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Title: Takeovers, Restructuring, and Corporate Governance, Fourth Edition by J. Fred Weston, Mark L. Mitchell, J. Harold Mulherin ISBN: 0-13-140737-6 Publisher: Pearson Education Pub. Date: 23 July, 2003 Format: Hardcover Volumes: 1 List Price(USD): $122.00 |
Average Customer Rating: 2.89 (9 reviews)
Rating: 2
Summary: I expected more
Comment: Considering the reputation of the primary author, I found the book to be ponderous to read and seemingly focused more on what the authors wanted to discuss than what might be really useful to students and those practicing M&A. The authors should have sought a more appropriate balance between theory and practice. This tome is weighted in favor of theory. It seems to spend more time addressing societal issues and issues of government policy than addressing the mechanics of how to plan for and implement transactions. In fact, only the last few pages of the book deal superficially with an approach to doing M&A.
The book also assumes substantial knowledge of accounting, finance and economics on the part of the reader. The dearth of examples also hinders the readers ability to readily understand how to apply complex concepts explained in torturous paragraphs of prose. It would have been helpful to use more illustrations to communicate concepts that are difficult for those of us that don't have Phds to understand.
Thankfully, there are other books that are far more helpful in explaining both theory and application of M&A. I have found Mckinsey's book on Measuring and Managing Valuation to be a much better guide to understanding how to apply complex valuation techniques. Integration methodology is well explained in Marks and Clemente's Winning at Mergers. For an excellent detailed overview of M&A, see Depamphlis Mergers Acquisitions and Other Restructuring or Weston's other, more recent book on M&A.
Rating: 2
Summary: Largely Disappointing
Comment: The book is really only useful for those interested in a literature survey, discussion of public policy, and somewhat tedious discussion of theoretical concepts.
Rating: 2
Summary: Written by academics for academics!!!
Comment: On balance, this book provides a good overview of the subject and of recent academic studies. However, it is often theoretical and "ivory-towerish." There is relatively little that really instructs the reader about transactions are actually done. A great deal of time is devoted to discussing why they occur, but little practical insight is provided as to the challenges and issues that must be resolved. This book may be suitable for someone who is curious and interested in reading about M&A but provides little guidance for those interested in learning how to undertake transactions.
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