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PART Ⅰ：TAKEOVERS AND MERGERS IN PRACTICE1

CHAPTER 1 The Takeover Process1

Change Forces3

Issues Raised by M＆A Activity4

Merger and Tender Offer Terminology5

Types of Mergers from an Economic Standpoint6

Horizonal Mergers6

Vertical Mergers7

Conglomerate Mergers7

Mergers in a Legal Framework10

The Nature of Tender Offers11

Risk Arbitrage in M＆A Activity13

Illustrative Example13

The Nature of the Arbitrage Business14

Arbitrage Funds14

Summary15

Questions16

Appendix A：Merger Process Information in Proxy Statements17

Appendix B：The AOL and Time Warner Merger20

CHAPTER 2 The Legal and Regulatory Framework24

The Main Securities Laws25

Federal Securities Laws26

The Operation of the Securities Acts29

Tender Offer Regulation—The Williams Act29

Section 1329

Section 1430

Insider Trading Overview31

The Racketeer Influenced and Corrupt Organizations Act of 1970(RICO)31

Court Cases and SEC Rules32

Liability Under Rule 10b-5 of the 1934 Act33

Other Disclosure Requirements35

Disclosure Requirements of Stock Exchanges35

Disclosure of Merger Talks36

Regulation of Takeover Activity by the States37

Developments During the 1980s37

Issues with Regard to State Takeover Laws38

Antitrust Policies39

The Basic Antitrust Statutes40

Sherman Act of 189040

Clayton Act of 191441

Hart-Scott-Rodino Act of 197641

The Antitrust Guidelines42

Other Market Characteristics43

Nonhorizontal Mergers44

Private Antitrust Suits44

State Antitrust Activity44

Regulatory Bodies45

Railroads45

Commercial Banks45

Telecommunications46

International Antitrust46

Canada46

United Kingdom47

Japan47

Europe47

Regulation by Publicity49

Seizure of the First Executive Corporation and First Capital Life49

The Hostile Takeover of the Pacific Lumber Company50

Regulation by the Politics of Finance50

Summary51

Questions52

Case 2.1 Broader Board Responsibilities53

Case 2.2 Van Gorkom54

Case 2.3 Revlon Inc.v.Pantry Pride55

Case 2.4 Maxwell Communications v.Macmillan55

Case 2.5 Paramount v.Time56

Case 2.6 Paramount v.QVC Network56

Case 2.7 Sandoz-Gerber57

Case 2.8 United Airlines and US Airways57

References58

Appendix A：Legal Due Diligence Preliminary Information Request60

CHAPTER 3 Accounting for M＆As70

Historical Background70

Pooling of Interests72

Defects in Pooling72

FASB Elimination of Pooling73

Purchase Accounting74

Purchase Accounting Adjustment Entries74

Amortization and Impairment Rules77

Empirical Studies of Pooling Versus Purchase79

Summary82

Questions83

Case 3.1 Wells Fargo Acquisition of First Interstate Bancorporation83

Case 3.2 Time Warner(TWX)Purchase of the Turner Broadcasting System(TBS) in 199686

