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

Donald DePamphilis (Author)

Book Description

ISBN-10: 0122095529 | ISBN-13: 978-0122095528 | Publication Date: December 19, 2002 | Edition: 2

This second edition is written readers who crave real world learning. Professor DePamphilis has filled this book with updated cases and grounded models which reflect the theoretical underpinnings of the field. Expanded usage of "key idea" section headings enable the student to understand more easily the key point in each section of each chapter. Chapter 5 provides a detailed listing of questions commonly used to evaluate target firms doing due diligence. A primer on using financial ratios in Chapter 8 has been extended to include a convenient summary of commonly used financial ratios and suggestions as to how they may be used to evaluate target firms. The accompanying CD includes a set of Excel spreadsheets that supplements Chapter 8.

An Instructor's manual, available on the web, contains suggested learning objectives, chapter presentations for creating lectures or providing students with study guides, more than 750 test questions and answers (including true/false, multiple choice, essay questions, and practice problems), and solutions to all chapter business case studies in the book. The manual also contains detailed course syllabi that have been used extensively for both undergraduate and graduate classes and suggested ways for teaching the materials.

Includes 18 new case studies; all 70 cases have been updated

Instructor's Manual available on the web; includes practice problems and solutions

Accompanying CD includes a set of Excel spreadsheets that will supplement Chapter 8

Editorial Reviews

Review

PRAISE for the FIRST EDITION:

"Dr. DePamphilis' book is a rare achievement-a textbook that provides 'nuts and bolts' information for the businessperson with responsibility for doing a deal. I intend to give a copy to every one of my clients as a 'must read' before considering a merger or acquisition. A few pages into Mergers, Acquisitions, and Other Restructuring Activities I knew it was obviously written by someone who has 'been there, done that'."
-H. Edward Wesermann, The Edge Group, Edmonton, Canada

"This is one of the finest books I have seen on the subject, and surely the most comprehensive. It's a primer on all corporate finance activities, and anyone seeking an education on the mergers and acquisition process and all of its ramifications should read this. As an active mergers and acquisitions practitioner myself, I want my dealmakers and colleagues to read this, too.
The book covers not only the basics, but also the detailed, specific knowledge needed by those individuals involved in almost every aspect of the mergers and acquisitions process. This includes buyers, sellers, bankers, lawyers, and accountants. It happily addresses not only the large public corporate transactions, but also the private middle market companies where the vast majority of mergers and acquisitions deals take place.
While it certainly is a comprehensive textbook, I found it truly 'easy reading' and especially enjoyed the many case studies-some with the drama of the "Barbarians at the Gate." Good Stuff!"
- Marvin Kaulkin, CEO, Kaulkin Ginsberg Company

"Professor DePamphilis draws upon his years in academia and considerable industry experience to produce a book that should be valuable reading for both the student and practitioner of "deal making." I found it insightful and interesting."
- D. Van Skilling, Retired Chairman and CEO, Experian Corporation

From the Back Cover

PRAISE for the FIRST EDITION:

"Dr. DePamphilis’ book is a rare achievement—a textbook that provides ‘nuts and bolts’ information for the businessperson with responsibility for doing a deal. I intend to give a copy to every one of my clients as a ‘must read’ before considering a merger or acquisition. A few pages into Mergers, Acquisitions, and Other Restructuring Activities I knew it was obviously written by someone who has ‘been there, done that’."
- H. Edward Wesermann, The Edge Group, Edmonton, Canada

Each chapter of the Second Edition has been updated to reflect current developments and the latest academic and empirical research. This edition features exciting new content of interest to students, professors, and M&A practitioners:

Deal Structuring and Valuation Model Software:
Gives the student or practitioner an opportunity to see first hand the typical formulae used to construct complex models designed to analyze, value, and structure M&A deals. Readers may also use the model to structure and value deals by simply inserting their own data and modifying the model to reflect the unique aspects of their situation.

Eighteen new business cases:
All 70 case studies include discussion questions, many of which have solutions in the back of the book. See the Business Case listing at the end of the preface for the titles of all business cases included in this book.

Practical financial modeling techniques:
Discussion of financial modeling has been substantially expanded and includes a step-by-step explanation of how to perform sophisticated financial modeling techniques to analyze, value, and structure deals.

