Customer Reviews

Mergers, Acquisitions, and Other Restructuring Activities, Third Edition (Academic Press Advanced Finance)

5 star:		(15)
4 star:		(1)
3 star:		(1)
2 star:		(0)
1 star:		(1)

 

 

I believe this book can be readily classified as best in class in terms of completeness, ease of reading, copious use of examples and business cases, inclusion of solutions to case studies in the book, writing style, and currentness.

I have been teaching corporate finance for a number of years. This is by far the best book on M&A that I have seen. My students have found it highly useable, as it doesn't presuppose an in-depth knowledge of accounting and finance as do other books on the subject. Moreover, while this book is extremely comprehensive, it is tied around a central theme which illustrates how the various activitie involved in an M&A transaction interact. The quality of the cases is also quite high. They are current, and they are inserted into the text at timely moments to illustrate key points. The author also displays an uncanny ability to explain complicated subjects in a clear, concise way without "dumbing it down" for the relatively sophisticated reader. Many of the case studies also come with solutions, so the reader, not having the expertise of the author, has some idea how to tackle the case. This also eliminates the need to buy a separate text with case studies or solutions to case studies found in the text used by the students.

Unlike some texts, the author is not consumed by a need to do a detailed discussion of the literature, resulting in page after page of torturous prose containing minutiae, much of which is contradictory and whose results are amazingly statistically insignificant. Mercifully, this author has discovered ways to illustrate key points and summarize key conclusions with recent academic studies. The text also provides an exhaustive listing of relevant literature.

This book is clearly for anyone who is serious about learning a complex and challenging subject such as M&A.

Unlike many business books, this book is written with both the student and professional in mind. The book really succeeds in putting together in a coherent way all the aspects of buying an selling businesses. This is a fresh, new approach that relies on plain talk, not theory, and numerous helpful examples to illustrate sometimes challenging concepts. It is the only book I have seen on the subject which views M&A as a process consisting of a series of interrelated, interative activities. Instead of asking the reader to learn abstract theories and wade through reams of numbers, the author uses contemporary short stories to instruct the reader in an enjoyable way. I also found that by providing solutions to many case studies that I was also able to gain additonal insight into the subject matter. While challenging, I especially enjoyed the book's closing chapter which consists of a lengthy business case illustrating the many aspects of the M&A process. The book includes much more than simply M&A. There are excellent discussions of alternative growth strategies and structures such as alliances and joint ventures. In addition, the book provides a comprehensive discussion of alternative restructuring strategies including spin-offs, equity carve-outs, bankrutpcy, etc. This book will go a long way in helping students, professionals, or simply those interested in the subject matter understand the sometmes arcane world of M&A and related topics.

This book contains so many of what must be considered recent pivotal transactions such as AOL and Time Warner, Pfizer and Warner Lambert, Exxon and Mobil, Travelers and Citicorp, etc. It also looks at interesting cross-border deals such as Allianz's purchase of Pimco, Vodafone and Mannesmann, and Daimler's acquisition of Chrysler. The book also addresses some interesting mergers of internet companies such as Excite and @Home. I loved the stimulating discussion of how Tyco and Allied Signal engaged in a game of chess over AMP, matching each others' moves tit for tat. Other recent high profile transactions are used to illustrate how companies can bolster their value through IPOs (e.g., United Parcel Services) and spin-offs (e.g., Hewlett-Packard's spin-off of Agilent). The book even discusses in detail the antitrust implications of the Microsoft case. All in all the book is a treasure chest of stories about highly news worthy deals, each of which is used to illustrate key elements of the M&A process.

This book is a one-stop shop for those interested in M&A. It covers all the relevant topics from how to develop a rigorous business plan appropriate to undertake an acquisition, to identifying and approaching target firms, to succesful negotiation, to planning and performing due dilgence, to planning and implementing successful integration, to financing the transaction. The book also addresses how to design effective takeover tactics and defenses. I was most impressed with the extent of the explanations about how to design and implement acquisition plans from a real world perspective. The author also addresses how to design effective takeover tactics and defenses. I also found the material on the M&A implications for governance very valuable.

The book is also very well documented. The extensive list of publications is very helpful for locating more articles and books on this exciting subject. I found the glossary of M&A terms among the most useful I've seen. It could be published as an M&A dictionary. The numerous case studies sprinkled throughtout the book are very helpful in demystifying the subject.

The CD included with the books contains a wealth of material often available on the internet for hundreds of dollars. The detailed M&A models and leveraged buyout models and due diligence question lists are available for customizing to meet your specific circumstances. I found the buyer due diligence question list in electronic form to be very valuable when it came time to making changes for my own needs The chapter outlines, study guides, and presentations also included on the CD are very helpful in internalizing the material. The CD also contains ansewrs to many case study questions and chapter questions.

