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.

The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M&As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders' value through successful M&A strategies. It also explores the conditions that are suitable for favouring a certain type of M&A (horizontal, vertical or diversified) over the others. The author presents various analytical models combined with a selection of case studies to demonstrate the relevant conditions under which each type of strategy can create value. The book analyses different types of M&As, the specific sources of synergy and the way value can be calculated. An integrated analysis of potential synergies, their evaluation and the modifications to the organizational structure necessary for implementation is also included. In conclusion, the book presents some case studies of successful M&A strategies providing a link between theory and practice. Building upon traditional theories and providing original and innovative analysis, this is an essential book for students and scholars in economics, business and strategic management, as well as managers and consultants seeking an analytical and practical understanding of M&A strategies.

Global in scope and written by leading scholars in the field, the Research Handbook on Mergers and Acquisitions is a modern-day survey providing cutting edge analysis of the state of M&A using history, theory, and empirical work, and also providing a theoretical framework for future research and development in the field. Its chapters explore the history of mergers and acquisitions, considering the theory behind the structure of modern transaction documentation. The authors also address other key M&A issues, such as takeover defenses; judges and practitioners' perspectives on litigation; the appraisal remedy and other aspects of Federal and state law, as well as M&A considerations in the structure of start-ups. The book's coverage is novel as well as broad, broaching comparative issues and shareholder activism in addition to more traditional areas. This Research Handbook will be an invaluable resource for scholars, practitioners, judges and legislators

This unique Handbook explores both the economics of the firm and the theory of the firm, two areas which are traditionally treated separately in the literature. On the one hand, the former refers to the structure, organization and boundaries of the firm, while the latter is devoted to the analysis of behaviors and strategies in particular market contexts. The novel concept underpinning this authoritative volume is that these two areas closely interact, and that a framework must be articulated in order to illustrate how linkages can be created. This interpretative framework is comprehensively developed in the editors' introduction, and the expert contributors - more than fifty academics of renowned authority - further elaborate on the linkages in the seven comprehensive sections that follow, encompassing: background; equilibrium and new institutional theories; the multinational firm; dynamic approaches to the firm; modern issues; firms' strategies; and economic policy and the firm. Bridging economics and theory of the firm, and providing both technical and institutional perspectives on real corporations, this path-breaking Handbook will prove an invaluable resource for academics, researchers and students in the fields of economics, heterodox economics, business and management, and industrial organization. Contributors: Z.J. Acs, M. Aglietta, C. Antonelli, M.C. Becker, M. Bellandi, M.H. Best, H. Bo, J.J. Bouma, H. Bouthinon-Dumas, T. Buchmann, R. Carter, M. Casson, C. Cezanne, M. Cloodt, A. Coad, A. Colombelli, A. Correlje, L. De Propris, M. Dietrich, C. Driver, S.P. Dunn, P.E. Earl, N.J. Foss, M. Fransman, J.-L. Gaffard, J. Groenewegen, S. Guillou, J. Hagedoorn, G. Hanappi, G.M. Hodgson, W. Holzl, G. Ietto-Gillies, A. Jolink, T. Knudsen, J. Krafft, W. Lazonick, S. Lechevalier, B.J. Loasby, F. Marty, L. Nesta, E. Niesten, B. Nooteboom, U. Pagano, P.P. Patrucco, A. Pyka, F. Quatraro, J.-L. Ravix, A. Reberioux, A. Reinstaller, E. Salies, P.P. Saviotti, N. Stieglitz, M. Teubal, S. Toms, N. Wadeson, O. Weinstein, J.F. Wilson

Few other actions can change the value of a company—and its competitive future—as quickly and dramatically as an acquisition. Yet most companies fail to create shareholder value from these deals, and in many cases they destroy it. It doesn't have to be this way.

