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Ⅰ THE MERGERS AND ACQUISITIONS ENVIRONMENT 6

1.An Introduction to Mergers，Acquisitions，and Other Restructuring Activities 6

Inside Mergers and Acquisitions：PC Maker Lenovo Moves to Diversify Its Core Business 6

Chapter Overview 8

Why M＆As Happen 8

Historical Developments in M＆As 17

Understanding Corporate Restructuring Activities 20

Alternative Takeover Strategies 24

The Role of Holding Companies in M＆As 26

The Role of Employee Stock Ownership Plans（ESOPs）in M＆As 27

Business Alliances as Alternatives to M＆As 27

Participants in the M＆A Process 28

The Implications of M＆As for Shareholders，Bondholders，and Society 35

Some Things to Remember 42

Chapter Discussion Questions 42

Case Study：Microsoft Acquires Nokia 44

Additional Case Study Recommendations 48

2.The Regulatory Environment 50

Inside Mergers and Acquisitions：Gaining Regulatory Approval Often Requires Concessions by Merger Partners 50

Chapter Overview 51

Understanding Federal Securities Laws 52

Understanding Antitrust Legislation 61

The Implications for M＆A of the Dodd—Frank Wall Street Reform and Consumer Protection Act 69

State Regulations Affecting M＆As 70

Restrictions on Direct Foreign Investment in the United States 74

The U.S.Foreign Corrupt Practices Act 74

Fair Disclosure（Regulation FD） 75

Specific Industry Regulations 76

Environmental Laws 77

Labor and Benefit Laws 78

Cross-Border Transactions 78

Some Things to Remember 79

Chapter Discussion Questions 80

Case Study：Regulators Approve Merger 81

Additional Case Study Recommendations 86

3.The Corporate Takeover Market 88

Inside Mergers and Acquisitions：Clothiers Men’s Wearhouse and Jos.A.Bank Reach Agreement After Lengthy Battle 88

Chapter Overview 90

Corporate Governance 91

Understanding Alternative Takeover Tactics 98

Other Tactical Considerations 103

Developing a Bidding Strategy 104

Activist Investors：Gaining Influence Without Control 106

Understanding Alternative Takeover Defenses 108

The Impact of Takeover Defenses on Shareholder Value 120

Some Things to Remember 123

Chapter Discussion Questions 124

Case Study：Dell Goes Private 125

Additional Case Study Recommendations 131

Ⅱ THE MERGERS AND ACQUISITIONS PROCESS：PHASES 1—10 138

4.Planning：Developing Business and Acquisition Plans 138

Inside Mergers and Acquisitions：Consolidation in the Supermarket Industry 138

Chapter Overview 139

The Role of Planning in M＆As 140

The Merger and Acquisition Process 141

Phase 1：Building the Business Plan 142

The Business Plan as a Communication Document 158

Phase 2：Building the Merger-Acquisition Implementation Plan 160

Some Things to Remember 164

Chapter Discussion Questions 164

Case Study：Facebook Buys Whatsapp 166

Additional Case Study Recommendations 171

5.Implementation：Search Through ClosingInside M＆A：When Patience Pays—Signet Jewelers to Buy Zales 174

Chapter Overview 175

Phase 3：The Search Process 175

Phase 4：The Screening Process 178

Phase 5：First Contact 179

Phase 6：Negotiation 183

Phase 7：Developing the Integration Plan 191

Phase 8：Closing 193

Phase 9：Implementing Postclosing Integration 197

Phase 10：Conducting a Postclosing Evaluation 198

Some Things to Remember 199

Chapter Discussion Questions 200

Case Study：Google’s Foray Into Device Makers 201

Additional Case Study Recommendations 206

6.Postclosing Integration 210

Inside Mergers and Acquisitions：The Challenges of Airline Integration 210

Chapter Overview 212

The Role of Integration in Successful M＆As 212

Integration Is a Process，Not an Event 215

Integrating Business Alliances 229

Integrating Family Owned Firms 230

Some Things to Remember 231

Chapter Discussion Questions 231

Case Study：Has Procter ＆Gamble Fully Recovered 232

Additional Case Study Recommendations 236

Ⅲ MERGERS AND ACQUISITIONS VALUATION AND MODELING 240

7.Mergers and Acquisitions Cash Flow Valuation Basics 240

Inside M＆A：Valuation Methodologies，Fairness Opinions，and Verizon’s Buyout of Vodafone’s Share of Verizon Wireless 240

