Sudi Sudarsanam, Cranfield School of Management

Publisher: Financial Times Press
Copyright: 2004
Format: Paper; 616 pp

ISBN-10:	0201721503
ISBN-13:	9780201721508

Our Price: £44.99
Status: Instock
Published: 03 Sep 2003

Creating Value from Mergers and Acquisitions gives an integrated and international perspective. This new book builds on and extends the author¿s highly successful title The Essence of Mergers and Acquisitions. This is the first book to provide a comparative analysis of the M & A scene in Europe and the US, the two most active markets in the world. The book develops an international and multidisciplinary perspective of M & A, and considers M & A as a process and not a mere transaction. The author draws upon economics, finance, strategy, law and organisational theories to formulate a five-stage model and emphasises the need to understand the inter-connected nature of these stages. The book¿s central focus is on the challenges to using M & A as an instrument to create shareholder value, how M & A risks can be mitigated and how odds of success in acquisitions can be increased. Creating Value from Mergers and Acquisitions is suitable for those studying advanced undergraduate and MBA courses in industrial organisation, finance, business strategy, and corporate governance, as well as those preparing for exams set by professional bodies. The rigorous integration of the conceptual, empirical and practical aspects of M & A means that researchers and practitioners will also find this book extremely useful.

PART ONE: OVERVIEW OF MERGERS AND ACQUISITIONS AND THE M&A PROCESS
1. Introduction
2. What causes merger waves?
3. Perspective on Mergers
4. Assessing the success of acquisitions
PART TWO: SOURCES AND LIMITATIONS OF VALUE CREATION IN DIFFERENT ACQUISITION TYPES
5. Horizontal mergers
6. Consolidating Fragmented Industries
7. Vertical integration
8. Conglomerate Acquisitions
9. Cross-border acquisitions
10. Joint Ventures and Strategic alliances as alternatives to M & A
11. Corporate divestitures
12. Leveraged buyouts (LBOs)
PART THREE: ACQUISITION DECISION, DEAL STRUCTURING AND NEGOTIATION
13. Acquisition decision making and deal structuring
14. Target valuation
15. Accounting for mergers and acquisitions
16. Paying for the acquisition
17. Antitrust regulation
18. Regulating takeover bids
19. Advisers in takeovers
20. Bid strategies and tactics
21. Defences against takeovers
PART FOUR: MAKING ACQUISITIONS WORK
22. Organisational dynamics and human aspects of acquisitions
23. Post-merger audit and organizational learning
24. Meeting the challenges in mergers and acquisitions

• Each chapter contains numerous short illustrations to exemplify practice or to elucidate complex issues.
• To increase reader friendliness, complex information, such as reviews of empirical studies and regulatory rules, is presented in tables. Technical issues such as empirical methodology are located in appendices to chapters. Where necessary graphics are used to highlight complex information and facilitate reader access.
• A short case study is included in most chapters to highlight the main issues covered by that chapter and to facilitate class discussion. Review questions are also provided for further class discussion.
• Chapter overviews and the implications for M & A practice are presented at the end of each chapter.
• The book emphasises critical examination and empirical validation of theoretical predictions and seeks to provide a balanced treatment of M & A drawing upon the conceptual, empirical and practitioner perspectives.

Sudarsanam Creating Value From Mergers And Acquisitions: The Challenges

"I think that the book is outstanding. It is extremely well set out and written. I particularly like the way you link together the economics, finance, organization and strategy approaches to takeovers. That seems to be exactly what is required and I have no doubt that there will be a considerable demand for this from both students and lecturers".

Colin Mayer, Peter Moores Professor of Management Studies, Said Business School, University of Oxford, UK

"The book is extremely comprehensive and current – I think you really have done an excellent job summarizing so much of the literature. It is a very nice piece of work".

Henri Servaes, Professor of Finance, London Business School, UK

"I view this revised edition of Professor Sudarsanam’s text on M & A as an important contribution to a burgeoning M & A literature. The key strengths of the text are:

1. viewing the acquisition decision from a process perspective
2. focusing on a value creation perspective for the M & A decision
3. summarizing evidence on the extent of value creation in M & A transactions from the major industrialized economies and
4. overall ‘user-friendliness’ of text from reader’s perspective.

I look forward to publication of this book.

Nikhil Varaiya, Professor and Chair of the Department of Finance, San Diego State University, USA

"Overall, the chapters read very well – very comprehensive and the structure is logical and easy to follow. The chapters are well written – I would think that MBA students (the target audience) would not find them difficult to understand".

