Valuation for M&A

Valuation for M&A
Author: Chris M. Mellen
Publisher: John Wiley & Sons
Total Pages: 343
Release: 2010-05-11
Genre: Business & Economics
ISBN: 0470648813

Discover the tools necessary to determine what your company's value is, what drives its value, and how to enhance that value during an M&A transaction. The only book to focus on valuation specifically for mergers and acquisitions, Valuation For M&A: Building Value in Private Companies, Second Edition lays out the steps for measuring and managing value creation in privately held businesses. This groundbreaking work led directly to authors Chris M. Mellen and Franck C. Evans being named the joint 2010 AM&AA Middle Market Thought Leader of the Year by the Alliance of Merger & Acquisition Advisors, and its thorough overview of the subject: Recognizes a company as an investment and explains how to manage that value to maximize shareholder returns, focusing on returns, risks, and capital invested Explains investment or strategic value versus fair market value and provides a document request checklist; sample interview questions; and formats for adjusting financial statements, developing discount rates, the computation of net cash flow; and a valuation reconciliation form Includes a comprehensive case study to illustrate concepts and calculations Now covers fair value accounting and the impact of SFAS Nos. 141, 142, and 157 and their IFRS counterparts, intangible asset valuation techniques, exit planning, international M&As, and venture backed/early stage companies Showing corporate executives as well as M&A professionals and business appraisers how to value privately-held businesses for merger and acquisition purposes, this book helps investors, executives, and their advisors determine the optimum strategy to enhance both market value and strategic value to maximize return on investment.

Beyond the Deal

Beyond the Deal
Author: Peter J. Clark
Publisher: HarperCollins Publishers
Total Pages: 356
Release: 1991
Genre: Business & Economics
ISBN:

Valuation for Mergers and Acquisitions

Valuation for Mergers and Acquisitions
Author: Barbara S. Pécherot Petitt
Publisher: Pearson Education
Total Pages: 257
Release: 2013
Genre: Business & Economics
ISBN: 0133372677

Master the latest insights, lessons, and best practice techniques for accurately valuing companies for potential mergers, acquisitions, and restructurings. Concise, realistic, and easy to use, Valuation for Mergers and Acquisitions, Second Edition has been fully updated to reflect the field's latest and most useful "rules of thumb," compare every modern approach to valuation, offering practical solutions for today's most complex and important valuation challenges. Treating valuation as both an art and a science, it covers the entire process, offering up-to-the-minute real-world advice, examples, and case studies. Leading valuation experts Barbara S. Petitt and Kenneth R. Ferris introduce and compare leading techniques including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis. They fully address related concerns such as the accounting structure of deals, accounting for goodwill, tax considerations, and more. Throughout, they identify common errors that lead to inaccurate valuation, and show how to avoid them. From start to finish, this guide doesn't just make valuation comprehensible: it provides the tools and insight to make valuation work. For all financial professionals concerned with valuation, especially those involved in potential mergers, acquisitions, and restructurings; and for corporate finance instructors and students in Executive MBA programs concerned with valuation

Playing at Acquisitions

Playing at Acquisitions
Author: Han T. J. Smit
Publisher: Princeton University Press
Total Pages: 215
Release: 2015-01-18
Genre: Business & Economics
ISBN: 140085217X

A groundbreaking approach to mergers and acquisitions It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. Playing at Acquisitions provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments. Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this unique playbook explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more. Rooted in economic theory and featuring numerous real-world case studies, Playing at Acquisitions will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.

Valuation for M&A

Valuation for M&A
Author: Frank C. Evans
Publisher: John Wiley & Sons
Total Pages: 313
Release: 2002-07-15
Genre: Business & Economics
ISBN: 0471217298

The only resource available to help calculate investment value versus fair market value Whether buying or selling, the question of "what's it worth?" is multifaceted. In an M&A setting, it is necessary to compute fair market value, but it is far more important to compute investment value-the value of the target company to a strategic buyer. This calculation varies with each prospective buyer, depending on synergies, benefits, and other competitive analyses that are seldom involved in business valuation. Valuation for M&A is the first book to focus on valuation for merger and acquisitions. This groundbreaking guide provides document request checklists, sample interview questions, a format for adjusting financial statements, a format for developing discount rates, a format for computation of net cash flow, and a valuation reconciliation form, all to help senior executives and M&A professionals better negotiate a successful deal. Frank C. Evans is a certified business appraiser (CBA), Accredited Senior Business Appraiser in Business Valuation (ASA), and CPA (accredited in business valuation) and David M. Bishop is a Master Certified Business Appraiser (MCBA), Accredited Senior Business Appraiser in Business Valuation (ASA), Fellow of the Institute of Business Appraisers (FIBA), and Business Valuator Accredited for Litigation (BVAL).

