Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases and Solutions

Rating:
Summary: A winner for the classroom!!!
Review: A winning approach to introducing and explaining complex M&A problems...great source of information on regulation, policy issues, and trends...successfully integrates the legal, financial, operational, accounting, and human aspects of M&A...full of excellent case studies and easily understandable examples...very useful chapter on valuation including many topics not covered in other books on this subject...don't have to be a Ph.D. in finance to understand what is going on...written in an entertaining yet highly readable way...great integrative case at the end of the book that illustrates much of what is discussed throughout the book...I'm considering using this as my primary textbook in my MBA corporate restructuring class.

Rating:
Summary: Best business book I've ever read
Review: I am in the process of completing my MBA. I have had the pleasure of using this book in my graduate class on mergers and acquisitions. This book was written with the student in mind...clear, filled with very helpful examples and highly relevant case studies, and extremelly well documented. It made the subject come alive for me and helped me understand how M&A utilizes all aspects of what I have learned in various business classes during my undergraduate and graduate years. Upon completing the book, I felt that I had an excellent understanding of the subject matter. I wish I could say this about so many of the other books I have used in the myriad business courses I have taken over the years. This book is definitely a keeper for my personal library as a great reference book on the subject.

Rating:
Summary: Excellent for both students and M&A veterans
Review: I found the book remarkable for its comprehensiveness, in-depth analysis of the subject matter, clarity, and rigor. Despite the complexity of the subject matter, the book remains quite user-friendly. Readers with a working knowledge of accounting and finance should find the book very helpful. This is the first book I have seen that covers all aspects of M&A using numerous examples and case studies to illustrate both process and application. This is one of the few books that provides up-to-date case studies with suggested solutions. The author also focuses on key elements of M&A not often covered in other texts on the subject such as the intricacies of deal structuring and the challenges of post-acquisition integration. While the book focuses on M&A, the author recognizes that M&A represents only one of many alternatives to improving a firm's competitive position by discussing joint ventures, alliances, licensing, etc., as alternatives to acquiring businesses. The author's conclusions are not based simply on conjecture or personal opinion but appear to be well grounded in theory and supported by the latest academic research presented in each chapter.

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Summary: Great book with so many recent landmark transactions
Review: This book contains so many of what must be considered recent pivotal transactions such as AOL and Time Warner, Pfizer and Warner Lambert, Exxon and Mobil, Travelers and Citicorp, etc. It also looks at interesting cross-border deals such as Allianz's purchase of Pimco, Vodafone and Mannesmann, and Daimler's acquisition of Chrysler. The book also addresses some interesting mergers of internet companies such as Excite and @Home. I loved the stimulating discussion of how Tyco and Allied Signal engaged in a game of chess over AMP, matching each others' moves tit for tat. Other recent high profile transactions are used to illustrate how companies can bolster their value through IPOs (e.g., United Parcel Services) and spin-offs (e.g., Hewlett-Packard's spin-off of Agilent). The book even discusses in detail the antitrust implications of the Microsoft case. All in all the book is a treasure chest of stories about highly news worthy deals, each of which is used to illustrate key elements of the M&A process.

Rating:
Summary: A Lot of Book, A Lot of Theory -- Falls Short of the Leaders
Review: This book has the depth, breadth, and rigor of a college textbook without the formality. Remarkable in its coverage, this book succeeds in explaining tough ideas through easy prose and numerous examples. Suitable for students, professionals, or simply those with an interest in a truely fascinating subject. This book is definite five star quality. However, I would have liked to see more coverage of cross-border transactions. While there are some European transactions discussed, it would have been helpful to cover more in a broader range of geographic areas.

Rating:
Summary: Great perspective on the M&A process...insightful/applicable
Review: This book is among the best I've read on the subject...and I have read more than I care to admit. So many books on the subject attempt to "sell" the author's approach or philosophy without providing much documentation or empirical support. Others simply are promoting their consulting practice and opinions based on a few examples. For those of us that have actually done deals rather than simply read about them, we can appreciate the fact that no single formulaic approach to developing and implementing an acquisition strategy works in all cases, i.e., a prescription for disaster.

