The Complete Guide to a Successful Leveraged Buyout

392 Pages·1987·24.942 MB·English

by  Allen Michel, Israel Shaked

The Complete Guide to a
Successful
The Complete Guide to a
Successful
Leveraged
Buyout
The popular strategy of going private enables
corporate managers and employees to take
control of their company’s future, making
profits for themselves and shareholders in the
process.
For those contemplating an LBO, structuring
and executing the deal is a first-time
experience. And, while they are comfortable
and confident in their ability to manage the
business, an LBO brings with it new jargon,
complex issues, and a shocking leap into the
financial world. The Complete Guide to a
Successful Leveraged Buyout explores the
managerial, financial, and market
considerations that determine the success or
failure of an LBO. Authors Michel and Shaked,
using numerous examples of classic LBOs,
describe with extraordinary clarity how to:
■ identify the key success factors for a
successful LBO
■ evaluate an LBO candidate
■ locate and assemble the important players
■ find one’s way in the number jungle
■ understand the magic of an ESOP
financed LBO
■ structure the deal
With the number of corporate spinoffs and
LBOs at an all time high, managers need to
understand the LBO phenomena—what drives
it, how to take advantage of it, and how to do it
successfully. The Complete Guide to a
Successful Leveraged Buyout provides that
knowledge.
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The Complete Guide
to a
Successful Leveraged Buyout

The Complete Guide
to a
Successful Leveraged Buyout
Allen Michel
Israel Shaked
Dow Jones-Irwin
Homewood, Illinois 60430
Dow Jones-Irwin is a trademark of Dow Jones & Company, Inc.
© DOW JONES-IRWIN, 1988
All rights reserved. No part of this publication may be
reproduced, stored in a retrieval system, or transmitted,
in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise, without the prior
written permission of the publisher.
This publication is designed to provide accurate and
authoritative information in regard to the subject matter
covered. It is sold with the understanding that the
publisher is not engaged in rendering legal, accounting, or
other professional service. If legal advice or other expert
assistance is required, the services of a competent
professional person should be sought.
From a Declaration of Principles jointly adopted by a Committee
of the American Bar Association and a Committee of Publishers.
The analyses and facts included in the cases are for
illustration purposes only and are not intended to present
effective or ineffective handling of administrative situations.
This book was set in Century Schoolbook by Western Interface, Inc.
The editors were Richard A. Luecke, Joan A. Hopkins.
The production manager was Carma W. Fazio.
The designer was Sam Concialdi.
The drawings were done by Rolin Graphics Incorporated.
R. R. Donnelley & Sons Company was the printer and binder.
ISBN 0-87094-891-1
Library of Congress Catalog Card No. 87-71442
Printed in the United States of America
34567890 DO 5432109
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