Case 3.3 The AOL Acquisition of Tune Warner(TWX)87

Case 3.4 The Pfizer Acquisition of Pharmacia89

References89

CHAPTER 4 Deal Structuring91

Taxation and Acquisitions91

Taxable Versus Nontaxable Acquisitions91

The Tax Reforn Act of 198693

Stock Versus Asset Purchases93

Empirical Studies of Taxes and Mergers95

Form of Payment96

Stock Mergers with Collars97

Earnouts in Mergers98

Summary99

Questions99

Case 4.1 Form of Payment in the First Union and Money Store Merger100

References101

PART Ⅱ：M＆As—THEORIES AND EMPIRICAL TESTS102

CHAPTER 5 Strategic Processes102

The Nature of Strategy102

Successful Strategies102

The Importance of the Economic Environment104

The Investment Accelerator Principle104

Sales-to-Capacity Relationships105

Basic Steps in Strategic Planning106

Monitoring the Organizational Environment107

Stakeholders107

Organizational Cultures107

Alternative Strategy Methodologies107

Alternative Analytical Frameworks111

Approaches to Formulating Strategy114

The Boston Consulting Group114

The Porter Approach115

Adaptive Processes116

Evaluation of the Alternative Approaches116

Checklists and Iterations116

Flexibility and Rapid Adjustments117

Formulating a Merger Strategy118

Busiess Goals118

Aligningthe Firm to Its Changing Environment119

Strategy and Structure120

Virtual Integration122

Strategy and M＆A Decisions122

Summary123

Questions123

Case 5.1 Merck Acquisition of Medeo124

Case 5.2 Acquisition of Lotus Development Corporation by IBM126

Rererences128

CHAPTER 6 Theories of Mergers and Tender Offers130

Some Initial Examples of the Merger Process130

Hewlett-Packard and Compaq130

Northrop Grumman and TRW132

Merger Occurrence：Economies of Scale and Transaction Costs132

Sizeand Returns to Scale133

Transaction Costs and Mergers133

Theories of the Valuation Effects of Mergers and Acquisitions134

Mergers as Value-Increasing Decisions134

Mergers as Value-Reducing Decisions135

Managerial Hubris and Mergers135

Theoretical Predictions of the Patterns of Gains in Takeovers136

The Merger Process136

An Example of the Bidding Process：The Acquisition of Savannah Foods137

Models of the Takeover Bidding Process138

The Winner's Curse139

Bidder Costs139

Seller Decisions140

An Example of a Takeover Auction140

Summary142

Questions142

References143

Appendix A：A Chemical Industry Case Study144

Appendix B：Measurement of Abnormal Returns152

CHAPTER 7 The Timing of Merger Activity171

Conceptual Framework171

Early Merger Movements172

The 1895 t0 1904 Horizontal Mergers172

The 1922 to 1929 Vertical Mergers173

The Conglomerate Mergers of the 1960s173

The Deal Decade,1981 to 1989176

Strategic Mergers,1992-2000178

Merger Activity After the Bubble180

Timing of Merger Activity180

Industry Clustering in Merger Activity181

Industry Clustering in the 1980s181

Industry Clustering in the 1990s182

Extended Analysis of Industry Clustering183

Mergers and Deregulation183

Industry Clustering and Deregulation183

Deregulation,Mergers,and Performance184

International Perspectives185

Summary185

Questions186

References186

Appendix A：Telecommunications Industry Case Study188

CHAPTER 8 Empirical Tests of M＆A Performance195

The Combined Returns in Mergers and Acquisitions195

Combined Returns：Event Study Evidence195

Combined Returns：Extended Analysis196

Combined Merger Returns：Analysis of the Banking Industry196

Factors Related to Target Returns198

Target Returns：Type of Merger and Method of Payment198

Target Returns：Single Versus Multiple Bidders199

Target Run-Up199

Takeover Bidding and Takeover Premiums202

Factors Related to Bidder Returns202

Bidder Returns and Method of Payment202

Bidder Returns：Single Versus Multiple Bidders204

Do Bad Bidders Become Good Targets?205

Takeover Regulation and Takeover Hostility205

Measuring the Effect of the Williams Act205

Takeover Impediments in the 1980s206

Is Hostility in the Eyes of the Beholder?206

Postmerger Operating Performance206

Long-Term Stock Price Performance Following Mergers207

General Issues207

Long-Term Merger Performance208

Summary Comments on Long-Term Price Performance209

