Mergers : what can go wrong and how to prevent it
Patrick A. Gaughan
| Year of publication: |
2005
|
|---|---|
| Authors: | Gaughan, Patrick A. |
| Publisher: |
Hoboken, NJ : J. Wiley |
| Subject: | Fusion | Merger | Theorie | Theory | Übernahme | Takeover |
| Description of contents: | Table of Contents [gbv.de] |
| Extent: | Online-Ressource (xi, 356 p) ill 25 cm |
|---|---|
| Series: | Wiley Finance ; v.4 Wiley Finance Ser ; v.4 |
| Type of publication: | Book / Working Paper |
| Language: | English |
| Notes: | Includes bibliographical references and index Mergers; Contents; Preface; Chapter 1: Introduction to Mergers and Acquisitions; BACKGROUND AND TERMINOLOGY; MERGER PROCESS; ECONOMIC CLASSIFICATIONS OF MERGERS AND ACQUISITIONS; REGULATORY FRAMEWORK OF MERGERS AND ACQUISITIONS; ANTITRUST LAWS; STATE CORPORATION LAWS; HOSTILE TAKEOVERS; TAKEOVER DEFENSE; LEVERAGED TRANSACTIONS; RESTRUCTURINGS; REASONING FOR MERGERS AND ACQUISITIONS; TRENDS IN MERGERS; CONCLUSION; ENDNOTES; Case Study: Lessons from the Failures of the Fourth Merger Wave; FOURTH MERGER WAVE FAILURE LESSONS; SHORT-TERM ORIENTATION OF FINANCIAL, NOT STRATEGIC, DEALS AGGRESSIVE USE OF LEVERAGECORPORATE GOVERNANCE AND USE OF ANTITAKEOVER DEFENSES; Chapter 2: Merger Strategy: Why Do Firms Merge?; GROWTH; EXAMPLES OF GROWTH AS AN INAPPROPRIATE GOAL; USING M& AS TO ACHIEVE GROWTH; M& AS IN A SLOW-GROWTH INDUSTRY AS A WAY TO ACHIEVE GROWTH; SYNERGY; MERGER GAINS: OPERATING SYNERGY OR REVENUE ENHANCEMENTS - CASE OF BANKING INDUSTRY; INDUSTRY CLUSTERING; DEREGULATION; IMPROVED MANAGEMENT HYPOTHESIS; HUBRIS HYPOTHESIS OF TAKEOVERS; WINNER'S CURSE AND THE HUBRIS HYPOTHESIS; CROSS-INDUSTRY DEALS AND HUBRIS; DIVERSIFICATION AND CEO COMPENSATION DIVERSIFICATION THAT DOES SEEM TO WORK BETTER: RELATED DIVERSIFICATIONMERGING TO ACHIEVE GREATER MARKET POWER; DO FIRMS REALLY MERGE TO ACHIEVE MARKET POWER?; MERGING TO ACHIEVE THE BENEFITS OF VERTICAL INTEGRATION; SPECIAL CASES OF MERGERS MOTIVATED BY SPECIFIC NEEDS; CONCLUSION; ENDNOTES; Case Study: Vivendi; VIVENDI'S DISMAL FINANCIAL PERFORMANCE; VIVENDI AND MESSIER'S ACQUISITION STRATEGY; SEAGRAM'S OWN HISTORY OF FAILURE IN THE ENTERTAINMENT BUSINESS; MESSIER'S CHANGE IN FOCUS; CHANGE IN CONTROL; POST-FAILURE RESTRUCTURING; LESSONS OF THE VIVENDI FAILURE Chapter 3: Merger Success ResearchCRITERIA FOR DEFINING MERGER SUCCESS USING RESEARCH STUDIES; TAKEOVER PREMIUMS AND CONTROL; INITIAL COMMENT ON MERGER RESEARCH STUDIES; RESEARCH STUDIES; MERGERS OF EQUALS: ACQUIRERS VERSUS TARGET GAINS; FIRM SIZE AND ACQUISITION GAINS; LONG-TERM RESEARCH STUDIES; LONG-VERSUS SHORT-TERM PERFORMANCE AND METHOD OF PAYMENT; BIDDER LONG-TERM EFFECTS: METHODS OF PAYMENT; BIDDER'S PERFORMANCE OVER THE FIFTH MERGER WAVE; CONCLUSION; ENDNOTES; Case Study: Montana Power - Moving into Unfamiliar Areas; MOVEMENT OF UTILITIES INTO NONUTILITY BUSINESSES SELLING UTILITY ASSETS AND BUYING TELECOM ASSETSROLE OF SHAREHOLDERS IN THE TRANSFORMATION OF THE COMPANY; TELECOM FIELD OF DREAMS; Chapter 4: Valuation and Overpaying; VALUATION: PART SCIENCE AND PART ART; VALUATION: BUYER VERSUS SELLER'S PERSPECTIVE; SYNERGY, VALUATION, AND THE DISCOUNT RATE; FINANCIAL SYNERGIES AND THE DISCOUNT RATE; TOE HOLDS AND BIDDING CONTESTS; BIDDING CONTEST PROTECTIONS; OVERPAYING AND FRAUDULENT SELLER FINANCIALS; VALUATION AND HIDDEN COSTS; POSTMERGER INTEGRATION COSTS - HARD COSTS TO MEASURE; CONCLUSION; ENDNOTES; Case Study: AOL Time Warner PRIOR DEALS BY THE MERGER PARTNERS Electronic reproduction; Available via World Wide Web |
| ISBN: | 0-471-41900-1 ; 978-0-471-41900-6 |
| Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012673302