The Synergy Solution will change how companies think about and approach their M&A strategies and realize the performance promises they make to their shareholders. Beginning with a clear and well-accepted foundation of the economics of the M&A performance problem, Deloitte's Mark Sirower and Jeff Weirens show acquirers how to develop and execute an M&A strategy—end-to-end—that not only avoids the pitfalls that so many companies fall into but also creates real, long-term shareholder value.

This includes:

• How to develop an M&A strategy and a pipeline of deals
• How to test the investment thesis of a deal
• How to decide what premium to pay
• How to plan for a successful Announcement Day
• How to properly communicate performance promises to stakeholders and shareholders
• How to realize those promised synergies through integration planning and post-close execution
• How to build a new, combined organization
• How to anticipate the questions of an informed board
• How to sustain long-term shareholder value

Sirower and Weirens provide invaluable background to those considering M&A, laying out the issues they have to consider, how to analyze them, and how to plan and execute the deal effectively. They also show those who have already started the process of M&A how to maximize their chances of success.

There is an art and a science to getting mergers and acquisitions right, and this powerful resource provides the insights and strategies acquirers need to find success at every stage of this often complex and perilous process.

Modelling European Mergers presents a comprehensive and fresh perspective on the economic analysis of mergers by leading academics and competition policymakers from Europe and the US. The book frankly discusses the pros and cons of using applied game theory models in merger control from historical and theoretical perspectives. Seven case studies on the actual use of advanced techniques and models in legal procedures provide a perspective from the national competition authorities in Belgium, Denmark, Italy, The Netherlands and Sweden on markets that range from basic goods such as bread and aperitifs to complex products such as electricity, literature and software. The case studies provide many insights into practical issues such as data collection, procedures and errors of predication, as well as in the relative merits of different econometric approaches. A recurring theme of the book is how economic insights can be translated into convincing legal decisions. The contributions cover a broad spectrum of markets, methods and countries and the contributors offer incisive reflection on the increasing use of economics in competition policy. This unique book is a thorough transatlantic discussion of academic and policy insights combined with applications based on actual decisions. It will appeal to legal and economic professionals who deal with and advise on mergers and acquisitions whether they be in a ministry, central bank or competition authority setting. Scholars and students interested in analysing markets, law and economics, industrial organization and applied econometrics will also find much to interest them in this work.

The battle for the control of RJR Nabisco in the Autumn of 1988, which became the largest and most dramatic corporate takeover in American history, sent shock-waves through the international business world and became a symbol of the greed, excess and egotism of the eighties. Barbarians at the Gate recounts this two-month battle with breathtaking pace and flair, and transports back to the Wall Street empire before it crumbled, through the boardroom doors, into the midnight meetings, the betrayals, the deal makers and publicity flaks, into a world where - as Nabisco CEO Ross Johnson put it - 'a few million dollars are lost in the sands of time'. Twenty years on, the world is once again recovering from a period of financial extravagance and irresponsibility. This revised edition brings the ultimate business thriller up to date for a new generation of readers.

The book provides a rigorous introduction to corporate finance and the valuation of equity. The first half of the book covers much of the received theory in these areas such as the relationship between the risk of an equity security and the return one can expect from it, the effects of leverage (that is, the borrowing policies of the firm) on the return one can expect from the firm's shares and the role that dividends, operating cash flows and accounting earnings play in the valuation of equity. The second half of the book is more advanced and deals with the important role that "real options" (that is, as yet unexploited investment opportunities) play in the valuation of equity.

