Mergers and Acquisitions (M&A)

  1. Types of M&A Transactions
    1. Classification by Business Relationship
      1. Horizontal Mergers
        1. Industry Consolidation
          1. Antitrust Considerations
            1. Market Share Enhancement
            2. Vertical Mergers
              1. Upstream Integration
                1. Downstream Integration
                  1. Supply Chain Benefits
                  2. Conglomerate Mergers
                    1. Diversification Benefits
                      1. Management Challenges
                        1. Portfolio Effects
                      2. Classification by Transaction Attitude
                        1. Friendly Takeovers
                          1. Negotiated Transactions
                            1. Board and Shareholder Approval
                              1. Management Cooperation
                              2. Hostile Takeovers
                                1. Bypassing Management
                                  1. Direct Appeals to Shareholders
                                    1. Unsolicited Offers
                                  2. Classification by Form of Payment
                                    1. All-Cash Deals
                                      1. Funding Sources
                                        1. Impact on Balance Sheet
                                          1. Immediate Liquidity for Sellers
                                          2. All-Stock Deals
                                            1. Share Exchange Ratios
                                              1. Dilution Considerations
                                                1. Risk Sharing
                                                2. Mixed Consideration
                                                  1. Structuring Hybrid Offers
                                                    1. Tax Implications
                                                      1. Risk Allocation

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                                                  2. Strategic Rationale for M&A

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                                                  4. The M&A Process Lifecycle