In a field with no shortage of authoritative writings, this book has all the elements of a standout. Whether new to the field of mergers & acquisitions, or a seasoned professional, the reader will readily embrace the approach and style that the author has adopted. Without sacrificing accuracy and completeness, complex concepts and relationships have been reduced to a highly understandable state. Through the liberal use of skillfully constructed illustrations, and through the employment of an outline format, the reader is brought along step-by-step to an integrated understanding of the tax, accounting, and financial considerations at play in mergers & acquisitions. The author has demystified several subjects that for years have vexed the finance organizations of companies large and small alike. These include: the value/earnings relationship; the estimation of shareholder expectations; and the creation and calibration of shareholder wealth. The chapter on the valuation of international transactions is an unexpected bonus that might alone be worth the “price of admission”. I heartily recommend this book to everyone whose livelihood and fortunes stand to be touched by the subject of valuation and transaction structuring. It is a book that belongs in the library of every corporate development professional, a book that prospective buyers and sellers can ill afford not to read. Pierce J. Roberts, Jr. Senior Managing Director Bear, Stearns & Co. Inc. September, 1997