Mergers, Acquisitions, and Corporate Restructurings, 3rd Edition [Hardcover]

Patrick A. Gaughan (Author)

Book Description

Publication Date: 2002 | ISBN-10: 0471121967 | ISBN-13: 978-0471121961 | Edition: 3

A classic work completely updated and revised
Corporate restructurings are again a powerful business reality in the early 00s. Now, the definitive source and bestselling guide to the ins-and-outs of the subject, the new Mergers, Acquisitions, and Corporate Restructurings, Third Edition explains how each form of restructuring works and the laws governing them, as well as insights on which form of restructuring is most beneficial, illustrated with numerous case studies examining mergers within the United States and internationally. An ideal manual on meeting the business challenges of today, this book provides a fresh new look at mergers, acquisitions, and other corporate restructuring practices now in use, describing how and when each can be used to revitalize and supercharge companies.

Editorial Reviews

From the Publisher

This trailblazing book re-examines the value restructurings offer in building a new generation of companies with the power and resources to compete on a global basis. Pragmatic and comprehensive, it focuses on all the types of corporate restructurings available today such as M&As, divestitures, joint ventures, leveraged buyouts, and recapitalizations. The author uses the latest research and case studies in the field to analyze and explain not only the financial aspects of these transactions but the economic, legal, tax, and regulatory considerations as well. --This text refers to an out of print or unavailable edition of this title.

From the Inside Flap

In today's global economy, companies increasingly look to mergers, acquisitions, and corporate restructurings to meet the growing demands of a changing environment. Whether undertaken to speed growth, increase market share, or to realize synergistic benefits, managers pursue deals in the hope of more profitable growth opportunities for the participants.

In this updated and revised Third Edition of the book that won the Book of the Year Award in its category from the Association of American Publishers, the author takes a fresh look at the latest trends in the art of mergers and acquisitions, both in America and abroad. Combining a historical focus with a review of the current laws that govern the game, Patrick Gaughan explains the tactics and mechanics of mergers and acquisitions in simple terms, while demonstrating how to manage the complexities of corporate restructurings.

As a practical and comprehensive reference, this book focuses on nearly every type of corporate restructuring in use today. From mergers and acquisitions, to divestitures and joint ventures, to leveraged buyouts and recapitalizations-this book covers it all. Updated with the latest research and recent case studies in the field, Gaughan analyzes and explains not only the financial aspects of these transactions, but the economic, legal, tax, and regulatory considerations as well. He offers an expert, international look at the motives that inspire mergers and acquisitions, along with the best offensive and defensive tactics for undertaking or thwarting hostile takeovers. He explains these methods from both management and shareholder viewpoints, emphasizing shareholder impact through a review of the wealth effects of different tactics.

This updated Third Edition also reexamines the value restructurings available for the new generation of companies, and thoroughly explains specific techniques used to value both public and closely held businesses. In addition, readers will appreciate the many timely and easy-to-understand charts and tables included in the text. Competing in the global marketplace requires a precise understanding of the ins and outs of corporate restructurings, their effects on your business, and how best to navigate their complexities. Mergers, Acquisitions, and Corporate Restructurings, Third Edition offers the perfect map for the informed corporate manager.

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Product Details

• Hardcover: 648 pages
• Publisher: Wiley; 3 edition (2002)
• Language: English
• ISBN-10: 0471121967
• ISBN-13: 978-0471121961
• Product Dimensions: 9.9 x 7.1 x 2.1 inches
• Shipping Weight: 2.7 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (15 customer reviews)
• Amazon Best Sellers Rank: #1,426,725 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

75 of 78 people found the following review helpful:

2.0 out of 5 stars Weak sister to other John Wiley Classics, February 25, 2001

By 

salfregen (Chicago) - See all my reviews

This review is from: Mergers, Acquisitions, and Corporate Restructurings (Hardcover)

As a graduate professor who teaches several course on M&A, I've chosen two other efforts from publisher John Wiley for this year's curriculum over Pat Gaughan's updated version of his old book. Jeffrey Hooke's "Practical Guide to Doing the Deal" covers most of the same material in a more interesting style and "Winning at Mergers & Acquisitions" shows my students how all of this applies to the real world. Mark Clemente & David Greenspan, authors of "Winning at M&A", helped my students to understand the business rationale behind deals and brought to light many of the reasons so many corporate combinations fail. In addition, the juicy chapters on strategy, due diligence and culture and a whole section on integration best practices -- I feel -- will prepare serious readers on the topic and students of business alike for the M&A challenges that actually exist in corporate America today. Case studies and testaments on what works and what doesn't from corporate VPs and CEOs involved in mergers and acquisitions make "Winning at M&A" the core content I've already added to next year's syllabus. As for John Wiley's reprinting of Gaughan's book, they probably should have asked Hooke and Gaughan to collaborate on an updated version rather than publish two versions of the same manuscript.

24 of 25 people found the following review helpful:

3.0 out of 5 stars Good but incomplete, March 27, 2002

By A Customer

This review is from: Mergers, Acquisitions, and Corporate Restructurings, 3rd Edition (Hardcover)

On the whole this is a good book for someone looking to get an overview of M and A. It is well written and reasonably well organized, with an interesting discussion of recent transactions and trends. However, the book continues to suffer from some of the problems in earlier editions. It omits subjects that one would expect to find in an effective M and A textbook. These include integration, alternative strategies to M and A such as JVs, a discussion of how acquisitions support business strategies, how target companies can be identified, target firm contact strategies, etc., how to conduct due diligence, how to build M and A financial models, negotiation strategies, sophisticated valuation methods, etc. There are a number of other books which do a much better job in addressing these areas rather than providing an overview of industry trends, etc. Examples of such books include Fred Weston's M&A (the brief edition) and Donald Depamphilis (?) book Mergers, Acquisitions, and other Restructuring. There are books on this subject that are gems, however, Gaughan's isn't' one of them.

25 of 27 people found the following review helpful:

5.0 out of 5 stars Excellent, concise, pratical M&A + Corp Restructuring guide, July 31, 1999

By A Customer

This review is from: Mergers, Acquisitions, and Corporate Restructurings (Hardcover)

Mergers, Acquisitions and Corporate Restructuring provides informative context and key formulae for both the practitioner and lay-person without ad nauseum details. Patrick Gaughan highlights corporate finance resolutions to business strategy and organization challenges in relevent business cases providing insight to successful transactions. Significantly more readable and concise than McKinsey Consulting's Valuations tome, yet covers similar material. It's not surprising that this book won the Book of the Year Award in its category from the Association of American Publishers. Congrats (and thank you) to Patrick Gaughan!