Enrique R. Arzac. 1. Abstract. Valuation for Mergers, Buyouts and Restructuring presents a comprehensive approach to corporate valuation. It treats in detail the. Arzac, Enrique R., Valuation for Mergers, Buyouts and Restructuring. VALUATION FOR MERGERS, BUYOUTS AND RESTRUCTURING, John Wiley & Sons. Valuation for Mergers, Buyouts, and Restructuring has 11 ratings and 0 reviews. When should you acquire a target or enter a new business?.

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Arzzac hen should you acquire a target or enter a new business? How do you go about structuring and valuing leveraged buyouttransactions? What do you do id the application of the weightedaverage cost of capital approach is not correct?

Afzac to these commonly encountered valuation problems andmore are given right here in this complete valuation toolkit formergers, buyouts, and restructuring. Enrique Arzac, an internationally recognized authority on thesubject, provides an up-to-date, comprehensive synthesis of currentvaluation theory and practice, including free cash flow valuation,financing and valuation of leveraged buyouts, real option analysisfor entry and exit decisions, contract design to resolvedisagreements about value, and xrzac valuation of special offerstructures.

Keep up-to-date with the latest thinking on valuation formergers and acquisitions Enrique Arzac applies the latest academic thinking to mergers,buyouts, and restructuring, and blends it with his own practicalapproach to valuation developed over years of consulting.

Learn how to use expert analysis tools The book provides the essential analysis tools for estimatingthe cost of capital for public and private companies, performingdiscounted cash flow valuation, estimating and applying valuationmultiples, estimating sustainable debt, and much more.

Save time modeling transactions with valuatuon The CD included with this book contains DealModeler andValuation Aids software. DealModeler is integrated modelingsoftware for preparing pro-forma financial statements and valuingmergers, acquisitions, and leveraged buyouts, similar to those usedby investment bankers and appraisal professionals.

Valuation Aidssoftware is designed to help you perform specialized computations,such as estimating the equity premium and valuing financial andreal options. Comfort,Chairman, Citigroup Venture Capital. He has created aninvaluable reference guide that is thoughtful, avluation and veryuser friendly. In addition tothe theoretical, he provides practical insight into dealstructuring and deal dynamics.

His work should be standard materialfor all incoming associates. By incorporatingover 30 years of research, teaching, and practical experience,Professor Arzac has created a text that us not only timely, buttimeless in its usefulness to anyone interested in learning theapplications of financial theory for the best and most usefulallocation of the scarcest economic resource in theworld—capital.

The first is acquiring a thorough understanding of thetheories of modern finance and the second is acquiring anappreciation for how these theories can be applied to importantdecisions. Enrique Arzac has taken on this task and made it asuccessful venture for readers of this book.

Unlike other texts onvaluation, he explains the reasons for the process and sequencethat he recommends rather than just providing the ingredients andthe recipe without explanation. This is a welcome addition to theliterature in applied corporate finance.

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Valuation: Mergers, Buyouts and Restructuring, 2nd Edition

If you are a seller for this product, would you like to suggest updates through seller support? Comfort, Chairman, Citigroup VentureCapital “Enrique Arzac has created a masterpiece–his work combines thetheoretical with the practical.

He has created an invaluablereference guide that is thoughtful, complete and very userfriendly. He provides insight into the theory behind corevaluation, LBO’s, and options pricing, which creates the foundationfor mergers, buyouts and restructuring. In addition to thetheoretical, he provides practical insight into deal structuringand deal dynamics. His work should be standard material for allincoming associates. By inc orporating over 30years of research, teaching, and practical experience, ProfessorArzac has created a text that us not only timely, but timeless inits usefulness to anyone interested in learning the applications offinancial theory for the best and most useful allocation of thescarcest economic resource in the world–capital.


The first is acquiring a thorough understanding of the theories ofmodern finance and the second is acquiring an appreciation for howthese theories can be applied to important decisions.

Enrique Arzachas taken on this task and made it a successful venture for readersof this book. Unlike other texts on valuation, he explains thereasons for the process and sequence that he recommends rather thanjust providing the ingredients and the recipe without explanation.

