PA Gaughan
Maximizing Corporate Value through Mergers and Acquisitions – A Strategic Growth Guide
A Strategic Growth Guide
Gebonden Engels 2013 9781118108741
Verwachte levertijd ongeveer 9 werkdagen
Samenvatting
Solid guidance for selecting the correct strategic basis for mergers and acquisitions
Examining how M&A fits in corporate growth strategies, Maximizing Corporate Value through Mergers and Acquisitions covers the various strategic reasons for companies entering mergers and acquisitions (M&A), with a look at those that are based on sound strategy, and those that are not.
Helps companies decide whether M&As should be used for growth and increased corporate value
Explores why M&A deals often fail to deliver what their proponents have represented they would
Explains which types of M&A work best and which to avoid
With insider guidance on what boards of directors should be aware of when evaluating proposed deals, Maximizing Corporate Value through Mergers and Acquisitions provides a sound foundation for understanding the risks involved in any mergers and acquisitions deal, before it′s too late.
Specificaties
ISBN13:9781118108741
Taal:Engels
Bindwijze:gebonden
Aantal pagina's:352
Uitgever:John Wiley & Sons
Hoofdrubriek:Financieel management, Financieel management
Serie:Wiley Finance
Lezersrecensies
Wees de eerste die een lezersrecensie schrijft!
Inhoudsopgave
Preface xiii
<p>CHAPTER 1 Merger Growth Strategy 1</p>
<p>Strategy and M&A 2</p>
<p>Introduction to M&A 4</p>
<p>Background and Terminology 5</p>
<p>Hostile Takeovers 5</p>
<p>Takeover Defense 8</p>
<p>Leveraged Transactions 10</p>
<p>Restructurings 12</p>
<p>Trends in Mergers 14</p>
<p>Notes 20</p>
<p>CHAPTER 2 Growth through Mergers and Acquisitions 21</p>
<p>Is Growth or Increased Return the More Appropriate Goal? The Case of Hewlett–Packard 21</p>
<p>M&A Must Fit the Strategy Not the Other Way Around 24</p>
<p>Strategy Should Not Be Just M&A 25</p>
<p>Organic Growth or Growth through M&A 25</p>
<p>Acquisition and Development versus Research and Development 26</p>
<p>Can M&A Be Effectively Used to Buy Growth? 30</p>
<p>Success in Core Business Does Not Always Translate to Success with M&A Strategy: Focus onMicrosoft 31</p>
<p>Growth through Bolt–On Acquisitions 31</p>
<p>Knowing When to Exit a Business 35</p>
<p>From Growth through M&A to Growth through Organic Expansion 36</p>
<p>Controlling the Runaway Dealmaker CEO 38</p>
<p>Using M&A to Achieve Growth in a Slow–Growth Industry 40</p>
<p>Squeezing Out Growth in a Slow–Growth Industry Using Multiple Options 40</p>
<p>Dealing with a Slow–Growth Business and Industry 42</p>
<p>Geographical Expansion through M&A 46</p>
<p>International Growth and Cross–Border Acquisitions 47</p>
<p>Taking Advantage of Currency Fluctuations to Pursue High–Growth M&A 47</p>
<p>Finding Growth in High–Growth Markets 49</p>
<p>Cyclical Companies Achieving Growth in Recessed Markets 50</p>
<p>Notes 52</p>
<p>CHAPTER 3 Synergy 53</p>
<p>What Is Synergy in the Context of M&A? 53</p>
<p>Achievement of Synergy: A Probabilistic Event 55</p>
<p>Types of Synergy 58</p>
<p>Industries Pursuit of Cost Economies 65</p>
