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M&A Titans. The Pioneers Who Shaped Wall Street's Mergers and Acquisitions Industry

  • ID: 2242568
  • Book
  • October 2008
  • 240 Pages
  • John Wiley and Sons Ltd
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While deal making has always been a part of business and finance, it wasn′t until the last twenty–five years of the twentieth century that terms like "merger departments" and "takeover specialists" began to appear. During this time, a determined group of bankers and lawyers discovered that advising on takeovers could be lucrative for their firms. The M&A transactions that had started with the "conglomerate builders" of the late 1950s and 1960s continued to evolve as these influential figures began shaping this industry through their incredible influence and keen insights.

Now, in M&A Titans, financial journalist Brett Cole offers you a rare look inside the world of mergers and acquisitions by deconstructing some of Wall Street′s most important players within this field and discussing what drove them, how they won deals, lost others, and battled to overcome insurmountable odds. Through in–depth interviews and extensive research, Cole skillfully introduces you to the institutions and individuals that paved the way for modern M&A.

These pioneers of M&A include the godfathers of the industry???lawyers Joe Flom and Marty Lipton???who taught the industry′s leading bankers, such as Felix Rohatyn, Ira Harris, Bob Greenhill, Steve Friedman, Geoff Boisi, Joe Perella, Bruce Wasserstein, and Eric Gleacher how to strategize and advise. Also profiled is Michael Milken, whose unparalleled success in high–yield bonds fueled the takeover boom of the 1980s and the ensuing popularity of leveraged buyouts.

Page by page, you′ll discover what events shaped the early years of the merger industry′s titans, how they got their start on Wall Street, and the battles they fought inside their firms as they pushed to have takeovers considered a business amid skepticism from colleagues. Later, as the merger business became highly profitable and won extensive press coverage, a clash of egos forced some to leave the firms they started their careers at and to establish their very own merger advisory boutiques.

The business of mergers and acquisitions has been both glorified and vilified over the years. Its impact on the field of business and finance, however, is undeniable. M&A Titans takes you on a detailed tour of this dynamic industry and puts the players who built this profession in perspective.

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Acknowledgments ix

The Titans xi

Remarks from Some M&A Titans and Players xiii

Introduction 1

Chapter 1 Genesis: Wall Street, Its Business and Culture 5

Chapter 2 Godfathers Flom and Lipton 13

Chapter 3 Seducers Harris and Rohatyn 23

Chapter 4 Systematizer Goldman Sachs 31

Chapter 5 Originators Morgan Stanley 43

Chapter 6 Attack or Defend 53

Chapter 7 An Accountant, Feuds, and the Wasserstein Discovery 67

Chapter 8 The Cult of Greenhill, California 85

Chapter 9 Stovepipes 93

Chapter 10 Fall and Rise 103

Chapter 11 The Genius Franchise 111

Chapter 12 Stagnation and Implosion 119

Chapter 13 The Rise of Drexel 129

Chapter 14 Crime and Punishment 139

Chapter 15 A Voice in the Wilderness 151

Chapter 16 Intrigue and Resignations 159

Chapter 17 New Horizons 171

Notes 183

References 211

About the Author 215

Index 217

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Brett Cole
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