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Gods at War: Shotgun Takeovers, Government by Deal, and the Private Equity Implosion

Gods at War: Shotgun Takeovers, Government by Deal, and the Private Equity Implosion

Steven M. Davidoff

ISBN: 978-0-470-91902-6

Dec 2010

384 pages

Out of stock

$18.95

Description

An engaging exploration of modern-day deals and deal-making

Gods at War details the recent deals and events that have forever changed the world of billion-dollar deal-making. This book is a whirlwind tour of the players determining the destiny of corporate America, including the government, private equity, strategic buyers, hedge funds, and sovereign wealth funds.

It not only examines many of the game-changing takeover events that have occurred in the past years, but also puts them into context and exposes what is really going on behind the scenes on Wall Street. Gods at War completely covers the strategic issues that guide the modern-day deal, and since they unfold under the shadow of the law, it also focuses on the legal aspects of deal-making and takeovers.

  • Each chapter unfolds through the lens of a recent transaction, from the battle between Yahoo! and Microsoft to the United Rental/Cerberus dispute
  • Provides in-depth explanations and analysis of the events and actors that have shaped this fast-moving field
  • Examines the federal government's regulation by deal approach to saving the financial system and explains the government's biggest "deals", including its bail-outs of AIG, Bank of America, and Citigroup

Filled with in-depth insights that will enhance your understanding of this field, Gods at War offers an engaging look at deals and deal-makers in the context of recent historical events. It's a book for those who want to understand deals, takeovers, and the people and institutions who shape our world.

Preface.

Prologue.

Chapter 1 The Modern Deal.

The Import of Personality.

The Evolution of the Takeover.

The Takeover Revolution.

Chapter 2 KKR, SunGard, and the Private Equity Phenomenon.

KKR and the Origins of Private Equity.

SunGard and the Transformation of Private Equity.

Private Equity in the Sixth Wave.

Chapter 3 Accredited Home Lenders and the Attack of the MAC.

The Fall of Accredited Home Lenders.

Material Adverse Change Clauses.

The MAC Wars of Fall 2007.

The MAC Clause in Flux.

The Future of the MAC.

Chapter 4 United Rentals, Cerberus, and the Private Equity Implosion.

The Cerberus–United Rentals Dispute.

The Implosion of Private Equity.

Fault and the Failure of Private Equity.

The Future of Private Equity.

Chapter 5 Dubai Ports, Merrill Lynch, and the Sovereign Wealth Fund Problem.

The Financial Wave of Sovereign Fund Investment.

The Sovereign Wealth Fund Problem.

CFIUS and Foreign Investment.

Chapter 6 Bear Stearns and the Moral Hazard Principle.

Saving Bear Stearns.

JPMorgan's Dilemma.

The Fight for Bear Stearns.

Lessons from Bear's Fall.

Chapter 7 Jana Partners, Children's Investment Fund, and Hedge Fund Activist Investing.

A Brief Overview of the "Agency Problem".

The Rise of Hedge Fund Activism.

The 2008 Proxy Season.

The Future of Hedge Fund Activism.

Chapter 8 Microsoft, InBev, and the Return of the Hostile Takeover.

Microsoft–Yahoo!

InBev–Anheuser-Busch.

The Elements of a Successful Hostile Takeover.

Delaware and Hostile Takeovers.

The Future of Hostile Takeovers.

Chapter 9 Mars, Pfi zer, and the Changing Face of Strategic Deals.

The Changing Structure of Strategic Transactions.

The Phenomenon of the Distressed Deal.

Do Takeovers Pay?

Delaware Law and Strategic Transactions.

The Future of Strategic Transactions.

Chapter 10 AIG, Citigroup, Fannie Mae, Freddie Mac, Lehman, and Government by Deal.

The Nationalization of Fannie Mae and Freddie Mac.

The Week the Investment Bank Died.

TARP, Citigroup, Bank of America, and Beyond?

Assessing Government by Deal.

Chapter 11 Restructuring Takeovers.

Federal Takeover Law.

Delaware Takeover Law.

Deal-Making.

Chapter 12 Deal-Making Beyond a Crisis Age.

Notes.

About the Author.

Acknowledgments.

Index.