This book will provide the answers to the questions that senior level executives have about what are M&As and the steps involved. It provides basic guidelines and lessons for going through an M&A for the first time. It explains what the key events, processes, and issues that a buyer or seller must consider during a merger or acquisition. By using this book, executives can avoid costs and sometimes fatal mistakes and maximize the financial and operational value of the deal to their companies. Chapters include: (1) Terms and Phrases: Language of the Deal, (2) Explanation of Legal Structures and Terms, (3) Strategic Transactions: Before the Deal Starts, (4) Mergers and Acquisitions: Doing the Deal, (5) Equity Investments: Doing the Deal, (6) Sellers, (7) Buyers, (8) Appendix: Checklists and Forms, Reports and Presentations, Generic Valuation Exercise
Michael E. S. Frankel
Most Helpful Customer Reviews
As the instructor of a 1-unit, elementary course on mergers and acquisitions at the university level, I was very glad to discover this thoughtful but decidedly introductory volume on the field.
For an undergraduate business student who is already familiar with the basics of business strategy, many of the sections of the book may seem redundant and self-evident. However, I encourage you not to skip over these sections just because you don't think there's anything further to know about synergies arising from "Market Share," because oftentimes Frankel, being a true veteran of the industry, has some interesting examples embedded in the text that really drives the point home. Therein also lies my chief complaint with the book, that the examples are not presented in bold italics and highlighted at the bottom of the page as many were in Frankel's other book "Deal Teams" (which I also bought and reviewed) but are instead set in the same fontface as everything else and very...
This book delivers on the basics of mergers and acquisitions, providing a broad overview of the subject that will prove especially helpful to anyone in management facing the prospect of a merger or acquisition, whether as buyer or seller. It is clearly written by any standard (but especially so for a book on M&A), and the author is as knowledgeable as they come.
It is written from a business, rather than a legal, point of view. Readers interested in the law applicable to M&A should look elsewhere. The one feature that I wish it had were due diligence checklists, although due diligence is discussed at length throughout the text.
I rate it five stars for content, one for quality of book binding. I bought a new copy, only to find that the binding (which was inflexible) soon split, ejecting 1/5 of the pages. Given the price and the publisher (Wiley), this is disgraceful. If possible, buy a used copy. Prior readers may have loosened it up for you, and in any event,...
The uniqueness of Frankel's book is in sharing with readers an in-depth, multi-dimensional picture of the merger and acquisition process. It is almost like a written video. The book is extremely well researched. It's assertions are documented. General statements are backed by statistical data and graphic presentations, and replete with examples, some of the author's own experience. Most importantly, the book weaves into the "hard facts" the "soft, human considerations," such as motivations, and biases that ignore important facts and conclusions.
Thus the book leads the reader through the internal processes of both buyers and sellers, from broad conceptual decision-making to necessary specific custom-made written internal documents. The discussion mirrors intellectual considerations and brings alive the people who are involved in the process, showing a thorough understanding of the emotional, non-rational but natural and self-survival pressures. Instead of biases one may...
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