مبانی ادغام و تملک: مذاکره و ساختاردهی معامله

Negotiations form the heart of mergers and acquisitions efforts, for their conclusions contain both anticipated and unforeseen implications. Don DePamphilis presents a summary of negotiating and deal structuring that captures its dynamic process, showing readers how brokers, bankers, accountants, attorneys, tax experts, managers, investors, and others must work together and what happens when they don't. Writtten for those who seek a broadly-based view of M&A and understand their own roles in the process, this book treads a middle ground between highly technical and dumbed-down descriptions of complex events. It mixes theory with case studies so the text is current and useful. Unique and practical, this book can add hard-won insights to anybody's list of M&A titles.. Presents negotiation as a team effort Includes all participants, from investment bankers to accountants and business managers Emphasizes the interactive natures of decisions about assets, payments, and appropriate legal structures Written for those who seek summarizing, non-technical information Copyright......Page 3 Preface......Page 4 Acknowledgments......Page 8 Introduction to Negotiating Mergers and Acquisitions......Page 9 Senior/Operating Management......Page 10 Investment Bankers......Page 11 Accountants......Page 12 Profiling the Market/Industry......Page 13 Profiling the Firm......Page 15 Transactions in Which Synergy Is Believed to Exist......Page 18 Determining Distribution of Synergy between Acquirer and Target......Page 19 Transactions Involving a Control Premium......Page 20 Prenegotiation: First Contact......Page 21 Letter of Intent......Page 22 Negotiation......Page 23 Developing a Negotiating Strategy......Page 24 Refining Valuation......Page 26 Deal Structuring......Page 27 Key Components of the Deal-Structuring Process......Page 28 Common Linkages within the Deal-Structuring Process......Page 30 Buyer Due Diligence......Page 32 Lender Due Diligence......Page 35 Developing the Financing Plan or Strategy: The Reality Check......Page 36 Things to Think About:......Page 38 Selecting the Form of Acquisition Vehicle and Postclosing Organization......Page 39 Corporate Structure......Page 41 C-Type Corporation......Page 45 Subchapter S Corporation......Page 46 Limited Liability Company......Page 47 Partnership Structures......Page 48 General Partnership......Page 49 Limited Partnerships......Page 50 Employee Stock Ownership Plans......Page 52 Holding Company......Page 54 Choosing the Appropriate Acquisition Vehicle......Page 55 Choosing the Appropriate Postclosing Organization......Page 57 Things to Think About:......Page 61 Form of Payment or Total Consideration......Page 63 Noncash Payment......Page 64 Cash and Stock in Combination......Page 66 Postclosing Price Adjustments......Page 67 Earnouts and Other Contingent Payments......Page 69 Contingent Value Rights......Page 72 Distributed or Staged Payouts......Page 73 Using Collar Arrangements to Preserve Shareholder Value......Page 74 Calculating Share Exchange Ratios......Page 80 Things to Think About:......Page 83 Form of Acquisition......Page 85 Purchase of Assets......Page 86 Advantages and Disadvantages from the Buyer’s Perspective......Page 91 Advantages and Disadvantages from the Seller’s Perspective......Page 92 Purchase of Stock......Page 93 Advantages and Disadvantages from the Buyer’s Perspective......Page 94 Mergers......Page 95 Statutory Consolidations......Page 96 Tender Offers......Page 97 Board Approvals......Page 98 Advantages of Mergers......Page 99 Staged Transactions......Page 100 Preclosing Covenants......Page 101 Indemnification......Page 102 Things to Think About:......Page 106 Tax Structures and Strategies......Page 107 Taxable Transactions......Page 108 Taxable Purchase of Target Assets with Cash......Page 109 Section 338 Election......Page 110 Triangular Cash-Out Mergers......Page 111 Tax-Free Transactions......Page 112 Alternative Tax-Free Reorganizations......Page 115 Expanding the Role of Mergers in Tax-Free Reorganizations......Page 120 Tax-Free Transactions Arising from 1031 “Like-Kind” Exchanges......Page 123 Net Operating Losses......Page 125 Alternative Corporate Minimum Tax......Page 128 Morris Trust Transactions......Page 129 Leveraged Partnerships......Page 130 Legal Form of Selling Entity......Page 131 Things to Think About:......Page 134 Accounting Considerations......Page 137 Generally Accepted Accounting Principles and International Accounting Standards......Page 138 Financial Reporting of Business Combinations......Page 139 SFAS 141R: The Revised Standards......Page 141 Recognizing and Measuring Net Acquired Assets in Step or Stage Transactions......Page 142 In-Process Research & Development Assets......Page 143 SFAS 157: The New Fair Value Framework......Page 144 Balance Sheet Considerations......Page 145 Income Statement and Cash Flow Considerations......Page 151 Recapitalization Accounting......Page 152 Things to Think About:......Page 156 Financing Structures and Strategies......Page 157 Why Financing Structures Matter......Page 158 Financing Strategies: Borrowing......Page 159 Asset-Based or Secured Lending......Page 160 Pledging Receivables and Inventory......Page 161 Security Provisions and Protective Covenants......Page 162 Types of Long-Term Financing......Page 163 Indentures......Page 164 Leveraged Bank Loans......Page 165 Financing Strategies: Equity and Hybrid Securities......Page 166 Financing Strategies: Seller Financing......Page 167 Financing Strategies: SellingDiscretionary Assets......Page 169 Highly Leveraged Transactions......Page 171 Direct Merger......Page 174 Legal Pitfalls of Improperly Structured LBOs......Page 175 Leveraged Buyout Capital Structures......Page 176 Selecting the Appropriate Capital or Financing Structure......Page 177 The Importance of Stating Assumptions......Page 179 Things to Think About......Page 183 The Role of Takeover Tactics and Defenses in the Negotiation Process......Page 185 Alternative Takeover Tactics in the Corporate Takeover Market......Page 186 The Friendly Approach......Page 187 The Aggressive Approach......Page 188 Proxy Contests in Support of a Takeover......Page 189 The Impact of Proxy Contests on Shareholder Value......Page 190 Using a Hostile Tender Offer to Circumvent the Target’s Board......Page 191 Multitiered Offers......Page 192 Developing a Bidding or Takeover Strategy......Page 193 Alternative Takeover Defenses in the Corporate Takeover Market—Pre-offer and Post-offer Defenses......Page 196 Poison Pills......Page 198 Shark Repellents......Page 200 Strengthening the Board’s Defenses......Page 201 Limiting Shareholder Actions......Page 202 Other Shark Repellents......Page 203 White Knight......Page 205 Leveraged Recapitalization......Page 206 Share Repurchase or Buyback Plans......Page 207 Impact on Shareholder and Bondholder Value of Takeover Defenses......Page 208 Things to Think About:......Page 211 Glossary......Page 213 References......Page 221 Index......Page 225 Negotiations form the heart of mergers and acquisitions efforts, for their conclusions contain both anticipated and unforeseen implications. Don DePamphilis presents a summary of negotiating and deal structuring that captures its dynamic process, showing readers how brokers, bankers, accountants, attorneys, tax experts, managers, investors, and others must work together and what happens when they don't. Writtten for those who seek a broadly-based view of M & A and understand their own roles in the process, this book treads a middle ground between highly technical and dumbed-down descriptions of complex events. It mixes theory with case studies so the text is current and useful. Unique and practical, this book can add hard-won insights to anybody's list of M & A titles. Presents negotiation as a team effort Includes all participants, from investment bankers to accountants and business managers Emphasizes the interactive natures of decisions about assets, payments, and appropriate legal structures Written for those who seek summarizing, non-technical information