Why Companies Do Not Pursue Attractive Mergers and Acquisitions


Book Description

There are substantial bodies of literature that advance theory about why merger and acquisition candidates are found to be unattractive, why negotiations are not concluded, and why the benefits of companies that are acquired are not realised. Little, if any, research identifies why merger and acquisition opportunities are not pursued in the period after candidates are analysed and found to be attractive but before negotiations begin. This study addresses this period by developing a theoretical framework of the variables that intervene to reverse decisions to pursue apparently attractive candidates before negotiations begin and which, in doing so, result in missed opportunities. The study is informed primarily by the strategic-management content literature but draws from the strategy-process literature including streams in strategic decision making (SDM) and behavioural decision theory (BDT). This is a critical book for business scholars that provides an important perspective that has not yet been studied.




Acquisitions by Emerging Multinational Corporations


Book Description

This thesis analyzes the motivation and performance of 403 acquisitions made by emerging multinational corporations (EMNCs) in Western Europe and North America between 1994 and 2013. The findings indicate that most EMNCs were motivated to acquire in order to obtain access to the upstream and downstream know-how of their target firms. In addition, the thesis' event study results demonstrate that EMNCs on average generated value for their shareholders with their acquisitions over short periods around acquisition announcement. This result is particularly significant since similar studies on buying firms from developed markets have frequently come to the conclusion that acquirers destroy shareholder value.




Mergers and Acquisitions Security


Book Description

In reaction to the continually changing business climate companies develop many business strategies to increase their competitiveness and improve profitability. Companies regularly reshape themselves continually exploring new markets and developing new products. When they can't expand into new markets or develop new products on their own, they seek alternatives. These alternatives include merging with or acquiring other companies to create a single more capable company. Companies acquire other companies for a wide variety of reasons. In some cases company survival may actually be the reason. What does this condition mean to the security professional? In the course of mergers and acquisitions, security plays a vital role in helping to make the endeavor successful. There are numerous titles on the business aspects of M&A such as the ones listed below. However, this unique book focuses on the role security plays in helping to make a merger, acquisition or divestiture successful. It addresses the fundamental security elements that are required to support the effort. In addition, it provides an integrated "how to" approach to implementing M&A security complete with methods and processes that have been quickly and cost-effectively implemented.- First book available that focuses on the role of the Security Manager in M&A - Case studies that highlight the role of the security manager; cases include both best practices as well as illustrations of nightmare examples of what NOT to do - Lead author is an expert that has participated in/managed security for more than 20 high-profile and large-scale acquisitions - Model processes, procedures, checklists, charts and sample forms all serve to ease immediate analysis and implementation in a merger or acquisition




Mergers, Acquisitions, and Other Restructuring Activities


Book Description

Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Tenth Edition, is the most comprehensive and cutting-edge text available on the subject. Supported by recent peer-reviewed academic research, this book provides many recent, notable deals, precedent-setting judicial decisions, government policies and regulations, and trends affecting M&As, as well as takeover strategies and tactics. Today's policies, politics and economics are reflected in the book's 40 case studies, 90% of which involve deals either announced or completed during the last several years. These cases represent friendly, hostile, highly leveraged, and cross-border transactions in ten different industries, involving public and private firms and those experiencing financial distress. Sections discuss an overview of M&As, key regulations, common strategies and tactics, how managers may choose a business strategy from available options, valuation methods and basic financial modeling techniques, the negotiating process, how deal structuring and financing are inextricably linked, how consensus is reached during the bargaining process, the role of financial models in closing the deal and strategic growth options as alternatives to domestic M&As. - Provides a rigorous discussion of the strengths and limitations of financial modeling as applied to M&A and how these models can be applied in various areas - Includes new academic research and updated/revised case studies - Presents updated M&A tactics and strategies, along with court cases and new regulations governing business combinations, valuation methodologies and financing