<p>Research on Operating Economies in M&A 69</p>
<p>Economies of Scope 70</p>
<p>Scope Economies and the One–Stop Shop 72</p>
<p>Copycat Following of Another Firm s FoolishM&A Strategy 74</p>
<p>Cost Economies in Banking Mergers: United States versus Europe 75</p>
<p>Internationalization Theory of Synergy and Information–Based Assets 79</p>
<p>Notes 89</p>
<p>CHAPTER 4 Diversification 91</p>
<p>Diversifying M&A in the Conglomerate Era 91</p>
<p>Modern–Day U.S. Conglomerates 92</p>
<p>Portfolios of Companies 95</p>
<p>Theoretical Basis for Diversification 98</p>
<p>Applying Portfolio Theory to Conglomerates? 99</p>
<p>Diversification and the Acquisition of Leading Industry Positions 100</p>
<p>Achieving a Number One or Two Ranking Is Not a Panacea 102</p>
<p>Diversification to Enter More Profitable Industries 102</p>
<p>Empirical Evidence on Diversification 103</p>
<p>Empirical Evidence on the Acquisition Programs of the 1960s 103</p>
<p>How Likely Is It That Diversifying Acquisitions Will End Up Being Sold Off? 104</p>
<p>Is There a Diversification Discount? 105</p>
<p>Focus Hypothesis 106</p>
<p>Types of Focus Increases 106</p>
<p>Focus–Increasing Asset Sales Raise Value 107</p>
<p>Explanation for the Diversification Discount 107</p>
<p>Related versus Unrelated Diversification 108</p>
<p>Why Are Very Diversified Companies Allowed to Form? Beware of the Empire Builders 111</p>
<p>Do Managerial Agendas Drive M&A? 113</p>
<p>Notes 114</p>
<p>CHAPTER 5 Horizontal Integration and M&A 117</p>
<p>Advantages of Holding the One and Two Position in the Industry 117</p>
<p>Benefits of Size: Spotlight on the Mobile Telecommunications Industry 119</p>
<p>Motivation to Increase Size 122</p>
<p>Competitive Pressures of Competitors M&A Program 122</p>
<p>Horizontal Deals: Acquisitions of Competitors and Their Competing Brands 124</p>
<p>Sprint Nextel Horizontal Deal: One of the Worst in M&A History 125</p>
<p>Declining Industry Demand Necessitating Industry Consolidation 128</p>
<p>Synergistic Gains and Horizontal M&A 129</p>
<p>Net Benefits of Horizontal Deals = Synergistic Gains (Easy to Measure Costs + Hard to Measure Costs) 133</p>
<p>Horizontal Merger Success, Target s Size, and Post–M&A Integration Costs 134</p>
<p>Mergers of Equals 136</p>
<p>Mergers of Equals and Challenges of Integration 137</p>
<p>Mergers–of–Equals Research: Acquirers versus Target Gains 139</p>
<p>Competitive Advantages of Horizontal Deals: Case Study InBev and Anheuser–Busch 139</p>
<p>Regulatory Concerns on Merger Integration 141</p>
<p>Horizontal M&A and Market Power: An Economic Perspective 143</p>
<p>Empirical Evidence on Whether Firms Pursue M&A to Achieve Market Power 145</p>
<p>Countervailing Power, Industry Concentration, and M&A 147</p>
<p>Horizontal Integration, Consolidation, and Roll–Up Acquisition Programs 155</p>
<p>Notes 156</p>
<p>CHAPTER 6 Vertical Integration 159</p>
<p>Benefits of Vertical Integration 159</p>
<p>Risk and Vertical Integration 159</p>
<p>Vertical Integration as a Path to Global Growth 160</p>
<p>How Owning Your Own Supplier Can Be a Competitive Disadvantage 163</p>
