Mergers & Acquisitions - Softcover

The definitive guide to M&A decision-making for every executive!

• When should you consider a merger or acquisition—and when do alternatives make more sense?
• How can you determine the right price for a merger partner or acquisition target?
• Includes powerful decision-support software!

Most mergers and acquisitions fail—perhaps because they're based on educated guesses and rules of thumb, not a robust framework of analysis. In consolidating two separate companies, issues of strategy, price, and corporate culture must come together in one coherent analysis of the opportunity—and the combined firm. Mergers and Acquisitions brings together the science and the art of mergers and acquisitions, introducing powerful concepts and techniques—and helping executives understand both the theory and the reality. Mergers and Acquisitions answers three key questions: When should a firm consider a merger or acquisition (and conversely, when does it make more sense to pursue joint ventures, strategic alliances, minority investments, or other alternatives)? How should a firm structure its acquisition team and approach? And how does a firm determine the right price for a merger partner or acquisition target? The accompanying Microsoft Excel-based system integrates the book's concepts, enabling financial professionals to generate discounted cash flow (DCF) valuations for any commercial enterprise, over a five-year period and beyond. For every executive, planner, and financial organization concerned with mergers and acquisitions.

Dr. Hazel J. Johnson is currently Distinguished University Scholar and Professor of Finance at the University of Louisville. Formerly a member of the finance faculty at Georgetown University, she has authored over 20 publications on international finance and financial institutions; developed software systems to support M&A evaluation; and consulted for over 50 major U.S financial institutions.