Download or read book Financing Motivated Acquisitions written by Isil Erel and published by . This book was released on 2012 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition. We evaluate the extent to which acquisitions lower financial constraints on a sample of 5,187 European acquisitions occurring between 2001 and 2008. Each of these targets remains a subsidiary of its new parent, so we can observe the target's financial policies following the acquisition. We examine whether these post-acquisition financial policies reflect improved access to capital. We find that the level of cash target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while investment significantly increases following the acquisition. These effects are stronger in deals more likely associated with financing improvements. These findings are consistent with the view that easing financial frictions is a source of value that motivates acquisitions -- National Bureau of Economic Research web site.
Download or read book Financing motivated Acquisitions written by Ana Rosa del Aguila Obra and published by . This book was released on 2012 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers and Acquisitions Types and Motivations for a Deal written by Kristina Kraft and published by GRIN Verlag. This book was released on 2016-05-24 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Business economics - Operations Research, Heilbronn University of Applied Sciences, language: English, abstract: Mergers and acquisitions have been taking place since decades and will continue. There are a lot of facts about benefits, about the risks or new methods to be profitable in a merger or an acquisition. A lot of literature shows us that more than about 60% of the mergers and acquisitions are a failure. Besides, the high failure rates this paper illustrates deal motivations for mergers and acquisitions. This paper was written by an author whose mother tongue is not English. Please excuse any mistakes or inconsistencies.
Download or read book Leveraged Buyout of Any Business Step by Step written by Sterling Cooper and published by CreateSpace. This book was released on 2014-12-12 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a step-by-step guide on how to buy any business for yourself, or with your co-workers. Any size of business can be acquired by following the step-by-step guide outlined in the book, by the principals of STERLING COOPER, INC., a consulting firm ( www.sterlingcooper.info ) who have participated in thousands of acquisitions, valuations, appraisals and financings. The book concentrates on the principle of structuring a LEVERAGED BUYOUT (LBO) for the prospective acquisition and guides the reader to a means of accomplishing the purchase in easy to understand, straight forward terminology, with a daily suggested step-by-step program. This is a great handbook for anyone looking to buy a business. Readers may also contact the author directly for initial advice at no cost. The book is designed both for the first time buyer, with the step by step guidance as to how to buy a business, any business, but it also works well for owner who is interested in making an add-on acquisition and grow his business though acquisitions. The principles are applicable to a small business to run personally or one with hundreds of employees. The book involves some 40 years of acquisition experience and has great stories about real and completed LBO'S ( LEVERAGED BUYOUTS) of some well known companies all done on a shoestring budget, using the assets of the acquired companies as the collateral for the loans to acquire the businesses. The book is written to allow even a relatively inexperienced buyer/business owner, to find and to complete the transaction step-by-step. The SterlingCooper firm is available as a total daily step-by-step coach in the entire process if necessary so that you are not out there all alone, trying to just follow the book, but you have a real coach to accomplish the first acquisition. Initial consultation is at no cost to the reader. The entire process is broken down to easy to follow and organized steps what start with describing how the process of structuring an LBO works, and then guides the reader though the individual steps needed to identify the business to be acquired ( or acquire the business you now work for by yourself or with other employees). Every step of the process is documented day by day to accomplish the first transaction in a period of 60-90 working days as the optimum result! Since the acquisition process is geared to minimize the funds needed from the buyer and concentrates on using the leverageable assets of the acquired company, the buyer will minimize the use of his own funds...that is the whole basis of a properly structured LBO. You heard the term "OTHER PEOPLE'S MONEY"? A properly structured LBO is the best of use of borrowed funds; the bank's! Banks are very interested in financing a properly structured acquisition since they want to lend money! The book also contains a variety of helpful and ready to use forms and agreements that can be easily used to close the deal including a Draft Stock Purchase Agreement. Most valuable is the INFORMATIONAL QUESTIONNAIRE, which provides all the questions to ask relating to the business, its operations and financial statements, and will be the document you can share with your lenders for financing. You will be able to evaluate the entire business, its history of operations and intricacies like a pro, without having to spend tens of thousands of dollars on hiring a battery of professionals to do that job for you. The ability to buy a business, literally any business is now in your hands. Depending on your available free capital there is no limit to the possibilities of what can be acquired. You will enjoy reading about the completed opportunistic acquisition of a divestiture, of a 12,000 employee firm, by a motivated seller, a large publicly traded conglomerate, and even provided a line of credit to help with the acquisition! You may contact the author directly at no cost for a quick coaching to get started! BONUS INCLUDED!
