Mergers and Acquisitions : A Practical Guide for Private Companies and Their UK and Overseas Advisers

This book sets out to prepare directors to manage their M&A projects -- from strategy discussions and the preparation phase, through pre-funding negotiations, appointing professional advisers, the mechanics of M&As, negotiations, and the conclusion of contracts. Along the way, particular emphasis is placed on the legal, taxation, and financial implications. Written by leading experts in the field, Mergers and Acquisitions provides a detailed explanation of the options for those companies considering merging with or acquiring another business, and the processes involved. Contents......Page 7 Notes on contributors......Page 10 Introduction......Page 17 Part One: M&A as a business strategy......Page 19 1.1 Growth curve, plateau or peak? An entrepreneur’s guide to growth......Page 21 1.2 Alternatives to flotation: accessing capital and exit strategies......Page 29 1.3 Selling a private company......Page 37 1.4 Acquisition target strategies......Page 47 1.5 The challenges of management buy-outs......Page 55 1.6 The meteoric rise of the MBO......Page 61 1.7 Grooming a business for sale......Page 67 Part Two: Funding considerations......Page 75 2.1 Overview......Page 77 2.2 Private equity and VC investment perspectives......Page 83 2.3 Consideration......Page 91 2.4 Crystallizing value......Page 96 2.5 Pensions issues......Page 107 Part Three: The mechanics of M&A......Page 113 3.1 Overview......Page 115 3.2 Identifying partners and targets......Page 121 3.3 Appointing advisers......Page 131 3.4 Approaching partners and targets......Page 135 3.5 Negotiating techniques for the seller......Page 143 3.6 Taxation and accountancy considerations......Page 151 3.7 Legal considerations in making an acquisition for smaller companies......Page 159 3.8 Common features in the acquisition of private companies......Page 169 Part Four: The process of M&A......Page 177 4.1 Introduction......Page 179 4.2 Critical issues in M&A transactions for SMEs......Page 185 4.3 Legal documentation: where to start......Page 193 4.4 Legal documentation: purchase of a company (share sale)......Page 199 4.5 Legal documentation: purchase of a business (business sale)......Page 209 4.6 Due diligence......Page 217 4.7 Acquisitions of smaller, owner-managed businesses......Page 223 4.8 Cautionary tales......Page 231 Part Five: Shareholders’ and directors’ considerations......Page 239 5.1 The acquisition process, from start to finish – and beyond......Page 241 5.2 Financial public relations in M&A environments......Page 247 5.3 Post-M&A change management: taking charge of change......Page 251 5.4 Taxation issues......Page 257 5.5 Insurance issues in M&As......Page 265 5.6 Service agreements and pension provisions......Page 274 5.7 Preparing for admission to the Alternative Investment Market (AIM)......Page 280 5.8 How to choose your professional advisers for an AIM flotation......Page 289 Contributors’ contact list......Page 297 Index......Page 301 Index of advertisers......Page 304 This book sets out to prepare directors for the management of their M & A projects - from strategy discussions and the preparation phase, through pre-funding negotiations, the appointment of professional advisers, the mechanics of M & As, negotiations and theh conclusion of contracts. Along the way, tax and accountancy issues, as well as shareholders' and directors' considerations, are taken into account. Mergers & Acquisitions provides a detailed explanation of the options for those companies considering merging with or acquiring another business, and the processes involved. Written by leading ex A complete assessment of the operations that underpin successful mergers and acquisitions, from regulatory requirements to continuing obligations, public announcements and accountancy issues. Invaluable advice for those - whether in the UK or overseas - looking to research and conduct M&A activity in the UK.