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Reading 23: Mergers and Acquisitions
0:00 Introduction and Learning Outcome Statements
3:30 Classify mergers and acquisitions (M&A) activities based on forms of integration and relatedness of business activities;
5:38 Explain common motivations behind M&A activity;
16:34 Explain bootstrapping of earnings per share (EPS) and calculate a company’s post-merger EPS;
19:10 Explain, based on industry life cycles, the relation between merger motivations and types of mergers;
23:52 Contrast merger transaction characteristics by form of acquisition, method of payment, and attitude of target management;
33:59 Distinguish among pre-offer and post-offer takeover defense mechanisms;
45:40 Calculate and interpret the Herfindahl–Hirschman Index and evaluate the likelihood of an antitrust challenge for a given business combination;
50:03 Compare the discounted cash flow, comparable company, and comparable transaction analyses for valuing a target company, including the advantages and disadvantages of each;
55:56 Calculate free cash flows for a target company and estimate the company’s intrinsic value based on discounted cash flow analysis;
1:00:43 Estimate the value of a target company using the comparable company and comparable transaction analyses;
1:05:23 Evaluate a takeover bid and calculate the estimated post-acquisition value of an acquirer and the gains accrued to the target shareholders versus the acquirer shareholders;
1:13:56 Explain how price and payment method affects the distribution of risks and benefits in M&A transactions;
1:17:39 Describe characteristics of M&A transactions that create value;
1:18:08 Distinguish among equity carve-outs, spin-offs, split-offs, and liquidation;
1:21:07 Explain common reasons for restructuring.