Mergers, Acquisitions, and Corporate Restructurings [Hardcover]

Patrick A. Gaughan (Author)

Book Description

Publication Date: August 30, 1999 | ISBN-10: 0471316709 | ISBN-13: 978-0471316701 | Edition: 2

The most comprehensive guide to today's leading corporate restructuring techniques Mergers and acquisitions have been regarded as two of today's most important tools used by successfully competitive corporations in redefining the changing global landscape of business. Following up on his groundbreaking book, winner of the Book of the Year Award in its category from the Association of American Publishers, author and business valuations expert Patrick Gaughan illustrates how mergers, acquisitions, and other vital forms of restructuring can work for your company. Packed with helpful advice and proven strategies, Mergers, Acquisitions, and Corporate Restructurings, Second Edition:
* Explains virtually every type of corporate restructuring, including mergers and acquisitions, divestitures, reorganizations, joint ventures, leveraged buyouts, and more
* Offers comprehensive coverage of the latest methods of business valuations for both public and private companies
* Looks at the key strategies and motivating factors that can arise during the course of restructurings
* Analyzes and incorporates necessary legal, economic, and corporate finance considerations
* Examines the latest case studies and research findings in the field
* Presents the best offensive and defensive practices for hostile takeovers

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

As the corporate world changes at a breathtaking pace in the 1990s, companies increasingly look to mergers, acquisitions, and corporate restructurings to meet the growing demands of this changing environment. Unlike many of the bust-up highly leveraged deals of the 1980s, today's deals are the product of corporate strategies that managers hope will result in more profitable growth opportunities for the participants. In Mergers, Acquisitions, and Corporate Restructurings, Second Edition, the author behind the trailblazing book that won the Book of the Year Award in its category from the Association of American Publishers returns with a fresh look at the current state of growth and development in the art of mergers and acquisitions in corporate America. Combining a historical focus with a review of the laws that govern the game, Patrick Gaughan explains how each form works in simple terms that business managers can understand, while demonstrating how to cinch the complexities of corporate restructurings. As a practical and comprehensive reference, this book focuses on nearly every type of corporate restructuring available today. From mergers and acquisitions, to divestitures and joint ventures, to leveraged buyouts and re-capitalizations-this book covers it all. Throughout the text can be found the latest research and completely updated case studies in the field, which analyze and explain not only the financial aspects of these transactions, but the economic, legal, tax, and regulatory considerations as well. Dr. Gaughan takes an expert look at the motives that inspire mergers and acquisitions, along with the offensive and defensive tactics of hostile acquisitions, by analyzing the various methods which can be used to initiate a hostile takeover, and how to thwart them. He explains these methods from both management and shareholder viewpoints, with an emphasis on shareholder impact through a review of the wealth effects of these different tactics. This edition also reexamines the value restructurings available for a new generation of companies, and thoroughly explains specific techniques used to value both public and closely held businesses. In addition, readers will appreciate the timeliness and easy-to-understand manner of the many charts and tables. Competing within the global marketplace today requires a precise understanding of the ins and outs of corporate restructuring, their effects on your business, and how best to navigate their complexities. Mergers, Acquisitions, and Corporate Restructurings, Second Edition offers the perfect map.

See all Editorial Reviews

Product Details

• Hardcover: 648 pages
• Publisher: Wiley; 2 edition (August 30, 1999)
• Language: English
• ISBN-10: 0471316709
• ISBN-13: 978-0471316701
• Product Dimensions: 10 x 6.9 x 1.7 inches
• Shipping Weight: 3 pounds
• Average Customer Review: 4.1 out of 5 stars  See all reviews (15 customer reviews)
• Amazon Best Sellers Rank: #2,835,878 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!