The Art of M&A, Fourth Edition: A Merger Acquisition Buyout Guide [Hardcover]

 

 

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Good Detailed Overview of M&A

I used this book for a doctorate class. It is very well written in the Socratic Teaching Method. In other words, they ask a question related to the chapter topic then answer it. This was my first exposure to M&A and this book provided an excellent overview. The chapters are long, about 100 pages and there is a lot of reading but it is broken down into shorter sections within the chapters.

The cases in the book are very detailed and well written providing a good background to the subject matter. The detail is good with the exception of the tax structure section. Since the authors (and presumably the target market) are American and their experience is primarily American (some other experiences but minor in comparison), the tax section provides a significant amount of detail on US tax consequences. This was a little too much in detail for an international student at a US university who would be going back home to work. Also, the level of detail is about halfway between an overview and what a tax accountant would need to know--so again a little too detailed.

The authors are clearly experienced and knowledgeable about the material and their own experiences about specific subjects adds greatly to the book. I did not feel after using this book that I could go out and do large scale M&A transactions (which I don't think the authors intended anyway) without further work in the industry as a junior player. In this case, this book works well for those going into the industry as an information precursor or those wishing to buy or sell a small family run business (the principles contained herein cover small to very large transactions) which would then give them and their lawyers a heads up on what to expect.

Students and Professors: Studies using this book should be accompanied by case studies to help apply the principles. I would recommend this book for MBA or doctorate students but not for undergrad due to the level of detail and background knowledge and terms used. A background in some finance/accounting courses, I would suggest, is very helpful before reading this book--especially in corporate finance and accounting. To maximize full utility from a course using this book, I would also recommend using this book as part of several courses on the subject due to the complexity of the material. There are several other books in this series which provide even more detail. Otherwise, it will serve very well as a general overview which I think most universities use it for anyway.

For professionals: This book could be very useful for those in the industry, lawyers becoming involved in M&A, accounting professionals, auditors, federal and state government tax auditors, forensic accounting students/interns, corporate executives who are considering M&A activities, CFAs, and small business owners who are looking at expanding or selling.

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