio Tinto
  • Golden Parachutes and M&A
  • CEO Severance Payments
  • Are CEOs Evaluating M&A by Thinking, “What’s in It for Me?”
  • CEO Overconfidence and M&A
  • Are Overconfident CEOs Good for Anything?
  • Management Compensation and Post-Acquisition Performance
  • Role of the Board of Directors
    • Director Independence
    • Busy Directors
    • Interlocked Boards
    • Board Size
  • CEO Tenure, Board Composition, and the Disciplinary Effects of Takeovers
  • Antitakeover Measures
  • Corporate Governance and the Divestiture Decision
  • Notes
• Chapter 10: Downsizing: Reversing the Error
  • Analyzing the Strategic Fit of a Business Unit
  • Market Conditions
  • Regulatory Concerns
  • Divestiture Likelihood and Prior Acquisitions
  • Another Option: Equity Carve Out
  • Another Option: Spinoff
  • Spinoff or Equity Carve Out: Which Option Is Better?
  • Another Option: Split-Off
  • Tax Effects
  • Shareholder Wealth Effects of Selloffs
  • Round Trip Wealth Effects
  • Spinoffs as a Means of Increasing Focus
  • Differences in Types of Focus Increases
  • Shareholder Wealth Effects of Spinoffs: United States versus Europe
  • Corporate Governance and Selloffs
  • Managerial Ownership and Selloff Gains
  • Activists and Selloffs
  • Market Liquidity and the Decision to Sell a Unit
  • Involuntary Selloffs
  • Voluntary/Involuntary Selloffs
  • Voluntary Defensive Selloffs
  • Tracking Stocks
  • More Drastic Solutions: Voluntary Bust-Ups
  • Recent Major Exceptions to Positive Shareholder Wealth Effects of Selloffs
  • Notes
• Chapter 11: Valuation and Merger Strategy
  • Financial versus Nonfinancial Buyers
  • Target and Bidder Valuation Effects
  • What Types of Acquiring Firms Tend to Perform the Poorest?
  • Premiums
  • Historical Trends in Merger Premiums
  • Stock Market Activity and Merger Premiums
  • Stock Market–Driven Acquisitions
  • Determinants of Acquisition Premiums
  • Premiums from Strategic Mergers
  • Hubris and Merger Premiums
  • Early Research
  • Later Research
  • Winner’s Curse Hypothesis of Takeovers
  • Campeau’s Mega-Bust
  • Research on Winner’s Curse of Takeover Contests
  • Market Performance, Valuation, and Takeover Probability
  • Deal Size and Shareholder Wealth
  • Valuation Analysis and Source of the Flaws in Bad Deals
  • Comments of the Residual Value
  • Free Cash Flows
  • Cost Cutting and Historical Free Cash Flows
  • Growth Rate for Projection
  • Capitalization Rates and the Exit Multiple
  • Discount Rate
  • Whose Capital Costs Are We Measuring?
  • Using the Build-Up Method
  • Short-Term Interest Rate Trends
  • Using Comparables
  • Public versus Private Acquirers
  • Public versus Private Sellers
  • Notes
• About the Author
• Index

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