A practical guide to MBOs - Deloitte &ampamp;amp; Touche.pdf

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1、CorporatefinanceMBOsapracticalguidetoMBOsCorporatefinanceapracticalguidetoMBOsThisguideisdesignedtohelpmanagerswhoareconsideringamanagementbuy-out(MBO).Itsetsoutsomeofthecriticaldecisionswhichhavetobemade,addressessomefrequentlyencounteredissues,describesthevariousstagesoftheacquisitionandexplain

2、showweatDeloitte&Touchecanhelpmanagetheprocess.contentsone.introduction3two.whatisamanagementbuy-out?7three.criteriaforasuccessfulbuy-out11four.anappropriatefundingstructure15five.thebuy-outprocess21six.somecommonissues29seven.realisingyoursuccess33eight.howDeloitte&ToucheCorporateFinancecanhelp3

3、5nine.thejargon–explained37TheEnglishpartnershipofDeloitte&Touchewentintodissolutionon31July2003anditsbusinesswastransferredtoDeloitte&ToucheLLP,StonecutterCourt,1StonecutterStreet,LondonEC4A4TR(tradingasDeloitte&Touche).Thisdocumentspeaksasatthedateofitsfirstissue.introductionone.introductionint

4、roductionDeloitte&ToucheCorporateFinanceDuring1979,18managementbuy-outs(MBOs)tookplaceintheUK,withatotalvalueof£14m.Today,inanaveragemonth,upto50MBOsandMBIswillbecompletedandaround£2billionwillchangehandsintheprocess.Buy-outsarenolongerarareoccurrence–theyarenowoneofthemostpopularformsofacquisiti

5、onintheUKeconomy.Assuch,boththesourcesoffinanceavailabletobuy-outteamsandthecomplexityandrangeofpossiblefinancialstructureshaveincreased.AnopportunityforanMBOisusuallyaonceinalifetimesituation.Unfortunately,therearestillanumberofmisconceptionsthatstopmanymanagersevenattemptinganMBO.Theseincludeth

6、efollowing:Buy-outsarenolongeraYouhavetobeamillionairetobuyabusinessrareoccurrence–theyThisisnotthecase.arenowoneofthemostAwholeindustryofventurecapitalistsandspecialistbankdepartmentsexiststohelpmanagementteamsbuytheirbusiness.Thepointofteamingupwiththesefinanciersisthattheywillprovidethepopula

7、rformsofbulkofthefundsneededtobuythebusiness.Bycontrast,managementusuallyinvestarelativelymodestamountforadisproportionatelyhighownershipstake.acquisitioninManagementbuy-outteamscannotcompetewithtradebuyerstheUKeconom