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Informationen zum Autor PATRICK GAUGHAN, PhD, is President of Economatrix Research Associates, Inc., and Professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He performs business valuations for mergers and corporate restructurings, and serves as a consultant for several Fortune 500 companies. He has authored numerous articles and books, including Mergers, Acquisitions, and Corporate Restructurings (published by Wiley), which was named the Association of American Publishers Best Book of the Year in Accounting for 1996. Klappentext A powerful guide for seeking out the best acquisition and merger targetsAs increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these M&As will go bad. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. It provides a complete road map for what potential buyers should look for when picking a target and what characteristics of sellers they should steer clear of, as well as pitfalls to avoid during the M&A process. Real-world examples are provided of high-profile failures-Quaker Oats, United Airlines, Sears, and Mattel-and high-profile successes-General Electric and Cisco.Patrick A. Gaughan (New York, NY) is President of Economatrix Research Associates and a professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He is actively engaged in the practice of business valuations for mergers and acquisitions, as well as other related applications. Zusammenfassung As increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these transactions can go wrong. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. Inhaltsverzeichnis Preface. Chapter 1: Introduction to Mergers and Acquisitions. Background and Terminology. Merger Process. Economic Classifications of Mergers and Acquisitions. Regulatory Framework of Mergers and Acquisitions. Antitrust Laws. State Corporation Laws. Hostile Takeovers. Takeover Defense. Leveraged Transactions. Restructurings. Reasoning for Mergers and Acquisitions. Trends in Mergers. Conclusion. Case Study: Lessons from the Failures of the Fourth Merger Wave. Chapter 2: Merger Strategy: Why Do Firms Merge? Growth. Examples of Growth as an Inappropriate Goal. Using M&As to Achieve Growth. M&As in a Slow-Growth Industry as a Way to Achieve Growth. Synergy. Merger Gains: Operating Synergy or Revenue Enhancements-Case of Banking Industry. Industry Clustering. Deregulation. Improved Management Hypothesis. Hubris Hypothesis of Takeovers. Winner's Curse and the Hubris Hypothesis. Cross-Industry Deals and Hubris. Diversification and CEO Compensation. Diversification that Does Seem to Work Better: Related Diversification. Merging to Achieve Greater Market Power. Do Firms Really Merge to Achieve Market Power? Merging to Achieve the Benefits of Vertical Integration. Special Cases of Mergers Motivated by Specific Needs. Conclusion. Case Study: Vivendi. Chapter 3: Merger Success Research. Criteria for Defining Merger Success Using Research Studies. Takeover Premiums and Control. Initial Comment on Merger Research Studies. Research Studies. Mergers of Equals: Acquirers versus Target Gains. Firm Size and Acquisition Gains. Long-Term Research Studies. Long- versus Short-Ter...
