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A
Simple M&A Model for All Seasons |
To discern what makes some acquirers more successful than others,
Bain performed a 15-year longitudinal study of 1,600+ global
companies doing 11,000+ deals plus interviews with senior
executives. The analysis of the companies that succeed at deal
making and integration shows that they share some key practices
which can be boiled down to this simple playbook. pdf-file 2004 |
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A
User’s Guide to Successful M&As |
As Vantrappen and Kilefors explore in their article, not all mergers
and acquisitions make sense. They provide a summary of what academia
has to say, the steps to success and what executives need to do to
make the best from the complicated world of M&A. pdf-file 2005 |
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Accounting: Pooling of Interests Accounting |
If your firm is in the acquisition mode, one issue in accounting
should be of interest to you. This issue is whether or not pooling
of interests accounting should be allowed, and it is creating a
firestorm in the merger and acquisition arena . |
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Acquiring Your Future |
At some point, almost every company that wants to grow will be faced
with the need to acquire the innovations of others. What acquirers
often discover, however, is that it can be far harder to pin down
the value of innovation than that of other forms of property.
pdf-file 2004 |
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Arranged Marriage |
If you're headed for a merger or acquisition, don't leave cultural
issues out of the proposal, says Megan Santosus |
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Avoiding Merger Failure |
Experience also shows that getting four things right will increase
the likelihood of achieving the desired results. |
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Bank Advisors |
The Role of Financial Advisors in Mergers and Acquisitions. This
paper looks at the role of commercial banks and investment banks as
financial advisors. Commercial banks acting as both lenders and
advisors face a potential conflict of interest. Pdf-file |
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Bringing Brand into M&A Discussions |
Misunderstanding brands can put deal value at risk. Companies are
looking farther afield for mergers and acquisitions. But it’s
worrying that so many deals are completed with so little discussion
of the long-term impact of the merging companies’ brands on
shareholder value. Here are three ways to bring brand issues into
the picture early on. pdf-file 2006 |
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Buy, Build and Improve |
The "rolling up" of small companies into a larger entity through
acquisitions is changing the face of entire industries. |
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Buying Right in Asia - Successful M&As in a Challenging Market |
In Asia, buying companies can be trickier than elsewhere. All the
same, neither the difficulty nor the high proportion of failures
should put companies off from considering acquisitions. 2007 |
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Does Corporate International Diversification Destroy Value?
Evidence from Cross-Border Mergers and Acquisitions |
This paper investigates the valuation effects of corporate
international diversification by examining cross-border mergers and
acquisitions of U.S. acquirers over the period 1990-1999. Pdf-file
2003 |
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Holdups, Renegotiation and Termination Fees in Mergers |
We examine contracts used in mergers from the announcement of
initial definitive agreement to the completion or termination of the
deal, and the renegotiation process in between. We build a model
that allows for renegotiation following the arrival of new
information, and demonstrate that a properly designed contract
solves the holdup problem and induces higher deal-specific efforts
that increase the synergy of the merger. 2004 |
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HR
involvement critical to M&A success |
Companies involved in M&A transactions have the opportunity to take
a different approach, including increased involvement of HR
professionals. If they do, they will achieve a better outcome and
greater success. 2005 |
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M&A
Process |
Keeping Watch: A Guide to Assessing M&A Process in an Era of
Increased Accountability |
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Making M&A Pay |
Though most acquisitions destroy value, many of the top-performing
companies are acquisitive. 2006. Abstract, full text available for
download as pdf-file |
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Mastering revenue growth in M&A |
McKinsey research reveals why mergers seldom live up to
expectations. Pdf file. 81 KB |
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Mating Habits of Corporate Fauna |
The Role of Competitive Intelligence in Helping to Ensure Success in
Mergers, Acquisitions, Alliances and Other Inter-Enterprise
Relationships |
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Mergers and Acquisitions in Global Financial Institutions |
Are mega-mergers always inevitable or desirable? Are they strategies
for earnings growth and increased shareholder value, or are they
simply the defensive tactics of threatened dynasties? pdf-file |
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Mergers: Back to “Happily Ever After” |
Mergers are often considered risky, but when they’re executed
correctly, there’s no better way to grow a company. Booz Allen
