BenDaniel, David J.
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List of Exhibits xxiii PART ONE CRITICAL ISSUES IN PLANNING AND IMPLEMENTATION 1 Chapter 1 Strategic Choices 3 Laurance R. Newman and Guy F. diCicco The Quest for Corporate Growth 3 Corporate Strategy 5 International Transactions and Deal Making 9 Deal-Making Strategy 14 Privatization-A Deal-Making Opportunity 22 Joint Ventures and Strategic Alliances in the Era of Globalization 22 Summary 25 PART TWO LEGAL ASPECTS 27 Chapter 2 Legal Aspects of Acquiring U.S. Enterprises 29 Paul McCarthy Regulatory Framework 29 Structuring an Acquisition 36 Documentation 40 Principal Legal Concerns of the Buyer 44 Other Legal Matters 50 Organizing the Acquisition Vehicle 51 Closing 54 U.S. Acquisition Legal Checklist 56 Checklist: U.S. Acquisitions 57 Chapter 3 Legal Aspects of Acquiring Non-U.S. Enterprises 65 Paul McCarthy Regulatory Framework 66 Structuring the Acquisition 70 Documentation 72 Principal Legal Concerns of the Buyer: Due Diligence 74 Organizing the Acquisition Vehicle 80 Closing 83 Non-U.S. and Multinational Acquisition Checklist 85 Checklist: Multinational and Other Non-U.S. Acquisitions 86 PART THREE ACCOUNTING AND TAX ASPECTS 93 Chapter 4 Accounting Aspects of International Mergers and Acquisitions 95 Michael R. Nanus Understanding Financial Information 96 Evaluating the Target 111 Postacquisition Considerations 116 Control-As Evidenced in Financial Reporting and Audit Requirements 117 Checklist: Evaluating the Target 134 Appendix 4. 1: Summary of GAAP (by Country) 144 Chapter 5 Tax Aspects of Inbound Merger and Acquisition and Joint Venture Transactions 151 David R. Tillinghast Inbound Mergers and Acquisitions 151 Summary 162 Inbound Joint Ventures 162 Checklist: Mergers and Acquisitions 165 Checklist: Joint Ventures 170 Appendix 5. 1: Tax-Free, Taxable. and Hybrid Transactions 172 Chapter 6 Tax Considerations in Acquiring Non-U.S. Enterprises 181 Robert T. Bossart and Jane W. Meisel U.S. Tax Accessibility and Tax Deferral 182 U.S. Foreign Tax Credit Rules 183 Forms of Transactions 187 Financing Considerations 195 Checklist: Tax Considerations in Acquiring Non-U.S. Enterprises 197 PART FOUR FINANCIAL ASPECTS 203 Chapter 7 International Financing for Cross-Border M&A Transactions 205 Roy C. Smith First Steps 206 The International Bond Market 207 Summary 240 Checklist: International Financing for Cross-Border M&A Transactions 241 Chapter 8 Government Assistance in Financing Cross-Border Transactions 245 Kenneth D. Brody and Roberta J. Waxman-Lenz OPIC 247 IFC 248 EBRD 249 IIC 250 Ex-Im Bank 250 Dealing with Government Financial Institutions 251 Appendix 8. 1: Financing Investments 253 Appendix 8.2: Financing Trade 256 Appendix 8.3: Contact Information 260 Chapter 9 Overview of International Project Finance 265 Scott L. Hoffman Introduction to International Project Finance 266 Financing the Project 271 Project Risk Identification and Allocation of Responsibility 273 Credit Enhancement 281 Checklist: Structuring the International Project Financing 286 Appendix 9. I: Case Study 1: Example of Financing Structure 291 Appendix 9.2: Case Study 2: Example of Financing Structure 292 PART FIVE JOINT VENTURES 293 Chapter 10 Nature of International Joint Ventures and Their Role in Global Business 295 Vladimir L. Kvint Introduction 295 Operational Issues 306 IJVs and Their Relationships with Multilateral Financial Institutions and National Governmental Agencies 309 Differences and Similarities in IJVs in Emerging Markets Compared to Those in Developed Countries 310 Special Role of IJVs in the Internationalization of the World Economy 311 Checklist: Risk Factors to Consider When Choosing Location for an IJV 312 Chapter 11 Legal Aspects of International Joint Ventures and Strategic Alliances 315 Robert F. Ebin Forms of Traditional Joint Ventures 315 When to Use the Joint Venture or Strategic Alliance 320 Regulatory Framework-U.S. and Abroad 321 Structuring the Joint Venture 327 Structuring the Strategic Alliance 331 Special Problems Relating to Technology Ventures and Alliances 332 Checklist: International Joint Ventures and Strategic Alliances 334 Appendix I 1. 1: Manufacturing Joint Venture Partnership Agreement 336 Appendix 11.2: Strategic Alliance Agreement 345 PART SIX VALUING COMPANIES AND NEGOTIATING TRANSACTIONS 361 Chapter 12 Pricing and Negotiations 363 Arthur H. Rosenbloom Pricing 363 Negotiation 396 Checklist: Pricing 404 Checklist: Negotiation 410 PART SEVEN SPECIAL TOPICS 419 Chapter 13 Risk Management in Cross-Border Transactions 421 Alexander E. Fisher and Richard M. Inserra The Nature of the Transaction 421 The Operations Review 423 Specific Areas for Review 425 Safety and Loss Control 426 Environmental Issues 427 Liability of Owners, Directors, and Officers 427 Government Regulations 428 Political Risk 428 The Due Diligence Report 430 Summary 430 Checklist: Risk Management 431 Chapter 14 Human Resources Issues in International Mergers and Acquisitions 433 Russell M. Demers The Impact of Human Resources Issues on International Mergers and Acquisitions 433 Preacquisition Evaluation 434 Staffing Strategy 438 Compensation 440 Integration of Personnel Information Systems 443 Transitional Support Mechanisms 444 Checklist:Addressing Human Resources Issues in International Mergers and Acquisitions 450 Chapter 15 Postmerger Integration 459 Cynthia N. Wood and Richard Porter Key Indicators of Success and Failure 460 Postmerger Integration Activities 462 Checklist: Critical Postmerger Integration Considerations 488 References 497 Index 509