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Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide, 2nd Edition

Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide, 2nd Edition

  • 作者:
  • 出版商: John Wiley & Sons
  • ISBN: 9781119265412
  • 出版时间 March 2017
  • 规格: Hardback , 352 pages
  • 适应领域: U.S. ? 免责申明:
    Countri(es) stated herein are used as reference only

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  • 描述 
  • 大纲 
  • 作者 
  • 详细

    The legal, financial, and business primer to the M&A process

    Mergers and Acquisitions offers accessible step-by-step guidance through the M&A process to provide the legal and financial background required to navigate these deals successfully. From the initial engagement letter to the final acquisition agreement, this book delves into the mechanics of the process from beginning to end, favoring practical advice and actionable steps over theoretical concepts. Coverage includes deal structure, corporate structuring considerations, tax issues, public companies, leveraged buyouts, troubled businesses and more, with a uniquely solution-oriented approach to the M&A process. This updated second edition features new discussion on cross-border transactions and "pseudo" M&A deals, and the companion websites provides checklists and sample forms to facilitate organization and follow-through.

    Mergers and acquisitions are complex, and problems can present themselves at each stage of the process; even if the deal doesn't fall through, you may still come out with less than you bargained for. This book is a multi-disciplinary primer for anyone navigating an M&A, providing the legal, financial, and business advice that helps you swing the deal your way.

    • Understand the legal mechanics of an M&A deal
    • Navigate the process with step-by-step guidance
    • Compare M&A structures, and the rationale behind each
    • Solve common issues and avoid transactional missteps

    Do you know what action to take when you receive an engagement letter, confidentiality agreement, or letter of intent? Do you know when to get the banker involved, and how? Simply assuming the everything will work out well guarantees that it will—for the other side. Don't leave your M&A to chance; get the information and tools you need to get it done right. Mergers and Acquisitions guides you through the process step-by-step with expert insight and real-world advice.

  • Preface xi

    Acknowledgments xv

    CHAPTER 1 Structuring Fundamentals 1

    Basic Corporate Finance Concepts 1

    Reasons for Acquisitions 7

    Three Basic Acquisition Structures 11

    Structuring Considerations: Overview 14

    CHAPTER 2 The Acquisition Process 20

    Overview 20

    Valuation of the Business 27

    Investment Bank Engagement Letters 30

    Confidentiality Agreements 35

    Letters of Intent 37

    Stay Bonuses and Other Employee Retention Arrangements 39

    Business and Legal Due Diligence 42

    Intellectual Property Due Diligence 55

    From Signing to Closing 66

    Appendixes 67

    CHAPTER 3 Corporate (Nontax) Structuring Considerations 69

    Business Objectives and Other Nontax Structuring Considerations 69

    Acquisition Structure Diagrams 78

    Forms of Acquisition Consideration 78

    Debt 83

    Cash, Stock, and Earnouts 96

    Successor Liability and the De Facto Merger Doctrine 101

    Securities Law Compliance 104

    Antitrust Compliance: Hart-Scott-Rodino Act 114

    Equity Compensation 120

    Incentive Stock Options 126

    Employment Agreements and Noncompetition Covenants 130

    Indemnification 136

    Employment and Benefits Law 138

    Acquisition Accounting 140

    Recapitalization Accounting 144

    Appendixes 145

    CHAPTER 4 Tax Considerations 146

    Taxable Versus Tax-Free Transactions: Overview of Relevant Situations 146

    Detailed Analysis of the Positions of the Target and Its Owners and of the Buyer 148

    Taxable Transactions and Their Tax Effects 150

    Tax-Free Transactions 154

    Special Situations 159

    Golden Parachute Tax 164

    CHAPTER 5 The Definitive Acquisition Agreement 169

    Economic Terms 169

    Representations and Warranties 184

    Covenants 196

    Additional Agreements 199

    Conditions to Closing 200

    Survival of Representations and Indemnification 201

    Termination 206

    Miscellaneous 206

    Representing Targets: A Summary 207

    Appendixes 210

    CHAPTER 6 Acquisitions of Public Companies 211

    Public-to-Public Mergers: What is Different? 211

    Case Law–Developed Fiduciary Duties and Standards of Review 214

    Evolution of Fiduciary Duty Case Law and Judicial Review 220

    Securities Laws and Public Company Acquisitions 237

    Anti-Takeover Devices 247

    Appendix 256

    CHAPTER 7 Leveraged Buyouts (Structural and Tax Issues) and Acquisitions of a Troubled Business (Creditors’ Rights and Bankruptcy) 257

    Leveraged Buyouts: Structural and Tax Issues 257

    Acquisition of a Troubled Business Generally 263

    Fraudulent Transfers 265

    Acquisitions Out of Bankruptcy 272

    CHAPTER 8 International M&A 282

    Cross-Border Acquisitions 282

    CHAPTER 9 Joint Ventures 292

    Reasons for Joint Ventures 292

    Types of Joint Ventures 293

    Typical Joint Venture Terms 295

    Appendix 304

    About the Website 305

    Index 307

  • EDWIN L. MILLER, JR. is a partner with Sullivan & Worcester. He has practiced corporate and securities law for over forty years. He has represented both issuers and underwriters in numerous IPOs, secondary stock offerings, and other public market transactions. In addition, he has organized a number of private equity/venture capital funds and has represented venture capital firms and technology companies in venture financings.

    LEWIS N. SEGALL is a corporate partner and leader of the Corporate/M&A Group at Sullivan & Worcester. He regularly represents public and private companies in equity and debt financings, joint ventures, domestic and international mergers and acquisitions, and general corporate matters. He also represents financial institutions in secured and unsecured credit facilities.

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