Smart Things to Know About Mergers and Acquisitions
Comprehensive coverage of this specialist area of business.
From the contents:
1 Introduction - Acquisitions and Growth. Acquisition logic and
growth - the acquisition culture. Acquisitions strategy and
business growth. The logic of acquisitions and routes to growth -
Acquisitions, alliances and organic development. How acquisitions
can add, dilute or destroy shareholder value. Acquisitions and
shareholder value (1) - types of acquisitions. Acquisitions and
shareholder value (2) - segmenting the value. The acquisition
process. Integrating management perspectives - strategic,
financial, organisational, tax, legal. Alternatives to acquisition
- alliances and organic development. Divestment. Structure of the
book.- Summary
2 The Acquisition Strategy. Introduction - championing the
strategy. Strategy and objectives. Gap analysis - where do
acquisitions fit in? - Acquisition options. Strategic and financial
attractiveness, implementation difficulty, uncertainty and risk,
and stakeholder acceptability. Determining criteria - do's and
don'ts. Detailed evaluation - external. BMW and Rover case
study. Detailed evaluation - internal. Summary
3 Search. Introduction. Different search processes. Approaching
your target. Summary
4 Acquisitions - Strategic Due Diligence. Introduction. Evaluation,
strategic attractiveness - the GE grid. Financial attractiveness.
Evaluating implementation difficulty. Uncertainty and risk.
Stakeholder acceptability. Summary
5 Gaining the Overview - Success in Due Diligence. Introduction.
Markets and marketing. Products and services. Technology and IT-
BMW and Rover case (continued). Operations and people.
Manufacturing. Summary
6 Financial Evaluation. Segmenting the value of an acquisition.
Bases of valuation - earnings, assets, discounted cash flows.
Price-earnings ratio. Assets backing. Discounted cash flows.
Scenarios and uncertainty and risk analysis. Links to the
negotiation process
7 Managing the Deal. Introduction - acquisition options and
bargaining power. Understanding deal-making agendas. Deal
scenarios. Deal-making do's and don'ts. Funding the
acquisition. BMW and Rover case (continued). Summary
8 Acquisition Integration. The role of the acquisition champion.
Integration success and failure. Integration strategies - the
alternatives. Communication issues and the BMW/Rover case
(continued). Project managing integration. Evaluating success. Post
acquisition learning and review. Summary
9 The Champneys Case. Introduction and background. Acquisition
integration strategy - options. The integration process. The
integration plan. Managing the integration - the dynamics. Case
postscript. Summary
10 Conclusion. The role of acquisitions - a review. Diagnosis of
your own skills and weaknesses. Acquisitions and your career
Tony Grundy is Senior Lecturer in Strategic Management at Cranfield School of Management, and Director of Cambridge Corporate Development. He has consulted with numerous companies including Barclays Bank, BP, Ford, Lex, Hewlett Packard, ICI, The Prudential, Nokia, Norwich Union and Tesco.
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From the contents: 1 Introduction - 2 The Acquisition Strategy - 3 Search - 4 Acquisitions - 5 Gaining the Overview - 6 Financial Evaluation - 7 Managing the Deal - 8 Acquisition Integration - 9 The Champneys Case - 10 Conclusion - Appendix
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