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WALL STREET - Mergers & Acquisitions
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1897-1907 - First merger wave: followed Depression of 1883; many horizontal mergers, affected industries became highly concentrated - in steel, telephone, oil, mining, petroleum products, metals, food products, transportation (J.P. Morgan merged U.S. Steel with Carnegie Steel, more than 700 small steel firms, controlled 70-80% of steel production in United States); wave ended by panic of 1904, Justice Department's charging number of large monopolies with violating Sherman Antitrust Act (1890); panic of 1907.

1916-1929
- Second merger wave: increased governmental scrutiny - Clayton Act (1914); characterized by oligopolies rather than monopolies, more vertical mergers than horizontal mergers (auto industry - Ford Motor Company integrated from iron and coal mines through ore boats and railroads through steel mills to finished car); wave ended by 1929 stock market crash and Great Depression.

1955-1969/1973
- Third merger wave: characterized by 'conglomerate mergers' (among unrelated companies) - ITT, LTV, Teledyne, Litton Industries; horizontal mergers subject to strict antitrust enforcement (Celler-Kefauver Act of 1950 reinforced the Clayton and Sherman Acts); 1969-70 - stocks of conglomerates crashed.

1963 - Lewis B. Cullman did first LBO: $62.4 million purchase of Orkin Exterminating, with $1,000 investment.

July 18, 1974 - First hostile-takeover bid, first takeover contest initiated by major strategic buyer; Morgan Stanley advised International Nickel Company (INCO, $1.5 billion in sales) on a $28/share ($157 million) bid for ESB (formerly Electric Storage Battery Company, battery maker, world's largest battery-maker, Philadelphia's 11th largest company, $400 million in sales, stock had closed at $19.50); attempt to diversify from cyclical nickel industry, smooth earnings; July 24, 1974 - INCO raised bid to $36/share; ultimately bid $41/share ($227 million); Goldman Sachs advised ESB (target company; diversification attempt failed; consumer goods company couldn't compete with Duracell, Eveready in development of long-life dry-cell batteries; 1981 - INCO divested ESB in four parts; lost more than $220 million.

1974/1980-1989 - Fourth merger wave: takeover wave started with Morgan Stanley's 1974 representation of Inco in (first) hostile takeover of ESB; era of 'corporate raiders', junk bond financing, leveraged buyouts; mid-1980s - 'poison pills' neutralized hostile takeovers; wave ended with $25 billion 1989 RJR Nabisco leveraged buyout, collapse of junk bond market, collapse of savings & loan industry, deterioration in loan portfolios of commercial banks.

1977 - Kohlberg Kravis Roberts & Co. financed leveraged buyout of A.J. Industries, small manufacturing company ($26 million, 66% leverage financed with senior bank debt); firms' first deal; couldn't persuade anyone to provide subordinated debt.

May 14, 1979 - Kohlberg Kravis Roberts & Co. acquired Houdaille Industries in a $355 million buyout; first public-to-private transaction (leveraged buyout of a publicly traded company); took almost one year to raise $355 million from several banks and insurance companies for deal with 86 per cent leverage financed by multi-layered array of senior and subordinated securities; sent shock waves through Wall Street and the Securities and Exchange Commission. Post-Houdaille, KKR able to attract widening circle of institutional lenders, equity investors; 1980 - inflation above 10%, prime rate at 21%, Chairman of the Federal Reserve effectively froze all corporate lending for non-essential purposes (M&A), KKR raised biggest pool of capital in private equity history, $135 million; 1980s - five more funds with bigger pools of equity capital formed; 1984 - first $1 billion buyout (Wometco); first large buyout done by public tender offer instead of merger process (Malone & Hyde); 1987 - fund invested more than US$6 billion in equity before finished.

August 1982 - Thomas G. Pownall, CEO of Martin Marietta Corporation, responded to hostile takeover attempt by William Agee, CEO of Bendix Corporation by initiating Pac-Man defense. Bendix made an unsolicited $43/share takeover bid. Five days later Martin Marietta made a $75/share takeover bid for Bendix. Result - Allied Corporation bought Bendix, Martin Marietta remained independent though saddled with $1 billion in debt.

October 10, 1988 - CEO F. Ross Johnson offered $75 per share for a leveraged buyout of RJR/Nabisco (stock at $56 per share); November 30 - Special Committee recommended acceptance of $109 per share buyout ($25.07 billion) by Kohlberg, Kravis, Roberts & Co. to board of directors.

1993-2000 - Fifth merger wave (followed economic recession of 1990-91); era of 'size matters' (evidenced by premium stock market valuations of market leaders); strategic negotiated deals (many for stock) - Citibank/Travelers, Exxon/Mobil, AOL/Time Warner, Boeing/McDonnell Douglas, Chrysler/Daimler Benz; 1998-2000 - 9/10 largest deals in history completed; 2000 - $3.3 trillion in merger deals (vs. $342 million in 1992); wave ended with corporate scandals (Enron, Worldcom, Adelpha) and dot.com bust.

