Applied Mergers and Acquisitions. Robert F. Bruner

      

      Table of Contents

      1  Cover

      2  Title Page

      3  Copyright

      4  Dedication

      5  About the Author

      6  Foreword NOTES

      7  Preface ACKNOWLEDGMENTS NOTES

      8  PART One: Introduction and Key Themes CHAPTER 1: Introduction and Executive Summary AN URGENT PROBLEM: HOW CAN MY TEAM DO BETTER THAN THE AVERAGES? OVERVIEW OF A FRAMEWORK FOR M&A SUCCESS SEVEN DISRUPTIVE IDEAS WORTHY OF BEST PRACTITIONERS CONCLUSION NOTES CHAPTER 2: Ethics in M&A INTRODUCTION WHY SHOULD ONE CARE? IN WHOSE INTERESTS ARE YOU WORKING? WHAT IS “GOOD”? CONSEQUENCES, DUTIES, VIRTUES PROMOTING ETHICAL BEHAVIOR MINI-CASE: GREENMAIL PAYMENT BY WALT DISNEY PRODUCTIONS, 1984 CONCLUSION NOTES CHAPTER 3: Does M&A Pay? INTRODUCTION MEASUREMENT OF M&A PROFITABILITY: BETTER THAN WHAT? FINDINGS BASED ON THE ANALYSIS OF MARKET-BASED RETURNS TO SHAREHOLDERS FINDINGS BASED ON THE ANALYSIS OF REPORTED FINANCIAL PERFORMANCE FINDINGS ABOUT THE DRIVERS OF PROFITABILITY FINDINGS FROM SURVEYS OF EXECUTIVES FINDINGS FROM CLINICAL STUDIES CONCLUSIONS OF REVIEWERS THROUGH TIME VIEWING THE WHOLE MOSAIC: SOME CONCLUSIONS SPECIAL NOTE NOTES

      9  PART Two: Strategy and the Origination of Transaction Proposals CHAPTER 4: M&A Activity INTRODUCTION M&A ACTIVITY APPEARS IN WAVES EXPLANATIONS OF M&A ACTIVITY “CREATIVE DESTRUCTION” AS THE DRIVER OF M&A ACTIVITY IMPLEMENTING THE “CREATIVE DESTRUCTION” VIEW: LISTEN TO MARKETS AND FIRMS CONCLUSION APPENDIX 4.1 How to Listen to Customers of Firms APPENDIX 4.2 How to Listen to Macroeconomic and Sector Conditions APPENDIX 4.3 Listening for Turbulence as Communicated through Capital Markets DEBT MARKETS EQUITY MARKETS DERIVATIVES MARKETS APPENDIX 4.4 Listening to Firms and Their Industries NOTES CHAPTER 5: Cross-Border M&A INTRODUCTION CROSS-BORDER M&A ACTIVITY M&A ACTIVITY WITHIN REGIONS AND TRADING BLOCS DRIVERS OF CROSS-BORDER M&A RETURNS FROM CROSS-BORDER M&A STRATEGIC ANALYSIS OF COUNTRIES: GETTING A VIEW SUMMARY AND IMPLICATIONS FOR THE PRACTITIONER NOTES CHAPTER 6: Strategy and the Uses of M&A to Grow or Restructure the Firm INTRODUCTION SETTING STRATEGY EXPANSION BY INORGANIC GROWTH RESTRUCTURING, REDEPLOYMENT, AND SALE FRAMEWORK FOR CHOOSING A PATH FOR INORGANIC GROWTH FRAMEWORK FOR CHOOSING A PATH FOR RESTRUCTURING DOES IT PAY TO DIVERSIFY OR FOCUS THE FIRM? CONCLUSIONS APPENDIX 6.1 A Critical Look at the Self-Sustainable Rate of Growth Concept and Formulas BEGINNINGS: A FOCUS ON VALUE THE