Mergers, Acquisitions, and Other Restructuring Activities. by Donald M. DePamphilis

By Donald M. DePamphilis

Two strengths distinguish this textbook from others.  One is its presentation of subjects in the contexts where they occur.  Students see varied views on matters and learn the way advanced and dynamic the mergers and acquisitions surroundings is.  the opposite is its use of present events.  Of its 72 case reports, 3/4 are new or were updated.  the results of Dodd-Frank and US perfect courtroom rulings affecting the Sarbanes-Oxley Act, between different regulatory alterations, are built to enhance teaching and studying experiences.  different advancements to the sixth version have shortened and simplified chapters, elevated the numbers and kinds of pedagogical vitamins, and multiplied the overseas attraction of examples.  With a renewed specialize in empirical  and quantitative examples, the sixth version keeps to illustrate how humans interact on mergers and acquisitions and why the activities of particular participants have far-reaching implications.

  • Presents an built-in method of the actions taken with mergers, acquisitions, enterprise alliances, and company restructurings.
  • All chapters were revised, up to date, and comprise new content material, and 14 comprise extra large adjustments. Structural revisions make chapters extra streamlined, shorter, and no more complex.
  • Case experiences hide a dozen industries, and seventy five% are new or have been updated. All comprise dialogue questions and answers. 

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Extra info for Mergers, Acquisitions, and Other Restructuring Activities. An Integrated Approach to Process, Tools, Cases, and Solutions

Example text

Sell borrowed shares—paying interest to the share owner based on the value of the shares when borrowed—hoping to buy them back at a lower price). The downward pressure on the acquirer’s share price at 30 MERGERS, ACQUISITIONS, AND OTHER RESTRUCTURING ACTIVITIES the time the transaction is announced from widespread arb short selling makes it difficult for others to sell without incurring a loss from the premerger announcement price. Merger arbitrage short selling may account for about one half of the downward pressure on acquirer share prices around the announcement of a stock-financed merger (Mitchell, Pulvino, and Stafford, 2004).

S. S. versus global M&A. All valuations include the value of debt assumed by the acquirer. Source: Thompson Reuters and Dealogic. S. S. versus global M&A. All valuations include the value of debt assumed by the acquirer. Source: Thompson Reuters and Dealogic. precipitously in 2008, reflecting a lack of credit, plunging equity markets, and the worldwide financial crisis. According to Dealogic, 1,307 previously announced deals valued at $911 billion were canceled in 2008, underscoring the malaise affecting the global M&A market.

The principal requirement is that the parent’s ownership exceeds the minimum threshold set by the state. For example, Delaware allows a parent corporation to merge without a shareholder vote with a subsidiary if the parent owns at least 90 percent of the outstanding voting shares. A statutory merger is one in which the acquiring company assumes the assets and liabilities of the target in accordance with the statutes of the state in which the combined companies will be incorporated. A subsidiary merger involves the target becoming a subsidiary of the parent.

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