<p>Vertical Integration as a Natural Outgrowth of a Business 165</p>
<p>Vertical Integration: A Growth Strategy? 168</p>
<p>Continually Reevaluating a Vertical Integration Strategy 173</p>
<p>Regulation of Vertical Integration 176</p>
<p>Copycat Vertical Integration 177</p>
<p>Note 178</p>
<p>CHAPTER 7 Growth through Emerging Market M&A 179</p>
<p>Economic Condition of Major Economies in the Postsubprime World 180</p>
<p>Low–GrowthMarkets Diminishing Returns 181</p>
<p>Role of Demographics 182</p>
<p>The Next 11 183</p>
<p>M&A Is Not Always the Best Way of Accessing High–Growth Markets 184</p>
<p>High–Growth Regions and Countries 185</p>
<p>Risks of EmergingMarkets 208</p>
<p>Entering Large Slow–Growth Markets Instead of Fast–Growth Emerging Markets 210</p>
<p>Reducing Country M&A Risk: Investing in Local Companies That Engage in Substantial Emerging Market M&A 211</p>
<p>Finding Growth in High–Growth Markets 213</p>
<p>Emerging Market Acquirer 216</p>
<p>China and Its Emerging Market Acquirers 218</p>
<p>Notes 220</p>
<p>CHAPTER 8 Joint Ventures and Strategic Alliances as M&A Alternatives 221</p>
<p>Contracts versus Joint Ventures 222</p>
<p>Potential Problems with Joint Ventures and Strategic Alliances 222</p>
<p>Shareholder Wealth Effects of Joint Ventures 224</p>
<p>Shareholder Wealth Effects by Type of Venture 225</p>
<p>Relatedness and Size 226</p>
<p>Market s Assessment of Risk of Joint Ventures 227</p>
<p>Strategic Alliances 227</p>
<p>Strategic Alliance Process 228</p>
<p>Shareholder Wealth Effects of Strategic Alliances 229</p>
<p>Shareholder Wealth Effects by Type of Alliance 229</p>
<p>Notes 230</p>
<p>CHAPTER 9 Role of Corporate Governance in M&A 233</p>
<p>Agency Cost Problem 233</p>
<p>CEO Compensation and Agency Costs 235</p>
<p>Do Shareholders Get Value for the High Compensation Paid to U.S. CEOS? 237</p>
<p>Board Characteristics and CEO Compensation 238</p>
<p>Benchmarking and How Boards Determine CEO Compensation 239</p>
<p>Are the High Paid Superstar CEOs Simply Worth the Money? Not 240</p>
<p>Are CEOs Paid for Luck? 241</p>
<p>CEO Compensation and M&A Programs 241</p>
<p>Do Boards Pay CEOs for DoingM&A? 241</p>
<p>Do Boards Punish CEOs for Doing BadM&As? Case of Rio Tinto 242</p>
<p>Golden Parachutes and M&A 243</p>
<p>CEO Severance Payments 243</p>
<p>Are CEOs Evaluating M&A by Thinking, What s in It for Me? 244</p>
<p>CEO Overconfidence and M&A 244</p>
<p>Are Overconfident CEOs Good for Anything? 245</p>
<p>Management Compensation and Post–Acquisition Performance 245</p>
<p>Role of the Board of Directors 246</p>
<p>CEO Tenure, Board Composition, and the Disciplinary Effects of Takeovers 257</p>
<p>Antitakeover Measures 257</p>
<p>Corporate Governance and the Divestiture Decision 259</p>
<p>Notes 259</p>
<p>CHAPTER 10 Downsizing: Reversing the Error 263</p>
<p>Analyzing the Strategic Fit of a Business Unit 266</p>
<p>Market Conditions 267</p>
<p>Regulatory Concerns 267</p>
<p>Divestiture Likelihood and Prior Acquisitions 267</p>
<p>Another Option: Equity Carve Out 268</p>
<p>Another Option: Spinoff 269</p>
<p>Spinoff or Equity Carve Out: Which Option Is Better? 270</p>