Chapter Overview 241

Estimating Required Financial Returns 241

Risk Assessment 247

Calculating Free Cash Flows 251

Applying Discounted Cash Flow Methods 254

Using the Enterprise Method to Estimate Equity Value 261

Valuing Nonoperating Assets 266

Putting It All Together 268

Some Things to Remember 268

Chapter Discussion Questions 272

Practice Problems and Answers 272

Case Study：Hewlett-Packard Outbids Dell 276

Additional Case Study Recommendations 278

8.Relative，Asset-Oriented，and Real Option Valuation Basics 280

Inside Mergers and Acquisitions：China’s CNOOC Acquires Canadian Oil and Gas Producer Nexen Inc. 280

Chapter Overview 281

Relative Valuation Methods 281

Asset-Oriented Methods 291

The Weighted Average Valuation Method 296

Adjusting Valuation Estimates for Purchase Price Premiums 296

Real Options Analysis 297

Determining When to Use the Different Approaches to Valuation 307

Some Things to Remember 307

Chapter Discussion Questions 307

Practice Problems and Answers 309

Case Study：Valuing The Twitter IPO 312

Additional Case Study Recommendations 315

9.Financial Modeling Basics 318

Inside Mergers and Acquisitions：The Role of Financial Models in Executive Decision Making 318

Chapter Overview 319

What Is Financial Modeling？ 319

Financial Modeling Data Requirements 320

Common Financial Model Linkages 322

Key Steps in the Valuation Process 324

Model Balancing Mechanism 338

Data Sources 338

Managing the Model 344

Some Things to Remember 344

Chapter Discussion Questions 345

Practice Problems and Answers 345

Case Study：Life Technologies Undertakes a Strategic Review 346

Additional Case Study Recommendations 355

10.Analysis and Valuation of Privately Held Firms 358

Inside M＆A：Privately Owned La Boulange Cafe＆Bakery Goes Nationwide 358

Chapter Overview 359

What Are Privately Held Companies？ 360

Governance Issues 361

Challenges of Valuing Privately Held Companies 361

Process for Valuing Privately Held Businesses 363

Step 1：Adjusting Financial Statements 363

Step 2：Applying Valuation Methodologies to Privately Held Companies 369

Step 3：Developing Discount Rates 371

Step 4：Applying Control Premiums，Liquidity，and Minority Discounts 377

Reverse Mergers 384

Using Leveraged ESOPs to Buy Private Companies 385

Empirical Studies of Shareholder Returns 386

Some Things to Remember 387

Chapter Discussion Questions 387

Practice Problems and Answers 388

Case Study：STK Steakhouse Chain Goes Public 389

Additional Case Study Recommendations 394

Ⅳ DEAL STRUCTURING AND FINANCING STRATEGIES 398

11.Structuring the Deal 398

Inside Mergers and Acquisitions：Illustrating Bidding Strategies——Apollo’s Takeover of CEC Entertainment 398

Chapter Overview 400

The Deal Structuring Process 400

Form of Acquisition Vehicle and Postclosing Organization 403

Legal Form of the Selling Entity 405

Form of Payment 405

Managing Risk and Reaching Consensus on Purchase Price 409

Constructing Collar Arrangements 414

Form of Acquisition 416

Some Things to Remember 426

Chapter Discussion Questions 426

Case Study：T -Mobile and MetroPCS Complete Merger 427

Additional Case Study Recommendations 433

12.Structuring the Deal 436

Inside M＆A：Johnson ＆ Johnson Uses Financial Engineering to Acquire Synthes Corporation 436

Chapter Overview 437

Alternative Tax Structures 437

Taxable Transactions 437

Tax-Free Transactions 441

Other Tax Considerations Affecting Corporate Restructuring 447

Financial Reporting of Business Combinations 451

Impact of Purchase Accounting on Business Combinations 453

Recapitalization（“Recap”）Accounting 458

Some Things to Remember 459

Chapter Discussion Questions 460

Practice Problems and Answers 460

Case Study：Softbank Places a Big Bet 461

Additional Case Study Recommendations 467

13.Financing the DealInside M＆A：Verizon Finances Its $130 Billion Buyout of Vodafone’s Stake in Verizon Wireless 470

