Muutke küpsiste eelistusi

E-raamat: Mergers and Acquisitions - A Condensed Practitioner's Guide: A Condensed Practitioner's Guide [Wiley Online]

(Bentley College; Babson College; University of Maine)
  • Formaat: 320 pages
  • Ilmumisaeg: 24-Oct-2008
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 111920318X
  • ISBN-13: 9781119203186
Teised raamatud teemal:
  • Wiley Online
  • Hind: 74,01 €*
  • * hind, mis tagab piiramatu üheaegsete kasutajate arvuga ligipääsu piiramatuks ajaks
Mergers and Acquisitions - A Condensed Practitioner's Guide: A Condensed Practitioner's GuideSuurem pilt
  • Formaat: 320 pages
  • Ilmumisaeg: 24-Oct-2008
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 111920318X
  • ISBN-13: 9781119203186
Teised raamatud teemal:
Wiley Online e-raamatudRohkem infot Wiley Online kohta
Raamatu kodulehekülg: https://onlinelibrary.wiley.com/doi/book/10.1002/9781119203186
Accounting expert Steven Bragg equips you with a working knowledge of the complete M&A process throughout Mergers and Acquisitions: A Condensed Practitioner's Guide, with comprehensive, reader-friendly, and straightforward advice on principal business terms, as well as the due diligence process, the customary contractual provisions, legal background, and how-to's applicable to business acquisitions. Destined to become a well-thumbed addition to every manager's library, this essential guide addresses the entire acquisition process with pragmatic information that will serve you as an excellent reference whether you are a novice or expert acquirer.
Preface xiii
About the Author xvii
Free On-Line Resources by Steven Bragg xix
1. The Acquisition Process
1
Why We Acquire
1
Why a Target Sells
5
Acquisition Strategy
7
The Basic Acquisition Process Flow
10
The Auction Process Flow
18
Locating and Culling Acquisition Targets
21
The Optimal Target Size
25
Evaluate Acquisition Targets with Alliances
26
Acquisition Risks for the Buyer—Valuation
28
Acquisition Risks for the Buyer—Legal
29
Acquisition Risks for the Seller
31
Acquisition Follow-Up Activities
32
The Hostile Takeover
33
Defending Against a Hostile Takeover
35
Summary
39
2. Key Participants
41
The Acquisition Team
41
Attorneys
42
Board of Directors
43
Brokers
44
The Chief Executive Officer
46
Investment Bankers
47
Investor and Public Relations
48
Lenders
50
Line Managers
51
Specialist Consultants
52
Players in Hostile Takeovers
53
Integration Team
54
Summary
54
3. Valuing an Acquisition Target
57
Alternative Valuation Methods
57
The Control Premium
65
Synergy Gains
65
The Discounted Cash Flow (DCF) Model
66
Constructing Cash Flow Scenarios
69
Cash Flow Adjusting Factors
71
The Earnout
74
Qualitative Factors
75
Which Valuation Method is Best?
77
The Method of Payment
78
Summary
82
4. The Term Sheet
83
Reasons for Using a Term Sheet
83
Components of a Term Sheet
85
Summary
92
5. Due Diligence
93
Due Diligence Team Staffing
93
Due Diligence Interviews
95
Due Diligence—Overview
96
Due Diligence—Market Overview
99
Due Diligence—Culture
101
Due Diligence—Personnel
102
Due Diligence—Intellectual Property
106
Due Diligence—Brands
107
Due Diligence—Risk Management
109
Due Diligence—Capacity
110
Due Diligence—Assets
113
Due Diligence—Liabilities
116
Due Diligence—Equity
119
Due Diligence—Profitability
120
Due Diligence—Cash Flow
124
Due Diligence—Customers
126
Due Diligence—Product Development
128
Due Diligence—Production Process
130
Due Diligence—Information Technology
132
Due Diligence—Legal Issues
132
Due Diligence for a Business Segment
136
Due Diligence—Forecasts
137
Due Diligence—Missing Information
138
Complexity Analysis
139
Due Diligence—Red Flags
140
Due Diligence—Seller's Perspective
143
Due Diligence—Documentation
144
Summary
146
6. The Purchase Agreement
147
Components of a Purchase Agreement
147
The Merger Section
148
The Letter of Transmittal Section
153
The Representations and Warranties Section—Seller
154
The Representations and Warranties Section—Buyer
162
The Survival of Representations and Warranties Section
163
The Conduct of Business Section
165
The Additional Agreements Section
165
The Closing Section
167
The Termination Prior to Closing Section
168
The Supporting Documents Section
169
Exhibits
170
The Seller Disclosure Schedule
170
The Closing Memorandum
171
Special Clauses
173
Post-Closing Activities
177
Negotiating the Purchase Agreement
178
Mechanics of the Close
179
Summary
180
7. The Acquisition Integration Process
181
Integration Timing
181
Integration Planning
182
Synergy Realization
186
The Integration Manager
192
The Integration Team
195
Integration Communications—Internal
196
Integration Communications—External
198
Anger Management
199
Progress Reporting—External
200
Cultural Issues
201
Employee Integration—Qualification Assessment
205
Employee Integration—Job Positioning
206
Employee Integration—Relocations
208
Employee Integration—Key Employees
209
Employee Integration—Founders
212
Employee Integration—Unions
213
Layoffs
214
Compensation Integration
215
Sales Integration
217
Process Integration
219
Technology Integration
220
Controls Integration
221
Board Integration
222
Integration Metrics
222
Integration Pacing
224
Summary
225
8. Accounting for Acquisitions
227
Purchase Price Allocation
227
Fair Value Determination
228
Intangibles Identification
229
Duplicative Assets and Assets Targeted for Disposition
233
Example of the Accounting for an Acquisition (with Goodwill)
233
Example of the Accounting for an Acquisition (with no Goodwill)
237
Initial Goodwill Impairment Testing
239
Ongoing Goodwill Impairment Testing
241
Example of Goodwill Impairment Testing
242
Timing of Annual Goodwill Impairment Testing
245
Push-Down Accounting
245
Summary
249
9. Types of Acquisitions
251
The Tax Implications of a Acquisition
251
The Asset Acquisition
253
The Type "A" Reorganization
255
The Type "B" Reorganization
256
The Type "C" Reorganization
257
The Type "D" Reorganization
258
The Triangular Merger
260
The Reverse Triangular Merger
260
The All-Cash Acquisition
261
Appraisal Rights
261
Summary
262
10. Government Regulation 265
Anti-Trust Regulations
265
International Anti-Trust Regulations
268
Environmental Regulations
269
Summary
271
Appendix A: Due Diligence Checklist 273
Index 291
Steven M. Bragg, CPA, CMA, CIA, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in economics from the University of Maine. He has been the two-time president of the Colorado Mountain Club, is an avid alpine skier and mountain biker, and is a certified master diver. Mr. Bragg resides in Centennial, Colorado. He is also the author of Accounting Best Practices and Accounting Policies and Procedures Manual (both published by Wiley).
Püsilink: https://www.kriso.ee/db/9781119203186_pe.html
Märksõnad: