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Reasons For Frequent Failure In Mergers And Acquisitions
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Book Synopsis Reasons for Frequent Failure in Mergers and Acquisitions by : Thomas Straub
Download or read book Reasons for Frequent Failure in Mergers and Acquisitions written by Thomas Straub and published by Springer Science & Business Media. This book was released on 2007-10-16 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using four statistical methods, Thomas Straub shows that M&A performance is a multi-dimensional function of: strategic logic, organizational behavior, and financial aspects.
Book Synopsis The Value Killers by : Nuno Fernandes
Download or read book The Value Killers written by Nuno Fernandes and published by Springer. This book was released on 2019-06-25 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail – and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes – e.g., culture clashes, valuation methods, or CEO overconfidence – rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies. The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not.
Book Synopsis The M&A Failure Trap by : Baruch Lev
Download or read book The M&A Failure Trap written by Baruch Lev and published by Wiley. This book was released on 2024-08-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The M&A Failure Trap: Why Most Mergers and Acquisitions Fail and How the Few Succeed, a distinguished team of finance and accounting researchers and practitioners delivers a practical and up-to-date exploration of the shortcomings of managerial mergers and acquisitions decisions. In the book, you'll discover: Why 80-90% of all corporate acquisitions fail How to substantially improve acquisition decisions How to predict a specific merger outcome All the lessons and advice provided in this book are fact-based—derived from a sample of 40,000 real-life merger cases around the world which are thoroughly analyzed and provide the foundations for our findings and recommendations. The authors offer keen insights into the most important predictors of mergers and acquisitions failure and success and show you how to identify the potential warning signs of a problematic transaction. The book also provides insights into the human element of M&As: what happens to executives and employees of failed acquisitions. You will also find in the book a comprehensive review of the state-of-the-art research on M&As and numerous analyses of successful and unsuccessful real-life mergers. Perfect for executives and directors contemplating a major M&A decision or currently engaged in such a transaction, The M&A Failure Trap will also earn a place in the libraries of students of business and economics, as well as investors faced with decisions impacted by a merger or acquisition, and shareholders expected to vote on an upcoming transaction.
Book Synopsis Reasons for Failure in Mergers and Acquisitions by : Napo Mafihlo
Download or read book Reasons for Failure in Mergers and Acquisitions written by Napo Mafihlo and published by . This book was released on 2006 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Merger & Acquisition Leader's Playbook by : George B. Bradt
Download or read book The Merger & Acquisition Leader's Playbook written by George B. Bradt and published by John Wiley & Sons. This book was released on 2022-09-14 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make your next merger or acquisition one for the ages Meant to create value potentially fueled by synergies, the reality is that most mergers and acquisitions fail. It’s estimated that 83% of mergers and acquisitions do not hit their desired results. The Merger & Acquisition Leader’s Playbook tells you why most mergers fail. More importantly, it tells you how to make your next one a sweeping success. In the book, a team of private equity experts deliver a masterful walkthrough of how to integrate organizations by driving commercial success, instead of focusing purely on cutting costs. Readers will find: Concrete strategies for increasing the odds of success and reducing the risk of failure – of a new merger or acquisition A comprehensive, easily deployed and implemented plan to realize synergies Proven tools, techniques, and tricks of the trade to help leaders stay on top of their latest merger and keep everything on track A must-read resource for business leaders considering a fresh merger or acquisition, The Merger & Acquisition Leader's Playbook: A Practical Guide to Integrating Organizations, Executing Strategy, and Driving New Growth after M&A or Private Equity Deals will also earn a place in the libraries of investors, agents, corporate service providers, and consultants trying to get two or more businesses to pull in the same direction.