Hamilton identifies three crucial factors for merger success. 2006 |
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Merging Knowledge With Companies |
Raytheon uses best practices to combine three corporate cultures
into one. |
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Merging Successfully |
The importance of understanding organizational culture in mergers
and acquisitions. |
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R&D
Times Two |
Today's spate of mergers and acquisitions often requires companies
to combine R&D functions. Some recent mergers provide models for
other manufacturers. |
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Reflecting on a Mega-Merger |
David L. Shedlarz, Pfizer's EVP and CFO, played a key role in the
biggest pharmaceutical industry takeover deal of all time. In an
interview, he looks back on the process and the challenges it
created for him and Pfizer. |
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Retail Banking Mergers and Acquisitions: Strategic Choices |
This Capgemini point of view examines the changing landscape of
today’s retail banking environment and considers various M&A
options. Our goal is to provide a context for the strategic choices
our clients now face, describe some of the pitfalls to avoid, and
highlight the paths we have found — through experience — that lead
to M&A success. pdf-file. 2004 |
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Reverse Takeovers |
Make no mistake - reverse takeovers might seem like a handy way to
get a stockmarket listing, but they can be devilishly difficult. |
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Scale Economies and Synergies in Horizontal Merger Analysis |
Essey from 2000. pdf |
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Secrets of the Merger Monster |
Article by Perry Glassner; three stages of a merger, best practices
for IT management at each stage, why all executives need to be alert
to IT considerations during the process |
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Six
Rationales to guide merger success |
Several well-structured studies prove that more than half of
acquisitions actually destroy shareholder value instead of achieving
cost or revenue benefits. Causes of failure abound: overpayment for
overestimated value, inadequate integration planning, lack of
communication, cultural mismatch, to name a few. But topping the
list is poor strategic rationale. pdf-file 2003 |
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Structuring a Sound M&A Deal |
Cash, stock or a combo? The choices sound simple, but making the
right decision isn't always so easy. 2005 |
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Tax-Efficient Cross-Border M&A |
Hidden tax liabilities can slash the overall value of a deal -- and
they can be very different from one country to the next. 2006 |
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The
Effects of Megamergers on Efficiency and Prices: Evidence from a
Bank Profit Function |
This paper examines the efficiency and price effects of mergers by
applying a frontier profit function to data on bank "megamergers.''
We find that merged banks experience a statistically significant 16
percentage point average increase in profit-efficiency rank relative
to other large banks. Use the 'Download'-button to access the paper. |
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The
Return of the Strategist: Creating Value with M&A in Downturns |
Acquirers can earn substantially higher shareholder returns from M&A
in downturns than in upturns – and so too can companies that divest
assets. |
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The
role of lockups in takeover contests |
This paper examines breakup fees and stock lockups as devices for
prospective target firms to encourage bidder participation in
takeover contest. |
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The
Roman Acquisition of Gaul |
Would the ancient Romans have acquired Gaul if they knew about
synergy and value drivers? A Lighthearted Revisit to Some
Pre-acquisition Deal Issues |
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When Dinosaurs Mate |
Mega-mergers are as likely to destroy shareholder wealth as to
create it. In most cases, the costs of integration, both direct and
indirect, overwhelm the anticipated economies. As management's
attention turns inward, customers lose out and market share wanes.
By Gary Hamel. January 2004 |
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When Mega-Mergers Don't Make Sense |
Last year more than 20,000 U.S. companies paired up to add value.
The result? They're barely surviving the morning after. Strategos
CEO Peter Skarzynski explains. |
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Where mergers go wrong |
Most companies routinely overestimate the value of synergies they
can capture from acquisitions. Lessons from the front lines can
help. Pdf-file 2004 |
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Who
Makes Acquisitions? CEO Overconfidence and the Market's Reaction |
Overconfident CEOs over-estimate their ability to generate returns.
Thus, on the margin, they undertake mergers that destroy value. They
also perceive outside finance to be over-priced. We classify CEOs as
overconfident when, despite their under-diversification, they hold
options on company stock until expiration. We find that these CEOs
are more acquisitive on average, particularly via diversifying
deals. pdf-file. 2003 |
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Wrong Merger, Wrong Logic |
Gary Hamel's view on why innovation, rather than bulk and breadth,
is the ultimate competitive advantage. |
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