Mergers, Acquisitions, and Corporate Restructurings
From large megadeals to various forms of downsizing, the world of mergers and corporate restructurings has undergone dramatic changes in the past several years. Fueled by capital-rich private equity firms and hedge funds, the field of mergers is booming. Partly with the backing of such investors, leveraged buyouts (LBOs)—the craze of the 1980s that became less popular in the 1990s—are now back with a vengeance. In general, all types of restructurings regularly grab the headlines in the financial media.Written to show business managers and financial executives which kind of corporate restructuring can be used successfully within their own corporations, Mergers, Acquisitions, and Corporate Restructurings examines nearly every type of corporate restructuring in use today, from mergers and acquisitions to joint ventures and recapitalizations. This thoroughly updated Fourth Edition provides a fresh overview of the most recent practices and how they are currently being used to revitalize and supercharge companies in America and abroad. Author Patrick Gaughan addresses the growth and development of the field of M&As; through both a practical and historical focus, followed by a review of the laws and rules that govern the field. Gaughan also examines the many ways to thwart a hostile takeover as well as the impact of a takeover on shareholder wealth.M&As; are but one form of restructuring. Mergers, Acquisitions, and Corporate Restructurings explores the vast array of ways a company can grow as well as the many ways to downsize, including divestitures, spinoffs, and equity carve-outs, and the benefits of each scenario. The book also explores how companies in more distressed financial conditions can restructure through bankruptcy, and how to benefit from the protective U.S. bankruptcy laws. In this Fourth Edition, Gaughan also analyzes recent financing trends, including the role of leveraged transactions and private equity financing, as well as the increasing role of hedge funds and employee stock ownership plans in takeovers.New to this edition is an increased emphasis on corporate governance, and its importance in today's post-Enron environment. Gaughan addresses the role of governance in the development of M&A; strategy and the monitoring of prior deals. He also emphasizes the importance of valuation on both public as well as privately held companies, their similarities, their important differences, and the main methods of business valuation.Written to help organizations compete in today's global market, Mergers, Acquisitions, and Corporate Restructurings, Fourth Edition provides you with the intricate ins and outs of corporate restructuring, and how to make the most of them in your organization.