Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition: An Integrated Approach to Process, Tools, Cases, and Solutions (Academic Press Advanced Finance) [Hardcover]

Donald DePamphilis (Author)

Book Description

Publication Date: September 9, 2009 | ISBN-10: 012374878X | ISBN-13: 978-0123748782 | Edition: 5

In the 5th edition of this well-known text, Dr. DePamphilis explains the real world of mergers, acquisitions, and restructuring based on his academic knowledge and personal experiences with over 30 such deals himself. The CDROM and password-protected website for students is unique in enabling students to download and customize content. Important enhancements unique to the fifth edition: all 99 cases involve real-life deals made or announced within the last 5 years, extensive discussions of all current valuation techniques and their strengths and weaknesses, cross-border transactions analyzed and explained in detail, tax and legal issues covered comprehensively. Student Resource CDROM contains with hundreds of practice problems in interactive tests providing immediate feedback and solutions, chapter outlines, and selected case study solutions. Complete on-line instructor's manual completely updated as well including test bank with hundreds of questions not provided to students, in multiple choice, true false and essay format and all with answers, case study questions and solutions, ppt slides for each lecture, and many other instructor resources. Instructors can load the test bank into their institutions LMS for randomized and scoring tests.

INSTRUCTORS MANUAL
Extensive instructor support material is available on our Elsevier textbooks.com password protected website:

Section 1: Chapter PowerPoint lecture slides. (Note that the Student Resources CDROM accompanying the text contains an identical set of slides.)

Section 2: Test Bank/Solution Set (More than 1500)

? Chapter Learning Objectives/Outcomes (i.e., what the instructor hopes students will master upon completion of each chapter)

? Answers to End of Chapter Discussion Questions

? Solutions to End of Chapter Business Cases

? Solutions to End of Chapter Practice Problems for Chapters 7 and 8

? Examination Questions and Answers:
--True/False
--Multiple Choice
--Short Essay Questions (The author also recommends using end of chapter Discussion Questions
for this purpose)

Section 3: Example Syllabi for teaching the course at various levels:
Undergraduate
advanced undergraduate
MBA and Masters in Finance

Section 4: Examples of Excellent Student Papers
a. Sony Acquires MGM in a Cash for Stock Deal
1. Sony Business Plan
2. Sales by Business Segment __2
3. Sales by Business Segment
4. LTD Analysis
5. Final Financials
b. Lionshare Equity's LBO of Plumtree
1. Revised Model for Plumtree
2. LBO Business Plan
c. K2 Acquires Fotoball in a Stock for Stock Deal
1. K2 Fotoball Worksheet
d. CCF Acquires CPK in a Cash and Stock for Stock Deal
1. Title and Executive Summary
2. Final Version
3. CPK Final Valuation Model
PLUS:
Over 1,500 Question Interactive Test Bank with Multiple Choice Questions and True or False Questions using the Elsevier Learning Interactions Library. Instructors can download these flash files, place them on their university's Learning Management System and students can take the test online. The Test Bank in concert with the LMS enables randomized testing as well. If the university allows for content posting to the LMS, students will be able to post these files without additional instruction.
These tests are are SCORM compliant, so the tests will be automatically scored and scorse can be returned to the LMS for the instructor's review.

STUDENT RESOURCES CDROM INCLUDED WITH THE BOOK
Contents:
1. Acquirer Due Diligence Question List
2. Excel-Based Mergers and Acquisitions Valuation and Structuring Model
3. Excel-Based Leveraged Buyout Valuation and Structuring Model
4. Excel-Based Real Options Valuation Model
5. PowerPoint Slides for each chapter
6. Chapter Summaries
7. Acquisition Process: The Gee Whiz Media Case Study (including discussion
questions and solutions)
8. Examples of Agreements of Purchase and Sale for Asset and Stock Purchases
9. 2005 MCI-Verizon Merger Agreement (actual agreement)
10. Supernormal Growth Model Valuation Example
PLUS:
Interactive Practice Tests using the Elsevier Learning Interactions Library with
Over 750 questions:
--True/False
--Multiple Choice
All run using Flash, and provide immediate feedback on correct answer if answered wrong, and are randomized and timed.