Transaction-tested due diligence question list: Chapter 5 provides a detailed listing of questions commonly used by professionals to evaluate target firms doing due diligence.

Techniques for choosing restructuring strategies:
Chapter 13’s discussion of common restructuring strategies provides a framework for selecting the appropriate restructuring strategy ranging from spin-offs to carve-outs to divestitures.

Primer on using financial ratios:
Chapter 8 has been extended to include a convenient summary of commonly used financial ratios and suggestions as to how they may be used to evaluate target companies.

Detailed sources of publicly available data: Chapters 4 and 5 include lengthy lists of both online and "hard copy" sources of information including economic, industry, market, and financial data.

Strategy selection guidelines:
Chapter 4 has been expanded to provide tools for assisting in the selection of corporate and business unit level strategies.

See all Editorial Reviews

Product Details

• Hardcover: 774 pages
• Publisher: Academic Press; 2 edition (December 19, 2002)
• Language: English
• ISBN-10: 0122095529
• ISBN-13: 978-0122095528
• Product Dimensions: 9.3 x 6.3 x 1.7 inches
• Shipping Weight: 2.6 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (10 customer reviews)
• Amazon Best Sellers Rank: #430,189 in Books (See Top 100 in Books)

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

8 of 8 people found the following review helpful:

5.0 out of 5 stars Includes great M&A modeling software, June 14, 2003

By 

Daniel J. Peregrine (California) - See all my reviews

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

This book takes the mystery out of M&A financial modeling and structuring deals. Many books on the subject seem to take a "black box" approach to how to do deal structuring and valuation. The author discusses in plain language how to do valuation, simulation, and deal structuring using financial models and how to use such models to select the best offer price for a target firm. The book includes detailed discussions of tax, accounting, and alternative deal structures.

The CD accompanying the book contains an Excel spread sheet model that can be modified to fit the unique circumstances of any transaction. This alone justifies buying the book, in my opinion.

The book also provides keen insights into how M&A can be used to implement business plans, how to identify potential target firms, strategies for contacting potential targets, and how to draw up initial documents such as confidentiality agreements and letters of intent. The book is highly comprehensive covering virtually all topics necessary to understanding the M&A process.

For the money, it is the best book on the subject, up-to-date, complete, and highly readable. If you have a serious interest in the subject, this is an important book to add to your library.

5 of 5 people found the following review helpful:

5.0 out of 5 stars Winning book, winning software, March 9, 2003

By A Customer

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

I loved this book. It managed to treat a highly complex subject in an understandable fashion. The author makes use of detailed examples (alright, sometimes too detailed) and explanations to ensure the reader is able to understand important points. The book is sprinkled with short business cases to illustrate key points and concepts. The author removes successfully the shroud of mystery that seems to envelope some books on this subject, namely with many authors it is unclear how they arrived at a particular conclusion. This book also does a great job of documenting observations and conclusions. The reader is given the opportunity to review additional resources if he (she) is interested in drilling down in more detail on a single subject.

The author also gives the reader incredible insight into M&A model building, providing detailed excel spreadsheets containing the underlying formulae needed to value transactions and determine financing feasiblity. I was able to alter many of the model's formulas to meet my own requirements. This model saved me many hours of painstaking work that I would have had to undertake in its absence.

While book contains cases desribing virtually all major transactions during the last decade, it is a little light in its discussion of international transactions. The major ones are covered such as Vodafone and Mannesmann, but I would have like to see a broader cross section of international transactions covering more industries. However, this would add substantially to the book's length. Given the author's writing and organizational skills, I would like to see a book focused totally on interantional transactions by him.

All in all, the book is well worth the price. In fact the software alone on the CD ROm may be worth the price.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Thoughtful, Stimulating, and Enjoyable, March 21, 2003

By 

Kirk Croen (California) - See all my reviews

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

This book is very well written...packed full of helpful information on M&A. The author's use of short cases to illustrate key points was most helpful. I found the down to earth discussion of how to put deals together very clear. I particularly enjoyed the fact that the scope of the book included an extensive discussion of alternative strategies such as JVs to mergers and acquisitions. The author also managed to include an exceedingly large number of case studies in the book, many of which were international transactions. Good book, good read. I highly recommend it.