2000 - World's largest takeovers: 1) Vodafone-Mannesmann: $183 billion; 2) AOL-TimeWarner: $181 billion; 3) MCI/WorldCom-Sprint: $127 billion; 4) Pfizer-Warner Lambert: $88 billion; 5) Exxon-Mobil: $86 billion.

2002-2008 - Sixth merger wave: globalization, rise in commodities prices, low interest financing, rise in private equity funds, rise in management buyouts, shareholder activism (hedge funds, institutional investors).

2005 - Biggest Mergers of All Time: 1.) Vodafone AirTouch acquired Mannesmann (November 14, 1999) for $179.86 billion; 2) America Online acquired Time Warner (January 10, 2000) for $164.75 billion; 3) Pfizer acquired Warner-Lambert (November 4, 1999) for $89.17 billion; 4) Exxon acquired Mobil (December 1, 1998) for $78.95 billion; 5) Glaxo Wellcome acquired SmithKline Beecham (January 17, 2000) for $75.96 billion; 6) Royal Dutch Petroleum acquired Shell Transport & Trading (October 28, 2004) for $74.35 billion; 7) Travelers Group acquired Citicorp (April 6, 1998) for $72.56 billion; 8) SBC Communications acquired Ameritech (May 11, 1998) for $62.59 billion; 9) NationsBank acquired BankAmerica (April 13, 1998) for $61.63 billion; 10) Vodafone Group acquired AirTouch Communications (Jan. 18, 1999) for $60.29 billion. 

January 20, 2008 - Thomson Financial reported foreign investors acquired positions in American companies, factories and other properties, through private deals and purchases of publicly traded stock, valued at a record $414 billion in 2007: 1) up 90% from 2006, 2) more than double the average for the last decade, 3) more than one-fourth of all announced deals for year.

(source: Bloomberg Financial markets;  http://graphics8.nytimes.com/images/2008/01/20/business/0120-biz-webINVEST-kr.gif)

March 26, 2008 - Ford Motor Company agreed to sell its Jaguar line (acquired in 1989 for $2.38 billion) and Land Rover line (acquired in 2000 for $2.73 billion) of luxury cars to Tata Motors (India's third-largest passenger carmaker) for $2.3 billion; ended first modern-day cross-border acquisition between United Kingdom.

May 20, 2008 - Consulting firm Towers Perrin, Cass Business School in London compared M&A cycles of late 1980s and late 1990s to 2006; examined 38,122 mergers; found data that deals struck in post-peak years of those previous cycles (1990 and 2000) created more value for shareholders, especially compared to mergers concluded year before = doing deals in "post-peak" period could create significant amount of value; deals done in 1990 and 2000 outperformed Morgan Stanley Capital International World Index by 5.4% (true for all deals, although primarily focused on $400 million to $1.5 billion, middle market to lower end of top brackets; deals done in 2006 beat market on average by 9.1%; Boston Consulting Group also released study showing that mergers historically create most value when done right after merger boom: deals done in 2003, just after last merger downturn in 2001, added, on average, 8.3% to shareholder value after two years (acquirers during downturn tend to be more efficient, stronger than peers, buy peer at discount, reap additional value from tie-up by bringing less-efficient target company up to its productivity level) vs. mergers done in merger boom destroyed on average 6.3% of shareholder value; 2008 - Dealogic reported 14,575 deals announced worldwide (up 11.1% from 2007); volume dropped 34%, to $1.28 trillion worldwide.

June 2008 - Accenture examined sales organizations' problems after mergers, acquisitions in 80 deals completed during 2002 through 2005, found that around 58% of acquirers unable to increase revenue growth in second fiscal year after deal closed compared with their rate of revenue growth before merging; management teams' primary concern - cost synergies, customer service, satisfaction secondary; lose customers, decrease in sales growth; combined company must develop clear strategy to retain customers, communicate changes timely, accurately, keep high-performing employees, understand, keep new pool of customers, develop rigorous view of customer touch points, interactions, segments to smoothly integrate companies.

August 1, 2008 - China enacted new anti-monopoly law governing mergers and acquisitions, after 14 years; shifts power on M&A approval, enforcement from local governments to central government in Beijing; all M&A transactions, foreign and domestic will be reviewed by bureaucrats in capital; approval for transactions has been relatively easy on local level of jurisdictions (source: China International Business) but possibly not consistent with central government policy; will it hinder M&A transactions in China?

2008 - Announced takeovers plunged 43% to $873 billion from record $1.54 trillion in 2007 (data compiled by Bloomberg); only 43 IPOs raised more than $50 million, fewest since 1979 (source: Renaissance Capital IPOHome.com).

(Abitibi-Price), Philip Mathias (1976). Takeover: The 22 Days of Risk and Decision That Created the World’s Largest Newsprint Empire, Abitibi-Price. (Toronto: Maclean-Hunter Limited, 287 p.). Abitibi Paper Company; Price Company; Newsprint industry--Canada; Paper industry--Canada; Consolidation and merger of corporations--Canada.

