Markup Pricing in Mergers & Acquisitions PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Markup Pricing in Mergers & Acquisitions PDF full book. Access full book title Markup Pricing in Mergers & Acquisitions by G. William Schwert. Download full books in PDF and EPUB format.
Author: G. William Schwert
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
This paper studies the premiums paid in successful tender offers and mergers involving NSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventinoal to measure corporate control premiums including the price runups that occur prior to the initial formal bid. There has been little evidence on the relation between the pre-bid runup and the post- announcement markup (the increase in the stock price measured from the date of the first bid). Under what circumstances are runups associated with larger total premiums? The evidence in this paper shows that in most cases, the pre-bid runup and the post-announcement markup are uncorrelated (i.e., little or no substitution between the runup and the post-announcement markup), so the runup is an added cost to the bidder. This has important implications for assessing the costs of illegal insider trading based on private information about a potential bid.
Author: G. William Schwert
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
This paper studies the premiums paid in successful tender offers and mergers involving NSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventinoal to measure corporate control premiums including the price runups that occur prior to the initial formal bid. There has been little evidence on the relation between the pre-bid runup and the post- announcement markup (the increase in the stock price measured from the date of the first bid). Under what circumstances are runups associated with larger total premiums? The evidence in this paper shows that in most cases, the pre-bid runup and the post-announcement markup are uncorrelated (i.e., little or no substitution between the runup and the post-announcement markup), so the runup is an added cost to the bidder. This has important implications for assessing the costs of illegal insider trading based on private information about a potential bid.
Author: George William Schwert
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 68
Get Book Here
Book Description
This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventional to measure corporate control premiums including the price runups that occur before the initial formal bid. There has been little evidence on the relation between the pre-bid runup and the post-announcement premium (the premium paid to target stockholders measured from the date of the first bid). Under what circumstances are runups associated with larger total premiums? The evidence in this paper shows that in most cases, the pre-bid runup and the post- announcement premium are uncorrelated (i.e. little or no substitution between the runup and the post-announcement premium), so the runup is an added cost to the bidder. This has important implications for assessing the costs of illegal insider trading based on private information about a potential bid.
Author: G. William Schwert
Publisher:
ISBN:
Category :
Languages : es
Pages : 38
Get Book Here
Book Description
Author: Hsin-I. Chou
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
Get Book Here
Book Description
Rumors can be classified into two types, according to whether they can credibly predict impending events or not. The analysis of takeover rumors of publicly traded US companies from 1990 to 2008 shows that these two types of rumors can be statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors on the rumor day and the day after are statistically indifferent. Trading on such rumors can be profitable. Moreover, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by the view of efficient markets.
Author: Patrick A. Gaughan
Publisher: John Wiley & Sons
ISBN: 1119380758
Category : Business & Economics
Languages : en
Pages : 676
Get Book Here
Book Description
The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
Author: Timothy J. Galpin
Publisher: John Wiley & Sons
ISBN: 1118047478
Category : Business & Economics
Languages : en
Pages : 289
Get Book Here
Book Description
Mergers and acquisitions (M&A) experts Tim Galpin and Mark Herndon present an updated and expanded guide to planning and managing the M&A process. This comprehensive book is unique in providing the tools to address both the human and operational sides of integration. Based on the authors' consulting experience with numerous Fortune 500 companies, this resource will help organizations capture deal synergies more quickly and effectively. Augmenting their step-by-step advice with helpful templates, checklists, graphs and tools, Galpin and Herndon provide sound guidance for successfully integrating different processes, organizations, and cultures. The authors also address pre-deal do’s and don’ts, people dynamics, common mistakes, communications strategies, and specific actions you can take to create measurable positive results throughout the integration process. The revised edition not only updates case studies and presents recent integration research, but it also adds new tools.