Download or read book Handbook of Corporate Finance written by David J. Denis and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.
Download or read book Introduction to Business written by Lawrence J. Gitman and published by . This book was released on 2018 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond.
Download or read book Implementing and Assessing Use Driven Acquisitions written by Steven Carrico and published by Rowman & Littlefield. This book was released on 2016-03-08 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This enlightening new book in the Practical Guides for Librarians series presents the practicalities of developing, implementing, and evaluating use-driven acquisition (UDA) in academic and special libraries, from the multi-dimensional perspectives of collections, acquisitions, and e-resources. Now that UDA is a proven method of collection management being utilized by an array of libraries around the globe, the need for a straightforward, uncomplicated guidebook is more essential than ever. This book is both a reference source and a guide for current and future librarians. In addition to chapters highlighting e-book, print, and article-level UDA plans, the book will also include considerations for budgeting, interlibrary loan, consortia UDA, ongoing management and assessment strategies, and stimulating future trends. Of special interest are project management cycles detailing each phase and steps of implementing UDA plans, and relevant case studies involving librarians and vendors who have established UDA plans in libraries of various types and sizes. This book provides a practical methodology for setting up use-driven acquisitions plans to acquire access to print and e-books for users in academic and special libraries. Every chapter covers important collection development and budgeting objectives of the library, and proposes methods to assess cost and usage of the content received to determine effectiveness and potential modifications to UDA plans. Practical features that can be used in day-to-day operations include: • Project management lifecycle with phases and steps for successful implementation • Sample reports and executive summaries for administrators • Marketing and branding strategies • Step-by-step checklists • Assessment tools and examples • Multiple case studies of various types of libraries, including budgets and current UDA policies • Evaluative survey questions • Interview transcripts • Glossary of terms and acronym explanations
Download or read book How to Buy Any Business How to Do It Step by Step written by Sterling Cooper and published by CreateSpace. This book was released on 2009-03-16 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a step-by-step guide on how to buy any business for yourself, or with your co-workers. Any size of business can be acquired by following the step-by-step guide outlined in the book, by the principals of STERLING COOPER, INC., a consulting firm ( www.sterlingcooper.info ) who have participated in thousands of acquisitions, valuations, appraisals and financings. The book concentrates on the principle of structuring a LEVERAGED BUYOUT (LBO) for the prospective acquisition and guides the reader to a means of accomplishing the purchase in easy to understand, straight forward terminology, with a daily suggested step-by-step program. This is a great handbook for anyone looking to buy a business. Readers may also contact the author directly for initial advice at no cost. The book is designed both for the first time buyer, with the step by step guidance as to how to buy a business, any business, but it also works well for owner who is interested in making an add-on acquisition and grow his business though acquisitions. The principles are applicable to a small business to run personally or one with hundreds of employees. The book involves some 40 years of acquisition experience and has great stories about real and completed LBO'S ( LEVERAGED BUYOUTS) of some well known companies all done on a shoestring budget, using the assets of the acquired companies as the collateral for the loans to acquire the businesses. The book is written to allow even a relatively inexperienced buyer/business owner, to find and to complete the transaction step-by-step. The SterlingCooper firm is available as a total daily step-by-step coach in the entire process if necessary so that you are not out there all alone, trying to just follow the book, but you have a real coach to accomplish the first acquisition. Initial consultation is at no cost to the reader. The entire process is broken down to easy to follow and organized steps what start with describing how the process of structuring an LBO works, and then guides the reader though the individual steps needed to identify the business to be acquired ( or acquire the business you now work for by yourself or with other employees). Every step of the process is documented day by day to accomplish the first transaction in a period of 