<p>Another Option: Split–Off 272</p>
<p>Tax Effects 272</p>
<p>Shareholder Wealth Effects of Selloffs 272</p>
<p>Round Trip Wealth Effects 274</p>
<p>Spinoffs as a Means of Increasing Focus 274</p>
<p>Differences in Types of Focus Increases 275</p>
<p>Shareholder Wealth Effects of Spinoffs: United States versus Europe 278</p>
<p>Corporate Governance and Selloffs 279</p>
<p>Managerial Ownership and Selloff Gains 280</p>
<p>Activists and Selloffs 280</p>
<p>Market Liquidity and the Decision to Sell a Unit 280</p>
<p>Involuntary Selloffs 281</p>
<p>Voluntary/Involuntary Selloffs 281</p>
<p>Voluntary Defensive Selloffs 282</p>
<p>Tracking Stocks 283</p>
<p>More Drastic Solutions: Voluntary Bust–Ups 285</p>
<p>RecentMajor Exceptions to Positive Shareholder Wealth Effects of Selloffs 286</p>
<p>Notes 289</p>
<p>CHAPTER 11 Valuation and Merger Strategy 291</p>
<p>Financial versus Nonfinancial Buyers 291</p>
<p>Target and Bidder Valuation Effects 293</p>
<p>What Types of Acquiring Firms Tend to Perform the Poorest? 295</p>
<p>Premiums 295</p>
<p>Historical Trends in Merger Premiums 296</p>
<p>Stock Market Activity and Merger Premiums 297</p>
<p>Stock Market Driven Acquisitions 298</p>
<p>Determinants of Acquisition Premiums 298</p>
<p>Premiums from Strategic Mergers 298</p>
<p>Hubris and Merger Premiums 299</p>
<p>Early Research 300</p>
<p>Later Research 300</p>
<p>Winner s Curse Hypothesis of Takeovers 301</p>
<p>Campeau s Mega–Bust 302</p>
<p>Research on Winner s Curse of Takeover Contests 304</p>
<p>Market Performance, Valuation, and Takeover Probability 304</p>
<p>Deal Size and Shareholder Wealth 305</p>
<p>Valuation Analysis and Source of the Flaws in Bad Deals 306</p>
<p>Comments of the Residual Value 308</p>
<p>Free Cash Flows 308</p>
<p>Cost Cutting and Historical Free Cash Flows 309</p>
<p>Growth Rate for Projection 310</p>
<p>Capitalization Rates and the Exit Multiple 310</p>
<p>Discount Rate 311</p>
<p>Whose Capital Costs Are We Measuring? 313</p>
<p>Using the Build–Up Method 313</p>
<p>Short–Term Interest Rate Trends 315</p>
<p>Using Comparables 316</p>
<p>Public versus Private Acquirers 316</p>
<p>Public versus Private Sellers 318</p>
<p>Notes 321</p>
<p>About the Author 325</p>
<p>Index 327</p>
<p>CHAPTER 1 Merger Growth Strategy 1</p>
<p>Strategy and M&A 2</p>
<p>Introduction to M&A 4</p>
<p>Background and Terminology 5</p>
<p>Hostile Takeovers 5</p>
<p>Takeover Defense 8</p>
<p>Leveraged Transactions 10</p>
<p>Restructurings 12</p>
<p>Trends in Mergers 14</p>
<p>Notes 20</p>
<p>CHAPTER 2 Growth through Mergers and Acquisitions 21</p>
<p>Is Growth or Increased Return the More Appropriate Goal? The Case of Hewlett–Packard 21</p>
<p>M&A Must Fit the Strategy Not the Other Way Around 24</p>
<p>Strategy Should Not Be Just M&A 25</p>
<p>Organic Growth or Growth through M&A 25</p>
<p>Acquisition and Development versus Research and Development 26</p>
<p>Can M&A Be Effectively Used to Buy Growth? 30</p>
<p>Success in Core Business Does Not Always Translate to Success with M&A Strategy: Focus onMicrosoft 31</p>
<p>Growth through Bolt–On Acquisitions 31</p>
<p>Knowing When to Exit a Business 35</p>
