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Mergers, Acquisitions, Divestitures, and Other Restructurings, + Website

Book Description

The authoritative resource for analyzing mergers and acquisitions (M&A) from every angle

Paul Pignataro reveals the secrets behind growth through M&A in his new book, Mergers, Acquisitions, Divestitures, and Other Restructurings + Website. Through market shifts and regulatory changes, M&A has served as a solid approach to growth. Creating value through mergers and acquisitions is a highly coveted strategy, and Wall Street has long sought a clear technical understanding of the components of M&A as a key driver of growth. In this book, the author provides that understanding, covering all essential aspects of accounting and modeling for the M&A process.

With over a decade of experience aiding billion-dollar restructuring deals, Paul Pignataro is in an excellent position to break down M&A from a finance standpoint. Mergers, Acquisitions, Divestitures, and Other Restructurings covers the financial accounting and modeling behind several M&A structures. Using the merger of Office Depot and Office Max, Mr. Pignataro fully addresses the entire integration, explains EBITDA, and other crucial performance measures. This text is for finance practitioners who want to explore every corner of the M&A process.

  • Learn accounting for asset acquisitions, asset divestitures, and corporate mergers

  • Explore modeling methods including mini-merger modeling and fully consolidated merger modeling

  • Read case studies demonstrating the practical success of theoretical models

  • Understand EBITDA, cash flow, capital structure, and their impact on M&A success and value creation

  • This new text from the CEO and founder of the New York School of Finance is key for understanding how restructuring leads to growth and value creation. The importance of M&A shows no signs of slowing, meaning that finance professionals need to be able to accurately analyze the prospects and impacts of restructuring moves. Mergers, Acquisitions, Divestitures, and Other Restructurings + Website is the authoritative resource for doing just that.

    Table of Contents

    1. Title Page
    2. Copyright
    3. Dedication
    4. Preface
      1. The Office Depot and OfficeMax Merger Case Study
      2. How This Book Is Structured
    5. Part One: Introduction
      1. Chapter 1: Merger and Acquisitions Overview
        1. The M&A Process
        2. Office Depot and OfficeMax
      2. Chapter 2: Financial Statements Refresher
        1. The Income Statement
        2. The Cash Flow Statement
        3. The Balance Sheet
        4. Depreciation
        5. Working Capital
        6. Debt Schedule
        7. Financial Statement Flows Example
    6. Part Two: M&A Analyses
      1. Chapter 3: Raising Debt and Equity
        1. Raising Debt
        2. Raising Equity
      2. Chapter 4: Asset Acquisitions and Asset Divestitures
        1. Asset Acquisitions
        2. Asset Divestitures
      3. Chapter 5: Accretion/Dilution Analysis
        1. Step 1: Obtaining a Purchase Price
        2. Step 2: Estimating Sources and Uses of Funds
        3. Step 3: Creating a Pro-Forma Analysis
        4. Summary
        5. Drivers
    7. Part Three: Office Depot/OfficeMax Merger
      1. Chapter 6: Assumptions
        1. Uses of Funds
        2. Sources of Funds
      2. Chapter 7: Income Statement
        1. Pro-Forma Income Statement
      3. Chapter 8: Cash Flow Statement
        1. Cash Flow from Operating Activities
      4. Chapter 9: Balance Sheet Adjustments
        1. The Buyer Is Paying For
        2. The Buyer Is Receiving
        3. Additional Adjustments
        4. Office Depot and OfficeMax Balance Sheet Adjustments
      5. Chapter 10: Depreciation Schedule
        1. Straight-Line Depreciation
      6. Chapter 11: Operating Working Capital
        1. Receivables
        2. Inventories
        3. Prepaid Expenses and Other Current Assets
        4. Deferred Income Taxes and Receivables
        5. Trade Accounts Payable, Accrued Expenses, and Other Accrued Liabilities
        6. Income Tax Payable
        7. Other Current Liabilities
        8. Projecting Operating Working Capital
        9. Operating Working Capital and the Cash Flow Statement
      7. Chapter 12: Balance Sheet Projections
        1. Cash Flow Drives Balance Sheet versus Balance Sheet Drives Cash Flow
        2. Balancing an Unbalanced Balance Sheet
      8. Chapter 13: Debt Schedule and Circular References
        1. Debt Schedule Structure
        2. Modeling the Debt Schedule
        3. Circular References
        4. Automatic Debt Paydowns
        5. Basic Switches
      9. Chapter 14: Accretion/Dilution
        1. Fairness Opinions
        2. Preferred Shares
        3. Contribution Analysis
        4. Conclusion
    8. Appendixes
    9. Appendix 1: Model Quick Steps
    10. Appendix 2: Financial Statement Flows
      1. Income Statement to Cash Flow
      2. Cash Flow to Balance Sheet
    11. Appendixe 3: Excel Hot Keys
    12. About the Companion Website
    13. About the Author
      1. Index
    14. End User License Agreement