(Allied Stores), John Rothchild (2000). Going for Broke: How Robert Campeau Bankrupted the Retail Industry, Jolted the Junk Bond Market, and Brought the Booming 80s to a Crashing Halt. (Washington, DC: Beard, 286 p. [orig. pub. 1991]). Campeau, Robert; Allied Stores Corporation; Federated Department Stores; Leveraged buyouts; Department stores--Corrupt practices--United States; Bond market.

(Anheuser-Busch), Julie MacIntosh (2010). Dethroning the King: The Hostile Takeover of Anheuser-Busch, an American Icon. (Hoboken, NJ: Wiley, 408 p.). U.S. Mergers and Acquisitions Correspondent (Financial Times). Busch family; Anheuser-Busch, inc.; Consolidation and merger of corporations --United States. Takeover of one of most well-known, beloved American brands by InBev, Belgian company controlled by Brazilians; once lauded by beer industry (factory workers, distributors), state of Missouri; Augie III despised, Augie IV laughingstock; how InBev pulled it off: timing, missteps made by Busch family, AB board.

(Barry Wright), Ervin Pietz (1989). Managing a Corporate Marriage: The Story of Barry Wright Corporation. (Stoughton, MA: Alpine Press, 151 p.). Barry Wright Corporation--History; Consolidation and merger of corporations--United States--Case studies.

(Baxter Travenol), Thomas G. Cody (1990). Strategy of a Megamerger: An Insider's Account of the Baxter Travenol-American Hospital Supply Combination. (New York, NY: Quroum Books, 299 p.). Medical supplies industry--United States; Hospital care--Economic aspects--United States; Health facilities--Economic aspects--United States; Consolidation and merger of corporations--United States--Case studies.

(Beatrice), Neil R. Gazel (1990). Beatrice: From Buildup Through Breakup. (Urbana, IL: Bureau of Economic and Business Research by the University of Illinois Press, 235 p.). Beatrice Foods Company--History; Food industry and trade--United States--History; Consolidation and merger of corporations--United States--Case studies.

(Bendix-Martin Marietta), Allan Sloan (1983). Three Plus One Equals Billions: The Bendix-Martin Marietta War. (New York, NY: Arbor House, 270 p.). Bendix Corporation; Allied Corporation; Martin Marietta Corporation; United Technologies Corporation; Consolidation and merger of corporations--United States.

(Bendix-Martin Marietta), Hope Lampert (1983). Till Death Do Us Part: Bendix vs. Martin Marietta. (San Diego, CA: Harcourt Brace, 264 p.). Bendix Corporation; Martin Marietta Corporation; Consolidation and merger of corporations--United States--Case studies.

(Bendix-Martin Marietta), Mary Cunningham with Fran Schumer (1984). Powerplay: What Really Happened at Bendix. (New York, NY: Simon & Schuster, 286 p.). Agee, William M., 1938- ; Agee, Mary Cunningham, 1951- ; Allied Corporation; Bendix Corporation; Martin Marietta Corporation; Executives--United States--Biography; Consolidation and merger of corporations--United States; Women executives--Biography.

(Bendix-Martin Marietta), Peter F. Hartz (1985). Merger: The Exclusive Inside Story of the Bendix-Martin Marietta Takeover War. (New York, NY: Morrow, 418 p.). Bendix Corporation; Martin Marietta Corporation; Consolidation and merger of corporations--United States--Case studies.

(Burgmaster Corporation), Max Holland (1989). When the Machine Stopped: A Cautionary Tale from Industrial America. (Boston, MA: Harvard Business School Press, 335 p.). Burgmaster Corporation--Management--History; Machine-tool industry--United States--Management--Case studies; Consolidation and merger of corporations--United States--Case studies; Machine-tool industry--Government policy--United States; Machine-tool industry--Government policy--Japan; Competition, International--Case studies.

(Daimler-Benz), David Waller (2001). Wheels on Fire: The Amazing Inside Story of the DaimlerChrysler Merger. (London, UK: Hodder & Stoughton, 312 p.). DaimlerChrysler--History; Daimler-Benz Aktiengesellschaft; Chrysler Corporation; Automobile industry and trade--Germany; Automobile industry and trade--United States; Automobile industry and trade--Mergers.

(Disney), John Taylor (1987). Storming the Magic Kingdom: Wall Street, the Raiders,and the Battle for Disney. (New York, NY: Knopf, 261 p.). Walt Disney Productions -- Reorganization; Consolidation and merger of corporations -- United States -- Case studies; Tender offers (Securities) -- United States -- Case studies; Corporate reorganizations -- United States -- Case studies.

(Exxon Chemical Company), Shaukat Raza Mirza (2005). From Exxon to Engro. (Oxford, UK: Oxford University Press, 256 p.). Managing Director, Pakistan State Oil. Exxon Chemical Company; Leveraged buyouts. Pakistan's first employee buy-out - of Exxon Chemical Pakistan Ltd.  

(John Fairfax Holdings Limited), Colleen Ryan & Glenn Burge (1992). Corporate Cannibals: The Taking of Fairfax. (Port Melbourne, VIC: W. Heinemann, 457 p.). John Fairfax and Sons; Publishers and publishing--Australia--Mergers.