Focuses on the REAL WORLD, not just theory. The 99 case studies span every industry and dozens of countries and show how deals are done rather than just the theory behind them. All cases fully updated for this edition. Cases all involve transactions that have occurred or been announced within the past 3-5 years. All cases have questions and problems and solutions for the instructors on protected website.

Dozens of excel-based models of valuation, cash flows and other key financial aspects of M&A decisionmaking are provided on the Student Resources CDROM. These are all interactive and can be downloaded and customized by the students or within the context of practice cases and tests with instructor provided data. The Interactive Learning Library puts the learning tools into the students hands to they can learn in their way on their time.

Extensive updating and enhanced content provided on reorganization, bankruptcy, and liquidation issues both inside and outside of bankruptcy court

Editorial Reviews

Review

"This is a truly comprehensive text and does a wonderful job at supplying the underlying motives and theory as well as the critical "in practice" elements that many books lack. It spans all types of M&A and restructuring transactions and covers all the relevant knowledge from the academic research to the practical legal, accounting, and regulatory details. The book is up-to-date and teaches the state of the art techniques used today. The book contains numerous cases and spreadsheet support that enables the reader to put into practice everything that is covered. The combination of great writing and active case learning make this book the best I have seen in the M&A and restructuring arena."
--Matthew T. Billett, Associate Professor of Finance, Henry B Tippie Research Fellow, University of Iowa

"I am happy to recommend the 5th edition of Mergers, Acquisitions, and Other Restructuring Activities. Having used prior editions of Don DePamphilis' text, I can affirm that the newest edition builds on a firm foundation of coverage, real-world examples, and readability. My students have consistently responded favorably to prior editions of the book. In the newest edition, I was delighted to discover that Don is expanding his coverage of family-owned businesses, already a strength in his earlier editions that were distinguished by their coverage of the valuation of privately-held businesses. Additional attention is paid to restructuring, bankruptcy, and liquidation as well as risk management, which are clearly topics of interest to every business person in today's economic climate."
--Kent Hickman, Professor of Finance, Gonzaga University, WA

"This new edition is one of the most comprehensive books on mergers and acquisitions. The text combines theories, valuation models, and real-life cases to give business students an overall insight into the M&A deal process. The up-to-date real-life examples and cases provide opportunities for readers to explore and to apply theories to a wide variety of scenarios such as cross-border transactions, highly-levered deals, firms in financial distress, and family-own businesses. The chapter on restructuring under bankruptcy and liquidation both inside and outside the protection of bankruptcy court is timely and most useful in light of today's economic crisis. Overall, this is an excellent book on mergers, acquisitions, and corporate restructuring activities."
--Tao-Hsien Dolly King, Rush S. Dickson Professor of Finance, Associate Professor, Department of Finance, The Belk College of Business, University of North Carolina at Charlotte

"Mergers, Acquisitions, and Other Restructuring Activities is an interesting and comprehensive look at the most important aspects of M&A and corporate restructuring --- from strategic and regulatory considerations and M&A deal process, through several chapters on M&A valuation and deal structuring, to other types of restructuring activities. It not only provides a road map for the M&A and other corporate restructuring transactions, but also highlights the key things to watch for. The book is clearly written with extensive but easy-to-follow case examples and empirical findings and cases to illustrate the points in the text. It is a book by an expert, and for M&A instructors and students as well as practitioners."
--Qiao Lui, Faculty of Business and Economics, The University of Hong Kong

