The Basics Of Mergers And Acquisitions （合并和收购的基础知识）.pdf

The Basics Of Mergers And Acquisitions /university/mergers/ Thanks very much for downloading the printable version of this tutorial. As always, we welcome any feedback or suggestions. /contact.aspx Table of Contents 1) Mergers and Acquisitions: Introduction 2) Mergers and Acquisitions: Defining MA 3) Mergers and Acquisitions: Valuation Matters 4) Mergers and Acquisitions: Doing The Deal 5) Mergers and Acquisitions: Break Ups 6) Mergers and Acquisitions: Why They Can Fail 7) Mergers and Acquisitions: Conclusion Introduction Mergers and acquisitions (MA) and corporate restructuring are a big part of the corporate finance world. Every day, Wall Street investment bankers arrange MA transactions, which bring separate companies together to form larger ones. When theyre not creating big companies from smaller ones, corporate finance deals do the reverse and break up companies through spinoffs, carve-outs or tracking stocks. Not surprisingly, these actions often make the news. Deals can be worth hundreds of millions, or even billions, of dollars. They can dictate the fortunes of the companies involved for years to come. For a CEO, leading an MA can represent the highlight of a whole career. And it is no wonder we hear about so many of these transactions; they happen all the time. Next time you flip open the newspaper’s business section, odds are good that at least one headline will announce some kind of MA transaction. Sure, MA deals grab headlines, but what does this all mean to investors? To answer this question, this tutorial discusses the forces that drive companies to buy or merge with others, or to split-off or sell parts of their own businesses. Once you know the different ways in which these deals are executed, youll have