(GE-Great Britain), Robert Jones and Oliver Marriott (1970). Anatomy of a Merger: A History of G.E.C., A.E.I. and English Electric. (London, UK: Cape, 346 p.). General Electric Company (Great Britain)--History; Consolidation and merger of corporations--Great Britain--Case studies.

(Getty Oil), Steve Coll (1987). The Taking of Getty Oil: The Full Story of the Most Spectacular--& Catastrophic--Takeover of All Time. (New York, NY: Atheneum, 528 p.). Getty family; Getty Oil Company; Petroleum industry and trade--United States--History.

(Gillette), Rita Ricardo-Campbell (1997). Resisting Hostile Takeovers: The Case of Gillette. (Westport, CT: Praeger, 254 p.). Gillette Company; Razor industry--United States; Consolidation and merger of corporations--United States.

(GM-EDS), Doron P. Levin (1989). Irreconcilable Differences: Ross Perot Versus General Motors. (Boston, MA: Little, Brown, 357 p.). Perot, H. Ross, 1930- ; General Motors Corporation; Electronic Data Systems Corporation; Consolidation and merger of corporations--United States--Case studies.

(KKR), Sarah Bartlett (1991). The Money Machine: How KKR Manufactured Power & Profits. (New York, NY: Warner Books, 345 p.). Kohlberg, Jerome; Kravis, Henry; Roberts, George R. (George Rosenberg), 1943- ; Kohlberg Kravis Roberts & Co.; Investment banking--United States; Leveraged buyouts--United States. New York Times Book Review Notable Books of the Year.

(KKR), George Anders (1992). Merchants of Debt: KKR and the Mortgaging of American Business. (New York, NY: BasicBooks, 328 p.). Kohlberg Kravis Roberts & Co.--History; Consolidation and merger of corporations--United States--Finance; Leveraged buyouts--United States. New York Times Book Review Notable Books of the Year Business Week Best Business Books.

(KKR), George P. Baker, George David Smith (1998). The New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value. (New York, NY: Cambridge University Press, 257 p.). Kohlberg Kravis Roberts & Co.; Consolidation and merger of corporations--United States--Finance; Leveraged buyouts--United States.

(Macy's), Isadore Barmash (1989). Macy's for Sale. (New York, NY: Weidenfeld & Nicolson, 172 p.). Reporter (New York Times). R. H. Macy and Company; Leveraged buyouts--United States.

(Macy's), Jeffrey A. Trachtenberg (1996). The Rain on Macy's Parade: How Greed, Ambition, and Folly Ruined America's Greatest Store. (New York, NY: Times Business, 274 p.). Macy's (Firm); Leveraged buyouts--United States.

(NL Industries), John J. Nance (2003). Golden Boy: The Harold Simmons Story. (Austin, TX: Eakin Press, 322 p.). Simmons, Harold (Harold C.); Businessmen--United States--Biography.

(Pacific Lumber), David Harris (1995). The Last Stand: The War Between Wall Street and Main Street over California's Ancient Redwoods. (New York, NY: Times Books, 373 p.). Pacific Lumber Company; Earth First! (Organization) Consolidation and merger of corporations--United States; Redwood industry--California--Humboldt County; Environmentalists--California--Humboldt County; Scotia (Calif.).

(Parker Brothers), Ellen Wojahn (1988). Playing by Different Rules. (New York, NY: AMACOM, 306 p.). General Mills, inc.; Parker Brothers, inc.; Consolidation and merger of corporations--United States--Case studies; Corporate divestiture--United States--Case studies.

(Peat Marwick), Samuel A. Cypert (1991). Following the Money: The Inside Story of Accounting's First Mega-Merger. (New York, NY: AMACOM, 279 p.). Klynveld Peat Marwick Goerdeler--History; Peat Marwick International--History; Klynveld, Main, Goerdeler (Firm)--History; Accounting firms--Reorganization--History; Consolidation and merger of corporations--History.

(RJR Nabisco), Bryan Burrough and John Helyar (1990). Barbarians at the Gate: The Fall of RJR Nabisco. (New York, NY: Harper & Row, 528 p.). Reporters (Wall Street Journal). RJR Nabisco (Firm); Leveraged buyouts--United States--Case studies; Consolidation and merger of corporations--United States--Case studies; Conglomerate corporations--United States--Case studies. 2007 - has sold nearly 800,000 copies.

(RJR Nabisco), Hope Lampert (1990). True Greed: What Really Happened in the Battle for RJR Nabisco. (New York, NY: New American Library, 259 p.). RJR Nabisco (Firm); Leveraged buyouts--United States--Case studies; Consolidation and merger of corporations--United States--Case studies; Conglomerate corporations--United States--Case studies.

(Saint-Gobain), Bernard Hartemann, Richard Ducousset et l’equipe d’Edition speciale (1969). B.S.N. Contre Saint Gobain. (Paris, FR: Editions et publications premieres, 223 p.). Saint-Gobain, s.a.; Boussois Souchon Neuvesel, s.a.; Tender offers (Securities)--Case studies.

(Saint-Gobain), Michel Gabrysiak (1969). Saint-Gobain--B. S. N., Comment L’audace Vient au Capitalisme. (Paris, FR: Fayard, 205 p.). Saint-Gobain, s.a.; Boussois Souchon Neuvesel, s.a.; Tender offers (Securities)--Case studies.

