Almost 70% of mergers fail, yet deals are essential for growing
world-class companies. Therefore they must use all the tools and
techniques at their disposal to improve their chances of success.
Applying the techniques advocated in this book can help
managers beat the odds – and employees themselves – to have an
impact on whether a deal will be successful both for the company
and for themselves.
This book looks at the process of a merger or acquisition and
pinpoints the areas where business intelligence can raise the odds
of success in each phase of the deal. Using techniques developed by
governmental intelligence services and a wide range of recent case
studies, quotations and anecdotes, the expert authors from the
renowned Cass Business School show how to build success into any
M&A situation.
The first edition of Intelligent M&A was written in
2006 and published in 2007. This preceded the peak year
(2007) of the last merger wave, including the excesses in a number
of industries and deals (e.g., financial services with RBS’
dramatically failed acquisition of ABN AMRO as a key example), and
the global economic downturn that led to a completely new way of
operating for many industries and companies.
Therefore, there is a need to update the book to incorporate not
just more relevant and up-to-date case studies of deals but to show
the ‘new’ way of operating in a post-Lehman
environment. Chapters will be comprehensively re-written and
populated with new and relevant case studies.
Зміст
Introduction to the Second Edition ix
1 The Need for Intelligence in Mergers and Acquisitions 1
2 Business Intelligence 37
3 Designing the Acquisition Process 69
4 Controlling the Advisors 101
5 Identifying the Best Targets 119
6 The Best Defense 159
7 Due Diligence 193
8 Valuation, Pricing, and Financing 243
9 Negotiation and Bidding 283
10 Post-deal Integration 313
11 Post-deal Review 353
12 Conclusions 367
Bibliography and References 373
Index 383
Про автора
Scott Moeller is the Director of the Mergers and
Acquisitions Research Centre at Cass Business School in London,
where he is also Professor in the Practice of Finance. He is
widely recognized as an international expert on M&A, appearing
frequently on television and in the print media.
He was previously a management consultant and investment banker,
working for Booz Allen & Hamilton and Morgan Stanley in New
York, Tokyo, and Frankfurt, then Deutsche Bank in London. He
remains active as a non-executive director of several large
European and American companies.
Scott is author of Surviving M&A: Make the Most of Your
Company Being Acquired (Wiley, 2009). He can be followed
on Twitter (@scottmoeller) and href=’http://www.intelligentmergers.com/’>www.intelligentmergers.com.
Professor Chris Brady is currently Professor of
Management Studies and Director of Salford University’s
Centre for Sports Business; he also acts in an advisory capacity to
HE institutions and private equity firms. Prior to these roles he
was, most recently, Dean of BPP Business School, Dean of the
Business School at Bournemouth University and Deputy Dean
responsible for external affairs and business development at the
Cass Business School in the City of London. Professor Brady also
served in the Royal Navy for 16 years including appointments in the
joint HQ intelligence cells during the first Gulf War and the
Balkans crises.
He is the author of books and articles on subjects as varied as
US foreign policy, British Cabinet government and, of course,
business.
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