This book suggests that the author understands how deals are really done. This book takes a holistic view, recognizing that decisions in one area impact other aspects of the deal. Ideas have been thoroughly researched (i.e., they are consistent with my own experience). This book takes a complex subject and makes it understandable by usine numerous examples and tons of recent actual transactions. I found the chapters on analyzing private companies, takeover strategies, antitakover defenses, putting eals together, LBOs, and integration extremely compelling and useful. The chapter on M&A regulatory considerations is the clearest I've have seen on the subject. The final chapter is a business case that in a highly readable way explains how all aspects of a transaction fit together. This book is for those who really want to understand the subject. It is not for those looking for a simple recipe that purports to fit all situations.

Rating:
Summary: A winner for the classroom!!!
Review: Unlike many business books, this book is written with both the student and professional in mind. The book really succeeds in putting together in a coherent way all the aspects of buying an selling businesses. This is a fresh, new approach that relies on plain talk, not theory, and numerous helpful examples to illustrate sometimes challenging concepts. It is the only book I have seen on the subject which views M&A as a process consisting of a series of interrelated, interative activities. Instead of asking the reader to learn abstract theories and wade through reams of numbers, the author uses contemporary short stories to instruct the reader in an enjoyable way. I also found that by providing solutions to many case studies that I was also able to gain additonal insight into the subject matter. While challenging, I especially enjoyed the book's closing chapter which consists of a lengthy business case illustrating the many aspects of the M&A process. The book includes much more than simply M&A. There are excellent discussions of alternative growth strategies and structures such as alliances and joint ventures. In addition, the book provides a comprehensive discussion of alternative restructuring strategies including spin-offs, equity carve-outs, bankrutpcy, etc. This book will go a long way in helping students, professionals, or simply those interested in the subject matter understand the sometmes arcane world of M&A and related topics.

Rating:
Summary: An excellent, fresh, and novel approach to explaining M&A
Review: Unlike many business books, this book is written with both the student and professional in mind. The book really succeeds in putting together in a coherent way all the aspects of buying an selling businesses. This is a fresh, new approach that relies on plain talk, not theory, and numerous helpful examples to illustrate sometimes challenging concepts. It is the only book I have seen on the subject which views M&A as a process consisting of a series of interrelated, interative activities. Instead of asking the reader to learn abstract theories and wade through reams of numbers, the author uses contemporary short stories to instruct the reader in an enjoyable way. I also found that by providing solutions to many case studies that I was also able to gain additonal insight into the subject matter. While challenging, I especially enjoyed the book's closing chapter which consists of a lengthy business case illustrating the many aspects of the M&A process. The book includes much more than simply M&A. There are excellent discussions of alternative growth strategies and structures such as alliances and joint ventures. In addition, the book provides a comprehensive discussion of alternative restructuring strategies including spin-offs, equity carve-outs, bankrutpcy, etc. This book will go a long way in helping students, professionals, or simply those interested in the subject matter understand the sometmes arcane world of M&A and related topics.

Rating:
Summary: Examples, Examples, and More Wonderful Examples
Review: Unlike so many books on this subject, you do not have to be a Stanford MBA to understand the author. The writing is crisp, clear, and to the point. While the author covers a great deal of material, there is little wasted verbiage. The author does a good job of blending theory and practice in his writing, while drawing heavily on numerous academic studies to substantiate the points being made.

The book is chock full of lucid examples to illustrate ideas that are commonly used by investment bankers, brokers, and other analysts. I have read a number of finance books both in school and in my own practice which claim to discuss such challenging topics as M&A and this is one of the few that does an effective job. This book is clearly for the serious student, i.e., one who is interested in getting a solid grounding in the subject. Those looking for a passing acquaintance with the subject should stick with the trade press and the WSJ.