Chapter 7
A Primer on Merger and Acquisition Cash-Flow Valuation
The greater danger for most of us is not that our aim is too high and we might miss it, but that it is too low and we reach it.
—Michelangelo
Inside M&A: the importance of distinguishing between operating and nonoperating assets
In 2006, Verizon Communications and MCI Inc. executives completed a deal in which MCI shareholders received $6.7 billion for 100% of MCI stock. Verizon's management argued that the deal cost their shareholders only $5.3 billion in Verizon stock, with MCI having agreed to pay its shareholders a special dividend of $1.4 billion contingent on their approval of the transaction. The $1.4 billion special dividend reduced MCI's cash in excess of what was required ...
Get Mergers, Acquisitions, and Other Restructuring Activities, 6th Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
