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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      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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