<p>From Growth through M&A to Growth through Organic Expansion 36</p>
<p>Controlling the Runaway Dealmaker CEO 38</p>
<p>Using M&A to Achieve Growth in a Slow–Growth Industry 40</p>
<p>Squeezing Out Growth in a Slow–Growth Industry Using Multiple Options 40</p>
<p>Dealing with a Slow–Growth Business and Industry 42</p>
<p>Geographical Expansion through M&A 46</p>
<p>International Growth and Cross–Border Acquisitions 47</p>
<p>Taking Advantage of Currency Fluctuations to Pursue High–Growth M&A 47</p>
<p>Finding Growth in High–Growth Markets 49</p>
<p>Cyclical Companies Achieving Growth in Recessed Markets 50</p>
<p>Notes 52</p>
<p>CHAPTER 3 Synergy 53</p>
<p>What Is Synergy in the Context of M&A? 53</p>
<p>Achievement of Synergy: A Probabilistic Event 55</p>
<p>Types of Synergy 58</p>
<p>Industries Pursuit of Cost Economies 65</p>
<p>Research on Operating Economies in M&A 69</p>
<p>Economies of Scope 70</p>
<p>Scope Economies and the One–Stop Shop 72</p>
<p>Copycat Following of Another Firm s FoolishM&A Strategy 74</p>
<p>Cost Economies in Banking Mergers: United States versus Europe 75</p>
<p>Internationalization Theory of Synergy and Information–Based Assets 79</p>
<p>Notes 89</p>
<p>CHAPTER 4 Diversification 91</p>
<p>Diversifying M&A in the Conglomerate Era 91</p>
<p>Modern–Day U.S. Conglomerates 92</p>
<p>Portfolios of Companies 95</p>
<p>Theoretical Basis for Diversification 98</p>
<p>Applying Portfolio Theory to Conglomerates? 99</p>
<p>Diversification and the Acquisition of Leading Industry Positions 100</p>
<p>Achieving a Number One or Two Ranking Is Not a Panacea 102</p>
<p>Diversification to Enter More Profitable Industries 102</p>
<p>Empirical Evidence on Diversification 103</p>
<p>Empirical Evidence on the Acquisition Programs of the 1960s 103</p>
<p>How Likely Is It That Diversifying Acquisitions Will End Up Being Sold Off? 104</p>
<p>Is There a Diversification Discount? 105</p>
<p>Focus Hypothesis 106</p>
<p>Types of Focus Increases 106</p>
<p>Focus–Increasing Asset Sales Raise Value 107</p>
<p>Explanation for the Diversification Discount 107</p>
<p>Related versus Unrelated Diversification 108</p>
<p>Why Are Very Diversified Companies Allowed to Form? Beware of the Empire Builders 111</p>
<p>Do Managerial Agendas Drive M&A? 113</p>
<p>Notes 114</p>
<p>CHAPTER 5 Horizontal Integration and M&A 117</p>
<p>Advantages of Holding the One and Two Position in the Industry 117</p>
<p>Benefits of Size: Spotlight on the Mobile Telecommunications Industry 119</p>
<p>Motivation to Increase Size 122</p>
<p>Competitive Pressures of Competitors M&A Program 122</p>
<p>Horizontal Deals: Acquisitions of Competitors and Their Competing Brands 124</p>
<p>Sprint Nextel Horizontal Deal: One of the Worst in M&A History 125</p>
<p>Declining Industry Demand Necessitating Industry Consolidation 128</p>
<p>Synergistic Gains and Horizontal M&A 129</p>
<p>Net Benefits of Horizontal Deals = Synergistic Gains (Easy to Measure Costs + Hard to Measure Costs) 133</p>
<p>Horizontal Merger Success, Target s Size, and Post–M&A Integration Costs 134</p>
<p>Mergers of Equals 136</p>