(Security Pacific Corporation), Robert H. Smith, with Michael K. Crowley (1999). Dead Bank Walking: One Gutsy Bank’s Struggle for Survival and the Merger that Changed Banking Forever. (Winchester, VA: Oakhill Press, 426 p.). Security Pacific's Last Chairman and CEO. Security Pacific Corporation--History; Banks and banking--California; Bank mergers--California.

(Shearson/American Express), Tim Carrington (1985). The Year They Sold Wall Street. (Boston, MA: Houghton Mifflin, 245 p.). Shearson/American Express Inc.; Consolidation and merger of corporations--United States.

(Texaco), Thomas Petzinger, Jr. (1987). Oil & Honor: The Texaco-Pennzoil Wars. (New York, NY: Putnam, 495 p.). Texaco, inc.; Pennzoil Company; Getty Oil Company; Petroleum industry and trade--Mergers--United States; Consolidation and merger of corporations--United States.

(Texaco), James Shannon (1988). Texaco and the $10 Billion Jury. (Englewood Cliffs, NJ: Prentice Hall, 545 p.). Pennzoil Company--Trials, litigation, etc.; Texaco, inc.--Trials, litigation, etc.; Getty Oil Company; Petroleum industry and trade--Mergers--United States; Consolidation and merger of corporations--Law and legislation--United States.

(Texas International), Harlan D. Platt (1994). The First Junk Bond: A Story of Corporate Boom and Bust. (Armonk, N.Y: M.E. Sharpe, 236 p.). Milken, Michael; Drexel Burnham Lambert Incorporated; Securities industry -- Corrupt practices -- United States; Junk bonds -- United States.

(J. Walter Thompson), Richard Morgan (1991). J. Walter Takeover: From Divine Right to Common Stock. (Homewood, IL: Dow Jones-Irwin, 254 p.). J. Walter Thompson Company.

(Time Inc.), Richard M. Clurman (1992). To the End of Time: The Seduction and Conquest of a Media Empire. (New York, NY: Simon & Schuster, 368 p.). Time, inc.--History; Warner Communications, inc.--History; Publishers and publishing--United States--Mergers--History--20th century; Consolidation and merger of corporations--United States--History; Mass media--United States--Mergers--History--20th century.

(Trans Union), William M. Owen (1986). Autopsy of a Merger: Trans Union The Deal That Rocked the Corporate World. (Deerfield, IL: W.M. Owen, 341 p.). Trans Union (U.S.); Consolidation and merger of corporations--United States--Case studies; Leveraged buyouts--Case studies.

Walter Adams and James W. Brock (1989). Dangerous Pursuits: Mergers & Acquisitions in the Age of Wall Street. (New York, NY: Pantheon Books, 208 p.). Professor of Economics (Michigan State), Professor (Miami University of Ohio). Merger, Consolidation.

Galit Ailon (2007). Global Ambitions and Local Identities: An Israeli-American High Tech Merger. (New York, NY: Berghahn Books, 176 p.). Lectures at the Department of Sociology and Anthropology (Bar-Ilan University). High technology industries--Mergers--Israel--Case studies; High technology industries--Mergers--United States--Case studies; Consolidation and merger of corporations--Case studies. Study of successful Israeli high-tech company's merger with an American competitor - reality behind statistics, balance sheets, managerial prescriptions; dramas of identity as consequence of adding people from another country.

Eric W. Allison (1986). The Raiders of Wall Street. (New York, NY: Stein and Day, 254 p.). Capitalists and financiers--United States; Consolidation and merger of corporations--United States.

G. Anandalingam and Henry C. Lucas, Jr. (2004). Beware the Winner's Curse: Victories That Can Sink You and Your Company. (New York, NY: Oxford University Press, 242 p.). Consolidation and merger of corporations--Psychological aspects.

Valerie Bannert-Thurner (2005). Mastering the Acquirer’s Innovation Dilemma: Knowledge Sourcing through Corporate Acquisitions. (New York, NY: Palgrave Macmillan, 432 p.). Director for Marketing and Business Development at a high-tech company. Consolidation and merger of corporations; Technological innovations; Strategic planning. Key factors which affect innovativeness, post acquisition.

Ivan F. Boesky and edited by Jeffrey Madrick (1985). Merger Mania: Arbitrage, Wall Street's Best Kept Money-Making Secret. (New York, NY: Holt, Rinehart & Winston, 242 p.). Arbitrage; Investments; Hedging (Finance); Consolidation and merger of corporations.

John Brooks (1987). The Takeover Game. (New York, NY: Dutton, 390 p.). Consolidation and merger of corporations--United States. New York Times Book Review Notable Books of the Year Business Week Best Business Books.

Robert F. Bruner (2005). Deals from Hell: M & A Lessons That Rise Above the Ashes. (Hoboken, NJ: Wiley, 420 p.). Consolidation and merger of corporations; Business failures.

