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Download Mergers and Acquisitions from A to Z: Strategic and Practical Guidance for Buyers and Sellers eBook

by Andrew J. Sherman

Download Mergers and Acquisitions from A to Z: Strategic and Practical Guidance for Buyers and Sellers eBook
Andrew J. Sherman
Management & Leadership
AMACOM; First Edition edition (May 5, 1998)
288 pages
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I found his book to be very well written, clear, concise, and quite complete.

Andrew’s book offers guidance for non–U. based businesses considering mergers and acquisitions in the United States. The middle-market transaction is the clear focus of this book.

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Mergers & Acquisitions from A to Z book. The entire spectrum of the M&A transaction, from analyzing projected financial gain to structuring documentation, is covered.

By Andrew J. Sherman. As you can imagine by the title, "Mergers & Acquisitions from A to Z" is a practical guide that covers everything you need to know about M&A transactions, from structuring documentation to analyzing projected financial gain

The entire spectrum of the M&A transaction, from analyzing projected financial gain to structuring documentation, is covered. Written for those already involved in M&A deals or for those considering a move in that direction, this work covers the mechanics of the deal from start to finish.

Mergers and acquisitions represent a successful growth strategy for many companies, but, while potentially profitable, M&A transactions are complex and often risky. Covering the latest trends, developments, and best practices for the post-Madoff era, this comprehensive, hands-on resource walks readers through every step of the process, offering practical advice for keeping deals on track and ensuring postclosing integration success.

ISBN 13: 9780814403761.

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Электронная книга "Mergers and Acquisitions from A to Z", Andrew Sherman. Эту книгу можно прочитать в Google Play Книгах на компьютере, а также на устройствах Android и iOS. Выделяйте текст, добавляйте закладки и делайте заметки, скачав книгу "Mergers and Acquisitions from A to Z" для чтения в офлайн-режиме.

Mergers and acquisitions represent a successful growth strategy for .

Mergers and acquisitions represent a successful growth strategy for many companies, but, while potentially profitable, M&A; transactions are complex and of. .Everyone has worked hard to ensure that the process went smoothly and that all parties are happy with the end result.

"The power your company can generate in concert with another is immense. But mergers and acquisitions are incredibly complicated, involving issues ranging from valuation and deal structure to tax and securities laws. And things have only gotten more complicated in the increasingly global, post-Madoff era." "A comprehensive, hands-on resource--now fully revised and updated--the third edition of Mergers and Acquisitions from A to Z shows you how to get M&A deals done right." "Containing valuable tools, checklists, and sample documents, the book spells out the latest trends and developments in middle-market M&A best practices, and walks you through every step of the deal, from preliminary considerations to due diligence, through each and every piece of necessary documentation, all the way to closing" "The book explains key market conditions and trends, how to understand and take into consideration the motivations of each party, and ways to evaluate possible alternative paths to achieving growth goals and objectives." "Written in an easy-to-read, easy-to-understand, nontechnical voice, and presenting creative strategies for structuring and financing M&A transactions during turbulent market conditions, this long-trusted guide reveals how to boost both the immediate financial position and the long-term outlook for your organization." "Illustrating what works and why with case studies and war stories, the book brings you up to speed on the essential steps and guidelines behind well-executed M&A transactions. Whether you're a novice or a veteran to the complex world of mergers and acquisitions, this book ensures that you have a thorough understanding of the latest key economic trends and market conditions that may affect your deal...and gives you the assuance you need to get the deal done smoothly and ensure post-transaction success."--BOOK JACKET.
  • Original
The A to Z of M&A is a great book if you want to know about the M&A process and the various elements involved in it. It is a good starting place to get your bearings right. This book explains in detail what the motivations could be behind a merger and an acquisition. With that key understanding, the book walks us through the next steps, such as developing an Acquisition Plan and the contents therein, Letter of Intent (LOI) and the binding and non-binding terms, preparation of the Work Schedule, etc.

Due Diligence is explained in terms of financial/strategic and legal due diligence. Due diligence is a process where confirmation of the initial valuations and assumptions happens but it is also the time to jump ship if the risks or potential liabilities exceed anticipation or comfort level of the buyer. Another critical point is that due diligence happens in phases and is iterative in nature.

I liked the emphasis on Fairness Opinions and how the debate around it is growing to keep it `fair'. Regulatory considerations could be general or industry specific. The passage of SOX adds a whole new level to the M&A due diligence and advisory services. Environmental and Federal Securities Laws have become another area for a deep dive.

The book distinguishes between horizontal (think competitors) and vertical (think supply chain) acquisitions. It also captures technical details such as the waiting period after the notification has been filed with the FTC and DOJ and that request for an `early termination' will make the transaction public.

An acquirer can pay the seller by using any of methods available namely cash, stock, promissory notes, convertible securities, contingent payments or a combination thereof. These are plain vanilla compared to the nontraditional structures and strategies, which are Spin Offs, Leveraged Buy-Outs (LBOs), Consolidation/Roll Ups, and the much emphasized ESOPs. For a spin off to be viewed favorably by IRS, it has to be a deal that will help with access to capital markets, debt-financing prospects, competitive position, management direction, or retention of key employees.
The book also introduces the three basic methods of valuation: Comparable Company and Comparable Transaction Analysis, Asset Valuation, and DCF. Within Asset Valuation, the subtle distinction between `Cost of Reproduction' and `Cost of Replacement' is referenced.

After the negotiation of purchase price, the team starts to focus on the financing options for the deal. There are three primary issues related to acquisition financing: arriving at the ideal amount of debt to be raised, determining a capital structure with the future success of the company in mind, and the cost of the funds. The sources of financing are the seller and the various types of debt, with collateralized financing not being as popular as it was in earlier years. The importance of communicating the risk mitigation strategies to the loan officer is also emphasized. The variables of an Acquisition Plan and the various documents that are required for venture capital financing negotiations are explained. The different types of securities and why one is preferred over the other, is also covered.

The book takes my understanding of double dipping to a whole new level. This concept is covered in the context of indemnification clauses in the Asset Purchase Agreement. A breach of the same can trigger both a purchase price adjustment and a claim for indemnification.

The way I view an M&A transaction is that it is a well orchestrated dance. There is a wonderful energy about M&A transactions, which touches every aspect of a business, which I find most enticing and challenging.
  • Cogelv
A practical view of buying and selling companies for middle-market players. Kenneth H Marks, lead author of The Handbook of Financing Growth: Strategies, Capital Structure, and M&A Transactions (Wiley Finance)
  • Rrd
Another good product by Andrew Sherman.
  • Nakora
This book offers a fairly comprehensive overview of many of the practical details (esp. the legal ones) of M&A in the small to mid-market. The author is a lawyer who obviously has extensive experience in this field and more importantly has the ability to convey his knowledge in clean and concise prose. Of course, this book is not going to be an exciting read, but it is highly recommended for anyone going into this field who wants to develop a framework for understanding how M&A is done.

The book focuses like a laser beam on giving the reader a broad introduction. There are few (if any) case studies, but that's actually a good thing because it allows the reader to quickly understand how everything fits together in a M&A transaction.

One nice additional feature is a chapter on alternatives to M&A.

This book definitely belongs in the business library of any professional involved in M&A transactions.