"I am delighted with Don DePamphilis's new edition of the Merger, Acquisitions, and Other Restructuring Activities Fifth Edition text. It is a clear, comprehensive and thorough discussion of the issues involving all restructuring activities. The use of mini-cases throughout each chapter both highlights and clarifies key elements of aspects of decision making process. The end-of-chapter discussion questions are ideally complimented with the problem set questions to challenge the reader understanding of the covered concepts. I am impressed with the current reflection of market conditions throughout the text and the extent of the recent changes to provide greater understanding for students. I expect to find that the students are also impressed with the clarity and structure of the text when I introduce the newest edition to my course. I recommend the fifth edition to any professor covering mergers, acquisitions, bankruptcies, or other restructuring topics which may be used for specific chapters to cover limited topics, or as a text for a complete course on restructurings."
--John F. Manley, Ph.D, Professor of Finance, Hagan School of Business, Iona College, NY

"Mergers and Acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow and prosper in the rapidly changing global business scenario.
In this new updated and revised Fifth Edition of his path breaking book - the author and M&A expert Dr. DePamphilis illustrates how mergers, acquisitions, and other major forms of restructuring can help a company grow and prosper in the highly complex and competitive corporate takeover market place.

Interspersed with most relevant and up-to-date M&A case studies covering a broad range of industries, this book deals with the multifarious aspects of corporate restructuring in an integrated manner adopting a lucid style. While academic research studies on the subject have been incorporated in a coherent manner at appropriate places in the book, every effort has been made by the author to deal with the intricacies of the subject by offering comprehensive coverage of the latest methods and techniques adopted in managing M&A transactions in general and in dealing with business valuations of both public and private companies in particular.

The book provides practical ways of dealing with M&As even in an economic downturn with an exclusive chapter on corporate restructuring under bankruptcy and liquidation. With the greatly enlarged and up-to-date material on varied aspects of the subject, the book provides a plethora of real world examples which will go a long way in making the subject easy, stimulating, and interesting to both the academicians and practioners alike."
--Donepudi Prasad, ICFAI Business School, Hyderabad, India

"Professor DePamphilis has made significant, important and very timely updates in this 5th edition of his text. He incorporates contemporary events such as the credit crunch and the latest accounting rules in the West plus M&A issues in emerging markets which includes family businesses. He also readdresses corporate governance, a topic that will become increasingly important in Business Schools the world over in M&A. This text has become, and will increasingly become, the definitive comprehensive and thorough text reference on the subject."
-- Jeffrey V Ramsbottom PhD, Visiting Professor China Europe International Business School, Shanghai

"I think the fifth edition of Mergers, Acquisitions, and Other Restructuring Activities does a comprehensive job of covering the M&A field. As in the previous edition, the structure is divided into five parts. These are logical and easy to follow, with a nice blend of theory, empirical research findings, and practical issues. I especially like two chapters - the chapter on bankruptcy and liquidation is extremely relevant in today's economic conditions, and the chapter on private equity and hedge funds is interesting because M&A activities by these players are not well-documented in the literature. Overall, I believe that MBA students would find the book useful both as a textbook in class and as a reference book for later use."
--Raghavendra Rau, Purdue University, IN, and Barclays Global Investors

"This book is truly outstanding among the textbooks on takeovers, valuation and corporate restructuring for several reasons: the DePamphilis book not only gives a very up-to-date overview of the recent research findings on takeovers around the world, but also offers nearly 100 recent business cases. The book treats all the valuation techniques in depth and also offers much institutional detail on M&A and LBO transactions. Not just takeover successes are analyzed, but also how financially distressed companies should be restructured. In short, the ideal textbook for any M&A graduate course."
-- Luc Renneboog, Professor of Corporate Finance, Tilburg University, The Netherlands

"The 5th Edition of the text-book Mergers, Acquisitions, and Other Restructuring Activities by Professor Donald DePamphilis is an excellent book. Among its many strengths, I could easily identify three features that stand out. First, it is up-to-date, covering the recent knowledge published in most of the academic journals. Second, it offers a comprehensive coverage of the subject matter, including chapters on the U.S. institutional, legal, and accounting environment; on technical aspects; valuation techniques; and strategic issues. Third, it is practical by including Excel Spread Sheet Models, and a large number of real cases. These three aspects along with the large number of end-of-chapter discussion and review questions, problems, and exercises make this book one of the best choices for the particular subject."
--Nickolaos G. Travlos, The Kitty Kyriacopoulos Chair in Finance, and Dean,
ALBA Graduate Business School, Greece