Goerge Bull and Anthony Vice (1958). Bid for Power. (London, UK: Elek Books, 240 p. [2nd ed.]). Tender offers (Securities) -- Great Britain; Consolidation and merger of corporations -- Great Britain.

Dennis C. Carey, Dayton Ogden (2004). The Human Side of M&A: Leveraging the Most Important Factor in Deal Making. (New York, NY: Oxford University Press, 193 p.). Vice Chairman and Chairman, Spencer Stuart. Consolidation and merger of corporations; Human capital; Organizational effectiveness. 

Sue Cartwright and Cary L. Cooper (1992). Mergers and Acquisitions: The Human Factor. (Oxford, UK: Butterworth-Heinemann, 225 p.). Consolidation and merger of corporations; Corporate reorganizations; Organizational behavior.

--- (1996). Managing Mergers, Acquisitions, and Strategic Alliances: Integrating People and Cultures. (Oxford, UK: Butterworth Heinemann, 250 p. [2nd ed.]). Consolidation and merger of corporations--Management; Corporate culture; Strategic alliances (Business).

Seung Chong (2007). The Law and Practice of Mergers & Acquisitions in the People's Republic of China. (New York, NY: Oxford University Press, 560 p.). Partner at White and Case, Hong Kong. Mergers and acquisitions--China. Practical issues arising in mergers and acquisitions in China (transaction structure and process, merger control, government approvals), substantive commentary on relevant legal principles.

Gordon L. Clark (1993). Pensions and Corporate Restructuring in American Industry: A Crisis of Regulation. (Baltimore, MD: Johns Hopkins University Press, 305 p.). Consolidation and merger of corporations--United States; Pension trusts--United States; Pension trusts--Law and legislation--United States.

Peter Clark (1991). Beyond the Deal: Optimizing Merger and Acquisition Value. (New York, NY: HarperBusiness, 315 p.). Consolidation and merger of corporations; Organizational change; Organizational effectiveness.

John C. Coffee, Jr., Louis Lowenstein and Susan Rose-Ackerman (1988). Knights, Raiders, and Targets: The Impact of the Hostile Takeover. (New York, NY: Oxford University Press, 547 p.). Consolidation and merger of corporations; Corporate reorganizations; Tender offers (Securities)--United States.

Brett Cole (2008). M&A Titans: The Pioneers Who Shaped Wall Street's Mergers and Acquisitions Industry. (Hoboken, NJ: Wiley, 226 p.). Correspondent for The Economist. Consolidation and merger of corporations -- United States; Investment banking -- United States; Corporations -- United States. 11 men, lawyers, bankers responsible for creation of Wall Street's merger industry; events, personalities who dominated Wall Street during takeover battles of 1970s, 1980s; culture of different investment banks, how bankers influenced firms as they became more powerful.

Dorman L. Commons (1985). Tender Offer: The Sneak Attack in Corporate Takeovers. (Berkeley, CA: University of California Press, 159 p.). Tender Offers, Merger and Consolidation.

Steven Davidoff (2009). Gods at War: Shotgun Takeovers, Government by Deal, and the Private Equity Implosion. (Hoboken, NJ, Wiley: 304 p.). Associate Professor of Law (University of Connecticut), New York Times' "Deal Professor". Game-changing corporate deals in new millennium that have changed way deal-makers negotiate complete takeovers; strategy, rules of takeover in context of recent historical events.

Graeme K. Deans, Fritz Kroeger, and Stefan Zeisel (2003). Winning the Merger Endgame: A Playbook for Profiting from Industry Consolidation. (New York, NY: McGraw-Hill, 320 p.). Chairman of A. T. Kearney, Canada, leader of company's Global Strategy and Organization management consulting practice; vice president of A. T. Kearney, Germany, co-chairs company's Global Strategy Initiative; leading consultant at A. T. Kearney. Consolidation and merger of corporations. A. T. Kearney worldwide study of business mergers (25,000 companies across 24 industries in 53 countries) - consolidation cycles through which industries pass, how to identify where in cycle their industry lies, how to leverage that knowledge in determining which organizational changes need to be made, when to make them, how to develop, deploy most successful merger strategies.

William M. Dugger (1989). Corporate Hegemony. (New York, NY: Greenwood Press, 206 p.). Corporations--United States; Consolidation and merger of corporations--United States; Big business--United States; Industrial concentration--United States.

Carl Eis (1978). The 1919-1930 Merger Movement in American Industry. (New York, NY: Arno Press, 156 p.). Industrial concentration--United States--History; Consolidation and merger of corporations--United States--History.

Ivan Fallon and James Srodes (1987). Takeovers. (London, UK: H. Hamilton, 290 p.). Consolidation and merger of corporations.

Arthur Fleischer, Jr., Geoffrey C. Hazard, Jr., Miriam Z. Klipper (1988). Board Games: The Changing Shape of Corporate Power. (Boston, MA: Little, Brown, 236 p.). Consolidation and merger of corporations--United States--Case studies.

Charles R. Geisst (2004). Deals of the Century: Wall Street, Mergers, and the Making of Modern America. (Hoboken , NJ: Wiley, 330 p.). Consolidation and merger of corporations United States; Consolidation and merger of corporations Finance. 

