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Takeovers, Restructuring, and Corporate Governance (Prentice Hall Finance Series) [Paperback]

J. Fred Weston , Mark L. Mitchell , J. Harold Mulherin
3.5 out of 5 stars  See all reviews (4 customer reviews)
Price: 88.99 & FREE Delivery in the UK. Details
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Book Description

23 July 2003 0131407376 978-0131407374 4

For undergraduate/graduate-level courses on Mergers and Acquisitions, or as a supplement for Business or Corporate Finance, Economics, or Strategy.

This book brings together conceptual and updated empirical material in a systematic way. It provides students with a basis for understanding mergers and acquisitions and corporate restructuring in the framework of strategic planning issues facing managers in all companies, small and large.

Product details

  • Paperback: 720 pages
  • Publisher: Prentice Hall; 4 edition (23 July 2003)
  • Language: English
  • ISBN-10: 0131407376
  • ISBN-13: 978-0131407374
  • Product Dimensions: 4.3 x 20.3 x 24.1 cm
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: 1,309,555 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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From the Back Cover

Mergers and acquisitions are the most significant economic activity taking place in today's economy. This text seeks to explain the role of this activity and helps managers pursue M&A strategies more effectively.

  • Provides conceptual discussion on why mergers take place
  • Describes the arbitrage activity associated with mergers and acquisitions
  • Presents the historical and industry evidence on the sources of merger activity

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Customer Reviews

Most Helpful Customer Reviews
5.0 out of 5 stars A great ressource on M&A 13 Aug 2012
Format:Hardcover|Verified Purchase
Very well structured book on M&A - good for advanced courses of corporate finance.
However the book is rather old, so it does not always reflect the current stand of academic articles.
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Format:Paperback|Verified Purchase
This book is about 10 years old now, but I regard it as one of the better introductory books on corporate finance. Nevertheless, it would be nice to see an updated version of it.
Despite its size, I would love it more if there was as much attention to the theory of mergers, arbitrage, corporate governance... as there is attention to empirical evidence from academic papers. Currently, comprehensive case studies are missing, making it not so useful for seasoned practitioners. Also some things are just wrong. For example: a company that buys back its stock won't trade at its previous price-to-earnings ratio! Earnings per share will improve, but the stock price stays the same, naturally (ceteris paribus). This is something that was overlooked by the authors, as they are assuming a stable P/E ratio.

But in general a great read, especially for starters!
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2 of 3 people found the following review helpful
2.0 out of 5 stars Academically Poor. 6 Mar 2008
As a 3rd year MA Finance student, I have accumulated around 23 academic books for various modules and I find this to be by far the least helpful.
I am sure that if someone wishes to learn about M&A it would be very useful; much of the required information is there and the case studies are very informative.
However if you intend to use it for an academic course it is definitely what we would call a `library-job'. The structure and indexing is so unbelievably poor; the index is full of company references to case studies and it omits the techniques and principals used in the cases, which is the entire point of using the cases for illustration.
The book also seems to miss-out important features of M&A such as severance pay to managers and the incentives they induce. Oh, and for an `international' edition it focuses mainly on American mergers, but that's just my own personal reservation about these books in general...

Like I said; the information is there should you just want to learn a bit about the subject, but for educational work its truly weak. Borrow, don't buy.
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1 of 4 people found the following review helpful
4.0 out of 5 stars A good textbook for M&A 13 Jan 2003
This book is a good textbook for the learning of mergers and acquisitions. It covers most topics in this area.
The only weakness of this book is the discussions of some topics are relatively simple and can't give a systematic explanation.
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 2.8 out of 5 stars  17 reviews
22 of 23 people found the following review helpful
2.0 out of 5 stars I expected more 23 Sep 2001
By Kim Dalio - Published on Amazon.com
Considering the reputation of the primary author, I found the book to be ponderous to read and seemingly focused more on what the authors wanted to discuss than what might be really useful to students and those practicing M&A. The authors should have sought a more appropriate balance between theory and practice. This tome is weighted in favor of theory. It seems to spend more time addressing societal issues and issues of government policy than addressing the mechanics of how to plan for and implement transactions. In fact, only the last few pages of the book deal superficially with an approach to doing M&A.
The book also assumes substantial knowledge of accounting, finance and economics on the part of the reader. The dearth of examples also hinders the readers ability to readily understand how to apply complex concepts explained in torturous paragraphs of prose. It would have been helpful to use more illustrations to communicate concepts that are difficult for those of us that don't have Phds to understand.
Thankfully, there are other books that are far more helpful in explaining both theory and application of M&A. I have found Mckinsey's book on Measuring and Managing Valuation to be a much better guide to understanding how to apply complex valuation techniques. Integration methodology is well explained in Marks and Clemente's Winning at Mergers. For an excellent detailed overview of M&A, see Depamphlis Mergers Acquisitions and Other Restructuring or Weston's other, more recent book on M&A.
8 of 9 people found the following review helpful
2.0 out of 5 stars Interesting Subject... Boring Book 7 Feb 2005
By Paul Ireland - Published on Amazon.com
Format:Paperback|Verified Purchase
The subject of this book is quite interesting and the knowledgable authors add many insights into the field of Mergers and Aquisitions. However, the book is poorly written and designed. Simply opening the book will show colorless pages and bland figures that perfectly reflect the tone and content within. There is also a surprising number of spelling mistakes and grammatical errors (something I should not expect if I'm paying over $100 for a book).
7 of 8 people found the following review helpful
3.0 out of 5 stars Broad coverage but lacks focus 25 Jun 1999
By A Customer - Published on Amazon.com
Three cheers (stars) for Weston's attempt to cover a vast subject in less than 500 pages of manuscript. My criticism is precisely that: the book skims the surface of a multitude of issues, providing tremendous overview and perspective, but little focus on specific topics.
Rather than a narrative like many books on this subject, Weston uses the layout of a university text book. This has pluses and minuses. At best, it gives the reader an opportunity to see the range of issues in a single framework; at worst, one comes away with little discussion of specific topics. For example, what insight can be gained from a single page discussion of such diverse and complex issues as CAPM, Porter's Five Forces and financial restructuring?
Clearly this book is for the MBA student with background understanding or the practioner who wants to see the wide array of issues in perspective. Nonetheless, I do find this a superior reference book: there are case discussions of all the recent and significant deals (through 1998), both US and European. Here, Weston provides more insight than Wasserstein's "Big Deal" by giving academic perspective and context to many headline M&A deals.
10 of 12 people found the following review helpful
2.0 out of 5 stars Largely Disappointing 12 May 2001
By A Customer - Published on Amazon.com
The book is really only useful for those interested in a literature survey, discussion of public policy, and somewhat tedious discussion of theoretical concepts.
4 of 5 people found the following review helpful
4.0 out of 5 stars Good literature overview 31 Mar 2000
By A Customer - Published on Amazon.com
Most sections have a good overview, although debt restructuring is handled better. Some sections like recap's , LBO's and share repurchases are well written. The book will become more relevant as HLT's emerge once again.
Haven't seen a better book on restructuring and reorganizations. Having said that, i'd like to see a new edition soon.
A caveat; this is not a text. It assumes a level of competence on the subject and is an extremely good reference.
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