"It is difficult to imagine that his 4th edition could be improved upon, but Dr. DePamphilis has done just that. His latest edition is clearer, better organized, and contains a wealth of vitally important new material for these challenging times. I especially recommend the new chapter on liquidation for members of boards of directors who face extreme circumstances. This is a remarkably useful book for readers at any level--students, instructors, company executives, as well as board members. Bravo Don!"
--Wesley B. Truitt, Adjunct Professor, School of Public Policy, Pepperdine University, CA

"An impressive detailed overview of all aspects of Mergers and Acquisitions. Numerous recent case studies and examples convince the reader that all the material is very relevant in today's busine...

From the Back Cover

"An impressive detailed overview of all aspects of Mergers and Acquisitions. Numerous recent case studies and examples convince the reader that all the material is very relevant in today's business environment."
--Theo Vermaelen, Professor of Finance, Insead

"The combination of great writing and active case learning make this book the best I have seen in the M&A and restructuring arena."
--Matthew T. Billett, Associate Professor of Finance,Henry B Tippie Research Fellow, University of Iowa

"This new edition is one of the most comprehensive books on mergers and acquisitions..The chapter on restructuring under bankruptcy and liquidation both inside and outside the protection of bankruptcy court is timely and most useful in light of today's economic crisis. Overall, this is an excellent book on mergers, acquisitions, and corporate restructuring activities."
--Tao-Hsien Dolly King, Rush S. Dickson Professor of Finance, Associate Professor, Department of Finance, The Belk College of Business, University of North Carolina at Charlotte

". . . the book provides a plethora of real world examples which will go a long way in making the subject easy, stimulating, and interesting to both the academicians and practioners alike."
--Donepudi Prasad, ICFAI Business School, Hyderabad, India

"This text has become, and will increasingly become, the definitive comprehensive and thorough text reference on the subject."
-- Jeffrey V Ramsbottom PhD, Visiting Professor China Europe International Business School, Shanghai

"In short, the ideal textbook for any M&A graduate course."
-- Luc Renneboog, Professor of Corporate Finance, Tilburg University, The Netherlands


Dr. Donald DePamphilis explains the real world of mergers, acquisitions, and restructuring based on his academic knowledge and personal experiences with over 30 such deals himself. Completely updated to reflect the market crisis, the fifth edition provides additional coverage of bankruptcy and reorganizations. This book also contains a Student Resource CDROM with interactive practice tests, chapter outlines, and selected case study solutions. The On-line Instructor's Manual is completely updated as well including a test bank with hundreds questions and answers, lecture slides, and many other instructor resources. This book is intended for undergraduate and graduate students in mergers and acquisitions, corporate restructuring, management, and entrepreneurship courses, but is also of interest to finance professionals.

Donald DePamphilis is Clinical Professor of Finance at the College of Business Administration at Loyola Marymount University in Los Angeles, California.

See all Editorial Reviews

Product Details

• Hardcover: 800 pages
• Publisher: Academic Press; 5 edition (September 9, 2009)
• Language: English
• ISBN-10: 012374878X
• ISBN-13: 978-0123748782
• Product Dimensions: 10.3 x 7.3 x 1.8 inches
• Shipping Weight: 3.8 pounds (View shipping rates and policies)
• Average Customer Review: 3.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #309,728 in Books (See Top 100 in Books)
  • #71 in Books > Business & Investing > Management & Leadership > Consolidation & Merger

More About the Author

Dr. DePamphilis has managed through closing more than 30 transactions including acquisitions, divestitures, joint ventures, minority investments, licensing, and supply agreements in a variety of different industries. These industries include the following: financial services, software, metals manufacturing, business consulting, healthcare, automotive, communications, textile, and real estate. He earned a Masters and Ph.D. in economics from Harvard University and B.A. in economics from the University of Pittsburgh.