60-90 working days as the optimum result! Since the acquisition process is geared to minimize the funds needed from the buyer and concentrates on using the leverageable assets of the acquired company, the buyer will minimize the use of his own funds...that is the whole basis of a properly structured LBO. You heard the term "OTHER PEOPLE'S MONEY"? A properly structured LBO is the best of use of borrowed funds; the bank's! Banks are very interested in financing a properly structured acquisition since they want to lend money! The book also contains a variety of helpful and ready to use forms and agreements that can be easily used to close the deal including a Draft Stock Purchase Agreement. Most valuable is the INFORMATIONAL QUESTIONNAIRE, which provides all the questions to ask relating to the business, its operations and financial statements, and will be the document you can share with your lenders for financing. You will be able to evaluate the entire business, its history of operations and intricacies like a pro, without having to spend tens of thousands of dollars on hiring a battery of professionals to do that job for you. The ability to buy a business, literally any business is now in your hands. Depending on your available free capital there is no limit to the possibilities of what can be acquired. You will enjoy reading about the completed opportunistic acquisition of a divestiture, of a 12,000 employee firm, by a motivated seller, a large publicly traded conglomerate, and even provided a line of credit to help with the acquisition! Do not be misguided by spiteful reviews by a former employee that we have not been able to remove0its hogwash, call instea
Download or read book Patron Driven Acquisitions written by David A. Swords and published by Walter de Gruyter. This book was released on 2011-10-27 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: About 40 percent of the books academic libraries purchase in traditional ways never circulate and another 40 percent circulate fewer than three times. By contrast, patron-driven acquisition allows a library to borrow or buy books only when a patron needs them. In a typical workflow, the library imports bibliographic records into its catalogue at no cost. When a patron finds a patron-driven record in the course of research, a short-term loan can allow him to borrow the book, and the transaction charge to the library will be a small percentage of the list price. Typically, a library will automatically buy a book on a third or fourth use. The contributions in this volume, written by experts, describe the genesis and brief history of patron-driven acquisitions, its current status, and its promise.
Download or read book Airline Industry written by JayEtta Z. Hecker and published by DIANE Publishing. This book was released on 2008 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The airline industry generates operating revenues of $172 billion in 2007, amounting to over 1% of the U.S. gross domestic product. It carried more than 700 million passengers in 2007. Airline deregulation in 1978 led, at least in part, to increasingly volatile airline profitability, resulting in periods of significant losses and bankruptcies. In response, some airlines have proposed or are considering merging with or acquiring another airline. This report describes: (1) the financial condition of the U.S. passenger airline industry; (2) whether the industry is becoming more or less competitive; (3) why airlines seek to merge with or acquire other airlines; and (4) the role of fed. authorities in reviewing proposed airline mergers and acquisitions. Charts and tables.
Download or read book Patron Driven Acquisitions written by Judith M. Nixon and published by Routledge. This book was released on 2014-01-02 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: For over a decade, some academic libraries have been purchasing, rather than borrowing, recently published books requested by their patrons through interlibrary loan. These books had one circulation guaranteed and so appealed to librarians who were concerned about the large percentage of books selected and purchased by librarians but never checked out by their patrons. Early assessments of the projects indicated that patrons selected quality books that in many cases were cross disciplinary and covered emerging areas of scholarly interest. However, now we have a significant database of the ILL purchase records to compare these titles with books selected through normal methods. The projects described in this book present a powerful argument for involving patrons in the book selection process. This book looks at patron-driven acquisitions for printed books at Purdue University, the University of Nebraska-Lincoln and the University of Illinois, as well as exploring new programs that allow patrons to select e-books or participate in other innovative ways in building the library collections. This book was published as a special issue of Collection Management.
