Takeovers, Restructuring, and Corporate Governance

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This book brings together conceptual and updated empirical material in a systematic way. It provides students with a basis for understanding mergers and acquisitions and corporate restructuring in the framework of strategic planning issues facing managers in all companies, small and large.For Sale in Indian subcontinent onlyFeaturesThe authors' extensive scientific, consulting and teaching backgrounds provide an unmatched dimension of reality to the text. First book to describe the arbitrage activity associated with mergers and acquisitions. Mark Mitchell, our new co-author and a member of the management of a significant merger arbitrage firm, has published articles on the subject in leading journals of financial economics and his work is contributed here. Explains the merger and acquisition process within a broad framework of companies strategic plans.ContentsTAKEOVERS AND MERGERS IN PRACTICE.The Takeover Process. The Legal and Regulatory Framework. Accounting for M&As. Deal Structuring (Methods of Payment, Taxes, Collars, Contingent Payouts.) M&As—IN THEORY AND PRACTICE.Strategic Processes. Theories of Mergers and Tender Offers. The Timing of Merger Activity. Empirical Tests of M&A Performance. VALUATION—THE STRATEGIC PERSPECTIVE.Alternative Approaches to Valuation. Increasing the Value of the Organization. RESTRUCTURING.Restructuring and Divestitures. Empirical Tests of Corporate Restructuring and Divestitures. Financial Restructuring. M&A STRATEGIES.Alliances and Joint Ventures. ESOPs and MLPs. Going Private and Leveraged Buyouts. International Takeovers and Restructuring. STRATEGIES FOR CREATING VALUE.Share Repurchases. Takeover Defenses. Corporate Governance and Performance. Merger Arbitrage. Implementation and Management Guides for M&As.