Since the implementation of the European Directive on Takeover Bids, a European common legal framework governs regulation of takeovers in EU Members States. The European Directive on Takeover Bids was adopted in April 2004, and implemented in the UK and in other Member States on 20th May 2006. The Directive seeks to regulate takeovers by way of protecting investors, and harmonising takeover laws in Europe. In facilitating the restructuring of companies through takeovers, the Directive aims at reinforcing the free movement of capital. Takeovers and the European Legal Framework studies the European Community Directive on Takeover Bids, in order to provide greater understanding of both the impact and effect of the European legal framework of takeover regulation. It firstly looks at the Directive from a British perspective, focusing on the impact of the transposition of the Takeover Directive into the UK. The book examines the provisions of the City Code on Takeovers and Mergers, and discusses the takeover provisions in the Companies Act 2006 that implement the Takeover Directive in the UK, arguing that the Directive will provide a new basis for UK takeover regulation, and that the system will work well. Jonathan Mukwiri goes on to consider the Directive in relation to the EU, arguing that despite its deficiencies, in that Member States are free to opt to restrict takeovers, the Directive provides a useful legal framework by which takeovers are regulated in different jurisdictions. Mukwiri highlights how the freedoms of the EC Treaty and EU Directives interact, and the effects of the Takeover Directive on political considerations in the law-making process in European Community. Moreover, he argues that the future of EU takeover regulation is likely to follow the lead of the UK, making this book relevant to a wide range of policy makers and academics across Europe.

Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well as the wider implications for the economy, the level of competition and employment. By drawing on classic research perspectives and placing them alongside more recent alternatives, this book provides readers with a focused yet far-reaching introduction to the study of M&As. Each paper is set in context by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands, not only how and why mergers and acquisitions occur, but also the broader implications for organizations. The book is structured clearly into sections concerned with the issues that arise before, during and after the mergers and acquisitions process including motives and planning, partner selection, integration, employee experiences and communication. A unique collection of selected readings and contextualising commentary, this volume will greatly appeal to MBA and graduate students as well as experienced practitioners.

Effects of Mergers charts the history of six industries with a view to examining the effects of mergers. It deals both with the short- and long-term effects of changes in the structure of industry and looks at issues such as whether mergers are in the public interest. The industries covered are: cement, textile printing, soap, glass, motor and brewing, and some comparative material with industries in the USA is included.

Thoroughly discussing the problems of uniting two independent companies (problems which are commonly underestimated), this book covers a wide range of subjects such as: laws and regulations governing mergers; consideration of financial and material resources; tax views; research and development prospects, as well as the matching and augmenting of skills and equipment of both companies and the adjustments to be made to stock-holders and servicers. The issues of morale, retaining trained personnel and the rearrangement of employee benefits and pensions are also examined.

As part of the new Routledge series on Global HRM, this new title considers the growing importance of cross-border alliances, in particular international joint ventures, mergers and acquisitions, which is currently a major business issue. Providing a detailed analysis of various aspects of alliances, including learning acquisition, the HR implications of mergers and the role of cooperation and trust in such alliances, this book fills a vital gap in current literature. Featuring case studies and other added value features, this is an essential text for students of HRM, international and strategic management, as well as for HR professionals.

The recent financial crisis has thrown many of the mergers and acquisitions of recent years into sharp focus. Too many have failed to generate real value for shareholders and many others have only proved lukewarm successes. Although it is impossible to assess accurately the extent to which these failures may be the result of poor planning and execution, they have raised considerable questions about the process, breadth and effectiveness of traditional due diligence activities. Value in Due Diligence explores new applications for due diligence including areas such as corporate culture, social responsibility, and innovation. It also examines the due diligence process itself to draw out those elements that provide effective risk and opportunity management as opposed to simple compliance.

