The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.

The most up-to-date guide on making the right capitalrestructuring movesThe Art of Capital Restructuring provides a fresh look atthe current state of mergers, acquisitions, and corporaterestructuring around the world. The dynamic nature of M&Asrequires an evolving understanding of the field, and this bookconsiders several different forms of physical restructuring such asdivestitures as well as financial restructuring, which refers toalterations in the capital structure of the firm.The Art of Capital Restructuring not only explains thefinancial aspects of these transactions but also examines legalregulatory, tax, ethical, social, and behavioral considerations. Inaddition to this timely information, coverage also includesdiscussion of basic concepts, motives, strategies, and techniquesas well as their application to increasingly complex, real-worldsituations.* Emphasizes best practices that lead to M&A success* Contains important and relevant research studies based onrecent developments in the field* Comprised of contributed chapters from both experiencedprofessionals and academics, offering a variety of perspectives anda rich interplay of ideasSkillfully blending theory with practice, this book will put youin a better position to make the right decisions with regard tocapital restructuring in today's dynamic business world.

Acknowledgments ix1 Mergers, Acquisitions, and Corporate Restructuring: An Overview 1H. Kent Baker and Halil KiymazPart I Background2 Merger Waves 17Jarrad Harford3 Takeover Regulation 39Marina Martynova and Luc Renneboog4 Corporate Governance and M&As 57Fei Xie5 Ethical and Social Issues in M&As 71Robert W. McGee6 Theoretical Issues on Mergers, Acquisitions, and Divestitures 87Abdul H. Rahman7 The Short-Term and Long-Term Performance of M&As 105Shantanu Dutta and Samir SaadiPart II Valuation8 Standard Valuation Methods for M&As 127Pablo Fernandez9 Real Options and Their Impact on M&As 151Hemantha Herath and John S. Jahera Jr.10 The Law and Finance of Control Premiums and Minority Discounts 169Helen Bowers11 Cross-Border Valuation Effects in Developed and Emerging Markets 185Wenjie ChenPart III the M&A Deal Process12 Sources of Financing and Means of Payment in M&As 205Marina Martynova and Luc Renneboog13 Cultural Due Diligence 223Ronald F. Piccolo and Mary Bardes14 Negotiation Process, Bargaining Area, and Contingent Payments 243William A. Grimm15 Merger Negotiations: Takeover Process, Selling Procedure, and Deal Initiation 261Nihat Aktas and Eric de Bodt16 Postacquisition Planning and Integration 281Olimpia Meglio and Arturo Capasso17 Organizational and Human Resource Issues in M&As 297Siddhartha S. BrahmaPart IV Takeovers and Behavioral Effects18 Takeover Strategies 323Shailendra (Shail) Pandit19 Defensive Strategies in Takeovers 339Christian Rauch and Mark Wahrenburg20 The Impact of Restructuring on Bondholders 359Luc Renneboog and Peter G. Szilagyi21 Behavioral Effects in M&As 385Jens HagendorffPart V Recapitalization and Restructuring22 Financial Restructuring 401Otgontsetseg Erhemjamts and Kartik Raman23 Going Private and Leveraged Buyouts 419Onur Bayar24 International Takeovers and Restructuring 437Rita BiswasPart VI Special Topics25 Joint Ventures and Strategic Alliances: Alternatives to M&As 461Tomas Mantecon and James A. Conover26 Fairness Opinions in M&As 483Steven M. Davidoff, Anil K. Makhija, and Rajesh P. Narayanan27 How Initial Public Offerings Affect M&A Markets: The Dual Tracking Phenomenon 495Roberto Ragozzino and Jeffrey J. Reuer28 The Diversification Discount 511Seoungpil Ahn29 Partial Acquisitions: Motivation and Consequences on Firm Performance 527Pengcheng Zhu and Shantanu DuttaAnswers to End-of-Chapter Discussion Questions 545Index 581