Raghavendra Rau, Associate Professor of Finance, Krannert Graduate School of Management, Purdue University, Indiana, USA.

"I really liked reading the book. The book is simply a "must read" for all persons who require a broad understanding of the various issues involved in planning and executing acquisitions of and mergers between firms"

Tom Berglund, Professor of Finance, Swedish School of Economics and Business Administration, Helsinki, Finland

"The book is very comprehensive and well written. It covers in a holistic approach all aspects of M & A that various audiences would like to know. It pays a lot of attention to the European markets. It is very useful for academics in different areas, investment bankers, lawyers and consultants. It could be used in both advanced undergraduate and graduate courses. What I like most about your book is the holistic approach that is treating M & A not as a financial transaction only but as a process requiring the integration of several disciplines, especially strategy. Congratulations".

Nick Travlos, Professor of Finance and Director, Athens Laboratory of Business Administration (ALBA). Formerly Professor of Finance, Boston College, Mass., USA

"Congratulations! It is really an excellent book on M & A. The intellectual improvements you have made (over the Essence book) are substantial. It will definitely find its way to a large academic audience. I also like it because of its extensive international (non-US) coverage. I would definitely recommend colleagues to use your book."

Professor Rezaul Kabir, Tilburgh University (The Netherlands) and the University of Antwerp (Belgium)

"Clearly written text with an impressive crop of recent examples. My compliments. I like the style and I like the structure".

Arie Melnik, Professor of Economics, University of Haifa, Israel.

"I have found the structure of each chapter very coherent and easy to follow, the mini case studies quite useful, and the whole structure of the book very logical".

Professor Georges Selim, Professor of Internal Audit, Cass Business School, London, UK

"I think the book will be useful and look forward to reading the printed version".

Mez Lasfer, Professor of Finance, Cass Business School, City University, London, UK

"I have been teaching M & A, Corporate Restructuring and Corporate Governance to executives for a few years and work closely with investment banks, I learnt a great deal from this comprehensive text and actually enjoyed the read. Overall the book is very thorough and likely to receive favourable citations from academics and practitioners alike".

Jay Dahya, Assistant Professor of Finance, Zicklin School of Business, Baruch College, City University of New York, USA

"My overall idea is that it is a great book because it combines effectively the strategic management and behavioural theory approaches with the economics and finance literature. The book is valuable in supplying the reader with information about M & A activity and regulatory framework from different countries (USA, UK and EU). Congratulations for the writing of this book. It will be very useful and I will recommend as the main textbook for the students of my course on M & A’s".

Dimitris Kyriazis, Assistant Professor of Finance, Piraeus University, Athens, Greece

"I am very favourably impressed with the content, in particular a) the multidisciplinary approach and b) the international perspective adopted. It clearly has a market and in addition should prove an invaluable reference text. Well done. I think the book is excellent ".

Dr Paul Ryan, Lecturer in Finance, University College Dublin, ROI

"I think the book is great and will fill a real need in the market. Very valuable for both professional practitioners and MBA students".

Nick Rogerson, Head of Corporate M & A, Novartis International AG, Basel, Switzerland

"I found the book easy to read and follow. It is laid out in a way that encourages dipping and the individual chapters hold up well as stand alone pieces for readers using, say, part of the book to prepare for an essay. As a textbook for students of the subject it is hard to imagine anything more complete… My congratulations on an excellent piece of work".

Dr Philip Augar, former head of securities at Natwest and Schroders and author of The Death of Gentlemanly Capitalism, a best selling study of UK investment banking.

"I very much enjoyed reading your book. It drew me into the subject so much so that once I started reading it, I wanted to continue until I finished. I appreciate your considerable knowledge, research and intellectual rigour. You have produced a fascinating and informative book which combines academic thought, empirical evidence, practical example and rational deduction into a compelling and definitive work. Many congratulations".

Alan Frost, formerly Head of Corporate Development and M & A, Ranks Organization plc.

"I am greatly impressed with what you have done. This is a humdinger of a book and will surely become the standard text on mergers, acquisitions and divestments. I also thoroughly agree with the aims set out in your preface. I think you achieve them amply and elegantly".

Alfred Kenyon, formerly Corporate Treasurer, Plessey plc and visiting professor at Cass Business School, City University, London. Also coauthor of the prize-winning book Creating Value, Shaping tomorrow’s business.