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How
to deal with the 4 types of M&A activity
By Bryan Hattingh
BRYAN HATTINGH, CEO of leadership solutions group Cycan, says there are
various types of mergers and acquisitions and that companies would do well
to consider the principles behind each before signing on the dotted line.
Mergers
and Corporate Culture
It
is widely recognized that cultural differences between the partners of a merger
are one of the most common reasons for failure in mergers. The development of a new,
shared culture is a critical factor for merger success. It is possible to
manage this process in a structured way.
This article gives a brief introduction into the concept of corporate
culture and explains, why it is so important in mergers
Vision
as Key Factor in Merger Processes
The post-merger integration
process is a difficult and complex task. It comes along with long lists of
activities and tasks that have to be fulfilled within a short time and partly
with incomplete information (e.g. formation of new teams and departments).
There are many opportunities to exploit and many decisions to take. However, as
long as there is no vision for the new organization that is well known to
everybody, there is no use in investing too much effort in all these
issues.
The vision for the new organization has to come first.
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All literature recommendations:
>>
themanager.org-Strategy-Bookstore
>> M&A >> 
The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies
by H. Peter Nesvold, Jeffrey Anapolsky, Alexandra Reed Lajoux
This book arms you with creative solutions to seemingly impossible
problems and helps you to avoid common pitfalls. This comprehensive
guide enables you to: * Understand the roles, rights, and
responsibilities of debtors, secured creditors, unsecured creditors,
advisors, trustees, and bankruptcy courts
* Navigate through complicated valuation, financing, legal,
accounting, and tax issues
* Create the optimal deal structure
Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide
by Edwin L. Miller
To avoid costly mistakes, this guide helps deal participants
anticipate and solve issues before they come up. This guide is full
of advice, including: hiring an investment banker and on what terms;
what issues to raise at the letter of intent stage; how to prepare
the business for sale or do effective due diligence if you are the
buyer; what the principal "money issues" are in the definitive
acquisition agreement; and what the negotiating arguments, pro and
con, for both buyers and sellers are. The book also discusses
pitfalls in the areas of employment agreements, equity compensation,
and venture and debt financings that can jeopardize a successful
acquisition well before a potential transaction.
E-Book
Deal
Terms - The Finer Points of Venture Capital Deal Structures,
Valuations, Term Sheets, Stock Options and Getting Deals Done
by Alex Wilmerding
The
Art of M&A: A Merger Acquisition Buyout Guide
by Stanley Foster Reed, Alexandra Reed Lajoux
The Art of M&A, Third Edition, is the leading answer book in
today's fast-changing, enormously complex merger world. Synopses of
nearly three dozen landmark cases give real life insights into legal
rulings from previous high profile mergers.
Valuation
for M&A: Building Value in Private Companies
by Frank C. Evans, David M. Bishop
There is too much mystery about what companies are worth. The
problem is especially acute in the case of a private company that
lacks the guidance of a stock market price. Valuation for M&A
lays out the steps for measuring and managing value creation in
nonpublicly traded entities, and helps investors, executives, and
their advisors determine the optimum strategy to enhance both market
value and strategic value and maximize return on investment.
Mergers,
Acquisitions, and Other Restructuring Activities: An Integrated
Approach to Process, Tools, Cases and Solutions
by Donald DePamphilis
Most books on mergers and acquisitions focus on process management,
human resource management, or the financial aspects of the deal.
This book brings together the essential elements of each domain,
including subjects that are often overlooked or treated only
superficially by other texts. These subjects include post-merger
integration, business alliances, deal structuring and strategies,
financial modeling and simulation, assumptions-driven planning, and
valuing intellectual property. This book is unique in that M&A
activity is discussed as a series of interdependent activities and
in the context in which each activity actually occurs.
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