Reverse Mergers

Reverse Mergers
Author: David N. Feldman
Publisher: John Wiley & Sons
Total Pages: 305
Release: 2010-05-20
Genre: Business & Economics
ISBN: 0470883480

In good markets or bad, reverse mergers play a key role for companies that want to avoid the IPO route for going public. Since the successful first edition of Reverse Mergers was published in 2006, the economic and regulatory landscape has changed. Executives, owners, lawyers, accountants, professional investors, regulators, and others need to know what those changes mean for reverse mergers. Reverse-merger expert David Feldman gives an overview of the most important changes since the previous edition was published: new SEC regulations, the changing nature of SPACs (Special-Purpose Acquisition Company), and the emergence of new instruments called WRASPs (WestPark Alternative Senior Exchange Process). The book includes a new chapter on China, and the “Experts Speak” chapter features all new interviewees. David Feldman is one of the country’s leading experts on reverse mergers, self-filings, and other alternatives to IPOs. His firm has guided hundreds of companies on going public, advising them on structure and mechanics, financing, due diligence, regulatory issues, and more.

Reverse Mergers

Reverse Mergers
Author: David N. Feldman
Publisher: Bloomberg Press
Total Pages: 290
Release: 2014-05-14
Genre: Business & Economics
ISBN: 9781576602553

Written for CEOs, CFOs, and the investment bankers, lawyers, and auditors who advise them, this is the first book to explain how reverse mergers work, from the business and legal points of view.

Going-public Reverse Mergers

Going-public Reverse Mergers
Author: Robert Comment
Publisher: Createspace Independent Publishing Platform
Total Pages: 0
Release: 2010
Genre: Going public (Securities)
ISBN: 9781453779002

This book describes a method that small businesses use regularly to go public in the US. Here, a private company merges with a public shell company and the private owners end up with the lion's share of the post-merger shares. The book cites over 300 real-world examples of both successes and failures. It includes 30 tables and charts with data on typical deal terms, with breakdowns by size and type of private company.

Two Essays on Reverse Mergers

Two Essays on Reverse Mergers
Author: Frederick Amon Adjei
Publisher:
Total Pages: 87
Release: 2006
Genre:
ISBN: 9781109972061

An investigation of the effects of various features proposed as indicators of firm survival following reverse mergers is conducted using the accelerated failure time (AFT) model. The results imply that large, high performance, and low risk private firms that engage in reverse mergers will have longer survival time in the aftermarket. The use of a financial advisor as well as venture capital backing lengthens survival time. Additionally, the most probable delisting time of an average reverse merged firm is in the 24th month with a probability of delisting of 5.69 percent. For NASDAQ reverse merged firms, the maximum probability of delisting is 5.75 percent in the 23rd month and for NYSE/AMEX reverse merged firms; the maximum delisting probability is 5.37 percent in the 27th month.

Reverse Mergers

Reverse Mergers
Author: David N. Feldman
Publisher:
Total Pages: 264
Release: 2006
Genre: Business & Economics
ISBN: 1576602311

Written for CEOs, CFOs, and the investment bankers, lawyers, and auditors who advise them, this is the first book to explain how reverse mergers work, from the business and legal points of view.

The Truth About Reverse Mergers

The Truth About Reverse Mergers
Author: William K. Sjostrom
Publisher:
Total Pages: 17
Release: 2008
Genre:
ISBN:

The Article examines the reverse merger method of going public. It describes the principal features of reverse mergers, including deal structure and legal compliance. Although reverse mergers are routinely pitched as cheaper and quicker than traditional IPOs, the Article argues that such pitches are misleading and, for many companies, irrelevant.

Reverse Merger Waves, Market Timing and Managerial Behaviour

Reverse Merger Waves, Market Timing and Managerial Behaviour
Author: Igor Semenenko
Publisher:
Total Pages:
Release: 2014
Genre:
ISBN:

This paper examines timing of reverse mergers (takeovers) and behaviour of managers of firms that go public in reverse mergers. Results suggest that small private firms go public through mergers with financially distressed firms when market conditions are unfavourable, whereas reverse takeovers in which participating public company is a going concern are procyclical. Managers of private firms that go public through a reverse takeover mechanism - both small and large - sell overvalued equity upon merger completion. Raising capital through equity issuance and use of equity to redeem debt is critical for survival of small firms. These findings imply that managers of firms that go public through reverse mergers behave strategically: they time the market when they merge with publicly traded counterparts and sell overvalued capital to investors.

Mergers, Acquisitions, and Other Restructuring Activities

Mergers, Acquisitions, and Other Restructuring Activities
Author: Donald DePamphilis
Publisher: Academic Press
Total Pages: 586
Release: 2019-09-04
Genre: Business & Economics
ISBN: 0128150769

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

Corporate Governance and Financial Performance of Chinese Reverse Mergers

Corporate Governance and Financial Performance of Chinese Reverse Mergers
Author: Thomas Kwan
Publisher:
Total Pages: 92
Release: 2014-09-25
Genre:
ISBN: 9783656748311

Master's Thesis from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 15/20, Tongji University (ESCP Europe; Tongji University), language: English, abstract: Chinese Reverse Mergers are companies operating in China who listed on the US financial markets through a "backdoor" mechanism called reverse merger. The reverse merger process for going public consists in reverse-merging with a shell company in order to be listed on a stock market without going through the traditional IPO process. This study will focus on the impact of corporate governance structure on the financial performance of CRMs. Through different external factors of governance (existence of a corporate governance committee, limitations on CEO removal, reputation of the statutory auditor, ownership structure), we want to observe whether the existence of corporate governance mechanisms have a positive impact on financial performance measured by Stock Returns.