Applied Mergers and Acquisitions (Wiley Finance) (Hardcover)

~ (Author), Joseph R. Perella (Foreword)
Key Phrases: proposed business combination, exchange offer, business combination statutes, Key Spreadsheets, Special Meeting, Common Stock (more...)

Editorial Reviews

Product Description

A comprehensive guide to the world of mergers and acquisitions

Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal. Applied Mergers and Acquisitions is part of a complete suite of resources on M&A that includes a workbook and a CD-ROM with additional spreadsheets.

Robert F. Bruner, MBA, DBA (Charlottesville, VA), is the Distinguished Professor of Business Administration at the Darden School at the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School’s executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He holds a BA from Yale University, and a MBA and DBA from Harvard University.0471395064 A comprehensive guide to the world of mergers and acquisitions

From the Inside Flap

Mergers and acquisitions is no easy path to riches or career advancement. All you have to do is open a newspaper or turn on your television to watch some of the most well-thought-out deals fall apart at the seams. But despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they exercise great care and rigor in the development of their M&A deals. It is possible to succeed in the world of mergers and acquisitions, and this book can put you on the right track to do so.

By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions shows you the best ways to analyze, design, and implement M&A deals. Written by one of the foremost thinkers and educators in the field, this invaluable resource won’t offer you a rigid guide to M&A success--because there is no set way to make M&A work--but it will introduce you to the art and science of M&A valuation, reveal the nuances of deal negotiation and bargaining, as well as provide you with a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.

Applied Mergers and Acquisitions is filled with in-depth insights, expert advice, and numerous real-world M&A case studies that clearly illustrate the ideas described throughout the book. It is also fully supported by value-added learning tools--including a CD-ROM and Workbook--that may be purchased concurrently or at a later date to further enhance the reader’s overall learning experience with the core text.

Important M&A issues discussed include:

• Strategies and the origination of transaction proposals
• Analysis of transaction proposals, terms, and tactics
• The design of detailed transaction terms
• Rules of the road: governance, laws, and regulations
• Competition, hostility, and behavioral effects in M&A
• Communication, integration, and best practices

Through a focus on ideas and their application, Applied Mergers and Acquisitions answers many difficult M&A questions, including: What is the best practice in M&A, and how can you understand M&A activity? By illustrating the tools, concepts, and processes essential to M&A success, this comprehensive survey of the M&A field will increase your chances of a favorable outcome in any potential deal.

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Product Details

• Hardcover: 1056 pages
• Publisher: Wiley; 1 edition (March 26, 2004)
• Language: English
• ISBN-10: 0471395056
• ISBN-13: 978-0471395058
• Product Dimensions: 10 x 7.2 x 1.8 inches
• Shipping Weight: 3.9 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (17 customer reviews)
• Amazon.com Sales Rank: #31,019 in Books (See Bestsellers in Books)

  Popular in these categories: (What's this?)

  #4 in	Books > Business & Investing > Economics > Consolidation & Merger
  #9 in	Books > Business & Investing > Accounting > Management
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Customer Reviews

Most Helpful Customer Reviews

71 of 72 people found the following review helpful:

5.0 out of 5 stars The Best of Breed, December 1, 2005

By	Ganesh V Jois (New York, NY USA) - See all my reviews

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.

18 of 21 people found the following review helpful:

3.0 out of 5 stars Good for the money, November 13, 2005

By	Dr. Robert Adams - See all my reviews

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.

11 of 14 people found the following review helpful:

5.0 out of 5 stars Nice Nice Book, April 9, 2006

By	Barrier Options (London School of Economics) - See all my reviews

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.