Book Synopsis Mergers & Acquisitions: Crushing It as a Corporate Buyer in the Middle Market by : Kevin Tomossonie
Download or read book Mergers & Acquisitions: Crushing It as a Corporate Buyer in the Middle Market written by Kevin Tomossonie and published by Rock Center Financial Partners, LLC. This book was released on 2020-05-25 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Practical, real-world advice and technical knowledge for corporate buyers who do M&A Did you ever do a search for the failure rate of M&A deals? Apparently, it’s high. In fact, there are many studies that say M&A deals tend to fail a majority of the time, especially for corporate buyers. But are these statistics really true? Because if the majority of deals fail, then why would anyone keep doing them year after year? Does anyone do them right? Actually, a lot of people do them right. But if you believe the statistics, there seem to be a lot more people doing them wrong. The question is, how can buyers do deals the right way, so that they don’t become just another statistic? This book answers that question and explains exactly how corporate buyers in particular can do deals the right way. Buyers who have the right mindset to approaching their deals, and a process that involves the right people with the right skills, are much more likely to have success in M&A. With that being said, this book contains practical real-world advice that has been applied in actual deals, and it provides the framework, best practices, and technical skills that are so important for executing successful deals and avoiding the failures. What’s Inside Part one of the book provides a basic overview of the M&A market. It then turns its attention to the corporate buyer and explains some of the more common reasons why deals tend to fail for corporate buyers. From there, it provides a framework for these buyers to develop their own playbooks for approaching and executing deals in a consistent, reliable, and repeatable way. Part two of the book begins to cover some of the more technical details that a buyer should know when doing a deal. It explains in detail how M&A deals are structured and negotiated. It also points out where buyers need to be careful as they negotiate, so that they’re choosing the right structures, keeping the economics of a deal fair, and aren’t taking on any unnecessary risks. Part three of the book explains how businesses are valued, with a focus on the middle market where many businesses are privately owned. It explains purchase price multiples, discounted cash flow analysis, and how to measure returns. It also explains how accretion and dilution are created from a deal and why that’s so important to a corporate buyer. Then, the book provides a framework so that buyers can use all of this information together in order to objectively decide for themselves what a business should be worth when negotiating a deal. Part four of the book covers some of the more advanced topics that buyers should be aware of when doing deals so that they don’t run into unexpected surprises after a deal has closed. This includes explaining what a quality of earnings is, why it’s important, and how it can affect a buyer’s view on the valuation of a business, as well as how to navigate the complexities of carve-outs, cross-border transactions, structuring earn-outs, and valuing intangible assets. From having an appreciation for the mindset and process that goes into executing deals, to understanding how they’re structured, negotiated, and valued, this book is intended to be the most useful, practical, and hands-on guide ever written for corporate buyers doing M&A deals in the middle market.
Book Synopsis The Complete Guide to Mergers and Acquisitions by : Timothy J. Galpin
Download or read book The Complete Guide to Mergers and Acquisitions written by Timothy J. Galpin and published by John Wiley & Sons. This book was released on 2014-07-21 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ease the M&A process with a more effective integration plan The Complete Guide to Mergers and Acquisitions is the ultimate handbook for planning and managing post-merger integration. Packed full of "how to" guidance, tools, templates and resources that have been put to the test on numerous due diligence and integration efforts around the world, The Complete Guide to Mergers and Acquisitions has been the go-to guide for firms seeking to maximize the value of their deals since the release of the first edition in 1999. Poor integration management virtually ensures that a merger or acquisition will fail to meet financial and strategic goals. The Complete Guide to Mergers and Acquisitions provides the information that enables firms to quickly and prudently capture projected cost and revenue synergies, and to move the combined organization forward. The book addresses strategic deal considerations, due diligence, integration management, people dynamics and cultural integration, common integration mistakes, communications strategies, and provides actionable steps toward creating measurable, positive results throughout the integration process. The updated third edition contains new information and tools to help firms in any industry manage deals of all sizes, including: Results of The State of M&A Integration Effectiveness Survey, 2014 A new chapter on the M&A process deal stages, with an expanded Deal Flow Model Findings of substantial M&A research from various studies in multiple industries and organizations, supporting the concepts presented throughout the book New and revised tools and templates for due diligence, integration, and results measurement and reporting New case examples of recent transactions Highlighted 'Key Principles' throughout each chapter A summary of key points at the end of each chapter Discussion questions addressing the key themes of each chapter A 'rapid assessment' diagnostic regarding the key elements of each chapter, which can be completed for any organization A revised chapter on taking your M&A game to the next level – essential requirements for building M&A capabilities into a consistently successful enterprise competency Merger and acquisition activity across the globe continues to grow, and is also playing a major role in the development of expanding markets. A well-managed integration effort is essential to success, and failure means a tremendous waste in terms of time and money, as well as the rapid destruction of shareholder value. The Complete Guide to Mergers and Acquisitions: Process Tools to Support M&A Integration at Every Level, Third Edition is an invaluable resource to guide firms in managing M&A integration and maximize the value of their deals.
