Preface

Preface to the First Edition

Acknowledgements

1. Corporate Restructuring and Mergers & Acquisitions

2. Strategic Approaches to Mergers and Acquisitions

3. Corporate Valuation: Concepts and Principles

4. Corporate Valuation: Techniques and Structuring Swap Ratio

5. Valuing the Intangibles: Brands, Goodwill, Human Resources and Customer Relationships

6. Valuing Synergy and Pricing Acquisitions

7. Valuation Disputes: Court Cases

8. Disinvestment and Valuation

9. Valuations of Startups, Private Company and Family Business

10. Methods of Payment for Mergers and Acquisitions

11. Leveraged Buyout

12. Accounting for Mergers and Acquisitions

13. Due Diligence: The Purchase Investigation

14. Legal Aspects of Mergers and Acquisitions

15. Integration in Mergers and Acquisitions

16. Case Studies on Mergers and Acquisitions

17. Problems and Solutions

Glossary

Name Index

Subject Index

The Covid–19 pandemic-induced downturn and subsequent Russia-Ukraine war have triggered unprecedented financial shock and disruption to the business world. Challenges are unique to each corporation. The forward-looking corporate leaders are fighting now to rebalance risk, profitability and liquidity while looking for new growth opportunities and gaining resilience to come out of the crisis as fast as possible. Mergers and Acquisitions (M&A) being one of the most powerful tools is set to play a bigger role in this direction. It is time now that M&As move at speed and help overcome the present downturn in the economy. Business leaders will have good reasons to leverage M&A as a holistic response to the business and economic crisis. It is in this context that a thoroughly revised edition of the comprehensive book on M&As by Professor Kamal Ghosh Ray becomes so well-timed and significant.

The book is an “A to Z” of M&A, ranging from strategy, valuation, legal aspects to integration. The new edition incorporates various new concepts, ideas and thoughts with appropriate discussion in detail. Business valuation has a substantial coverage in the book as the subject, “Valuation” is offered in many academic programmes in universities and business schools. The text is profusely illustrated with many examples and case studies and contains huge number of numerical problems and solutions. Primarily intended as a text for postgraduate students of management and law, the book in its second edition will be of immense value to students of CA, CMA, CFA, CS, etc. and professionals ranging from strategic planners, CFOs, CEOs, COOs, financial analysts, bankers, to venture capitalists, corporate lawyers and business owners.