M&A from Planning to Integration

Executing Acquisitions and Increasing Shareholder Value

Paul F. Borghese, Robert J. Borghese

Publisher: McGraw-Hill, 2002

ISBN: 0-07-137521-X

Synopsis:

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Table of Contents:

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• Acknowledgements
• The Treasury's Role in Mergers and Acquisitions
• Introduction
• Overview of the M&A Strategy Guide
• Part I: M&A Basics
• Chapter 1: M&A History and Current Trends
• Background
• The First Wave of M&A: Late 1890s to Early 1900s
• The Second Wave of M&A: Mid-1910s to Late 1920s
• The Third Wave of M&A: Mid- to Late 1960s
• The Fourth Wave of M&A: The 1980s
• The Fifth Wave of M&A: 1990s and Beyond
• Categories of M&A Transactions
• Chapter 2: Overview of Common Acquisition Pitfalls, and Tactics for Avoiding Them
• Chapter 3: Corporate Strategic Planning and the M&A Process
• The Dismal Track Record of Corporate Strategic Planning
• Overview of the Major Corporate Growth Strategies
• Part II: The M&A Strategy Guide
• Chapter 4: Step 1: Thinking Through Strategic Objectives
• The Nuts and Bolts of Step 1
• Developing Acquisition Criteria Through SWOT Analysis
• GE: Changing Corporate Strategy in Response to External Threats
• Chapter 5: Step 2: Assessing Structural Capacity
• Background
• The Nuts and Bolts of Step 2
• Cisco Systems: Making Good Use of Internal Teams
• Guidelines in the Use of Financial Ratios for the Financial Strength Assessment
• The Corporate Self-Valuation Assessment
• The Corporate Accounting Methodology Assessment
• Pooling-of-Interests Accounting
• Purchase Accounting
• Pooling-of-Interests Accounting: The End
• Chapter 6: Step 3: Identifying and Screening Potential Acquisition Targets
• Background
• The Nuts and Bolts of Step 3
• Chapter 7: Step 4: Performing Due Diligence
• Background
• The Nuts and Bolts of Step 4
• Chapter 8: Step 5: Valuing the Acquisition Target
• Background
• The Value Transparency Movement
• The Nuts and Bolts of Step 5
• Key Concepts of Valuation
• Calculating Intrinsic Values: Assumptions, Assumptions Everywhere
• Comments on Valuing Public and Private Companies
• Conclusion
• Chapter 9: Step 6: Selecting the Appropriate Legal and Tax Structure for the Transaction
• Background
• The Nuts and Bolts of Step 6
• Federal Income Tax Treatment of Mergers and Acquisitions
• Securities, Antitrust, Trade and Commerce Laws
• Conclusion
• Chapter 10: Step 7: Managing the Integration
• Background
• The Nuts and Bolts of Step 7
• Key Determinants of Successful Integration
• Conclusion
• Chapter 11: Step 8: Monitoring Progress through Acquisition Scorecarding
• Background
• The Nuts and Bolts of Step 8
• Chapter 12: Step 9: Implementing an Acquisition Feedback Loop
• Background
• GE: Promoting Constant and Never-Ending Improvement
• The Nuts and Bolts of Step 9
• M&A Lessons Learned from Cisco Systems
• Conclusion: Final Thought on M&A Planning and Integration
• The Need for a Systematic Approach to M&A
• Appendices: Acknowledgement
• Appendix A: Sample Confidentiality Agreement
• Appendix B: Sample Letter of Intent
• Appendix C: Sample Work Schedule
• Appendix D: Sample Due Diligence Checklist
• Appendix E: Sample Asset Purchase Agreement
• Appendix F: Understanding Intellectual Property Considerations in Mergers and Acquisitions
• Appendix G: The Due Diligence Process in Mergers and Acquisitions: Treasury's Role
• Appendix H: Corporate Cultures Play Big Role in M&A Integration
• Appendix I: FASB's Rule on Accounting for Business Combinations: Resolution of a Important Controversy
• Appendix J: CISCO Systems' S-3 Filing for the Komodo Technology Deal