M&A and private equity operational strategy
Date Issued
2008
Date
2008
Author(s)
Lin, Chia-Yang
Abstract
There were several waves of merger and acquisition (M&A) activities happened in United States. The types of M&A activities varied with the economy transformation. This transformation leaded to the birth of new types of M&A, such as management buyout (MBO) and leverage buyout (LBO). Because of the emergence of LBO and new financial tools, private equity firms expanded in recent years. Especially in year 2000, due to prosperity of network industry, private equity firms` investment reached a new level. Later on, followed with network industry bubbles, private equity firms had their hard time. his thesis introduces not only the evolution of M&A activities in America, but also discusses eight different cases in order to illustrate the following topics:.The procedures and principles of private equity firms` investment. From due diligence to valuation, finally to the design of term sheets..The motivation and methods of M&A. From studying of M&A waves in America history to the discussion of the case of Microsoft acquiring Yahoo!..Studying of the characteristics of MBO and LBO, two stage investment and the applications of Employee Stock Ownership Plan.ince M&A had became a part of companies` operation and the private equity firms also used M&A to expand their operation scales. This thesis focuses not only on the logics and models of private equity firms` M&A, but also on the topics of enterprise M&A activities. Furthermore this thesis is expected to serve the purpose of improving profitability of private equity firms and corporations in Taiwan.
Subjects
private equity
M&A
LBO
MBO
term sheet
Type
thesis
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