Acknowledgements. Dedication. About the Author. Introduction 1. Organization of the Book 2. SECTION I Shareholder Value and Corporate Strategy 5
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1 xi Table of Contents Preface iii Acknowledgements v Dedication vii About the Author ix Introduction 1 Organization of the Book 2 SECTION I Shareholder Value and Corporate Strategy 5 Introduction 5 Shareholder Value Measurement and Creation 6 Measuring Shareholder Value 6 Creating Shareholder Value 9 Foundations of Corporate Strategy Development 1 3 Components of a Business Assessment 1 4 Environmental Factors 1 4 Industry Factors 1 6 Internal Factors 1 8
2 xii Strategic Acquisitions Stages of the Corporate Acquisition Process 1 9 Corporate Strategy Development 20 Searching for Target Companies 21 Target Company Analysis 21 Valuation and Pricing 23 Deal Structuring and Financing 24 Negotiations 25 Due Diligence 26 Closing 26 Integration 26 Overlapping Stages 27 Timeline of the Acquisition Process 29 Conclusions 30 SECTION II Searching for Target Companies 33 Introduction 33 Acquisitions and Corporate Strategy 34 Build vs. Buy 34 Large vs. Small 36 Public vs. Privately Held Companies 37 Focus vs. Diversification 39 Domestic vs. Foreign Target Companies 42 Defensive vs. Offensive 43 Parameters of a Corporate Acquisition Program 44 Acquisition Criteria 44 Financial and Personnel Resources 45 Using External Advisors 46 Active vs. Passive Search for Target Companies 48 Active Search 48 Passive Search 50 Confidentiality Agreements 51
3 Table of Contents xiii Types of Seller 52 Corporate Sellers 52 Public Companies 53 Corporate Carve-Outs 53 Individuals 54 Retirement 55 Change in Lifestyle 55 Compelled 56 Financial Distress 56 Opportunity 57 Resource Scarcity 58 Summary Types of Individual Seller 58 Private Equity Firms 60 Not-for-Profit Entities 60 Acquisition Scenarios 61 Single-Buyer Scenario 62 Buyer-Initiated Scenarios Privately Held Companies 62 Buyer-Initiated Scenarios Public Companies 63 Seller-Initiated Scenarios 64 Controlled Auction 64 Effective Auction 65 Conclusions 66 SECTION III Target Company Analysis PART 1 Analyzing the Strategic Fit and Value Drivers 69 Introduction 69 Target Company Analysis 70 Primary Objectives of Target Company Analysis 71 Approach to Target Company Analysis 72 Sources of Information 74 Public Information 74 Confidential Information Memorandum 75 Data Room 76 Management Presentations 77
4 xiv Strategic Acquisitions Reciprocal Information Disclosure 78 Strategic Fit Assessment 79 Revenue Base and Growth Prospects 82 Management and Employees 86 Sales and Marketing 90 Operations 93 Conclusions 96 SECTION III Target Company Analysis PART 2 Financial Analysis 99 Introduction 99 Sources of Information 1 00 Historical Financial Results 1 04 Historical Income Statements 1 05 Historical Balance Sheets 1 06 Net Operating Assets 1 08 Interest-Bearing Debt and Equivalents Redundant Assets Cash on Hand Balance Sheet Segregation Example Historical Cash Flow Statements Financial Projections Projected Balance Sheets 1 22 Cash Flow Projections 1 23 Ratio Analysis 1 25 Liquidity Ratios 1 28 Current Ratio 1 28
5 Table of Contents xv Quick Ratio 1 29 Cash Cycle 1 29 Efficiency Ratios 1 29 Accounts Receivable Collection Period 1 30 Inventory Turnover Ratio 1 30 Non-Cash Working Capital Ratio 1 31 Total Asset Turnover Ratio and Fixed Asset Turnover Ratio 1 31 Capacity Utilization 1 32 Sales per Employee 1 32 Profitability Ratios 1 32 Gross Profit Margin 1 33 Contribution Margin 1 33 EBITDA and EBIT Margin 1 34 Net Profit Margin 1 34 Degree of Operating Leverage 1 35 Price per Unit and Gross Profit per Unit 1 35 Financial Leverage Ratios 1 36 Total Assets to Net Worth Ratio 1 36 Debt to Total Capital 1 37 Interest Coverage Ratio 1 37 Debt Serviceability Ratio 1 37 Debt to EBITDA Ratio 1 38 Degree of Financial Leverage 1 38 Return on Investment 1 39 Return on Net Assets 1 39 Return on Equity Ratio 1 39 Conclusions 1 40 SECTION IV Valuation and Pricing PART 1 Establishing Intrinsic Value 1 41 Introduction 1 41 Principles of Business Valuation and Pricing 1 43 Components of Intrinsic Value 1 43
