Read more
Informationen zum Autor Kerstin Dodel (Munich, Germany) is VP at Duff & Phelps GmbH, having held former posts at Deutsche Bank and Credit Suisse First Boston. She is on the Board of the German CFA Society and lectures at their professional events on a regular basis. Klappentext A comprehensive guide to the changing face of valuation in private firm M&A transactionsBased on the author's extensive professional experience as well as her rigorous academic research, this book describes a more sensible approach to using discounts in private company valuations and provides readers with a deeper appreciation for the need to weigh a much broader range of influences on value in the M&A process. Does the idiosyncrasy of family-owned business influence transaction multiples? What of regional market differences and differing market environments over time? How do you estimate the influence of the subprime on the transaction process? With the help of fascinating case studies drawn from an eclectic array of M&A transactions, including a beauty contest, author Kerstin Dodel answers those and other central questions about the M&A process. Among other things, she vividly demonstrates that the ultimate price paid in such a transaction reflects not only a target company's unique characteristics, but the varying motivations and expectations of each of the participants within the context of a competitive M&A process.* Dodel has an extensive background in the profession and her research draws upon rigorous scholarship and her years of working at Credit Suisse First Boston, Deutsche Bank, and other leading global financial institutions* Emphasis is given to the post credit crunch environment, and responding to regulators' increasing rejection of over-simplified procedures for firm valuation Zusammenfassung A guide to the changing face of valuation in private firm M&A transactions. Based on the author's professional experience, it describes a sensible approach to using discounts in private company valuations and provides readers with an appreciation for the need to weigh a broader range of influences on value in the M&A process. Inhaltsverzeichnis List of Exhibits ix Preface xiii 1 Introduction 1 1.1 Private Firms - Setting out their Stall 2 1.1.1 Introduction to SMEs in Different Countries 2 1.1.2 Introduction to Family Firms in Different Countries 3 1.2 The Relation Between the Two Dimensions of Private Firms 5 1.3 A Note on Germany and the German Mittelstand 5 1.3.1 Mittelstand vs. Family Firm 6 1.3.2 Mittelstand vs. SME 7 2 The M&A Transaction with Private Firms - A Process Analysis 9 2.1 The M&A Transaction - the Process and Important Elements 10 2.1.1 Preparation Phase 11 2.1.2 Marketing Phase 11 2.1.3 Due Diligence Phase 12 2.1.4 Negotiation Phase 13 2.2 Question 1: Which Factors Influence the M&A Process and the Transaction Price Paid? 14 2.2.1 The Seller - Disposal Motives 14 2.2.2 The Bidder - Acquisition Motives 16 2.2.3 Competition 16 2.2.4 Transaction Charges 18 2.2.5 Trust 18 2.3 Question 2: Which Factors May Play an Additional Role when the Target is an Independent Private Firm? 20 2.4 Question 3: How Can the Influence Factors be Analyzed - Setting the Model 24 2.4.1 Methodology 25 2.4.2 Data Set 29 2.5 Study Results 29 2.5.1 The Seller - Disposal Motives 32 2.5.2 The Bidder - Acquisition Motives 35 2.5.3 Competition 36 2.5.4 Transaction Charges 38 2.5.5 Trust in the Respective Counterparts 40 2.5.6 Study Results - Summary of Findings 45 2.6 Study Assessment 47 2.6.1 Limitations of the Study 48 2.7 Relationship Between the Study, Valuation Concepts and the Control Premium Discussion 49 Appendix A Measurement of Facto...
