One of the main issues for a buyer making an acquisition is how to finance it. Acquisition Finance, 2nd edition considers the commercial factors that influence the choice of finance and analyses the most common forms of debt and equity finance. Offering in depth expert advice it provides a full picture for each scenario of the transaction structure and process from the initial commercial stages, to the structuring aspects, due diligence process, the legal documentation process (including a detailed look at the various legal ...
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One of the main issues for a buyer making an acquisition is how to finance it. Acquisition Finance, 2nd edition considers the commercial factors that influence the choice of finance and analyses the most common forms of debt and equity finance. Offering in depth expert advice it provides a full picture for each scenario of the transaction structure and process from the initial commercial stages, to the structuring aspects, due diligence process, the legal documentation process (including a detailed look at the various legal documents required), to funding and completion. The second edition includes coverage of the following changes in the financial market: Impact of the credit crunch on the acquisition finance market and the terms currently available to borrowers (pricing, level of restriction, balance of negotiating power between lenders and borrowers); Types of acquisition finance currently available (less mezzanine finance, less second lien debt, but high yield debt market strengthening); Typical funding structures in the post-credit crunch market; How the financial assistance rules apply to buyouts since October 1, 2009; Changes to the players in the acquisition finance market, including the increasing involvement of non-bank lenders; Continued evolution of the private equity market; Current state of the public-to-private market and its regulation reflecting changes to the Takeover Code since 2008. Includes the following legislation and case law: Companies Act 2006 - how the financial assistance rules apply to buyouts since October 1, 2009; Changes to the Takeover Code since publication of the 1st edition in 2008; Makdessi v Cavendish Square Holdings BV and another (Appeal) [2013] EWCA Civ 1539; Re Uniq Plc [2011] EWHC 749 (Ch); Barclays Bank Plc and others v HHY Luxembourg SARL & Anor (Rev 1) [2010] EWCA Civ 1248. This title is included in Bloomsbury Professional's Banking and Finance online service. Previous print edition ISBN: 9781845920173
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Add this copy of Acquisition Finance to cart. $366.37, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2015 by Tottel Publishing.
Add this copy of Acquisition Finance to cart. $464.74, new condition, Sold by Revaluation Books rated 4.0 out of 5 stars, ships from Exeter, DEVON, UNITED KINGDOM, published 2015 by Bloomsbury Professional.
The acquisition finance industry continues to gain importance in our global community, and it is seen by many as one of the great success stories of the UK financial services sector at the moment, so Tom Speechley endeavours with this guide are not in vain when he explains what this subject is all about for the uninitiated.
It is primarily about transactions which make up a cornerstone of English Law although he speaks as a financial adviser rather than as a lawyer now. His definition is that of ?any transaction of a business that is financed through funds raised specifically to effect the acquisition.? He then goes on to explain that there are two distinct categories of what we can call acquisition finance transactions: those that have a financial sponsor effecting the acquisition, and those that have an existing corporate business making the acquisition.
The book is aimed primarily at the buy-out but Speechley does consider the principles which are still relevant to the acquisition. What I find very helpful about this book is the way each step is explained as the author constructed his text. An excellent and detailed glossary sensibly starts off the work of the book which has 13 chapters covering the following: an introduction and overview; the acquisition; financing the acquisition; the equity investment; senior debt; second lien debt; mezzanine debt; high yield debt; pik (payment in kind) notes; ranking the layers of finance; deal execution; public-to-privates (i.e. takeovers); and multi-jurisdictional buy-outs.
Whilst Tom Speechley says that this work is ?essentially a commercial perspective? which draws on his experiences as a ?transactional lawyer, as a temp banker and subsequently as a principal in private equity?, his legal background comes out with the finely tuned explanations and structure of a book which covers complexity and serious money-making with equal vigour.
I liked the detailed index, and the detailed chapter structures at the beginning of the book which made it much easier to navigate. He says it is not a legal guide but will be of equal use (or interest) to principles as well as advisers.
Well, yes, ?Speechley on Acquisition Finance? does just that from his new location in Dubai which just goes to show how global financial acquisitions are conducted in 2008 with a book which is a brilliant explanation of how such systems currently operate in changing times with the aftershocks of the US sub-prime crisis now being felt.
This is a very forwarding thinking publication on a subject which will certainly continue to dominate fiscal issues for the greater part of this century as more people get rich and richer, and I will look forward to the next edition of this book once sub-prime settles down and a bit more sense prevails in the financial sector as technology takes its hold on 21st century.
