Summary
Contents
Subject index
A rigorous and relevant book on mergers, acquisitions and corporate restructuring for students and practitioners of finance.
The key features of this work are:
It covers the entire spectrum of activities in a typical merger transaction - starting from searching for candidates to closing the deal; Topics discussed include rationale for diversification via acquisition, searching for acquisitions, valuation of publicly and privately held companies, design of consideration in acquisitions, crossborder acquisitions and empirical data on mergers; The book covers various forms of corporate restructuring like spin offs, carve outs, targeted stocks, reorganization of debt contracts, lay offs and downsizing; It contains numerous real life examples and summarizes much of the research done in the last 20 years.
Spin-Offs, Equity Carve-Outs and Targeted Stocks
Spin-Offs, Equity Carve-Outs and Targeted Stocks
Chapter Objectives
- Highlights the forces driving corporate restructuring initiatives around the world
- Explains the different types of restructuring
- Provides a summary of empirical findings on the different types of restructuring
- Introduces targeted stocks, an innovative type of restructuring
- Describes a landmark restructuring in an emerging market
In recent years, we have witnessed a large number of divestitures, spin-offs, split-ups and such other corporate restructuring activities which change the asset and liability composition of firms. A few decades ago, the ‘diversified conglomerate’ was the in-thing. It is no longer fashionable to be in unrelated businesses. The companies that once manufactured everything from hairpins to aircrafts have divested many businesses in which they do not have a competitive advantage. General ...
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