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Applied Mergers and Acquisitions Hardcover – Mar 26 2004

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Product Details

  • Hardcover: 1056 pages
  • Publisher: Wiley; 1 edition (March 26 2004)
  • Language: English
  • ISBN-10: 0471395056
  • ISBN-13: 978-0471395058
  • Product Dimensions: 19 x 4.1 x 26 cm
  • Shipping Weight: 1.7 Kg
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: #105,961 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

From the Inside Flap

Mergers and acquisitions is no easy path to riches or career advancement. All you have to do is open a newspaper or turn on your television to watch some of the most well-thought-out deals fall apart at the seams. But despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they exercise great care and rigor in the development of their M&A deals. It is possible to succeed in the world of mergers and acquisitions, and this book can put you on the right track to do so.

By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions shows you the best ways to analyze, design, and implement M&A deals. Written by one of the foremost thinkers and educators in the field, this invaluable resource won’t offer you a rigid guide to M&A success–because there is no set way to make M&A work–but it will introduce you to the art and science of M&A valuation, reveal the nuances of deal negotiation and bargaining, as well as provide you with a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.

Applied Mergers and Acquisitions is filled with in-depth insights, expert advice, and numerous real-world M&A case studies that clearly illustrate the ideas described throughout the book. It is also fully supported by value-added learning tools–including a CD-ROM and Workbook–that may be purchased concurrently or at a later date to further enhance the reader’s overall learning experience with the core text.

Important M&A issues discussed include:

  • Strategies and the origination of transaction proposals
  • Analysis of transaction proposals, terms, and tactics
  • The design of detailed transaction terms
  • Rules of the road: governance, laws, and regulations
  • Competition, hostility, and behavioral effects in M&A
  • Communication, integration, and best practices

Through a focus on ideas and their application, Applied Mergers and Acquisitions answers many difficult M&A questions, including: What is the best practice in M&A, and how can you understand M&A activity? By illustrating the tools, concepts, and processes essential to M&A success, this comprehensive survey of the M&A field will increase your chances of a favorable outcome in any potential deal.

From the Back Cover

"A well written and comprehensive journey into M& essential reference for any M&A practitioner...this isn’t just a book about great thoughts and process, but rather how to turn insight into deals, and deals into lasting value."
From the Foreword by Joseph R. Perella
Chairman, Institutional Securities and Investment Banking Group, Morgan Stanley

"Bob Bruner's Applied Mergers and Acquisitions is a masterful and comprehensive treatment of the topic of M&A. The book is remarkably complete, discussing economic valuation, legal considerations, deal structure, ethics, accounting, post-merger integration–and more. It blends material from practice and from academia in an easy-to-read style, making it a must-read, and want-to-read, for anyone interested in this subject."
Peter Tufano
Sylvan C. Coleman Professor of Financial Management, Harvard Business School

"Preeminent scholar Robert Bruner has combined the best insights from theory with proven lessons from industry to produce the definitive resource on mergers and acquisitions. Bruner’s renowned teaching skills and keen intellect are evident throughout, rendering a must-read for finance students, investors, and corporate executives into a remarkably enjoyable read."
Mark Kritzman
Managing Partner, Windham Capital Management Boston and Research Director, The Research Foundation of the Association for Investment Management and Research (AIMR)

"How many books really succeed in teaching M&A practitioners to distinguish among deals that should be avoided, deals that are promising but can’t be executed by the teams involved, and deals where significant value can be achieved? We should start the count with Bruner's Applied Mergers and Acquisitions. Bruner is the ultimate teacher for practitioners who want to improve performance."
Edward A. Snyder
Dean and George Pratt Shultz Professor of Economics
University of Chicago Graduate School of Business

"Bob Bruner has achieved the impossible: covering in one book all relevant economic, financial, accounting, legal, and tax aspects of mergers and acquisitions and illustrating each concept with case studies. Impressive!"
Theo Vermaelen
Professor of Finance, INSEAD

"Bob Bruner's book combines the best of academic thinking and business practice on one of the most fascinating and challenging topics in all of business. The area of mergers and acquisitions stretches executives and scholars to consider the whole realm of management practice–from strategy, to finance, to law, to negotiations, to integration planning, to human behavior."
Robert S. Harris
Dean, Darden Graduate School of Business Administration, University of Virginia