David Harding and Sam Rovit with Katie Smith Milway & Catherine Lemire (2004). Mastering the Merger: Four Critical Decisions that Make or Break the Deal. (Boston, MA: Harvard Business School Press, 224 p.). Bain & Co. Consolidation and merger of corporations. 

Diana B. Henriques (2000). The White Sharks of Wall Street: Thomas Mellon Evans and the Original Corporate Raiders. (New York, NY: Scribner, 368 p.). Business Reporter (New York Times). Evans, Thomas Mellon, 1910-1997; Capitalists and financiers--United States--Biography; Consolidation and merger of corporations--United States--History; Wall Street (New York, N.Y.).

Leo Hindery; with Leslie Cauley (2003). The Biggest Game of All: The Inside Strategies, Tactics, and Temperaments That Make Great Dealmakers Great. (New York,. NY: Free Press,     p.). Negotiation in business; Executives--United States; Consolidation and merger of corporations--United States.

Moira Johnston (1986). Takeover: The New Wall Street Warriors: The Men, the Money, the Impact. (New York, NY: Arbor House, 395 p.). Consolidation and merger of corporations--United States; Tender offers (Securities)--United States.

Daniel J. Kadlec (1999). Masters of the Universe: Winning Strategies of America's Greatest Deal Makers. (New York, NY: HarperBusiness, 283 p.). Businessmen -- United States -- Biography.

W. Carl Kester (1991). Japanese Takeovers: The Global Contest for Corporate Control. (Boston, MA: Harvard Business School Press, 298 p.). Consolidation and merger of corporations--Japan; Corporate governance--Japan; Corporations, Japanese.

Fritz Kroeger, Andrej Vizjak, and Mike Moriarty (2008). Beating the Global Consolidation Endgame: Nine Strategies for Winning in Niches. (New York, NY: McGraw-Hill, 240 p.). Partner and head of A.T. Kearney's European strategy practice; Partner and managing director of A.T. Kearney's Eastern European operations; Partner and head of A.T. Kearney's North American consumer industries and retail practice. Consolidation and merger of corporations; Strategic planning. Nine key strategies that niche companies must master to outperform their markets, gain largest benefits from consolidation (based on landmark A.T. Kearney study, over a 15-year period, of more than 600,000 small to mid-sized niche companies; how to develop stable niche strategies.

Naomi R. Lamoreaux (1985). The Great Merger Movement in American Business, 1895-1904. (New York, NY: Cambridge University Press, 208 p.). Consolidation and merger of corporations--United States--History.

Frank R. Lichtenberg (1992). Corporate Takeovers and Productivity. (Cambridge, MA: MIT Press, 153 p.). Labor productivity--United States; Consolidation and merger of corporations--United States; Airlines--United States--Case studies.

Jeffrey G. Madrick (1987). Taking America: How We Got from the First Hostile Takeover to Megamergers, Corporate Raiding, and Scandal. (New York, NY: Bantam Books, 310 p.). Tender offers (Securities)--United States; Consolidation and merger of corporations--United States; Insider trading in securities--United States.

Judith S. Ruud McCauley, and Frank Iacono, Robert N. (1999). Dodging Bullets: Changing U.S. Corporate Capital Structure in the 1980s and 1990s. (Cambridge, MA: MIT Press, 415 p.). Leveraged buyouts--United States--History--20th century; Consolidation and merger of corporations--United States--History--20th century; Corporations--United States--Finance--History--20th century; Corporations--United States--Finance.

Richard Phalon (1981). The Takeover Barons of Wall Street : Inside the Billion-Dollar Merger Game. (New York, NY: Putnam, 264 p.). Contributing Editor, Forbes Magazine. Consolidation and merger of corporations--United States.

David J. Ravenscraft, F.M. Scherer (1987). Mergers, Sell-Offs, and Economic Efficiency. (Washington, DC: Brookings Institution, 290 p.). Consolidation and merger of corporations--United States; Corporate divestiture--United States.

Ken Robbie and Mike Wright (1996). Management Buy-Ins: Entrepreneurship, Active Investors, and Corporate Restructuring. (New York, NY: Manchester University Press, 168 p.). Consolidation and merger of corporations; Corporate reorganizations--Management.

John Roberts (1987). Megalomania, Managers & Mergers. (London, UK: Pitman, 146 p.). Consolidation and merger of corporations.

Hilary Rosenberg (2000). The Vulture Investors: The Winners and Losers of the Great American Bankruptcy Feeding Frenzy. (New York, NY: Wiley, 404 p. [orig. pub. 1992]). Bankruptcy--United States; Leveraged buyouts--United States.

William G. Roy (1997). Socializing Capital: The Rise of the Large Industrial Corporation in America (Princeton, NJ: Princeton University Press, 338 p.). Big business--United States--History; Corporations--United States--Finance--History; Industrial policy--United States--History; Capitalism--United States--History; Social structure--United States--History; Rich people--United States--History; Power (Social sciences)--United States--History. Merger wave of 1890s - many large firms turned to public capital markets to facilitate mergers.