<p>Mergers of Equals and Challenges of Integration 137</p>
<p>Mergers–of–Equals Research: Acquirers versus Target Gains 139</p>
<p>Competitive Advantages of Horizontal Deals: Case Study InBev and Anheuser–Busch 139</p>
<p>Regulatory Concerns on Merger Integration 141</p>
<p>Horizontal M&A and Market Power: An Economic Perspective 143</p>
<p>Empirical Evidence on Whether Firms Pursue M&A to Achieve Market Power 145</p>
<p>Countervailing Power, Industry Concentration, and M&A 147</p>
<p>Horizontal Integration, Consolidation, and Roll–Up Acquisition Programs 155</p>
<p>Notes 156</p>
<p>CHAPTER 6 Vertical Integration 159</p>
<p>Benefits of Vertical Integration 159</p>
<p>Risk and Vertical Integration 159</p>
<p>Vertical Integration as a Path to Global Growth 160</p>
<p>How Owning Your Own Supplier Can Be a Competitive Disadvantage 163</p>
<p>Vertical Integration as a Natural Outgrowth of a Business 165</p>
<p>Vertical Integration: A Growth Strategy? 168</p>
<p>Continually Reevaluating a Vertical Integration Strategy 173</p>
<p>Regulation of Vertical Integration 176</p>
<p>Copycat Vertical Integration 177</p>
<p>Note 178</p>
<p>CHAPTER 7 Growth through Emerging Market M&A 179</p>
<p>Economic Condition of Major Economies in the Postsubprime World 180</p>
<p>Low–GrowthMarkets Diminishing Returns 181</p>
<p>Role of Demographics 182</p>
<p>The Next 11 183</p>
<p>M&A Is Not Always the Best Way of Accessing High–Growth Markets 184</p>
<p>High–Growth Regions and Countries 185</p>
<p>Risks of EmergingMarkets 208</p>
<p>Entering Large Slow–Growth Markets Instead of Fast–Growth Emerging Markets 210</p>
<p>Reducing Country M&A Risk: Investing in Local Companies That Engage in Substantial Emerging Market M&A 211</p>
<p>Finding Growth in High–Growth Markets 213</p>
<p>Emerging Market Acquirer 216</p>
<p>China and Its Emerging Market Acquirers 218</p>
<p>Notes 220</p>
<p>CHAPTER 8 Joint Ventures and Strategic Alliances as M&A Alternatives 221</p>
<p>Contracts versus Joint Ventures 222</p>
<p>Potential Problems with Joint Ventures and Strategic Alliances 222</p>
<p>Shareholder Wealth Effects of Joint Ventures 224</p>
<p>Shareholder Wealth Effects by Type of Venture 225</p>
<p>Relatedness and Size 226</p>
<p>Market s Assessment of Risk of Joint Ventures 227</p>
<p>Strategic Alliances 227</p>
<p>Strategic Alliance Process 228</p>
<p>Shareholder Wealth Effects of Strategic Alliances 229</p>
<p>Shareholder Wealth Effects by Type of Alliance 229</p>
<p>Notes 230</p>
<p>CHAPTER 9 Role of Corporate Governance in M&A 233</p>
<p>Agency Cost Problem 233</p>
<p>CEO Compensation and Agency Costs 235</p>
<p>Do Shareholders Get Value for the High Compensation Paid to U.S. CEOS? 237</p>
<p>Board Characteristics and CEO Compensation 238</p>
<p>Benchmarking and How Boards Determine CEO Compensation 239</p>
<p>Are the High Paid Superstar CEOs Simply Worth the Money? Not 240</p>
<p>Are CEOs Paid for Luck? 241</p>
<p>CEO Compensation and M&A Programs 241</p>
<p>Do Boards Pay CEOs for DoingM&A? 241</p>
<p>Do Boards Punish CEOs for Doing BadM&As? Case of Rio Tinto 242</p>
<p>Golden Parachutes and M&A 243</p>
<p>CEO Severance Payments 243</p>