Download or read book Mergers written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2005-05-20 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: A powerful guide for seeking out the best acquisition and merger targets As increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these M&As will go bad. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. It provides a complete road map for what potential buyers should look for when picking a target and what characteristics of sellers they should steer clear of, as well as pitfalls to avoid during the M&A process. Real-world examples are provided of high-profile failures-Quaker Oats, United Airlines, Sears, and Mattel-and high-profile successes-General Electric and Cisco. Patrick A. Gaughan (New York, NY) is President of Economatrix Research Associates and a professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He is actively engaged in the practice of business valuations for mergers and acquisitions, as well as other related applications.
Book Synopsis An Analysis of Selected Factors Critical for Merger & Acquisition Successes by : Lisa Marie Giesler
Download or read book An Analysis of Selected Factors Critical for Merger & Acquisition Successes written by Lisa Marie Giesler and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis the methods and motivations for company growth are highlighted and explained. The focus is on the inorganic growth created through mergers and acquisitions (M&A). This growth is being analysed to showcase the risks and challenges arising in M&A transactions. These deals provide good opportunities for companies wishing to make impactful steps in their organization's expansion and strategic development within a short period of time. However, these enticing opportunities also carry potential risks that could lead to the failure of the transaction. Based on past M&A statistics common reasons for failures are identified and their risk and importance are clarified. For further explanations of the risks of M&As examples are given for failed and successful transactions. Also, the important role of consulting companies is highlighted. Having analysed these critical factors, conceptual solutions are being presented to provide companies with supportive frameworks for the success of M&A deals during pre- and post-merger period. A self-created MS Excel based risk map is provided as a tool for risk detection and visualization.
Book Synopsis The high failure rates of cross-border mergers due to the focus of companies on hard factors by : Tracey Roberts
Download or read book The high failure rates of cross-border mergers due to the focus of companies on hard factors written by Tracey Roberts and published by GRIN Verlag. This book was released on 2009-10-21 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2005 in the subject Business economics - Business Management, Corporate Governance, grade: 2.0, New College Durham, course: Strategic Business Management, language: English, abstract: In today’s economy of globalization, technological change, an increase in innovation and shorter product life cycles have led to intensified international competition. The result is an increase in productivity and capital requirements due to high R&D and growing quality costs. Cross-border mergers have become a predominant form of global expansion and a common possibility of adapting to changing market conditions (Buchner, 2002, p. 21). As the described economic development will continue and may become even stronger, the requirement for cross-border mergers exists (Gösche, 1991, p. 153). However, statistics show that the failure rate has been quite high (see p.13, 2.3). The author will investigate critical success factors, that are often neglected and the main cause of failure. By failure the author does not mean a complete failure, but that the merged company has not achieved its expected goals. Based on preliminary research and existing knowledge, the analysis of critical success factors will mainly refer to soft factors. In cross-border mergers cultural issues in the form of organizational and national culture play an important role (Gertsen et al., Cultural Dimensions in International Mergers and Acquisitions, 1998). Furthermore, the author will focus on change management, as mergers bring along major changes that have enormous impact on managers and employees. In this context the effect of knowledge management and communication will also be analysed (Buchner, Der Mensch im Merger, 2002). As these issues will have to be considered at certain stages within the merging process, emphasis will also be laid on due diligence and the integration process (Galpin & Herndon, The Complete Guide to Mergers and Acquisitons, 2000).