Andrew Scott, Morten Hviid, Bruce Lyons (2005). Merger Control in the United Kingdom. (New York, NY: Oxford University Press, 650 p.). Antitrust law--Great Britain; Consolidation and merger of corporations--Great Britain. 

A. David Silver (1990). The Inside Raider. (New York, NY: Harper & Row, 297 p.). Leveraged buyouts; Cash flow; Corporations--Cash position.

Mark L. Sirower (2000). The Synergy Trap: How Companies Lose the Acquisition Game. (New York, NY: Free Press, 289 p.). Consolidation and merger of corporations--United states; Tender offers (Securities)--United States; Management buyouts--United States; Competition--United States; Risk--United States.

Robert Slater (1999). The Titans of Takeover: Includes Boesky Insider Trading Scandal. (Washington, DC: Beard Books, 230 p. (orig. pub. 1987). Consolidation and merger of corporations--United States; Capitalists and financiers--United States.

Roy C. Smith (1990). The Money Wars: The Rise and Fall of the Great Buyout Boom of the 1980s. (New York, NY: Dutton, 370 p.). Consolidation and merger of corporations--United States--Finance--History--20th century; Leveraged buyouts--United States--History--20th century; United States--Economic conditions--1981-.

Robert Sobel (1999). The Rise and Fall of the Conglomerate Kings. (Washington, DC: Beard Books, 240 p. [orig. pub. 1999]). Conglomerate corporations--United States--History; Consolidation and merger of corporations--United States--History; Directors of corporations--United States--History.

Paul Solman and Thomas Friedman (1982). Life and Death on the Corporate Battlefield: How Companies Win, Lose, Survive. (New York, NY: Simon & Schuster, 248 p.). Corporations--United States; United States--Commerce.

H. A. Toulmin, Jr.; with introduction by C.M. Chester, Jr. (1929). Millions in Mergers. (New York, NY: B.C. Forbes, 323 p.). Trusts, Industrial; Monopolies; Corporation law.

Susanne Trimbath (2002). Mergers and Efficiency: Changes Across Time. (Boston, MA: Kluwer Academic Publishers, 277 p.). CEO and Chief Economist of STP Advisory Services. Consolidation and merger of corporations; Consolidation and merger of corporations --Finance. Changes in rates of merger efficiency; business, financial, economic innovations that defined last two decades of 20th century; conditions under which merger activity increased. decreased firm efficiency, industrial productivity, overall improvements in aggregate output, economic performance; fixed effects panel data models.

Jan Tudor; edited by Reva Basch (2001). Super Searchers on Mergers & Acquisitions: The Online Secrets of Top Corporate Researchers and M&A Pros. (Medford, NJ: Information Today. Consolidation and merger of corporations--Research--Methodology; Electronic information resource searching.

Bruce Wasserstein (1998). Big Deal: The Battle for Control of America's Leading Corporations. (New York, NY: Warner Books, 820 p.). Consolidation and merger of corporations--United States; Conglomerate corporations--United States; Corporate reorganizations--United States; Corporations--United States. Play-by-play of the merger business.

--- (2000). Big Deal: 2000 and Beyond. (New York, NY: Warner Books, 927 p.). Consolidation and merger of corporations -- United States; Conglomerate corporations -- United States; Corporate reorganizations -- United States; Corporations -- United States.

J. Fred Weston (1976). The Role of Mergers in the Growth of Large Firms. (Westport, CT: Greenwood Press, 159 p. [orig. pub. 1953]). Consolidation and merger of corporations--United States; Trusts, Industrial--United States; Industrial concentration.

J. Fred Weston, Kwang S. Chung, Susan E. Hoag (1990). Mergers, Restructuring, and Corporate Control. (Englewood Cliffs, NJ: Prentice Hall, 762 p.). Consolidation and merger of corporations--United States--Finance; Consolidation and merger of corporations--United States--Management.

J. Fred Weston, Juan A. Sou, Brian A. Johnson (2003). Takeovers, Restructuring, and Corporate Governance. (Upper Saddle River, NJ: Prentice Hall, 720 p. [4th ed.]). Consolidation and merger of corporations--United States--Finance; Consolidation and merger of corporations--United States--Management.

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Financial news and analysis covering mergers and acquisitions, investment banking, initial public offerings (IPOs), private equity, hedge funds, venture capital, legal matters, and related topics. From the website of The New York Times.

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Covers M&A, distressed situations and other corporate restructurings.

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MergerCentral® is the Internet’s premiere source of M&A news and services. Founded by America’s merger guru, Stanley Foster Reed, MergerCentral.com® is an "infomediary" created for people and firms involved with mergers, acquisitions, buyouts, joint ventures, cross-licensing, technology transfers, franchises, and other aspects of the merger phenomenon. At MergerCentral®, lifetime M&A professionals, academic experts, and deal makers interact with entrepreneurs and corporate development VPs.

Tulane Corporate Law Institute M&A Conference http://www.law.tulane.edu/cle/                                                                                

Preeminent M&A and corporate law forum. Organized for past 8 years by Victor Lewkow, partner, Cleary Gottlieb Steen & Hamilton (current co-chairman).



 

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