Will the early years of the new century continue to witness the huge growth in merger and acquisition activity which marked the end of the last? The chances are that they will - witness the value of deals carried out by the top five investment banks in the first quarter of 2001 alone ($456.2 billion). The quest for the golden fleece is alive and well. Will the majority of M&As continue to fail to achieve their potential value? This book is about breaking out of the cycle of grand strategy, great prospects, poor implementation, lost opportunities. The authors believe that it is possible for M&As to realise their value - and more.
Bringing home the golden fleece involves more than just setting sail in quest for riches. It's about understanding the destination/end game, and working out the most appropriate route. This book has been written with the practitioner in mind, with the thirteen chapters split into three sections. The first section provides an overview of the merger process and outlining the key elements of success. Section Two focuses on the nuts & bolts of managing the integration process - from transition to full integration. Illustrated by a detailed case study of Articon Integralis AG, the leading supplier of IT Security Solutions and Services in Europe. The final section looks at the themes that can make or break mergers - creating the culture of the new organisation, communications, retention and the roles of line managers and HR. Each section is supported by checklists that should be helpful whether you are a novice at the merger game or an expert.
Contains tools, recommendations/checklists designed to help practitioners survive and thrive in a M&Asituation.
Supported by a wealth of acclaimed research & case studies conducted by Roffey Park. One core case study Articon Intergralis is followed throughout the book plus other examples from global companies including Citicorp, Deutsche Bank, BP Amoco and Siemens.
User-friendly guide to M&A's which will be helpful to not only the core audience of HR professionals but CEO's, transition teams, line managers and anyone who wants to understand how to make mergers work.

This book reveals the complexity of mergers and acquisitions, and explains how to master it. From doing the deal to making it work, this comprehensive book discusses every aspect of successfully growing your business through mergers and acquisitions. Based on models of complexity, it book shows that complexity in business, as in nature, eventually falls into patterns. By recognizing and taking advantage of these patterns, business leaders can turn weaknesses into strengths, chaos into order, and separate, living organizations into a powerful alliance. This book provides a conceptual framework plus proven templates and real-life examples to guide readers through the twists and turns of forming and sustaining a business partnership. The authors' own experiences with companies such as Shell, Monsanto, and Lucent are the foundation for this thorough handbook. J. Garrett Ralls, Jr. is an international consultant specializing in managing complexity for effective partnering. He is a principal in an investment advisory firm guiding domestic and foreign joint ventures. His clients include many multinationals and governments. Kimberly A. Webb is a consulting associate for Ralls Associates. Her experience includes assignments with the US government, and other assignments in the US, Canada, and Europe. She recently participated in the war game for the President's Commission on Critical Infrastructure Protection and lectured at the US National Defense Center in Hawaii and the Monsanto Europe Technical Center.

This title offers a comprehensive collection of very serious work on mergers and acquisitions. The selection of articles in this collection reflects the skill and experience of Harold Mulherin.

Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders' money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters' opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.

Mergers, acquisitions, and alliances continue to be almost an everyday feature of the contemporary business scene, yet at least half prove to be unsuccessful. The authors show the contribution that psychology can make to our understanding of the merger phenomena - how it affects organizational performance, and how it affects the managers and employees involved. Mergers, Acquisitions and Strategic Alliances is intended as a guide to successful organizational marriage. Great emphasis is placed on the issue of cultural compatibility as it concerns partner selection, integration practices and venture outcomes. The book also focuses on cross-national mergers, acquisitions and joint ventures. With the increasing economic activity within the European Union and between the unions of other countries, there is a need to know more about the corporate and national cultures in these strategic alliances. The authors have drawn upon an extensive body of research based on recent cases in a wide cross section of industries across Europe.The book is unique in showing the actual effect mergers and acquisitions have on people, and consequently on the performance of the 'new' organization. It will be particularly relevant for decision makers - those who are involved in planning and implementing a large organizational change, and those responsible for ensuring successful integration afterwards. It would also be extremely useful for postgraduate management students, personnel executives and management consultants.

Successful management buyouts (MBOs) are the pinnacle of business success today and a great way to earn an ever-increasing stake in the American dream.

Buyout provides managers and executives with the necessary tools and strategies for leading a company or division buyout. It explores the details of the entire buyout process and empowers managers to seize their destiny and take charge. Managers learn how to:

* Find a company to purchase

* Develop a business plan

* Negotiate with the seller

* Win the ""ground war"" of due diligence

* Find equity partners and negotiate the management deal with investors

* Run the company after the MBO.