Efficiency Versus Market Power210

Which Firms Are Subject to Antitrust Enforcement?210

The Effect of Mergers on Rival Firms210

Further Analysis of Industry Spillovers211

Vertical and Horizontal Mergers211

Effects of Concentration212

Impact on Macroconcentration212

Impact on Microconcentration213

Summary213

Questions214

References215

Appendix A：Analysis of a Recent M＆A Sample218

PART Ⅲ：VALUATION-—THE STRATEGIC PERSPECTIVE232

CHAPTER 9 Alternative Approaches to Valuation232

Comparables Approaches232

Comparable CompaniesAnalysis232

Comparable Transactions Analysis233

Application of Comparable Transactions Analysis235

The DCF Spreadsheet Methodology237

Capital Budgeting Decisions237

A Real Options Analysis238

Spreadsheet Projections240

Brief Evaluation of the Spreadsheet Approach243

Cost of Capital243

Cost of Equity243

Cost of Debt245

Weighted Average Cost of Capital245

Capital Structure and the Cost of Capital246

Formula Approach248

The Basic Formula248

Sensitivity Analysis250

Summary251

Questions251

References252

Appendix A：Derivation of Revenue Growth Valuation Formulas253

CHAPTER 10 Increasing the Value of the Organization256

The Exxon-Mobil Merger256

Industry Characteristics257

Merger Motivations257

Deal Terms and Event Returns258

Cost of Capital Calculations260

Application of the DCF Percentage-of-Sales Method to ExxonMobil261

DCF Formula Valuation264

Sensitivity Analysis264

Test of Merger Performance268

Tests of Merger Theory272

Review273

Multiple-Stage Valuation274

Summary277

Problems278

References283

Appendix A：Calculating Growth Rates284

PART Ⅳ：RESTRUCTURING288

CHAPTER 11 Corporate Restructuring and Divestitures288

Corporate Restructuring Strategies288

Definitions of Corporate Restructuring288

Asset Sales,Equity Carve-Outs,and Spin-Offs289

Split-Ups,Tracking Stock,and Exchange Offers290

Examples of Corporate Restructuring：AT＆T Corporation290

The Baby Bell Breakup in 1984291

Restructuring in the 1990s291

Restructuring Since2000292

Other Examples of Restructuring and Divestitures293

The Auto Parts Industry：GM-Delphi and Ford-Visteon293

Restructuring at Philip Morris293

Restructuring at Pete's Brewing294

Some Discussion of Restructuring Motives294

Why Might Divestitures Create Wealth?295

Modigliani,Miller,and Irrelevance295

Corporate Restructuring,Incentives,and Efficiency295

Corporate Restructuring and Information295

Why Do Divestitures Occur?296

Corporate Restructuring and Transaction Costs：The Petrochemical Industry297

Corporate Restructuring and Change Forces：The Natural Gas Industry298

Summary299

Questions299

References300

Appendix A：Restructuring in the Diversified Natural Gas Industry in the 1990s301

CHAPTER 12 Empirical Tests of Corporate Restructuring and Divestitures311

The Wealth Effects of Restructuring and Divestitures311

Are Divestitures a Positive NPV Project?311

Sources of Wealth Gains：Evidence from Asset Sales312

Sources of Wealth Gains：Information versus Efficiency314

Corporate Focus314

Focus and the Wealth Effects of Corporate Divestitures314

Focus,Diversification,and Firm Value316

Is There Really a Diversification Discount?317

Corporate Choice：How to Divest?317

Summary318

Questions319

References319

Appendix A：Analysis of a Sample of Recent Divestitures321

CHAPTER 13 Financial Restructuring328

Unlocking the Value in the Firm328

Leverage and Leveraged Recapitalizations329

The Effects of the Use of Leveraged Recaps332

Subsequent Performance334

Dual-Class Stock Recapitalizations335

Reasons for Dual-Class Recapitalizations335

Market Response to Dual-Class Recaps335

Paradox of the Entrenchment336

Exchange Offers337

Tax Aspects of Exchange Offers337

Empirical Evidence on Exchange Offers338

Reorganization Processes340

Out-of-Court Procedures340

Merger into Another Firm341

Formal Legal Proceedings341

Bankruptcy342

Recent Data on Bankruptcy342

Bankruptcy Procedures343

Financial Engineering347

Liquidations and Takeover Bust-Ups348

Empirical Studies349

Summary351

Questions352

Case 13.1 Management Assistance,Incorporated352

References353

PART Ⅴ：M＆A STRATEGIES356

