D. Checklist of published information sources
by Peter Howson, Denzil Rankine
Acquisition Essentials: A step-by-step guide to smarter deals
- Copyright
- FT Prentice Hall Financial Times
- About the authors
- Publisher’s acknowledgements
- Executive summary
- Foreword
- Rule 1: Do not acquire with cash during an acquisition boom
- Rule 2: The improvements and synergies need to be greater than the premium
- Rule 3: The improvements and synergies we can create need to be bigger than the improvements and synergies rival bidders can create
- Rule 4: Don’t forget learning costs and distraction costs
- Rule 5: The prize from an acquisition needs to be greater than the prize from a joint venture or alliance with the target company (assuming these are available)
- 1. The foundations
- 2. Finding candidates
- 3. Preliminary negotiations
- 4. The integration plan
- 5. Investigating the target
- What is due diligence about?
- When should you do it?
- Be prepared for obstacles
- Remember: the target will have prepared
- How do I know what due diligence to do?
- Who does due diligence?
- What do I do?
- Get the right team
- Brief them properly
- Get the written report presented
- Other points to watch
- Commercial due diligence
- Financial investigations
- What are the key issues to be covered?
- Where does the information come from?
- What are the contents of an FDD report?
- Legal investigations
- Conclusion
- 6. Valuation
- Valuation is not best left to the experts
- There is no single number
- The valuation process – a summary
- Valuation is not just about modelling
- Calculating synergies
- Valuation techniques
- Choosing the valuation method
- Use more than one method
- 1: Discounted cash flow (DCF)
- 2: Return on investment
- 3: Price/earnings and other profit ratios
- 4: Comparable transactions
- 5: Sector-specific valuation benchmarks
- 6: Impact on earnings per share
- 7: Net asset backing
- Conclusion
- Notes
- 7. Negotiation
- The basics
- Preparation
- Starting discussions
- Keeping control
- Dealing with tactical ploys
- Trading concessions
- Splitting the difference
- Dealing with pressure devices
- Unblocking bottlenecks
- Body language
- The green light
- Learn to recognise and return signals
- What to do when ‘win-win’ will not work
- Conclusion
- Notes
- 8. The sale and purchase agreement
- Why is a contract necessary?
- The agreement
- Warranties and indemnities
- Indemnities
- Post-deal
- Alternatives to contractual warranties and indemnities
- Cross-border issues
- Conclusion
- Notes
- A. Checklist for a financial due diligence investigation
- B. Checklist for working with advisers
- C. Checklist for legal due diligence
- D. Checklist of published information sources
- E. Pre-negotiation checklist
- F. Skills checklist for conflict negotiation
Commercial databases
News clippings services (McCarthy’s etc)
News services (Reuters, Bloomberg etc)
General trade directories (Kompass, Kelly's, Key British Enterprises etc)
Specialised trade directories
Yellow Pages
Buyers’ guides
Published market reports (Mintel, Keynote, Frost & Sullivan, Euromonitor etc)
Brokers’ reports
Trade association handbooks/membership listings
Trade show catalogues
Trade magazines
Government reports and statistics
Companies House
Industry regulators
In-house journals and magazines
Company brochures and promotional material
The Internet
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