All things considered, this book is a must have for anyone serious about learning the subject.

Unlike so many books on this subject, you do not have to be a Stanford MBA to understand the author. The writing is crisp, clear, and to the point. While the author covers a great deal of material, there is little wasted verbiage. The author does a good job of blending theory and practice in his writing, while drawing heavily on numerous academic studies to substantiate the points being made.

The book is chock full of lucid examples to illustrate ideas that are commonly used by investment bankers, brokers, and other analysts. I have read a number of finance books both in school and in my own practice which claim to discuss such challenging topics as M&A and this is one of the few that does an effective job. This book is clearly for the serious student, i.e., one who is interested in getting a solid grounding in the subject. Those looking for a passing acquaintance with the subject should stick with the trade press and the WSJ.

I found the book remarkable for its comprehensiveness, in-depth analysis of the subject matter, clarity, and rigor. Despite the complexity of the subject matter, the book remains quite user-friendly. Readers with a working knowledge of accounting and finance should find the book very helpful. This is the first book I have seen that covers all aspects of M&A using numerous examples and case studies to illustrate both process and application. This is one of the few books that provides up-to-date case studies with suggested solutions. The author also focuses on key elements of M&A not often covered in other texts on the subject such as the intricacies of deal structuring and the challenges of post-acquisition integration. While the book focuses on M&A, the author recognizes that M&A represents only one of many alternatives to improving a firm's competitive position by discussing joint ventures, alliances, licensing, etc., as alternatives to acquiring businesses. The author's conclusions are not based simply on conjecture or personal opinion but appear to be well grounded in theory and supported by the latest academic research presented in each chapter.

This book is among the best I've read on the subject...and I have read more than I care to admit. So many books on the subject attempt to "sell" the author's approach or philosophy without providing much documentation or empirical support. Others simply are promoting their consulting practice and opinions based on a few examples. For those of us that have actually done deals rather than simply read about them, we can appreciate the fact that no single formulaic approach to developing and implementing an acquisition strategy works in all cases, i.e., a prescription for disaster.

This book suggests that the author understands how deals are really done. This book takes a holistic view, recognizing that decisions in one area impact other aspects of the deal. Ideas have been thoroughly researched (i.e., they are consistent with my own experience). This book takes a complex subject and makes it understandable by usine numerous examples and tons of recent actual transactions. I found the chapters on analyzing private companies, takeover strategies, antitakover defenses, putting eals together, LBOs, and integration extremely compelling and useful. The chapter on M&A regulatory considerations is the clearest I've have seen on the subject. The final chapter is a business case that in a highly readable way explains how all aspects of a transaction fit together. This book is for those who really want to understand the subject. It is not for those looking for a simple recipe that purports to fit all situations.

This book has the depth, breadth, and rigor of a college textbook without the formality. Remarkable in its coverage, this book succeeds in explaining tough ideas through easy prose and numerous examples. Suitable for students, professionals, or simply those with an interest in a truely fascinating subject. This book is definite five star quality. However, I would have liked to see more coverage of cross-border transactions. While there are some European transactions discussed, it would have been helpful to cover more in a broader range of geographic areas.

This is one of those books that I wish I had written. As an experienced deal maker, I know what works and what doesn't. This book explains from a highly practical perspective the "art and science" of the deal. The author clearly has done his share of transactions in terms of his ability to capture the dynamic nature of the deal structuring and acquisition process. The author, as the chess master, goes through the development of alternative deal structures and strategies designed to consummate the deal. The process of offers and counter-offers is illustrated in a delightful and comprehensive case study at the end of the book.

The book is written with a fluid style that brings what for most are very difficult concepts to life in a readily understandable yet rigorous way. The author's nummerous insights are documented through references to recent academic and practitioner studies and illustrated by using recent case studies. I find the author's frequent use of brief studies of transactions to illustrate his current point very enlightening.

This book is far more than a reference or textbook; it is the reader's ticket to learning how to do deals and implement corporate restructuring activities. The book abounds with numerical and non-numerical examples to illustrate how to do things. The CD included with the text is easily worth the price of the book in that it provides numerous complex deal structuring and valuation M&A and LBO models. The CD also contains a wealth of other information including question lists for conducting due diligence and solutions to case study questions and problems contained in the text.

Yes, I wish I had written this book. But, then, those things are best left to those who can.

A winning approach to introducing and explaining complex M&A problems...great source of information on regulation, policy issues, and trends...successfully integrates the legal, financial, operational, accounting, and human aspects of M&A...full of excellent case studies and easily understandable examples...very useful chapter on valuation including many topics not covered in other books on this subject...don't have to be a Ph.D. in finance to understand what is going on...written in an entertaining yet highly readable way...great integrative case at the end of the book that illustrates much of what is discussed throughout the book...I'm considering using this as my primary textbook in my MBA corporate restructuring class.