Praise for Valuation for Mergers, Buyouts, and Restructuring"Enrique Arzac has provided an excellent analytical framework forthe LBO business."--William T. Comfort, Chairman, Citigroup VentureCapital"Enrique Arzac has created a masterpiece--his work combines thetheoretical with the practical. He has created an invaluablereference guide that is thoughtful, complete and very userfriendly. He provides insight into the theory behind corevaluation, LBO's, and options pricing, which creates the foundationfor mergers, buyouts and restructuring. In addition to thetheoretical, he provides practical insight into deal structuringand deal dynamics. His work should be standard material for allincoming associates."--James P. McVeigh, Managing Director,Corporate & Investment Banking, Banc of AmericaSecurities"This first-rate book of applied financial theory provides thetools for financial institutions and capital market participantsseeking a methodology for comparing, contrasting, and evaluatinginvestment opportunities and options. By inc orporating over 30years of research, teaching, and practical experience, ProfessorArzac has created a text that us not only timely, but timeless inits usefulness to anyone interested in learning the applications offinancial theory for the best and most useful allocation of thescarcest economic resource in the world--capital."--William W.Priest, Co-Managing Partner, Steinberg, Priest and Sloane CapitalManagement and Former Chairman and CEO of Credit Suisse AssetManagement"There are two important aspects in graduate business education.The first is acquiring a thorough understanding of the theories ofmodern finance and the second is acquiring an appreciation for howthese theories can be applied to important decisions. Enrique Arzachas taken on this task and made it a successful venture for readersof this book. Unlike other texts on valuation, he explains thereasons for the process and sequence that he recommends rather thanjust providing the ingredients and the recipe without explanation.This is a welcome addition to the literature in applied corporatefinance."--Joel M. Stern, Managing Partner, Stern, Stewart &Co.