Inside This Book (Learn More)
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Most helpful customer reviews

By A Customer on July 9 2004
Format: Hardcover
Truly an essential reference for M&A. I found the book incredibly helpful in assessing M&As for future value. The case studies particularly helpful. Every executive should read this book.
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Most Helpful Customer Reviews on (beta) 23 reviews
87 of 88 people found the following review helpful
The Best of Breed Dec 1 2005
By Ganesh V Jois - Published on
Format: Hardcover
This book is by far the best on M&A. To understand what makes this book the best, it is necessary to understand what a comprehensive book on M&A should have and how other books on the market stack up on required content:

1) A discussion of the legal framework in M&A

2) The Strategic case for M&A - Why M&A as opposed to Organic growth strategies

3) The importance of Due Diligence - Why, What, How

4) Synergies - Types, estimation

5) Valuation for M&A - DCF, Multiples, Break-up, LBO, etc.

6) Accounting (Investor Perception) issues - Accretion, Dilution

7) Structuring the Transaction - Cash vs. Stock, Earnouts, Taxation issues

8) Pitfalls and how to avoid them - Overpayment, Thinking like an investor, etc.

This is the only one on the market that does justice to all topics. Other books on the market have an exclusive focus on one or two issues. For instance, Arzac's book is the most comprehensive valuation guide available but is weak on issues like due diligence. Gaughan's book has all the legal procedures and forms that one would need to know about but is has next to nothing on valuation. Marren's book is outdated and full of spreadsheets with almost next to nothing on other topics. DePamphilis' book is weak on valuation but covers many of the other topics. Books by Reed & Lajoux cover Structuring, Taxation, Due Diligence in separate volumes and in that sense they are discontinuous.

This book puts all topics together and provides a very good treatment of each. The book may not be the best for Valuation alone or for Structuring alone but it is a great one-point reference on all topics. It has very good bibliography and those who want to delve deeper can always pick up the specialized books.

For some reason, however, I never got the CD with my purchase and therefore, please check before you buy.
28 of 33 people found the following review helpful
Good for the money Nov. 13 2005
By Dr. Robert Adams - Published on
Format: Hardcover
I found the book a good overview of M&A, but it was a bit on the theoretical side. While Bruner is generally a good writer, the 1000+ page tome can sometimes become a bit suffocating. Moreover, the book presumes a considerable knowledge of finance to really understand the content. Nonetheless, I think at $50 bucks, it is a good buy. Other books I have found highly readable on the subject include Mergers and Acquisitions by Depamphilis (3rd edition) and Arzac's Valuation (1st edition). Both of these books come with very helpful software.
15 of 18 people found the following review helpful
Nice Nice Book April 9 2006
By Barrier Options - Published on
Format: Hardcover
very nice overview on MnA. Good introduction and provides references for those who wanna dig into specific topics.

However, this is a general overview for a wide range of MnA topics, you will not gain a specific expertise from this book.

For me, the most useful way of learning a topic like MnA is by actually looking at spreadsheets and exhibits instead of reading bunge of writings. This book has many nice exhibits/tables to demonstrate the calculations, so after the reading, I can look at the exhibits/spreadsheets to see if I understand how the numbers are calculated.

this should be the first read, arzac should be followed up to gain a more solid background in valuation.

No comments on the CDROM, I didn't buy it.
7 of 8 people found the following review helpful
Simply the best text on M&A Jan. 26 2007
By Top Cat - Published on
Format: Hardcover
After attending an executive program in mergers and acquisitions, I decided to purchase this book after reviewing a variety of books on the subject. I also own Arzac's book, but it is only applicable to valuation.

This book is simply the best text on M&A and it has served as a nice supplament to program that I attended. Between the program and reading this book, I now feel like I am an expert on the subject.

Arzac's book on valuation provides the final topping on the subject manner.
8 of 11 people found the following review helpful
An Excellent Book on Mergers and Acquisitions for Neophytes and Veterans Alike Sept. 27 2005
By Hampton S. Tonk - Published on
Format: Hardcover Verified Purchase
Applied Mergers and Acquisitions is an excellent and very readable book on the subject of M&A written by a knowledgeable author who has been in the trenches. From the basics of this field to the technical details of mergers and acquisitions, this book can serve as a handy reference guide to M&A for every practitioner "who always wanted to know more about M&A but was afraid to ask."