The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, The Art of Capital Restructuring contains comprehensive insights on both the art and science of this dynamic discipline. Mergers, acquisitions, and corporate restructuring represent a fastpaced and highly complex environment in which transactions provide unique opportunities with considerable risk. It requires an evolving understanding of various issues, and this book considers many of them. Divided into six comprehensive parts with each chapter containing a set of discussion questions to reinforce key concepts The Art of Capital Restructuring offers essential insights that both financial veterans and aspiring professionals need to succeed. Topics covered throughout this timely guide include: - Merger waves, takeover regulation, and corporate governance; - Standard valuation methods and real options, as well as the adjustment needed for the implicit minority discount; - The M&A deal process, from sources of financing and means of payment to negotiation and integration; - The impact of restructuring on bondholders and behavioral effects in M&As; - Restructuring activities, including financial restructuring, going private, and leveraged buyouts. Skillfully blending theory with practice, this book will put you in a better position to make the most informed decisions with regard to capital restructuring in todays dynamic business world. from back cover.
Acknowledgments --- 1. Mergers, acquisitions, and corporate restructuring: an overview --- PART I BACKGROUND --- 2. Merger waves --- 3. Takeover regulation --- 4. Corporate governance and M & As --- 5. Ethical and social issues in M&As --- 6. Theoretical issues on mergers, acquisitions, and divestitures --- 7. The short-term and long-term performance of M&As --- PART II VALUATION --- 8. Standard valuation methods for M&As --- 9. Real options and their impact on M&As --- 10. The law and finance of control premiums and minority discounts --- 11. Cross- border valuation effects in developed and emerging markets --- PART III THE M&A DEAL PROCESS --- 12. Sources of financing and means of payment in M&As --- 13. Cultural due diligence --- 14. Negotiation process, bargaining area, and contingent payments --- 15. Merger negotiations: takeover process, selling procedure, and deal initiation --- 16. Postacquisition planning and integration --- 17. Organizational and human resource issues in M&As --- PART IV TAKEOVERS AND BEHAVIORAL EFFECTS --- 18. Takeover Strategies --- 19. Defensive strategies in takeovers --- 20. The impact of restructuring on bondholders --- 21. Behavioral Effects in M&As --- PART V RECAPITALIZATION AND RESTRUCTURING --- 22. Financial restructuring --- 23. Going private and leveraged buyouts --- 24. International takeovers and restructuring --- PART VI SPECIAL TOPICS --- 25. Joint ventures and strategic alliances: alternatives to M&As --- 26. Fairness opinions in M&As --- 27. How initial public offerings affect M&A markets: the dual tracking phenomenon --- 28. The diversification discount --- 29. Partial acquisitions: motivation and consequences on firm performance --- Answers to end-of-chapter discussion questions --- Index..