Download or read book The Art of Capital Restructuring written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-06-07 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
Download or read book Merger Motivated IPOs written by Armen Hovakimian and published by . This book was released on 2009 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we explore and find support for IPOs motivated by subsequent acquisition activity. Over a third of newly public firms enter the market for corporate control as acquirers within three years of the IPO. We find that the role of an IPO in facilitating subsequent acquisitions is twofold. Newly-public firms benefit from the cash funding provided by the IPO, subsequent access to public financing and publicly traded stock, which facilitates stock-based acquisitions. IPO firms also benefit from obtaining public valuations. We find that these firms take advantage of high-post IPO stock values in making stock-based acquisitions at favorable terms and obtain market feedback.
Download or read book On the Methodology of Financial Economics written by Kavous Ardalan and published by Edward Elgar Publishing. This book was released on 2023-06-01 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utilizing a multi-paradigmatic approach in considering the scientific methodology of mainstream financial economics, and suggesting improvements, this book identifies eleven biases of the scientific methodology of mainstream financial economics, namely: intellectual bias, local bias, fad bias, ideological bias, automaticity bias, confirmation bias, cultural bias, stereotyping bias, under-productivity bias, homogeneity bias, and isolation bias.
Download or read book The Law and Finance of Corporate Acquisitions written by Ronald J. Gilson and published by . This book was released on 1993-09 with total page 1188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Merger Arbitrage written by Lionel Melka and published by John Wiley & Sons. This book was released on 2014-02-03 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wave of corporate mergers, acquisitions, restructuring, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to investors. Surprisingly, there is little transparency and instruction for investors interested in learning the latest risk arbitrage techniques. Merger Arbitrage – A Fundamental Approach to Event-Driven Investing helps readers understand the inner workings of the strategy and hedge funds which engaged in this investment strategy. Merger arbitrage is one of the most commonly used strategies but paradoxically one of the least known. This book puts it in the spotlight and explains how fund managers are able to benefit from mergers and acquisitions. It describes how to implement this strategy, located at the crossroad of corporate finance and asset management, and where its risks lie through numerous topical examples. The book is split into three parts. The first part, examining the basis of merger arbitrage, looks at the key role of the market in takeover bids. It also assesses the major changes in the financial markets over recent years and their impact on M&A. Various M&A risk and return factors are also discussed, alongside the historical profitability of merger arbitrage, the different approaches used by fund managers and the results of academic studies on the subject. The second part of the book deals with the risk of an M&A transaction failing in terms of financing risk, competition issues, the legal aspects of merger agreements and administrative and political risks. The third part of the book examines specificities of M&A transactions, comprehensively covering hostile takeovers and leveraged buyouts. Each part contains many recent examples and case studies in order to show how the various theories and notions are put into practice. From researching prospects and determining positions, to hedging and trading tactics, Lionel Melka and Amit Shabi present the full complement of sophisticated risk arbitrage techniques, making Merger Arbitrage a must read for finance and investment professionals who want to take advantage of the nearly limitless opportunities afforded by today’s rapidly changing global business environment. The book builds on its authors’ diverse backgrounds and common experience managing a merger arbitrage fund, providing readers with an enriching inside view on M&A operations. Translated by Andrew Fanko and Frances Thomas
Download or read book Mergers and Acquisitions Playbook written by Mark A. Filippell and published by John Wiley & Sons. This book was released on 2010-12-02 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate "tricks of the trade" guide to mergers and acquisitions Mergers and Acquisitions Playbook provides the practical tricks of the trade on how to get maximum value for a middle-market business. This book uniquely covers how to prepare for a sale, how to present the business most positively, and how to control the sale timetable. Written in a straight-talking style Provides the tricks of the trade on how to get maximum value for a middle-market business Shows how the sellers can take capitalize their inherent "unfair advantages" Examines the differences between "value" and "currency" Explains how to handle bankruptcy and distress company sales Offers tips on managing your lawyers in the documentation process Filled with empirical examples of successful-and unsuccessful-techniques, this practical guide takes you through every step of the M&A process, from how to manage confidentiality, how to create competition (or the impression of competition), to what to do once the deal is closed.