Book Synopsis Mergers and Acquisitions in Practice by : Shlomo Y. Tarba
Download or read book Mergers and Acquisitions in Practice written by Shlomo Y. Tarba and published by Routledge. This book was released on 2016-12-08 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth in mergers and acquisitions (M&A) activity around the world masks a high rate of failure. M&A can provide companies with many benefits, but in the optimism and excitement of the deal many of the challenges are often overlooked. This comprehensive collection, bringing together an international team of contributors, moves beyond the theory to focus on the practical elements of mergers and acquisitions. This hands-on, step-by-step volume provides strategies, frameworks, guidelines, and ample examples for managing and optimizing M&A performance, including: ways to analyze different types of synergy; understanding and analyzing cultural difference along corporate and national cultural dimensions, using measurement tools; using negotiation, due diligence, and planning to analyze the above factors; making use of this data during negotiation, screening, planning, agreement, and when deciding on post-merger integration approaches. Students, researchers, and managers will find this text a vital resource when it comes to understanding this key facet of the international business world.
Book Synopsis Deals from Hell by : Robert F. Bruner
Download or read book Deals from Hell written by Robert F. Bruner and published by John Wiley & Sons. This book was released on 2015-09-28 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the worst M&A deals ever and the lessons learned from them It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.
Book Synopsis Mergers & Acquisitions - Success or Failure? by : Svenja Grüsgen
Download or read book Mergers & Acquisitions - Success or Failure? written by Svenja Grüsgen and published by GRIN Verlag. This book was released on 2011-05-04 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Report from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, , course: Strategic Management and Business Policy, language: English, abstract: Mergers & Acquisitions (M&A) are an increasingly important instrument for direct investment and growth in companies all over the world. They are very complex procedures, prior researches show that approximately 64% of all M&A‘s do not produce the expected benefits, more than 50% do not even repay the investment (Boglarsky, 2005). Common reasons, assumed by experts, are lacking preparation, management mistakes and insufficient compatibility. The explanation why M&A‘s are still so attractive are the very high profit opportunities. (Wirtz, 2003) This research aims to investigate on the importance of strategic management and corporate governance for the success of M&A‘s. It will provide deeper understanding of the relationship between those very important aspects and the success of one of the most critical investment strategies. To conduct the research, two very different Mergers of DaimlerChrysler and Sony Ericsson were analysed and compared. The DaimlerChrysler merger on the one hand is often regarded to as one of the best examples of failure. Taking the situation before the merger, it could have been a very successful event. Mismanagement and lacking implementation of corporate governance though, destroyed every possibility of a profitable future. Sony Ericsson on the other hand is a very successful Joint Venture, even though there were some difficulties at the beginning. Thanks to a very clear vision, culture and the determination to learn, Sony Ericsson is today one of the leading companies in the mobile market. We are interested to see, how the theory of mergers and acquisitions can be applied to companies of our day to day life and how important strategic management and corporate governance really are for the success of a company.
Book Synopsis The Merger Mindset by : Constance Dierickx
Download or read book The Merger Mindset written by Constance Dierickx and published by Routledge. This book was released on 2018-09-15 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Breaking Up Is Hard to Do offers a unique perspective for leaders—those executives whose companies, reputations, and futures will thrive or fail because of a deal or a series of deals. This book for leaders helps decision-makers deal with the powerful undercurrents and interpersonal dynamics at play in every deal, and no one is more qualified to write it than Constance Dierickx and Linda Henman. Other books on mergers, acquisitions, and divestitures overwhelmingly have one characteristic in common: they’re technical. Attorneys write books about the legal and contractual aspects of deals; project management experts write from the point of view of managing tasks and schedules; and investment bankers write about valuation and negotiation. Breaking Up Is Hard to Do presents an amalgamation of what Drs. Dierickx and Henman have observed—and in many cases, helped to create—in more than 65 cumulative years of consulting with Fortune 500 companies, privately-held firms, family-owned businesses, and military organizations. Their in-the-trenches experiences spurred them to arrive at this premise: To position their organizations for more success, leaders can’t shy away from the high stakes, tough decisions about their futures. This book maps the key steps in the M & A journey. It takes the reader through how to make the decision to grow acquisitively, identify roadblocks and typical wrong turns, and ultimately shows how to unlock their decision-making potential while navigating an increasingly uncertain world. Through compelling stories and surprising research findings, readers will discover that there’s much more to the decision-making that drives M & A deals than they ever imagined, and they will come away with tools to help them deepen their understanding of what it takes to succeed. A fascinating read, the text weaves lessons that surface from the stories with highly pragmatic advice about suggested mindset, checklists, processes, and diagnostic tools. Readers will understand that while M & A deals aren’t simple, leaders don’t have to overly complicate them either. Instead, they can simplify the process if they remember hope shouldn’t serve as a strategy, and they can’t abdicate or delegate their leadership responsibilities. The lessons from mergers and acquisitions are critical to those considering a deal, but applied elsewhere, they have equal value, even though noticing them takes more effort. This is the essence of leadership: doing the hard work of ensuring that the gulf between strategy and tactics does not lead to either over simplification or needless complexity.