"Buyout" offers real-life stories of people who actually pulled off out-of-this-world deals and became rich beyond their wildest expectations.

Mergers and acquisitions (M&As) are events that attract considerable interest from academics and practitioners, and much research has been conducted into their impact on individuals, organizations and societies. Yet, despite all the existing research and the varied theoretical and methodological approaches employed, there remains more to learn about M&As. The Routledge Companion to Mergers and Acquisitions takes a detailed look at this multifacted subject using a novel framework of four domains - substantive issues, contextual issues, methodological issues and conceptual issues. Drawing on the expertise of its international team of contributors, the volume surveys the state of the field, including emerging and cutting-edge areas such as social network analysis and corporate branding. This Companion will be a rich resource for students, researchers and practitioners involved in the study of M&As, and organizational and strategic studies more widely.

The Deal Paradox explores what successful dealmaking looks like in the age of digital transformation, drawing on interviews with top dealmakers and M&A experts sharing their stories, triumphs, and challenges. Taking a dynamic storytelling approach, The Deal Paradox navigates the transition from traditional and ingrained methods to new techniques, showing how AI, big data, and machine learning can be used to generate new opportunities and enable diversity. It walks through the attributes and skills needed in this new landscape and how M&A professionals can build them into their approach, from finding and executing deals to making sure they deliver the desired outcomes. The Deal Paradox draws on 60 years' combined experience of cutting-edge deal making, built on landmark deals ranging from Morgan Stanley's IPO at the height of the 1980s banking boom and Kraft's takeover of Cadbury to key tech deals including the GBP1bn sale of financial data intelligence company Acuris to ION. Chapters are richly illustrated throughout with real-world examples featuring organizations such as Apple, Google, BP and SoftBank Vision Fund.

Talking mergers and acquisitions for small- to mid-sized companies can sound exciting as the architects behind the deals are wide-eyed with effective growth strategies. But these complex transactions carry significant risk, no matter how simple or appealing they may look on the outside, and it is absolutely vital for all involved in the deal to make sure they are guarding themselves against costly mistakes that have been the downfall for many leaders and organizations before them. Complete with expert advice, case studies, checklists, and sample documents, Mergers and Acquisitions from A to Z walks you through every step of the process--from valuation to securities laws to closing and successful integration. Updated with the latest trends and regulatory developments, the fourth edition explains further how to conduct due diligence, calculate the purchase price, understand the roles and risks for boards, and more. When done correctly and cautiously, while fully educated on all avenues of the process, your company's next merger or acquisition should be an exciting, profitable time as you take steps to eliminate rivals, extend territory, and diversify offerings. But you must first be prepared! Don't make another deal without this trusted resource and its strategic and legal guidance by your side.

For the last four decades, researchers in various disciplines have been trying to explain the enduring paradox of the growing activity and volume of mergers and acquisitions (M&A) versus the high failure rate of M&A. This handbook will stimulate scholars to focus on new research directions.The contributors explore how underlying concepts and methodologies can make an important contribution towards understanding M&A and their performance. This authoritative volume presents research that incorporates multidisciplinary, multi-level, multi-stage and cross-cultural models and analyses, and also focuses on such issues as process-content, knowledge transfer, due diligence, performance measures, communication, trust, grief, integration approaches, individual values, change management, and consulting. Scholars interested in research on strategy as well as Masters and PhD students on mergers and acquisitions courses will find much of value in this compilation. Contributors include: M.F. Ahammad, N.M. Ashkanasy, Z.R. Bachar, A.F. Buono, K.M. Ellis, P.-G. Hourque, P. Junni, M.H. Kavanagh, B.T. Lamont, M.L. Mark, O. Meglio, E. Metais, P.H. Mirvis, A.L. Ranft, T.H. Reus, A. Risberg, R.M. Sarala, A.-M. Soderberg, G.K. Stahl, S. Tarba, E. Vaara, P. Very, Y. Weber

Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic. Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.