Divestitures : creating value through strategy, structure, and implementation

Today's best-known expert on the topic shows business leaders how to dramatically increase corporate value through smart, strategic divestitures You've focused on mergers and acquisitions, but how much do you know about divestitures? Wharton Professor Emilie R. Feldman provides a comprehensive primer on what strategic objectives divestitures can achieve, which businesses divestitures typically involve, what divestiture structures companies can choose from, and how to implement divestitures to maximize their financial benefits. Divestitures are among the hottest transactional structures today. Divestitures: Creating Value Through Strategy, Structure, and Implementation shows executives, board members, transactional advisors, educators, and others how strategic divestitures can be used to enhance corporate value and performance. The book is organized into three sections: Strategy: Remove problems, improve focus, reconfigure the corporate portfolio, and address regulatory requirements Structure: Sales, spinoffs, equity carveouts, Reverse Morris Trusts, joint ventures, and tracking stocks Implementation: Separate the divested business, reconfigure internal processes, and reshape external perceptions This essential book fills major gaps in the professional and academic markets, providing the only available rigorous, research-based treatment of this important strategic tool. Cover 1 Title Page 6 Copyright Page 7 Dedication 10 Contents 12 List of Exhibits 14 Acknowledgments 16 Introduction 18 PART I DIVESTITURE STRATEGY 30 CHAPTER 1 Removing Problematic Businesses 32 CHAPTER 2 Improving Corporate Focus 48 CHAPTER 3 Reconfiguring the Corporate Portfolio 62 CHAPTER 4 Addressing Regulatory Requirements 80 PART II DIVESTITURE STRUCTURE 94 CHAPTER 5 Sales 96 CHAPTER 6 Spinoffs 112 CHAPTER 7 Appropriating Value from Spinoffs: Equity Carveouts and Reverse Morris Trusts 130 CHAPTER 8 Hybrid Divestiture Structures: Joint Ventures and Tracking Stocks 152 PART III DIVESTITURE IMPLEMENTATION 174 CHAPTER 9 Separating the Divested Business 176 CHAPTER 10 Reconfiguring Internal Processes 194 CHAPTER 11 Reshaping External Perceptions 210 Conclusion 224 Appendix A: Minor Divestiture Structures 228 Appendix B: Representative Divesting Joint Ventures (>$1 Billion) 230 Notes 234 Index 280 "One of today's best-known experts on the topic shows business leaders how to dramatically increase corporate value through smart, strategic divestiture"-- Provided by publisher