Book Synopsis Advances in Mergers and Acquisitions by : Sydney Finkelstein
Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2013-07-24 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together the best research in acquisition strategy by leading scholars in the field of mergers and acquisitions. Important new findings in this volume detail how cultural considerations and differences help to predict the success or failure of an acquisition strategy.
Book Synopsis Why Deals Fail and How to Rescue Them by : Anna Faelten
Download or read book Why Deals Fail and How to Rescue Them written by Anna Faelten and published by Profile Books. This book was released on 2016-09-29 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions are part of the fabric of business and economic life: they help drive growth in companies of all sizes. Most executives will at some point in their careers experience a takeover, as buyer, seller or intermediary. Yet, despite M&A's obvious attractions, deals often fall short of expectations and, in extreme cases, can go disastrously wrong, with devastating consequences. From their unique perspective as practitioners and researchers, Faelten, Driessen and Moeller have seen it all when it comes to M&A, and they've used this experience to develop their Three Big Mistakes of Deal-Making. Using case studies from a wide range of companies, many household names (Diageo, BMW, Microsoft, Kraft, HP and even Manchester United), and for deals ranging from the highly to the less successful to the downright questionable, Why Deals Fail offers both a commentary on the inexorable tendency for companies to merge, for good or ill, and a guide to the benefits and pitfalls of M&A as a growth strategy. The result is a fascinating insight into why some deals work and why others go awry for anyone interested in how the corporate world works, or contemplating or facing a merger or acquisition themselves.
Book Synopsis Managing Emotions in Mergers and Acquisitions by : Verena Kusstatscher
Download or read book Managing Emotions in Mergers and Acquisitions written by Verena Kusstatscher and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Just as mergers and acquisitions begin to take off once again, this book reminds us that the emotional side of business is often at the heart of success and failure. With a terrific mix of case studies and in-depth conceptual thinking, Managing Emotions in Mergers and Acquisitions addresses the most fundamental of all issues in M&As how and why people sometimes disrupt the best merger plans, simply because they are, well, people. Sydney Finkelstein, Professor of Strategy and Leadership at the Tuck School at Dartmouth College, and author of Why Smart Executives Fail This is a very welcome addition to our knowledge on M&A process. This is an in-depth study on emotions, how these are effected due to M&A activity in two firms and how they influence the process itself. It helps us to understand, what emotions are? How we can deal with them? And, Why do M&As so often fail? It offers state-of-the-art knowledge on this complex phenomenon. The four cases present in depth and extremely rich insight into how emotions actually work and influence the success/failure in M&A process. In conclusion, it is a timely and innovative book which is a must read for anyone interested in mergers and acquisitions. Pervez Ghauri, University of Manchester, UK Research suggests that an increasing number of people experience organisational changes such as mergers and acquisitions as highly emotional life events. Indeed, given that, as the authors prove, 70% of all mergers and acquisitions fail to reach their initial goals largely because of neglected people issues, it is a must for every manager and M&A researcher to understand the emotional side of such change processes. This fascinating book explains how managerial behaviour and communication styles influence the emotions of employees and affect their readiness to contribute to a successful post-merger integration. It combines emotion theories from other disciplines with recent M&A findings, and offers practical implications through illustrative case studies. Academics and practitioners will find the combination of management literature with psychology and sociology literature of great interest.
