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This groundbreaking study, cited in Business Week, explains how companies often pay too much--and never realize goals of increased performance and market strength--in their quests to acquire other companies. By examining such variables as method of payment and strategic relatedness, Sirower provides the first formal definitions for synergies. 10 illustrations.
The new M&A bible. Few 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. In The Synergy Solution, 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 strategy includes how to: Become a prepared "always on" acquirer Test the investment thesis and DCF valuation of a deal Plan for a successful Announcement Da...
A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.
The easy-to-adopt strategies that make companies from Coca-Cola to Starbucks perennial over-performers and that you can use, too High Performance Companies complements the frameworks for strategy making detailed in many existing books, proposing a number of rules of thumb (or principles) that companies can consider when making their day-to-day decisions which, in turn, will determine their actual strategies. These principles traverse a wide range of scenarios, such as strategic changes implemented by companies, resource allocation decisions—especially towards building durable assets—and resource acquisition through inorganic means. The book adopts a reader-friendly approach by teasing ou...
In "Valuation: Avoiding the Winner's Curse," authors Kenneth R. Ferris and Barbara S. Pecherot Petitt will help you master both the science and the art of M&A valuation. Concise, realistic, and easy to use, it brings together the field's best "rules of thumb," compares every leading traditional and alternative approach, presents examples and case studies from many industries, and offers practical solutions for today's key accounting, reporting, and tax-related challenges.
Make the most of the new standards Every year companies spend millions of dollars on executive incentives. All too often, however, these programs provide a very weak link between pay and performance, with executives potentially rewarded as much for bad decisions as they are for good ones. Packed with examples, The New Standards insightfully discusses: How to link pay with business results that create long-term value Why incentive structures can discourage management from reasonable risk-taking, in some cases, and can enocourage imprudent risks in others The full range of inputs that should guide proper incentive policy Why performance measures must reflect both the quality and quantity of ea...
Praise for Private Capital Markets Valuation, Capitalization, and Transfer of Private Business Interests SECOND EDITION "In the years since publication of the first edition of Private Capital Markets, the concepts and ideas that it presents have been widely accepted by progressive members of the business valuation community. Now with the Second Edition, author Rob Slee has included empirical data on capital markets for midsized businesses. This book remains a must for everyone involved in appraising, buying, selling, or financing privately owned businesses." Raymond C. Miles, founder, The Institute of Business Appraisers "The Graziadio School of Business has used the Private Capital Markets ...
This book addresses the role of communication in cultural change efforts within organizations, especially during periods of transition, mergers, technological innovations and globalization.
DEALS OF THE CENTURY Throughout history, mergers and acquisitions have been the major game played on Wall Street. These deals have had far-reaching effects, on the worlds of finance and industry - more than most commentators or financiers are publicly willing to admit. Deals of the Century captures this dynamic moment in history by taking an in-depth look at the most notable merger and acquisition deals of the twentieth of Carnegie Steel in 1901 to the creation of the former AOL Time Warner, renowned business historian and bestselling author Charles Geisst traces the deals that have had the most dramatic impact on the worlds of both finance and industry over the past century. Decade by decade, you'll be introduced to the personalities behind each event, as industries are built, dismantled, and reorganized by "professionals" driven mainly by the profits extracted from the deals themselves. Engaging and informative, Deals of the Century paints an exciting portrait of the incredible M&A journey and illustrates how many of these deals changed the face of business, creating a modern capitalist society that continues to grow.
The first book in this important new series, under the general editorship of Nobel Laureate Robert Solow, Institutions, Innovation and Growth assembles a stellar cast of international contributors. Leading economists join the debate on innovation and economic growth, focussing on a broad spectrum of issues ranging from labour markets to corporate governance. Growth paths within the OECD are also assessed, with particular emphasis on contrasts between US and European models. The book seeks to identify those institutional factors, taking into account different national trajectories, which might serve to promote economic growth in Europe.