<p>Are CEOs Evaluating M&A by Thinking, What s in It for Me? 244</p>
<p>CEO Overconfidence and M&A 244</p>
<p>Are Overconfident CEOs Good for Anything? 245</p>
<p>Management Compensation and Post–Acquisition Performance 245</p>
<p>Role of the Board of Directors 246</p>
<p>CEO Tenure, Board Composition, and the Disciplinary Effects of Takeovers 257</p>
<p>Antitakeover Measures 257</p>
<p>Corporate Governance and the Divestiture Decision 259</p>
<p>Notes 259</p>
<p>CHAPTER 10 Downsizing: Reversing the Error 263</p>
<p>Analyzing the Strategic Fit of a Business Unit 266</p>
<p>Market Conditions 267</p>
<p>Regulatory Concerns 267</p>
<p>Divestiture Likelihood and Prior Acquisitions 267</p>
<p>Another Option: Equity Carve Out 268</p>
<p>Another Option: Spinoff 269</p>
<p>Spinoff or Equity Carve Out: Which Option Is Better? 270</p>
<p>Another Option: Split–Off 272</p>
<p>Tax Effects 272</p>
<p>Shareholder Wealth Effects of Selloffs 272</p>
<p>Round Trip Wealth Effects 274</p>
<p>Spinoffs as a Means of Increasing Focus 274</p>
<p>Differences in Types of Focus Increases 275</p>
<p>Shareholder Wealth Effects of Spinoffs: United States versus Europe 278</p>
<p>Corporate Governance and Selloffs 279</p>
<p>Managerial Ownership and Selloff Gains 280</p>
<p>Activists and Selloffs 280</p>
<p>Market Liquidity and the Decision to Sell a Unit 280</p>
<p>Involuntary Selloffs 281</p>
<p>Voluntary/Involuntary Selloffs 281</p>
<p>Voluntary Defensive Selloffs 282</p>
<p>Tracking Stocks 283</p>
<p>More Drastic Solutions: Voluntary Bust–Ups 285</p>
<p>RecentMajor Exceptions to Positive Shareholder Wealth Effects of Selloffs 286</p>
<p>Notes 289</p>
<p>CHAPTER 11 Valuation and Merger Strategy 291</p>
<p>Financial versus Nonfinancial Buyers 291</p>
<p>Target and Bidder Valuation Effects 293</p>
<p>What Types of Acquiring Firms Tend to Perform the Poorest? 295</p>
<p>Premiums 295</p>
<p>Historical Trends in Merger Premiums 296</p>
<p>Stock Market Activity and Merger Premiums 297</p>
<p>Stock Market Driven Acquisitions 298</p>
<p>Determinants of Acquisition Premiums 298</p>
<p>Premiums from Strategic Mergers 298</p>
<p>Hubris and Merger Premiums 299</p>
<p>Early Research 300</p>
<p>Later Research 300</p>
<p>Winner s Curse Hypothesis of Takeovers 301</p>
<p>Campeau s Mega–Bust 302</p>
<p>Research on Winner s Curse of Takeover Contests 304</p>
<p>Market Performance, Valuation, and Takeover Probability 304</p>
<p>Deal Size and Shareholder Wealth 305</p>
<p>Valuation Analysis and Source of the Flaws in Bad Deals 306</p>
<p>Comments of the Residual Value 308</p>
<p>Free Cash Flows 308</p>
<p>Cost Cutting and Historical Free Cash Flows 309</p>
<p>Growth Rate for Projection 310</p>
<p>Capitalization Rates and the Exit Multiple 310</p>
<p>Discount Rate 311</p>
<p>Whose Capital Costs Are We Measuring? 313</p>
<p>Using the Build–Up Method 313</p>
<p>Short–Term Interest Rate Trends 315</p>
<p>Using Comparables 316</p>
<p>Public versus Private Acquirers 316</p>
<p>Public versus Private Sellers 318</p>
<p>Notes 321</p>
<p>About the Author 325</p>
<p>Index 327</p>
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