Reaping the Benefits of Mergers and Acquisitions

Reaping the Benefits of Mergers and Acquisitions
Author: John Coffey
Publisher: Routledge
Total Pages: 265
Release: 2012-04-27
Genre: Business & Economics
ISBN: 1136369732

Will the early years of the new century continue to witness the huge growth in merger and acquisition activity which marked the end of the last? The chances are that they will - witness the value of deals carried out by the top five investment banks in the first quarter of 2001 alone ($456.2 billion). The quest for the golden fleece is alive and well. Will the majority of M&As continue to fail to achieve their potential value? This book is about breaking out of the cycle of grand strategy, great prospects, poor implementation, lost opportunities. The authors believe that it is possible for M&As to realise their value - and more. Bringing home the golden fleece involves more than just setting sail in quest for riches. It's about understanding the destination/end game, and working out the most appropriate route. This book has been written with the practitioner in mind, with the thirteen chapters split into three sections. The first section provides an overview of the merger process and outlining the key elements of success. Section Two focuses on the nuts & bolts of managing the integration process - from transition to full integration. Illustrated by a detailed case study of Articon Integralis AG, the leading supplier of IT Security Solutions and Services in Europe. The final section looks at the themes that can make or break mergers - creating the culture of the new organisation, communications, retention and the roles of line managers and HR. Each section is supported by checklists that should be helpful whether you are a novice at the merger game or an expert.

Corporate Valuation

Corporate Valuation
Author: Gianfranco Gianfrate
Publisher: John Wiley & Sons
Total Pages: 512
Release: 2016-07-25
Genre: Business & Economics
ISBN: 1119003342

Risk consideration is central to more accurate post-crisis valuation Corporate Valuation presents the most up-to-date tools and techniques for more accurate valuation in a highly volatile, globalized, and risky business environment. This insightful guide takes a multidisciplinary approach, considering both accounting and financial principles, with a practical focus that uses case studies and numerical examples to illustrate major concepts. Readers are walked through a map of the valuation approaches proven most effective post-crisis, with explicit guidance toward implementation and enhancement using advanced tools, while exploring new models, techniques, and perspectives on the new meaning of value. Risk centrality and scenario analysis are major themes among the techniques covered, and the companion website provides relevant spreadsheets, models, and instructor materials. Business is now done in a faster, more diverse, more interconnected environment, making valuation an increasingly more complex endeavor. New types of risks and competition are shaping operations and finance, redefining the importance of managing uncertainty as the key to success. This book brings that perspective to bear in valuation, providing new insight, new models, and practical techniques for the modern finance industry. Gain a new understanding of the idea of "value," from both accounting and financial perspectives Learn new valuation models and techniques, including scenario-based valuation, the Monte Carlo analysis, and other advanced tools Understand valuation multiples as adjusted for risk and cycle, and the decomposition of deal multiples Examine the approach to valuation for rights issues and hybrid securities, and more Traditional valuation models are inaccurate in that they hinge on the idea of ensured success and only minor adjustments to forecasts. These rules no longer apply, and accurate valuation demands a shift in the paradigm. Corporate Valuation describes that shift, and how it translates to more accurate methods.

M&A From Planning to Integration: Executing Acquisitions and Increasing Shareholder Value

M&A From Planning to Integration: Executing Acquisitions and Increasing Shareholder Value
Author: Robert J. Borghese
Publisher: McGraw Hill Professional
Total Pages: 308
Release: 2001-10-21
Genre: Business & Economics
ISBN: 9780071389716

How Today's Leading Corporations Use Mergers & Acquisitions as a Competitive Weapon Mergers and acquisitions are designed to build market leadership and create long-term valuein theory, anyway. M&A from Planning to Integration provides complete guidelines for ensuring these optimistic theories become reality, and outlines a systematic plan for developing, implementing, and monitoring a successful M&A deal. Examples from companies including Cisco Systems, GE, Microsoft, and others reveal M&A strategies that have worked in the real world, illustrate the book's concepts in action, and help you apply those concepts and strategies to your own company. Covering each step, from identifying a promising target to managing the post-merger transition, this comprehensive book details: Six pre-deal techniques for boosting the odds of a successful merger Methods for performing due diligence to ensure appropriate legal and tax structures Strategies to confront and overcome legacy issues during the integration process Is your company ready to pursue a strategic acquisition? Do you currently find yourself the target of a potential acquirer? Let M&A from Planning to Integration provide you with the tools you need to successfully guide your organization through both sides of the M&A equation. In 1970, Ted Turner merges his father's small-time billboard company with the publicly traded operator of an Atlanta television station. Turner uses this new access to the capital markets to build cable television pioneer Turner Broadcasting In 1996, Quaker Oats pays $1.7 billion for specialty beverage producer Snapple. A little more than two years later, debilitating losses and miscalculations force Quaker to sell Snapple for $300 millionless than 20 percent of what they had paid How can acquiring companies experience the success of Ted Turner, while avoiding the disaster of Quaker Oats' Snapple acquisition? M&A from Planning to Integration provides in-depth analysis and guidance for each stage of the M&A transaction. This step-by-step guide to "doing the deal" is built around the authors' innovative M&A Strategy Guide, a walkthrough of a typical negotiation, which features unique tools including: The Acquisition ScorecardAn objective, empirical process that gives potential acquirers a broad understanding of the overall health of an enterprise The Acquisition Feedback LoopTechniques for the acquiring company to establish an ongoing learning program, and apply previous M&A lessons to future acquisitions Valuable, practical appendixesA sample confidentiality agreement, due diligence checklist, strategies for valuation and protection of a company's intellectual propertyincluding patents, trademarks, copyrights, and trade secretsand more Mergers and acquisitions are among the business world's most dramatic, attention-grabbing operations. But behind each flashy headline lies a stark reality: The devil is in the details, and the success or failure of any M&A depends on effective execution of the deal's numerous finer points. Let M&A from Planning to Integration introduce you to the multiple factors that signal the potential for a successful deal, as it provides you with hands-on guidelines for addressing the particulars and building shareholder value with every merger or acquisition.