Author: Mark N. Clemente
Publisher: Wiley
ISBN: 9780471190561
Category : Business & Economics
Languages : en
Pages : 0
Get Book Here
Book Description
A comprehensive new framework for winning at Mfrom up-front planning to postmerger integration The challenges of mergers and acquisitions can be daunting-but the opportunities and benefits they offer forward-thinking companies can be tremendous. Winning at Mergers and Acquisitions offers a critical new approach to strategic M&A based on the authors' pioneering concept of marketing due diligenceSM. Covering every stage of market-driven M&A planning and integration, this book shows how to look beyond the quick hit to focus on long-term growth rather than short-term cost-cutting. Featuring dozens of real-life case studies-including both failures and extraordinary successes-plus inside comments from leading M&A specialists, this book contains crucial guidance on: * Predeal planning-how to identify your strategic needs and pinpoint the merger candidate(s) that will help you meet them * Sizing up targets for acquisition-how to examine the essential marketing, sales, and product issues that will determine a good company "fit,".strategically and culturally * Revenue enhancement planning-how to identify ways to drive top-line growth and develop action plans to generate near- and long-term revenues * Filling the pipeline-how to prioritize and actualize the critical steps necessary to drive shareholder value * Developing communication programs-how to design and execute communication strategies to garner support for the merger by employees, customers, and other stakeholders * Building a comprehensive postmerger integration plan-how to align diverse corporate cultures, develop training and reward programs, and move beyond the turf wars and lack of productivity that hamper the success of mergers and acquisitions. Last year more than 7,000 mergers and acquisitions were completed, with a collective price tag estimated at more than $800 billion. And although they are known as highly effective means of achieving corporate growth and strategic advantage, these transactions are fraught with pitfalls: Statistics indicate that a third of these deals will fail and another third will not bear out the expectations of the merger partners. What can businesses looking to undertake strategic mergers and acquisitions do to ensure that they do not fall victim to confusion, multimillion-dollar losses, declining market share and profits, or any number of other negative results of failed transactions? The answers are in Winning at Mergers and Acquisitions, a pioneering step-by-step guide to growth-driven planning and swift, effective post-merger integration. Challenging the conventional emphasis on cost-reduction synergies, this book presents the authors' groundbreaking blueprint for mergers that yield strategic synergies and high returns in meeting long-term growth, increased market share, and revenue generation objectives. Mark Clemente and David Greenspan explore in detail the marketing, sales, and organizational issues that are vital aspects of successful M&A ventures. They take executives through the entire strategic M&A process-from setting objectives, to evaluating target companies, to aligning corporate cultures in an effort to ensure problem-free integration. They show how to maintain a sharp focus on the markets that will be reached by the merger-and they offer invaluable advice on charting a steady course through the often tumultuous period of integration, when organizational chaos can cause the merged company to lose momentum, market share, and the backing of customers, prospects, and shareholders. Winning at Mergers and Acquisitions is essential reading for CEOs, managers, deal makers, and others looking to capitalize on one of the most important methods of effecting corporate growth in business today-while staying focused on the people, product, and process issues that power that growth.
Author: Amir Amel-Zadeh
Publisher: Routledge
ISBN: 1000066525
Category : Business & Economics
Languages : en
Pages : 331
Get Book Here
Book Description
Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.
Author: G. W. Schwert
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
Get Book Here
Book Description
Author: Mark A. Filippell
Publisher: John Wiley & Sons
ISBN: 0470627530
Category : Business & Economics
Languages : en
Pages : 341
Get Book Here
Book Description
The ultimate "tricks of the trade" guide to mergers and acquisitions Mergers and Acquisitions Playbook provides the practical tricks of the trade on how to get maximum value for a middle-market business. This book uniquely covers how to prepare for a sale, how to present the business most positively, and how to control the sale timetable. Written in a straight-talking style Provides the tricks of the trade on how to get maximum value for a middle-market business Shows how the sellers can take capitalize their inherent "unfair advantages" Examines the differences between "value" and "currency" Explains how to handle bankruptcy and distress company sales Offers tips on managing your lawyers in the documentation process Filled with empirical examples of successful-and unsuccessful-techniques, this practical guide takes you through every step of the M&A process, from how to manage confidentiality, how to create competition (or the impression of competition), to what to do once the deal is closed.
