Material Adverse Change – Lessons from Failed M&As
Lessons from Failed M&As
Gebonden Engels 2018 9781118066898Samenvatting
Boost M&A outcomes with less risk by learning from mistakes of the past
Material Adverse Change will help you close more successful mergers and acquisitions by analyzing the common root causes of deal failures from before the Great Recession to today. The time between signing and closing a deal is a particularly risky period where the buyer has committed to purchase the company, but the seller continues to operate it while waiting for regulatory approval or funding to close out the deal. A Material Adverse Change clause allows the buyer to back out of the transaction if certain adverse events occur during this period. By designing this safety net into the contract, you re free to take the time to examine records, meet with employees, and fully understand the legal issues at hand. If the target loses value during that time, in certain cases, you re free to walk away. This book explores the full power of the Material Adverse Change clause, and today s M&A in general. You ll dig into the real causes of M&A failure, and discover the traits and practices that lead to poor results as you learn how to avoid these common mistakes and drive more successful deals. Recent case studies highlight common mistakes made and propagated by otherwise intelligent people, so you can identify and eliminate these practices within your own organization.
A large acquisition is already a delicate balancing act. Why complicate it with the exponential risk by not doing your homework? This book shows you how to apply best practices to increase your chances of successful deals and avoid potentially career ending mistakes.
Explore the true root causes of M&A failures of the past
Analyze the personality traits that drive suboptimal outcomes
Implement new practices to avoid mistakes and close successful deals
Learn why common–sense errors are repeated over and over again
The M&A market has grown to become a major factor in the global economy, yet many buyers do less investigation than consumers making everyday purchases.
Material Adverse Change shows you how to slash risk and improve your chances of completing better deals.
Specificaties
Lezersrecensies
Inhoudsopgave
<p>CHAPTER 1 Why Bad Deals Happen 1</p>
<p>A Practical Approach to Mergers and Acquisitions 3</p>
<p>A Case Study: RBS Buys ABN AMRO 4</p>
<p>Motivations for Deals 5</p>
<p>A Case Study: Bank of America Buys Merrill Lynch 5</p>
<p>Using M&A to Divert Attention 12</p>
<p>Using M&A to Grow Quickly 12</p>
<p>Using M&A to Solve Problems 13</p>
<p>Horizontal and Vertical Mergers 14</p>
<p>Conclusion 16</p>
<p>CHAPTER 2 Buy or Build? 19</p>
<p>A Case Study: Commerce Bank 21</p>
<p>A Case Study: Metro Bank 26</p>
<p>Is There Anything in Between? 29</p>
<p>A Case Study: Dow Corning Joint Venture 31</p>
<p>A Case Study: Bucknell Industries 32</p>
<p>Conclusion 34</p>
<p>CHAPTER 3 Let the Buyer Beware 37</p>
<p>Wachovia Buys Golden West 40</p>
<p>AOL Time Warner Merger 46</p>
<p>Wells Fargo Buys Wachovia 48</p>
<p>CHAPTER 4 The Opportunities and Risks of Expanding Your Business Globally 51</p>
<p>Telenor India Joint Venture 54</p>
<p>Telenor s Global Strategy over Time 56</p>
<p>Telenor Expands into Eastern Europe 57</p>
<p>Telenor Pushes into Asia 59</p>
<p>The Telenor Unitech Joint Venture 61</p>
<p>Postmortem on the Telenor Unitech Joint Venture 63</p>
<p>Lessons Learned 64</p>
<p>Trends for the Future 67</p>
<p>CHAPTER 5 Culture Is Critical 69</p>
<p>A Case Study from China 71</p>
<p>A Case Study from Japan 74</p>
<p>A Summary of Other Best Practices 76</p>
<p>CHAPTER 6 Who Is Behind the Curtain? 85</p>
<p>A Case Study: Lloyds HBOS 87</p>
<p>A Case Study: Kraft Buys Cadbury 96</p>
<p>CHAPTER 7 Is It Too Late to Back Out? 103</p>
<p>Case Study One: Bank of America Purchases Merrill Lynch 106</p>
<p>Case Study Two: AT&T/T Mobile 110</p>
<p>Case Study Three: Verizon Bids for Yahoo 115</p>
<p>Conclusion 116</p>
<p>CHAPTER 8 How to Negotiate a Better Deal 119</p>
<p>Ten Best Practices for Effective Negotiation 124</p>
<p>CHAPTER 9 Making It Right 135</p>
<p>Background 137</p>
<p>Be Strategic 138</p>
<p>Maintain a Rational Organizational Structure 140</p>
<p>Structure the Deal Properly 141</p>
<p>Recognize the Importance of Brand 142</p>
<p>Efficient Distribution 143</p>
<p>Beware of Culture 144</p>
<p>Have Financing Lined Up in Advance 145</p>
<p>Establish an Appropriate M&A Approval Process 145</p>
<p>Integrate Early and Often 146</p>
<p>Clear Legal and Regulatory Process 146</p>
<p>Don t Overpay 147</p>
<p>Continuous Learning 148</p>
<p>A Case Study: J.P. Morgan Buys Bear Stearns 148</p>
<p>Conclusion 152</p>
<p>CHAPTER 10 Where Do We Go from Here? 155</p>
<p>How Fast We Forget 157</p>
<p>APPENDIX A Trinity International/American Public Media Group: Material Adverse Change Clause 169</p>
<p>APPENDIX B Bank of America/Merrill: Material Adverse Change Clause 171</p>
<p>About the Author 175</p>
<p>Index 177</p>
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