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1、confirmingpagesPART10CHAPTER"""""32MERGERS,CORPORATECONTROL,ANDGOVERNANCECorporateRestructuring!Inthelastchapterwedescribedhowmergersprivate-equityinvestmentfundsarestructuredandhowandacquisitionsenablecompaniestochangetheirtheprivate-equitybusinesshasde
2、velopedsincetheownershipandmanagementteams,andoftenforce1980s.majorshiftsincorporatestrategy.ButthisisnottheonlyPrivate-equityfundsusuallyendupholdingaportfoliowaythatcompanystructurecanbealtered.Inthischapterofcompaniesindifferentindustries.Inthisrespec
3、ttheywelookatavarietyofothermechanismsforchangingresembletheconglomeratesthatdominatedtakeoverownershipandcontrol,includingleveragedbuyoutsactivityinthe1960sand1970s.Theseconglomerates(LBOs),spin-offsandcarve-outs,nationalizationsandaremostlygone—itseems
4、thatprivateequityisaprivatizations,workouts,andbankruptcy.superiorfinancialtechnologyfordoingthetasksthatThefirstsectionstartswithafamoustakeoverbattle,conglomeratesusedtodo.Ourreviewofconglomerates’theleveragedbuyoutofRJRNabisco.Therestofweaknesseshelps
5、ustounderstandthestrengthsofSections32-1and32-2offersageneralreviewofLBOs,privateequity.spin-offs,andprivatizations.ThemainpointoftheseSomecompanieschoosetorestructurebutotherstransactionsisnotjusttochangecontrol,althoughhaveitthrustuponthem.Nonemoresoth
6、anthoseexistingmanagementisoftenbootedout,butalsotothatfallonhardtimesandcannolongerservicetheirchangeincentivesformanagersandimprovefinancialdebts.Thechapterthereforeconcludesbylookingatperformance.howdistressedcompanieseitherworkoutasolutionRJRNabiscow
7、asanearlyexampleofaprivate-withtheirdebtorsorgothroughaformalbankruptcyequitydeal.Section32-3takesacloserlookathowprocess."""""32-1LeveragedBuyoutsLeveragedbuyouts(LBOs)differfromordinaryacquisitionsintwoimmediatelyobviousways.First,alargefractionofthepu
8、rchasepriceisfinancedbydebt.Some,ifnotall,ofthisdebtisjunk,thatis,belowinvestment-grade.Second,thecompanygoesprivateanditssharesnolongertradeontheopenmarket.EquityfinancingforLBOscomesfromprivate-equityinvestmentpartnershi