He is currently a Clinical Professor of Finance at Loyola Marymount University in Los Angeles, where he teaches undergraduate, MBA, and Executive MBA students mergers and acquisitions, corporate restructuring, deal making, finance, micro and macroeconomics, and corporate governance. He has served as Chair of the Student Investment Fund at Loyola Marymount University's College of Business. Dr. DePamphilis also is the recipient of the Loyola Marymount University Executive MBA Leadership Achievement Award.

Dr. DePamphilis also has been a lecturer on M&A and corporate restructuring, finance, and economics at the University of California, at Irvine, Chapman University, and Concordia University. As a visiting professor, he has taught mergers and acquisitions at the Antai School of Management, Shanghai Jiao Tong University, in Shanghai, China.

Dr. DePamphilis has more than 25 years of experience in business in various industries and with varying degrees of responsibility. Previously, he served as Vice President of Electronic Commerce for Experian Corporation, Vice President of Business Development at TRW Information Systems and Services, Senior Vice President of Planning and Marketing at PUH Health Systems, Director of Corporate Business Planning at TRW, and Chief Economist for National Steel Corporation.

He also served as Director of Banking and Insurance Economics for Chase Econometric Associates and as an Economic Analyst for United California Bank. While at United California Bank, he developed a complex, interactive econometric forecasting model of the U.S. economy. Dr. DePamphilis has also spoken to numerous industry trade associations and customer groups at his former employers and to Los Angeles community and business groups. He also is a graduate of the TRW and National Steel Corporation Executive Management programs.

Dr. DePamphilis has authored numerous articles, books, book chapters, and monographs on M&A, business planning and development, marketing, and economics in peer-reviewed academic journals as well as business and trade publications. His books include the highly popular Mergers, Acquisitions, and Other Restructuring Activities now in its 5th edition, Mergers and Acquisitions Basics: All You Need to Know, and Merger and Acquisition Negotiation and Deal Structuring: All You Need to Know.

Dr. DePamphilis also serves as a consultant in product and personal liability, patent infringement, and business valuation litigation, including but not limited to providing expert analysis and depositions in cases primarily related to mergers and acquisitions. Furthermore, he offers target selection, negotiation support, and business valuation services.

Customer Reviews

Most Helpful Customer Reviews

3 of 6 people found the following review helpful:

5.0 out of 5 stars Exceptional in the depth and breadth of coverage of the field, November 11, 2009

By 

Dan Raymond "M&A Practitioner" (Los Angeles, California USA) - See all my reviews

This review is from: Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition: An Integrated Approach to Process, Tools, Cases, and Solutions (Academic Press Advanced Finance) (Hardcover)

I am greatlly impressed with how well the author covers the field of mergers and acquisitions. It is definitely the most up to date of any books on the subject in terms of practices and regulations. The discussion of bankruptcy and liquidation makes the text particularly timely in view of the ongoing economic malaise in the U.S. and elsewhere. The use of short case studies of a variety of recent transactions and examples to illustrate concepts and applications discussed in the book are most helpful. I would recommend the book to those who practice the arcane art of M&A as well as to students and teachers alike or to just those who are interested in a fascinating subject. This book (unlike the Kindle version) comes with a very helpful CD.

2 of 7 people found the following review helpful:

2.0 out of 5 stars 4 lb. Paper Weight, October 14, 2010

By 

Dan Kim - See all my reviews

This review is from: Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition: An Integrated Approach to Process, Tools, Cases, and Solutions (Academic Press Advanced Finance) (Hardcover)

I purchased this book recently based on a cursory read of the table of contents.

Buyer beware - this book is inaccurate. Look to Gaughan and Bruner's books for a detailed understanding of complex M&A topics.

-Dan Kim