Description

Book Synopsis
The most up-to-date guide on making the right capital restructuring moves

The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm.

The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations.

  • Emphasizes best practices that lead to M&A success
  • Contains i

    Table of Contents

    Acknowledgments ix

    1 Mergers, Acquisitions, and Corporate Restructuring: An Overview 1
    H. Kent Baker and Halil Kiymaz

    Part I Background

    2 Merger Waves 17
    Jarrad Harford

    3 Takeover Regulation 39
    Marina Martynova and Luc Renneboog

    4 Corporate Governance and M&As 57
    Fei Xie

    5 Ethical and Social Issues in M&As 71
    Robert W. McGee

    6 Theoretical Issues on Mergers, Acquisitions, and Divestitures 87
    Abdul H. Rahman

    7 The Short-Term and Long-Term Performance of M&As 105
    Shantanu Dutta and Samir Saadi

    Part II Valuation

    8 Standard Valuation Methods for M&As 127
    Pablo Fernandez

    9 Real Options and Their Impact on M&As 151
    Hemantha Herath and John S. Jahera Jr.

    10 The Law and Finance of Control Premiums and Minority Discounts 169
    Helen Bowers

    11 Cross-Border Valuation Effects in Developed and Emerging Markets 185
    Wenjie Chen

    Part III the M&A Deal Process

    12 Sources of Financing and Means of Payment in M&As 205
    Marina Martynova and Luc Renneboog

    13 Cultural Due Diligence 223
    Ronald F. Piccolo and Mary Bardes

    14 Negotiation Process, Bargaining Area, and Contingent Payments 243
    William A. Grimm

    15 Merger Negotiations: Takeover Process, Selling Procedure, and Deal Initiation 261
    Nihat Aktas and Eric de Bodt

    16 Postacquisition Planning and Integration 281
    Olimpia Meglio and Arturo Capasso

    17 Organizational and Human Resource Issues in M&As 297
    Siddhartha S. Brahma

    Part IV Takeovers and Behavioral Effects

    18 Takeover Strategies 323
    Shailendra (Shail) Pandit

    19 Defensive Strategies in Takeovers 339
    Christian Rauch and Mark Wahrenburg

    20 The Impact of Restructuring on Bondholders 359
    Luc Renneboog and Peter G. Szilagyi

    21 Behavioral Effects in M&As 385
    Jens Hagendorff

    Part V Recapitalization and Restructuring

    22 Financial Restructuring 401
    Otgontsetseg Erhemjamts and Kartik Raman

    23 Going Private and Leveraged Buyouts 419
    Onur Bayar

    24 International Takeovers and Restructuring 437
    Rita Biswas

    Part VI Special Topics

    25 Joint Ventures and Strategic Alliances: Alternatives to M&As 461
    Tomas Mantecon and James A. Conover

    26 Fairness Opinions in M&As 483
    Steven M. Davidoff, Anil K. Makhija, and Rajesh P. Narayanan

    27 How Initial Public Offerings Affect M&A Markets: The Dual Tracking Phenomenon 495
    Roberto Ragozzino and Jeffrey J. Reuer

    28 The Diversification Discount 511
    Seoungpil Ahn

    29 Partial Acquisitions: Motivation and Consequences on Firm Performance 527
    Pengcheng Zhu and Shantanu Dutta

    Answers to End-of-Chapter Discussion Questions 545

    Index 581

The Art of Capital Restructuring

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A Hardback by H. Kent Baker, Halil Kiymaz

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    View other formats and editions of The Art of Capital Restructuring by H. Kent Baker

    Publisher: John Wiley & Sons Inc
    Publication Date: 10/06/2011
    ISBN13: 9780470569511, 978-0470569511
    ISBN10: 0470569514
    Also in:
    Economics of industrial organization Finance and accounting Takeovers, mergers and buy-outs

    Description

    Book Synopsis
    The most up-to-date guide on making the right capital restructuring moves

    The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm.

    The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations.

    • Emphasizes best practices that lead to M&A success
    • Contains i

      Table of Contents

      Acknowledgments ix

      1 Mergers, Acquisitions, and Corporate Restructuring: An Overview 1
      H. Kent Baker and Halil Kiymaz

      Part I Background

      2 Merger Waves 17
      Jarrad Harford

      3 Takeover Regulation 39
      Marina Martynova and Luc Renneboog

      4 Corporate Governance and M&As 57
      Fei Xie

      5 Ethical and Social Issues in M&As 71
      Robert W. McGee

      6 Theoretical Issues on Mergers, Acquisitions, and Divestitures 87
      Abdul H. Rahman

      7 The Short-Term and Long-Term Performance of M&As 105
      Shantanu Dutta and Samir Saadi

      Part II Valuation

      8 Standard Valuation Methods for M&As 127
      Pablo Fernandez

      9 Real Options and Their Impact on M&As 151
      Hemantha Herath and John S. Jahera Jr.

      10 The Law and Finance of Control Premiums and Minority Discounts 169
      Helen Bowers

      11 Cross-Border Valuation Effects in Developed and Emerging Markets 185
      Wenjie Chen

      Part III the M&A Deal Process

      12 Sources of Financing and Means of Payment in M&As 205
      Marina Martynova and Luc Renneboog

      13 Cultural Due Diligence 223
      Ronald F. Piccolo and Mary Bardes

      14 Negotiation Process, Bargaining Area, and Contingent Payments 243
      William A. Grimm

      15 Merger Negotiations: Takeover Process, Selling Procedure, and Deal Initiation 261
      Nihat Aktas and Eric de Bodt

      16 Postacquisition Planning and Integration 281
      Olimpia Meglio and Arturo Capasso

      17 Organizational and Human Resource Issues in M&As 297
      Siddhartha S. Brahma

      Part IV Takeovers and Behavioral Effects

      18 Takeover Strategies 323
      Shailendra (Shail) Pandit

      19 Defensive Strategies in Takeovers 339
      Christian Rauch and Mark Wahrenburg

      20 The Impact of Restructuring on Bondholders 359
      Luc Renneboog and Peter G. Szilagyi

      21 Behavioral Effects in M&As 385
      Jens Hagendorff

      Part V Recapitalization and Restructuring

      22 Financial Restructuring 401
      Otgontsetseg Erhemjamts and Kartik Raman

      23 Going Private and Leveraged Buyouts 419
      Onur Bayar

      24 International Takeovers and Restructuring 437
      Rita Biswas

      Part VI Special Topics

      25 Joint Ventures and Strategic Alliances: Alternatives to M&As 461
      Tomas Mantecon and James A. Conover

      26 Fairness Opinions in M&As 483
      Steven M. Davidoff, Anil K. Makhija, and Rajesh P. Narayanan

      27 How Initial Public Offerings Affect M&A Markets: The Dual Tracking Phenomenon 495
      Roberto Ragozzino and Jeffrey J. Reuer

      28 The Diversification Discount 511
      Seoungpil Ahn

      29 Partial Acquisitions: Motivation and Consequences on Firm Performance 527
      Pengcheng Zhu and Shantanu Dutta

      Answers to End-of-Chapter Discussion Questions 545

      Index 581

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