6 xvi Strategic Acquisitions Intrinsic Value vs. Strategic Value and Pricing 1 47 Public Equity Market Valuations vs. Corporate Acquisitions 1 49 Multiple of EBITDA Methodology 1 51 Normalized EBITDA 1 51 EBITDA Multiple 1 54 Target-Company-Specific Factors 1 54 Market Dynamics 1 57 Transaction-Specific Considerations 1 59 General Ranges for EBITDA Valuation Multiples 1 62 Interest-Bearing Debt and Equivalents 1 62 One-Time Income or Expense 1 64 Net Operating Asset Adjustments 16 4 Redundant Assets 16 6 Real Estate Assets 1 68 Issues with the Multiple of EBITDA Methodology 1 70 Multiple of EBITDA Less Capex Methodology 1 72 Example of the Multiple of EBITDA Less Capex Methodology 1 73 Capitalized Cash Flow Methodology 1 74 Discounted Cash Flow Methodology 1 78 Unlevered Discretionary Cash Flow 1 80 Forecast EBITDA 1 81 Capital Expenditures 1 82 Cash Income Taxes 1 83 Net Trade Working Capital 1 83 Discount Rate 1 84 Terminal Value 1 85 Determination of Equity Value 1 86 Summary of Valuation Conclusions 1 92 Other Valuation Tests 1 93 Conclusions 1 94
7 Table of Contents xvii SECTION IV Valuation and Pricing PART 2 Pricing and Deal Structure 1 97 Introduction 1 97 Synergies and Strategic Advantage 1 99 Sources of Synergies and Strategic Advantage 200 Revenue Base and Growth Opportunities 200 Management and Employees 201 Sales and Marketing 201 Operations 202 Financial 203 Quantifying Synergies and Strategic Advantage 203 Tangible Operating Synergies 204 Intangible Operating Synergies 205 Financial Synergies 205 Costs of Realizing Synergies 206 Deal Structuring 207 Assets vs. Shares 207 Forms and Terms of Payment 209 Holdbacks 209 Promissory Notes 21 0 Share Exchanges 21 1 Earn-Outs 212 Majority Ownership Positions 21 4 Value-Based Pricing Strategy 21 5 Management Contracts 21 7 Financing the Transaction 21 8 Debt Financing 220 Equity Financing 223 Transaction and Integration Costs 224 Pricing the Target Company 225 Pricing Model 225 Example of Pricing 229
8 xviii Strategic Acquisitions Industry Transactions 236 Public Equity Market Multiples 238 Impact on Pro-Forma Consolidated Financial Results 241 Conclusions 247 SECTION IV Valuation and Pricing PART 3 Establishing Rates of Return 249 Introduction 249 Defining Rates of Return 251 Discount Rates, Capitalization Rates and Valuation Multiples 251 Weighted Average Cost of Capital vs. the Buyer s Target Return on Equity 255 Principles of Discount Rate Determination 257 Weighted Average Cost of Capital 259 Unlevered Return on Equity 260 Risk-Free Rate of Return 260 Public Equity Market Risk Premium 261 Industry-Specific Risk Factors 262 Target-Company-Specific Risks 264 Other Adjustments 265 SellerCo Example Unlevered Return on Equity 266 Empirical Evidence 266 Capital Structure Determination 267 Capital Structure Example 271 Calculating WACC 273 SellerCo Example WACC Calculation 274 Simplified WACC Formula 274 WACC Capitalization Rates 276 Terminal Value Risk Adjustment 278
