Mergers, Acquisitions, Divestitures, and Other Restructurings

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In a world of fierce global competition and rapid technological change, traditional strategies for gaining market share and achieving efficiencies no longer yield the returns they once did. How can companies drive consumer preference and secure sustainable growth in this digital, social, and mobile age? The answer is through functional integration. Some of the world's most highly valued companies—including Amazon, Apple and Google—have harnessed this new business model to build highly interactive ecosystems of interrelated products and digital services, gaining new levels of customer engagement. Functional integration offers forward-looking brands a unique competitive edge by using transformative digital technologies to deliver high-value customer experiences, generate repeat business, and unlock lucrative new business-to-business revenue streams. Connected By Design is the first book to show business leaders and marketers exactly how to use functional integration to achieve transformative growth within any type of company. Based on R/GA's pioneering work with firms at the forefront of functional integration, Barry Wacksman and Chris Stutzman identify seven principles companies must follow in order to create and deliver new value for customers and capture new revenues. Connected By Design explains how functional integration drove the transformation of market-leading companies as diverse as Nike, General Motors, McCormick & Co., and Activision to establish authentic brand relationships with their customers, enter new categories, and develop new sources of income. With Connected by Design, any company can leverage technological disruption to redefine its mission and foster greater brand loyalty and engagement.

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Pignataro Paul

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Mergers, Acquisitions, Divestitures, and Other Restructurings

A Practical Guide to Investment Banking and Private Equity

PAUL PIGNATARO

Cover image: Wiley

Cover design: © iStockphoto.com/powerofforever

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Pignataro, Paul.

Mergers, acquisitions, divestitures, and other restructurings: a practical guide to investment banking and private equity / Paul Pignataro.

pages cm. – (Wiley finance series)

Includes index.

ISBN 978-1-118-90871-6 (cloth/website); ISBN 978-1-118-90867-9 (ebk); ISBN 978-1-118-90869-3 (ebk)

1. Consolidation and merger of corporations. 2. Leveraged buyouts. 3. Investment banking. 4. Private equity. I. Title.

HG4028.M4P55 2015

338.8′3–dc23

2014030319

This book is dedicated to every investor pursuing enhanced wealth – those who have gained and those who have lost. This continuous struggle has confounded the minds of many. This book is one small tool to help further said endeavor, and if successful, will be the seed planted to spawn a future of more informed investors and smarter markets.

Preface

Mergers, acquisitions, divestitures, and other restructurings (M&A) have arguably existed as long as the history of business. The processes of merging, purchasing, divesting entities or assets, and restructuring businesses are all major methods of providing growth and value to both large and small corporations alike. The Wall Street–coveted analysis of understanding the drivers leading to growth through M&A has remained somewhat of a mystery to the public, until now.

Although M&A activity has its origins arguably with the dawn of commerce, M&A as a greater business strategic phenomenon began in the nineteenth century in a period known as “The Great Merger Movement.” It was at this time that very small businesses were consolidated into large public entities that dominated the markets. Companies like U.S. Steel, International Paper, and Standard Oil created near-monopolistic entities. Today M&A has evolved and changed with regulation, market, and industry. Despite the details of its evolution and progress, M&A still proves to be a key driver for business growth.

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