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Wiley Mergers Acquisitions A Condensed Practitioners Guide.pdf
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并购 实操手册 Mergers Acquisitions A Condensed Practitioners Guide
Preface xiii
About the Author xvii
Free On-Line Resources by Steven Bragg xix
1 The Acquisition Process 1
Why We Acquire 1
Why a Target Sells 5
Acquisition Strategy 7
The Basic Acquisition Process Flow 10
The Auction Process Flow 18
Locating and Culling Acquisition Targets 21
The Optimal Target Size 25
Evaluate Acquisition Targets with Alliances 26
Acquisition Risks for the Buyer Valuation 28
Acquisition Risks for the Buyer Legal 29
Acquisition Risks for the Seller 31
Acquisition Follow-Up Activities 32
The Hostile Takeover 33
Defending Against a Hostile Takeover 35
Summary 39
2 Key Participants 41
The Acquisition Team 41
Attorneys 42
Board of Directors 43
Brokers 44
The Chief Executive Officer 46
Investment Bankers 47
Investor and Public Relations 48
Lenders 50
Line Managers 51
Specialist Consultants 52
Players in Hostile Takeovers 53
Integration Team 54
Summary 54
3 Valuing an Acquisition Target 57
Alternative Valuation Methods 57
The Control Premium 65
Synergy Gains 65
The Discounted Cash Flow (DCF) Model 66
Constructing Cash Flow Scenarios 69
Cash Flow Adjusting Factors 71
The Earnout 74
Qualitative Factors 75
Which Valuation Method is Best? 77
The Method of Payment 78
Summary 82
4 The Term Sheet 83
Reasons for Using a Term Sheet 83
Components of a Term Sheet 85
Summary 92
5 Due Diligence 93
Due Diligence Team Staffing 93
Due Diligence Interviews 95
Due Diligence Overview 96
Due Diligence Market Overview 99
Due Diligence Culture 101
Due Diligence Personnel 102
Due Diligence Intellectual Property 106
Due Diligence Brands 107
Due Diligence Risk Management 109
Due Diligence Capacity 110
Due Diligence Assets 113
Due Diligence Liabilities 116
Due Diligence Equity 119
Due Diligence Profitability 120
Due Diligence Cash Flow 124
Due Diligence Customers 126
Due Diligence Product Development 128
Due Diligence Production Process 130
Due Diligence Information Technology 132
Due Diligence Legal Issues 132
Due Diligence for a Business Segment 136
Due Diligence Forecasts 137
Due Diligence Missing Information 138
Complexity Analysis 139
Due Diligence Red Flags 140
Due Diligence Seller’s Perspective 143
Due Diligence Documentation 144
Summary 146
6 The Purchase Agreement 147
Components of a Purchase Agreement 147
The Merger Section 148
The Letter of Transmittal Section 153
The Representations and Warranties Section Seller 154
The Representations and Warranties Section Buyer 162
The Survival of Representations and Warranties Section 163
The Conduct of Business Section 165
The Additional Agreements Section 165
The Closing Section 167
The Termination Prior to Closing Section 168
The Supporting Documents Section 169
Exhibits 170
The Seller Disclosure Schedule 170
The Closing Memorandum 171
Special Clauses 173
Post-Closing Activities 177
Negotiating the Purchase Agreement 178
Mechanics of the Close 179
Summary 180
7 The Acquisition Integration Process 181
Integration Timing 181
Integration Planning 182
Synergy Realization 186
The Integration Manager 192
The Integration Team 195
Integration Communications Internal 196
Integration Communications External 198
Anger Management 199
Progress Reporting External 200
Cultural Issues 201
Employee Integration Qualification Assessment 205
Employee Integration Job Positioning 206
Employee Integration Relocations 208
Employee Integration Key Employees 209
Employee Integration Founders 212
Employee Integration Unions 213
Layoffs 214
Compensation Integration 215
Sales Integration 217
Process Integration 219
Technology Integration 220
Controls Integration 221
Board Integration 222
Integration Metrics 222
Integration Pacing 224
Summary 225
8 Accounting for Acquisitions 227
Purchase Price Allocation 227
Fair Value Determination 228
Intangibles Identification 229
Duplicative Assets and Assets Targeted for Disposition 233
Example of the Accounting for an Acquisition (with Goodwill) 233
Example of the Accounting for an Acquisition
(with no Goodwill) 237
Initial Goodwill Impairment Testing 239
Ongoing Goodwill Impairment Testing 241
Example of Goodwill Impairment Testing 242
Timing of Annual Goodwill Impairment Testing 245
Push-Down Accounting 245
Summary 249
9 Types of Acquisitions 251
The Tax Implications of a Acquisition 251
The Asset Acquisition 253
The Type ‘‘A’’ Reorganization 255
The Type ‘‘B’’ Reorganization 256
The Type ‘‘C’’ Reorganization 257
The Type ‘‘D’’ Reorganization 258
The Triangular Merger 260
The Reverse Triangular Merger 260
The All-Cash Acquisition 261
Appraisal Rights 261
Summary 262
10 Government Regulation 265
Anti-Trust Regulations 265
International Anti-Trust Regulations 268
Environmental Regulations 269
Summary 271
Appendix A: Due Diligence Checklist 273
Index 291
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