In a timely and important contribution to the management
literature, Louis Nevaer and Steven Deck take a careful, critical
look at the various forms of corporate restructurings prevalent
today-alliances, mergers, and acquisitions-and at their long-term
implications for the structure of corporate America. Taking issue
with those who see the takeover frenzy as revitalizing American
industry, the authors argue that instead the takeover business is
weakening American industry and accelerating America's decline in
the global economy. They analyze the opportunity costs being
incurred by both individual firms and the entire nation through the
wave of takeover activity in the 1980s, demonstrating that the
large debts taken on by corporate America to either finance or fend
off takeovers has hampered America's ability to compete effectively
in world markets. The authors then identify the essential criteria
for a truly successful alliance, merger, or acquisition and suggest
models for such restructurings in the future.
Divided into five principal sections, the volume begins by
examining the failure of current alliance, merger, and acquisition
strategies. The authors discuss the economic effects of
restructurings on stakeholders and employees and look at the
post-acquisition financial performance of the new corporate
entities. The next three sections present in-depth analyses of
alliances, mergers, and acquisitions. For each type of
restructuring, the authors identify and assess the management
strategies commonly pursued and offer extended case-study examples
of failed and successful strategies. In the final section, the
authors point the way toward more effective strategic alliances.
They explore selection strategies that can help ensure a successful
alliance, discuss the critical area of market planning, and offer a
model for the future based upon the real-world alliance between
Vulcan Materials and Calizas Industriales del Carmen. Investment
bankers, corporate executives, and mergers and acquisitions
specialists will find this a balanced and constructive critique of
the process of corporate restructuring that is today such an
integral feature of the contemporary business scene.
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