Customer Reviews

Applied Mergers and Acquisitions (Wiley Finance)

5 star:		(13)
4 star:		(0)
3 star:		(2)
2 star:		(0)
1 star:		(1)

 

 

This book is by far the best on M&A. To understand what makes this book the best, it is necessary to understand what a comprehensive book on M&A should have and how other books on the market stack up on required content:
1) A discussion of the legal framework in M&A
2) The Strategic case for M&A - Why M&A as opposed to Organic growth strategies
3) The importance of Due Diligence - Why, What, How
4) Synergies - Types, estimation
5) Valuation for M&A - DCF, Multiples, Break-up, LBO, etc.
6) Accounting (Investor Perception) issues - Accretion, Dilution
7) Structuring the Transaction - Cash vs. Stock, Earnouts, Taxation issues
8) Pitfalls and how to avoid them - Overpayment, Thinking like an investor, etc.

This is the only one on the market that does justice to all topics. Other books on the market have an exclusive focus on one or two issues. For instance, Arzac's book is the most comprehensive valuation guide available but is weak on issues like due diligence. Gaughan's book has all the legal procedures and forms that one would need to know about but is has next to nothing on valuation. Marren's book is outdated and full of spreadsheets with almost next to nothing on other topics. DePamphilis' book is weak on valuation but covers many of the other topics. Books by Reed & Lajoux cover Structuring, Taxation, Due Diligence in separate volumes and in that sense they are discontinuous.

This book puts all topics together and provides a very good treatment of each. The book may not be the best for Valuation alone or for Structuring alone but it is a great one-point reference on all topics. It has very good bibliography and those who want to delve deeper can always pick up the specialized books.

For some reason, however, I never got the CD with my purchase and therefore, please check before you buy.

I found the book a good overview of M&A, but it was a bit on the theoretical side. While Bruner is generally a good writer, the 1000+ page tome can sometimes become a bit suffocating. Moreover, the book presumes a considerable knowledge of finance to really understand the content. Nonetheless, I think at $50 bucks, it is a good buy. Other books I have found highly readable on the subject include Mergers and Acquisitions by Depamphilis (3rd edition) and Arzac's Valuation (1st edition). Both of these books come with very helpful software.

very nice overview on MnA. Good introduction and provides references for those who wanna dig into specific topics.

However, this is a general overview for a wide range of MnA topics, you will not gain a specific expertise from this book.

For me, the most useful way of learning a topic like MnA is by actually looking at spreadsheets and exhibits instead of reading bunge of writings. This book has many nice exhibits/tables to demonstrate the calculations, so after the reading, I can look at the exhibits/spreadsheets to see if I understand how the numbers are calculated.

this should be the first read, arzac should be followed up to gain a more solid background in valuation.

No comments on the CDROM, I didn't buy it.

After attending an executive program in mergers and acquisitions, I decided to purchase this book after reviewing a variety of books on the subject. I also own Arzac's book, but it is only applicable to valuation.

This book is simply the best text on M&A and it has served as a nice supplament to program that I attended. Between the program and reading this book, I now feel like I am an expert on the subject.

Arzac's book on valuation provides the final topping on the subject manner.

Very complete but not a "how to.." guide.
A great and thought provoking resource.
Should be on every investment banker book shelf

Truly an essential reference for M&A. I found the book incredibly helpful in assessing M&As for future value. The case studies particularly helpful. Every executive should read this book.

Applied Mergers and Acquisitions is an excellent and very readable book on the subject of M&A written by a knowledgeable author who has been in the trenches. From the basics of this field to the technical details of mergers and acquisitions, this book can serve as a handy reference guide to M&A for every practitioner "who always wanted to know more about M&A but was afraid to ask."

Comprehensive M&A reference
getAbstract suspects that this comprehensive text by Robert F. Bruner, one of the leading academic authorities on mergers and acquisitions (M&A), will prove nearly indispensable to any student or executive seeking a thorough introduction to the subject. Much of what has been written about M&A reflects a bias toward or against deals, oversimplifies, ignores important facts or promotes the business of an advisory firm. Bruner, however, addresses M&A with both scholarly objectivity and an appreciation for practical realities. His discussion of whether M&A deals on the whole create or destroy value raises points that seem to have eluded the attention of many economists. At the same time, he is quite aware of the limits of economic analysis, and gives appropriate emphasis to psychological and behavioral dimensions.

This is a great text for anyone interested in M&A. It gives an incredible amount of detail on the "nuts and bolts". Also includes lots of real world case studies.

I had this book for my M&A class at an elite university. The instructor who recommended the book to be taught in the class was a CEO of company. He made and reviewed plenty of M&A deals. I have to tell you he made the right recommendation.

This book is very practical, easy to read and to follow; it provides examples of real deals. I loved it.