9 Table of Contents xix Buyer s Target Return on Equity 278 Corporate Hurdle Rates 279 Modified Capital Asset Pricing Model 280 Target-Company-Specific Risk Factors 282 Strategic Advantage 283 Transition and Integration Risks 284 Contingency Payments 284 Financial Risk Premium 285 Buyer s Target Return on Equity Example 287 Conclusions 289 SECTION V Negotiations 291 Introduction 291 Principles of Negotiation 293 Information 293 Alternatives 294 Flexibility 294 Credibility 295 Buyer s Negotiating Team 296 Internal Members of the Buyer s Negotiating Team 297 External Members of the Buyer s Negotiating Team 298 Preparation and Research 300 Information Provided by the Seller 300 Information Available in the Public Domain 301 Buyer s Self-Assessment 302 Negotiating Strategies and Tactics 303 Probing for Information 303 Exploiting Discrepancies in the Seller s Information 304 Navigating the Seller s Auction Process 305 Creating the Single-Buyer Scenario 306 Talking Price 307
10 xx Strategic Acquisitions Trading Off Price and Terms 308 Posture and Style 308 Silence Is Golden 309 Unique Attributes of the Buyer s Offer 309 Making Concessions 309 Shadow Negotiations 31 0 Stopping and Restarting Negotiations 31 0 Letter of Intent 31 1 Usual Contents of an LOI 31 3 Binding Provisions 31 4 Non-Binding Provisions 31 4 Buyer Deposits and Break Fees 31 7 Expressions of Interest 31 8 Negotiating the Purchase and Sale Agreement 31 8 Conclusions 320 SECTION VI Due Diligence 323 Introduction 323 Due Diligence vs. Target Company Analysis 324 Primary Objectives of Due Diligence 325 Verify Key Facts and Assumptions 326 Identify Hidden Liabilities and Issues 326 Identify Transition and Integration Risks 328 Refine the Valuation and Pricing Analysis 329 Refine the Integration Plan 329 Due Diligence Team 330 Components of the Due Diligence Investigation 332 Revenue Base and Growth Prospects 333 Management and Employees 334
11 Table of Contents xxi Sales and Marketing 335 Operations 336 Historical and Prospective Financial Results 337 Legal Due Diligence 342 Timeline for the Due Diligence Investigation 344 Staging the Due Diligence Investigation 344 Asset Deals vs. Share Deals 345 Dealing with Adverse Due Diligence Findings 346 Conclusions 349 SECTION VII Closing 351 Introduction 351 Purchase and Sale Agreement 352 Terms and Conditions of Payment 353 Purchase Price Adjustments 354 Between the LOI and the Purchase and Sale Agreement 354 Between the Purchase and Sale Agreement and the Closing Date 356 Post-Closing Adjustments 356 Representations and Warranties 359 Dispute Resolution 362 Other Agreements with Selling Shareholders 363 Management Contracts 363 Consulting Contracts 366 Non-Competition Agreements 366 Non-Solicitation Agreements 368 Shareholder Agreements 368 Need for a Shareholder Agreement 370 Unanimous vs. Ordinary Shareholder Agreements 370 Decision Making 371 Put-Call Provisions 371
12 xxii Strategic Acquisitions Valuation Provisions 373 Restrictions on Transfer and Rights of First Refusal 375 Drag-Along and Tag-Along Rights 376 Arbitration Clauses 376 Final Closing 376 Why Deals Fail to Close 377 Different Expectations 377 Due Diligence Findings 378 Adverse Change in the Target Company s Operations 378 Changes in Demands by the Seller 379 Buyer s Inability to Satisfy Conditions of the Offer 380 External Circumstances 380 To Salvage the Deal or Not 380 Conclusions 381 SECTION VIII Integration 383 Introduction 383 Keys to Effective Integration 384 Integration Plan 385 Execution 388 Managing Change 388 Cultural Considerations 389 Integration Team 390 Communication Strategy 391 Business Systems Integration 392 Impact on the Existing Business 392 Feedback 392 Control 394 Issues with the Seller 394 Employee-Related Issues 395
13 Table of Contents xxiii Customer-Related Issues 396 Operational Issues 397 Post-Mortem Review 397 Keys to a Successful Corporate Acquisition Process 400 Common Buyer Mistakes 402 Corporate Strategy Development 402 Searching for Target Companies 402 Target Company Analysis 403 Valuation and Pricing 403 Negotiations 404 Due Diligence 404 Closing 405 Integration 405 Conclusions 406
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