Valuation for Mergers, Buyouts, and Restructuring

This is a welcome addition to the literature in applied corporatefinance. Read more Read less. Discover Prime Book Box for Kids. Add both to Cart Add both to List. One of these items ships sooner than the other. Buy the selected items together This item: Mergers, Buyouts and Restructuring by Enrique R.

Sold by Valiation Diem and ships from Amazon Fulfillment. Sold by itemspopularsonlineaindemand valuattion ships from Amazon Fulfillment. Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. Understanding Financial Statements 11th Edition. The Granularity of Growth: From the Inside Flap W hen should you acquire a target or enter a new business?

Wiley; 2 edition November 9, Language: Try the Kindle edition and experience these great reading va,uation Share your thoughts with other customers. Write a customer review. Read reviews that mention highly recommend corporate finance real world investment banking professor arzac reference book recommend this book book to anyone found this book technical galuation academic solid students applied concepts insights practical techniques valuable.

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As many reviewers have noted, this is structured to be a reference book. There is more math than is typically needed or used in most small or medium-sized transactions, and there is very little introductory material for the uninitiated to get their bearings. Instead, the books delves straight into valuation exercises that are at times even more difficult than what I have encountered in the profession.

The examples, while numerous and varied, are often valuatiln much too quickly, and occasionally with so many permutations and small digressions that it is difficult to keep track of the purpose of the original endeavor. Valuatjon such, it is difficult to recommend this book with much enthusiasm to anyone who does not at least have a few transactions under their belt because as a general guide it does not at all do the trick.

Valuation For Mergers, Buyouts, and Restructuring, 2nd Ed by Arzac, Enrique R

However, for more experienced users, it can come in handy, although I will still have to say that information is unnecessarily difficult to find. I feel like this book is so dense that it would be much more effective in an electronic and hence, searchable version.

That being said, I really enjoyed a few chapters, including Chapter 9, which had some excellent examples of the effect different tax treatments have on a transaction. This a short version of a longer analysis by vapuation author, but hits the high points. Not sure if its included disc can still be run due to current software’s changesbut, when I used it when first published, it was very good and detailed. Too many valuation books concentrate on academic theory, and leave readers unable to apply the concepts to real-world situations.


Arzac’s book bridges this gap. He clearly explains atzac fundamental concepts of assesing economic value, and links them to practical applications that finance professionals in a variety of investment fields would encounter on a day-to-day basis. I was going over the reviews for this book and noticed that 8 of them occurred within a very short span around the beginning of December They were all 5 star reviews, and except for one person, this book was the only book they had reviewed nothing before, nothing since.

There were 2 one star reviews from the same period – actually a 1 star review started the series. How likely is it that this was a random set of events? It would appear that someone was trying to juice the ratings. I’ve seen this with a few other books as well, and was wondering if anyone had another explanation. I find it hard to believe that an author like Arzac would attempt such a thing, but you never know. This book is the greatest book I have found on applied agzac finance.

It has the equivalent of a standard Corporate Finance course in Chapter 2. The remaining chapters expand the theoretical financial valuation framework and then show students that terms, structure, probability, and the control premium are fare more valuable insights than knowing WACC to one more decimal place. If you buy it, buy the hardcover, you’ll refer to valuatiin insights often.

One person found this helpful. One of the few texts that covers the differences in valuation situations. Valuable as a reference. My only negative, CD did not come with the book, otherwise 5 stars. This book has a wealth of solid technical material for corporate finance.

valuatikn Very useful for understanding the logic behind the valuation and modeling that most investment bankers take for granted. Although most bankers will never make galuation of some technical details, the framework is essential.

This is a very good book, but possibly a little too technical across the board. The depth the book goes to in certain parts of the text are very deep, and it might have ben an idea to introduce more material to the book rather than go so deep into certain areas.

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Learn more about Amazon Giveaway. Mergers, Buyouts and Restructuring. Set up aezac giveaway. Customers who viewed this item also viewed. Valuation, Leveraged Buyouts, and Mergers and Acquisitions. The Quest for Value: A Guide for Senior Managers. Pages with related products. See and discover other items: There’s a problem loading this menu right now. Learn more about Amazon Prime.