CHAPTER 14 Alliances and Joint Ventures356

Joint Ventures357

Uses of Joint Ventures358

Joint Ventures and Business Strategy359

Joint Ventures and Restructuring359

Rationale for Joint Ventures361

Failure and Success362

Empirical Tests363

Strategic Alliances365

Uses of Strategic Alliances366

Other Issues368

Event Studies369

Successful Strategic Alliances370

Relative Roles371

Other Interfirm Relationships372

Minority Equity Investments372

Technological and Marketing Agreements373

Franchising374

Summary374

Questions376

Case 14.1 GM-Toyota Joint Venture376

References377

CHAPTER 15 Employee Stock Ownership and MLPs379

Nature and History of ESOPs379

Types of Pension Plans379

Types of ESOPs380

ESOPs as Pension Plans381

Concept of a Leveraged ESOP382

Uses of ESOPs383

Comparison with a Merger383

ESOPs in Lieu of Subsidiary Divestitures385

Other Uses of ESOPs385

Data on ESOP Characteristies386

Tax Advantages388

Interest Exclusion388

Dividend Deduction388

Deferment of Capital Gains Tax389

Tax Loss Carryforwards389

Excess Pension Asset Reversions389

Conclusions on Tax Benefits389

The Performance of ESOPs390

ESOPs as a Takeover Defense390

ESOPs Versus Alternative Methods of Raising Funds390

Comparison with Profit Sharing391

Effects on Company Productivity392

Economic Issues394

ESOP Event Returns395

Evaluation of ESOPs396

Master Limited Partnerships397

The Nature of MLPs397

The Boston Celtics Example398

Advantages of MLPs398

Initial Pricing of MLPs399

Summary399

Questions400

Case 15.1 Pan Petroleum MLP401

Case 15.2 UAL Corp402

References404

CHAPTER 16 Going Private and Leveraged Buyouts406

The Characteristics of LeverageD Buyouts407

The Major Stages of Leveraged Buyouts407

Characteristics of LBOs in the 1980s410

General Economic and Financial Factors410

Illustration of an LBO411

Elements of a Typical LBO Operation413

Other Aspects of Going-Private Buyouts in the 1980s414

Empirical Results of Going Private in the 1980s415

Sources of Gains418

Evidence of Postbuyout Equity Value424

The Correction Period 1991 to 1992426

The Role of Junk Bonds427

LBOs in the 1992 to 2000 Period430

Valuation of LBOs431

Summary433

Questions434

Problems434

References438

Appendix A：Relation Between WACC and CCF Models440

Appendix B：Relation Between CCF and APV Models443

CHAPTER 17 International Takeovers and Restructuring446

Historical Patterns446

Large Cross-Border Transactions446

Examples of Cross-Border Transactions454

Forces Driving Cross-Border Mergers460

Growth461

Technology461

Advantages in Differentiated Products462

Roll Ups462

Consolidation462

Government Policy463

Exchange Rates463

Political and Economic Stability463

Following Clients464

Diversification464

Premiums Paid464

Event Returns465

International Joint Ventures467

Cost of Capital in Foreign Acquisitions and Investments469

Cost of Debt Relationships469

Cost of Equity and Cost of Capital471

Summary474

Questions475

Case 17.1 The Saga of Gerber Products476

Case 17.2 Ciba-Geigy Merger with Sandoz478

Case 17.3 Vodafone Airtouch Takeover of Mannesmann480

References482

PART Ⅵ：STRATEGIES FOR CREATING VALUE484

CHAPTER 18 Share Repurchases484

Growth of Share-Repurchase Activity484

Major Types of Share Repurchase487

Fixed-Price Tender Offers(FPTs)487

Dutch Auctions(DAs)488

Transferable Put Rights(TPRs)488

Open-Market Repurchases(OMRs)488

Fixed-Price Tender Offers(FPTs)489

Basic Stock Repurchase Model489

Rationale for the Postexpiration Price Changes491

Dutch Auction Repurchases492

Transferable Put Rights(TPRs)495

Event Studies498

Undervaluation in the 1970s498

Share Repurchases Around the October 1987 Stock Market Drop498

Comparisons Between FPTs, DAs,and OMRs500

Lagged Responses500

The Mitchell and Stafford(2000)Methodology Critique500

Event Returns in the 1990s501

The Impact of Stock Market Declines501

Implications of Gains and Losses from Share Repurchases501

A Model of Undervaluation505

Accounting Treatment of Share Repurchases508

Empirical Studies of Share Repurchases in the 1990s510

The Measurement of Share-Repurchase Growth511

