M&A Boot Camp booklet 2023 - Flipbook - Page 8
How Do We Distinguish Among M&A Deals?
• Characteristics of the target company
— Type of entity; jurisdiction of organization
— Privately held vs. publicly traded
— Target’s value: equity value vs. enterprise value
• Characteristics of buyer
— Strategic vs. financial
• Structure of transaction
— Private targets: purchase of stock, purchase of assets or merger
— Public targets: tender offer (followed by “second-step” merger) or “one-step” merger
— Debt financing needed vs. not needed by buyer to complete transaction
• Acquisition Currency
— Cash vs. buyer’s stock