Chapter Overview 471

How Are M＆A Transactions Commonly Financed？ 472

What Is the Role of Private Equity，Hedge，and Venture Capital Funds in Deal Financing？ 477

LBOs as Financing Strategies 483

What Factors Are Critical to Successful LBOs？ 489

How Do LBOs Create Value？ 492

Common LBO Deal and Capital Structures 496

Some Things to Remember 500

Chapter Discussion Questions 500

Case Study：Berkshire Hathaway and 3G Buy Heinz 501

Additional Case Study Recommendations 504

14.Applying Financial Models 506

Inside Mergers and Acquisitions：Comcast Bids for Time Warner Cable——Evaluating Proposals and Counterproposals 506

Chapter Overview 508

Understanding and Applying M＆A Financial Models 510

M＆A Models：Stock Purchases 515

M＆A Model：Asset Purchase 537

Quantifying Synergy 539

Things to Remember 541

Chapter Discussion Questions 541

Practice Problems and Answers 543

Case Study：Thermo Fisher Acquires Life Technologies 546

Additional Case Study Recommendations 551

Appendix A：Debt Repayment Schedule，Convertible Securities，Interest Rates，and Betas 551

Ⅴ ALTERNATIVE BUSINESS AND RESTRUCTURING STRATEGIES 558

15.Business Alliances 558

Inside Mergers and Acquisitions：Coke Moves from the Vending Machine into the “In-Home” Market 558

Chapter Overview 559

Motivations for Business Alliances 561

What Makes Business Alliances Successful？ 565

Alternative Legal Forms of Business Alliances 567

Strategic and Operational Plans 575

Resolving Business Alliance Deal Structuring Issues 575

Empirical Findings 584

Some Things to Remember 585

Chapter Discussion Questions 586

Case Study：Comcast Completes the Takeover of NBCUniversal 587

Additional Case Study Recommendations 590

16.Alternative Exit and Restructuring Strategies 592

Inside M＆A：General Electric Downsizes Its Financial Services Unit 592

Chapter Overview 593

Why Do Firms Exit Businesses？ 594

Divestitures 597

Spin-Offs 604

Equity Carve-Outs 607

Split-Offs and Split-Ups 609

Tracking，Targeted，and Letter Stocks 611

Comparing Alternative Exit and Restructuring Strategies 612

Choosing Among Divestiture，Carve-Out，and Spin-Off Restructuring Strategies 613

Determinants of Returns to Shareholders Resulting from Restructuring Strategies 614

Some Things to Remember 622

Chapter Discussion Questions 622

Case Study：Anatomy of a Spin-Off 623

Additional Case Study Recommendations 626

17.Alternative Exit and Restructuring Strategies 628

Inside M＆A：American Airlines Emerges from the Protection of Bankruptcy Court 628

Chapter Overview 630

Business Failure 631

Voluntary Settlements Outside of Bankruptcy 632

Reorganization and Liquidation in Bankruptcy 634

Alternative Options for Failing Firms 643

The Increasing Role of Hedge Funds in the Bankruptcy Process 645

Failing Firms and Systemic Risk 646

Predicting Corporate Default and Bankruptcy 647

Empirical Studies of Financial Distress 650

Some Things to Remember 652

Chapter Discussion Questions 652

Case Study：Hostess Brands Liquidates in Bankruptcy 653

Additional Case Study Recommendations 657

18.Cross-Border Mergers and Acquisitions 660

Inside Mergers and Acquisitions：European Mobile Phone and Cable Industry Shows Signs of Consolidation 660

Chapter Overview 662

Globally Integrated Markets Versus Segmented Capital Markets 662

Motives for International Expansion 663

Common International Market Entry Strategies 666

Structuring Cross-Border Deals 667

Financing Cross-Border Deals 670

Planning and Implementing Cross-Border Transactions in Emerging Countries 671

How Are Cross-Border Transactions Valued？ 672

Empirical Studies of Cross-Border Transactions 686

Some Things to Remember 688

Chapter Discussion Questions 689

Case Study：Actavis Buys Forest Labs 689

Additional Case Study：Recommendations 692

References 693

Glossary 723

Index 731