Mergers and acquisitions : firm valuation software systems

Title:

Personal Author:

Johnson, Hazel

Publication Information:

London : Prentice-Hall, 1999

Physical Description:

1 companies disk ; 3 1/2 in

ISBN:

9780273638810

General Note:

Accompanies text entitle : Mergers and acquisitions : a framework for the right executive decision ( HD58.8 J63 1999 )

Subject Term:

Consolidation and merger of corporations -- Management

Valuation -- Data processing

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This text aims to deliver a practical approach to executive financial decision-making. Introducing and explaining the foundations of key corporate financial theories. It focuses on the essential, the practical and the applicable.

Author Notes

Dr Hazel J. Johnson is currently Distinguished University Scholar at the University of Louisville and Professor of Finance (USA). Dr Johnson was formerly a member of the finance faculty of Georgetown University (Washington, DC, USA).

Foreword	p. xi
1 Conceptual Issues Surrounding Mergers and Acquisitions	p. 1
Introduction	p. 3
The Growing Merger Trend in Europe	p. 3
Business Combination Philosophies	p. 6
Structural Aspects of Mergers and Acquisitions	p. 8
Valuation Concepts	p. 10
Valuation Methodologies	p. 12
Avoiding Mishaps	p. 16
2 Mergers	p. 17
Introduction	p. 19
The Right Time to Merge	p. 19
The Right Merger Partner	p. 23
Communicating Merger Benefits to Market Analysts	p. 29
Consolidating the Two Firms	p. 32
The Decision to Sell the Company	p. 37
A Profound Decision	p. 40
3 Acquisitions	p. 43
Introduction	p. 45
Acquisition Guidelines	p. 45
The Acquisition Agreement	p. 53
Using Brokers and Finders	p. 57
Defending Against Acquisitions	p. 59
Managing the Transition	p. 64
The Art of the Deal	p. 66
Addendum 3.1: Hostile Takeovers in Europe	p. 68
4 Is a Merger or Acquisition the Right Decision?	p. 73
Introduction	p. 75
The Case for Internal Development	p. 75
Due Diligence	p. 78
Other Alternatives to Mergers and Acquisitions	p. 84
Strategic Alliances	p. 89
Minority Investments	p. 92
Venture Capital	p. 95
Licensing Agreements	p. 97
The Right Decision	p. 97
Addendum 4.1: International Joint Ventures	p. 99
5 The Science and Art of Valuation	p. 105
Introduction	p. 107
The Acquiring Firm and Valuation	p. 107
Valuation Principles	p. 111
The Science of Valuation: Discounted Cash Flow (DCF)	p. 114
The Art of Valuation: Qualitative Issues	p. 118
Equity Residual Method	p. 120
The Art and the Science	p. 124
6 Multinational Acquisitions	p. 127
Introduction	p. 129
Critical Issues for International Acquisitions	p. 129
Case Study: A Proposed Investment in the People's Republic of China	p. 134
Summary of Issues Surrounding a Multinational Acquisition	p. 154
Appendix A The Time Value of Money	p. 157
Introduction	p. 159
Individual Cash Flows	p. 159
Intra-year Compounding	p. 167
Continuous Compounding	p. 170
General Concepts	p. 175
Annuities	p. 176
Interpreting Factors	p. 180
Financial Calculators	p. 185
Summary of Time Value of Money Concepts	p. 189
Appendix B Present Value and Future Value Factors	p. 191
Future Value of $1	p. 192
Future Value of an Annuity of $1	p. 194
Present Value of $1	p. 196
Present Value of an Annuity of $1	p. 198
Index	p. 201
Firm Valuation Software System (Interactive Version)-User's Manual and Documentation	p. 205

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Author Notes

Table of Contents