Rating: 
Summary: Broad coverage but lacks focus
Review: Three cheers (stars) for Weston's attempt to cover a vast subject in less than 500 pages of manuscript. My criticism is precisely that: the book skims the surface of a multitude of issues, providing tremendous overview and perspective, but little focus on specific topics. Rather than a narrative like many books on this subject, Weston uses the layout of a university text book. This has pluses and minuses. At best, it gives the reader an opportunity to see the range of issues in a single framework; at worst, one comes away with little discussion of specific topics. For example, what insight can be gained from a single page discussion of such diverse and complex issues as CAPM, Porter's Five Forces and financial restructuring? Clearly this book is for the MBA student with background understanding or the practioner who wants to see the wide array of issues in perspective. Nonetheless, I do find this a superior reference book: there are case discussions of all the recent and significant deals (through 1998), both US and European. Here, Weston provides more insight than Wasserstein's "Big Deal" by giving academic perspective and context to many headline M&A deals.
Rating: 
Summary: Solid Foundation
Review: With over 500 books about mergers out there, why read this one? Because more than any other M&A book in print today (and there are many excellent ones) it provides the most solid foundation for M&A understanding. The primary author, J. Fred Weston, has conducted extensive empirical research in the merger field, and this book shows it. (And yes, he is the J. Fred Weston you know from your finance studies - he's a guru in the field.) "Takeovers" explains not only how the M&A process works, but why it has been a positive force for individual companies and for the economy as a whole. Beginning with the takeover process, Weston, Chung, and Siu explain the legal, regulatory, and accounting framework for mergers, moving on to a review of research and a strategic perspective on valuation. Extensive discussion of restructuring, strategic planning, and corporate governance follow. The last section presents case studies of successful M&A. Written throughout in clear English, but never "dumbing down" (financial formulas and research endnotes are included), this tome (504 pages) will appeal to anyone who seeks a broader and deeper understanding of the M&A phenonenon. Most books about M&A are either how-to manuals or policy essays. This book combines both traits in a uniquely valuable package.
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