Related Dividend Studies512

The Substitution Issue514

Summary517

Questions519

Case18.1 FPL520

Case 18.2 Returns from Open-Market Repurchase Announcements521

References522

CHAPTER 19 Takeover Defenses525

Strategic Perspectives525

Financial Derensive Measures527

Corporate Restructuring and Reorganization527

Reorganization of Assets527

Other Strategies528

Greenmail528

Wealth Effects of Greenmail529

Antigreenmail Developments530

Methods of Resistance531

Pac Man Defense531

White Knight532

White Squire532

Antitakeover Amendments532

Supermajority Amendments533

Fair-Price Amendments533

Classified Boards533

Authorization of Preferred Stock534

Other Antitakeover Actions534

Antitakeover Amendments and Corporate Policy535

Antitakeover Amendments and Shareholder Returns536

Takeover Defenses of Newly Public Firms538

State Laws538

Poison Pills539

Types of Plans539

Case Studies539

Dead-Hand Provisions540

Effects of Poison Pills on Shareholder Returns541

Shareholder Activism542

Poison Puts543

Golden Parachutes544

Rationale545

Silver and Tin Parachutes546

Golden Parachutes and Returns to Shareholders546

Summary547

Questions549

Case 19.1 Caner Hawley Hale Versus Marshall Field＆Company550

Case 19.2 Mattel-Hasbro551

Case 19.3 Hershey Foods Saga552

References555

CHAPTER 20 Corporate Governance and Performance558

Governance Failure558

Corporate Fraud558

Regulatory Responses560

An Overview of Corporate Governance562

Corporate Governance Systems in the United States563

Diffuse Stock Ownership563

Contractual Theory of the Firm563

Divergent Interests of Stakeholders564

Internal Control Mechanisms564

Role of the Board of Directors565

Composition of the Board565

Compensation of Board Members567

Evaluating a Board of Directors567

Ownership Concentration568

Ownership and Performance568

Other Studies of Ownership Effects570

Managerial Ownership and Bond Returns571

Financial Policy and Ownership Concentration571

Executive Compensation572

Outside Control Mechanisms574

Stock Prices and Top Management Changes574

Institutional Investors575

Multiple Control Mechanisms577

Proxy Contests577

Wealth Effects—Early Studies578

Wealth Effects—Later Studies579

The M＆A Market for Control581

Alternative Governance Systems582

Summary583

Questions585

Case 20.1 Chrysler Corporation Versus Tracinda Corporation—A Struggle for Control586

Case 20.2 WorldCom587

Case20.3 AOL Time Warner590

References592

CHAPTER 21 Merger Arbitrage596

Merger Arbitrage Scenarios597

Cash Deals597

Stock Mergers600

Complex Merger Transactions605

Empirical Research on Merger Arbitrage607

Risk and Return to Merger Arbitrage607

Do Merger Arbitrageurs Accurately Forecast Merger Success?610

Price Pressure Around Mergers612

Floating-Exchange Ratio Mergers613

Merger Arbitrage in Action615

The Mechanics of Trading616

The Challenge of Stock Mergers617

The Monitoring Process618

Summary620

Questions620

Case 21.1 Cheap Tickets,Incorporated-Cendant Corporation621

References622

Appendix A：Conoco Incorporated-Phillips Petroleum623

Appendix B：Proposed HotJobs.com,Limited and TMP Worldwide,Inc.Merger Selected Commentary by Deal Analytics.com625

Appendix C：Illustrative Portfolio Recommendations635

Appendix D：Hlustrative Portfolio Recommendations Summary637

CHAPTER 22 Implementation and Management Guides for M＆As639

M＆As in a Strategic,Long-Range Planning Framework640

Goals and Objectives640

The Role of Strategy641

The Role of Planning643

Managerial Capabilities Perspective643

The Foundation for Sound M＆A Decisions644

Strategic Planning Framework645

Real Options Framework646

The Acquisition Process649

Strategy Formulation649

The Economics of the Industry649

The Organization System651

Multiple Strategies for Value Growth651

Search Processes652

Economic Basis—Synergy Potentials652

Restructuring Potentials653

Due Diligence653

Expanding Due Diligence653

Cultural Factors654

Valuation655

Negotiation656

Deal Structuring656

Implementation657

Reviews and Renewal Process657

Summary658

Questions659

References659

GLOSSARY661

AUTHOR INDEX677

SUBJECT INDEX683