Regulation A+ and Other Alternatives to a Traditional IPO


Book Description

Understand Regulation A+ and other alternative funding methods Regulation A+ and Other Alternatives to a Traditional IPO delves into the details of the newSEC rules under the JOBS Act of 2012 to examine the benefits and pitfalls for entrepreneurs and investors. Written by the 'Godfather of Reg A+,' this book breaks down the complex details of Regulation A+ and other alternative funding methods to help small businesses determine how best to go public and raise capital. A traditional IPO comes with barriers that can be insurmountable for a small company seeking to enter the public markets; thus far, reverse mergers have provided a challenging 'back door' to the market, but Regulation A+ re-opens the front door to allow small cap companies to raise capital while keeping offering and compliance costs manageable in a way not possible with a traditional IPO. More complex than simple crowdfunding, yet just as accessible by all investors, Regulation A+ is a step up for entrepreneurs at any stage wanting to go public where Wall Street meets Main Street. Straightforward explanations, smart strategy, and illustrative examples make this book an invaluable guide for those seeking to truly understand the nuances of Regulation A+ in order to work more effectively within its bounds. Understand how Regulation A+ differs from a traditional IPO and the early experience with this exciting new approach Examine the JOBS Act and the SEC's rules under Title IV Explore the past, present, and future of reverse mergers, special purpose acquisition companies (SPACs) and self-filings Discover new alternatives including new rules under Rule 504 and Regulation S The new rules provide a faster, more streamlined, more cost-effective route to up to $50 million in capital, and offer companies more flexibility than ever. Every entrepreneur needs to know all available funding options, and Regulation A+ and Other Alternatives to a Traditional IPO provides essential guidance from the expert in the field.




Cybercrime and Business


Book Description

Cybercrime and Business: Strategies for Global Corporate Security examines the three most prevalent cybercrimes afflicting today's corporate security professionals: piracy, espionage, and computer hacking. By demonstrating how each of these threats evolved separately and then converged to form an ultra-dangerous composite threat, the book discusses the impact the threats pose and how the very technologies that created the problem can help solve it. Cybercrime and Business then offers viable strategies for how different types of businesses—from large multinationals to small start-ups—can respond to these threats to both minimize their losses and gain a competitive advantage. The book concludes by identifying future technological threats and how the models presented in the book can be applied to handling them. - Demonstrates how to effectively handle corporate cyber security issues using case studies from a wide range of companies around the globe - Highlights the regulatory, economic, cultural, and demographic trends businesses encounter when facing security issues - Profiles corporate security issues in major industrialized, developing, and emerging countries throughout North America, Europe, Asia, Latin America, Africa, and the Middle East




Inside Cisco


Book Description

An insider reveals the core strategies behind Cisco's phenomenal success Most savvy business observers agree that the major component in Cisco's phenomenal growth has been their unwavering commitment to expanding their product line through aggressive acquisitions. Since 1995, the "New Goliath," as Cisco is known throughout the business and finance communities, has acquired more than sixty companies. In this groundbreaking book, a Silicon Valley veteran, Ed Paulson, uses his strong connections to Cisco's management to reveal the M&A gospel according to Cisco. Paulson explores how Cisco has used acquisitions to stay ahead of its competitors, analyzes their strategies and proven methods for incorporating new companies seamlessly, positively, and profitably. Paulson reveals the centerpiece of Cisco's acquisition strategy-one that is company-focused, culturally compatible, and retains staff. He examines how Cisco executives determine if a target company is compatible with Cisco's corporate culture and strategic outlook and describes the extraordinary lengths to which these executives will go to gain the loyalty of acquired people. This book details the Cisco methodology and illustrates how it can be applied to companies across industries. Ed Paulson (Chicago, IL) is President of Technology and Communications, Inc., a business and technology consulting firm and a visiting professor at DePaul University's School for New Training. He is a Silicon Valley veteran with more than two decades of experience and the author of numerous business and technology books, most recently, The Technology M&A Guidebook (Wiley: 0-471-36010-4).




Corporate Strategy


Book Description

This textbook offers a personal perspective on the broad and complex topic of corporate strategy. The book is structured to follow the journey of systematic corporate strategy development and implementation. “Corporate Strategy” presents frameworks and concepts for strategy development that have proven to be useful in corporate practice. The book covers the fundamental questions of daily strategy work and illustrates them with examples from real companies. It addresses all key elements of corporate strategy in a clear and systematic way: • Corporate ambition and capabilities • Corporate portfolio analysis • Corporate growth and portfolio strategy • Managing and transforming the corporate profile • Corporate parenting strategy and organization • Corporate financial strategy • Corporate strategy process The book serves not only as a practice-oriented textbook for students and teachers of corporate strategy, it also functions as a sophisticated handbook for practitioners who are responsible for developing and implementing effective corporate strategies.




Black Enterprise


Book Description

BLACK ENTERPRISE is the ultimate source for wealth creation for African American professionals, entrepreneurs and corporate executives. Every month, BLACK ENTERPRISE delivers timely, useful information on careers, small business and personal finance.




Regulating Mergers and Acquisitions of U.S. Electric Utilities: Industry Concentration and Corporate Complication


Book Description

What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.