Practical M&A Execution and Integration
A Step-By-Step Guide to Successful Strategy, Risk and Integration Management
Practical M&A Execution and Integration
A Step-By-Step Guide to Successful Strategy, Risk and Integration Management
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Covering the field of M&A execution, this accessible and practical book is divided into sections which broadly reflect the chronological order a typical M&A deal follows. Taking the reader through the M&A process, stage by stage, the book describes the challenges and goals for each, and suggests approaches to dealing with these challenges, presenting guidance on how to prepare for the stage. At each stage topics such as strategy, IT, communications, HR considerations and legal/regulatory constraints are addressed. Replete with practical tools such as process flows and sample control documents,…mehr
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- Produktdetails
- Verlag: John Wiley & Sons / Wiley
- Seitenzahl: 328
- Erscheinungstermin: 17. Oktober 2011
- Englisch
- Abmessung: 233mm x 159mm x 28mm
- Gewicht: 616g
- ISBN-13: 9780470687963
- ISBN-10: 0470687967
- Artikelnr.: 28925407
- Verlag: John Wiley & Sons / Wiley
- Seitenzahl: 328
- Erscheinungstermin: 17. Oktober 2011
- Englisch
- Abmessung: 233mm x 159mm x 28mm
- Gewicht: 616g
- ISBN-13: 9780470687963
- ISBN-10: 0470687967
- Artikelnr.: 28925407
MERGERS AND ACQUISITIONS 1 Chapter 1: Introduction 3 Fundamentals of
mergers & acquisitions 5 Types of M&A deals 6 Challenges of M&A deals 11
Reasons for M&A 14 Chapter 2: Role of regulation 21 Regulatory regimes 22
UK anti-trust regime 23 European Union regulation 26 US anti-trust
legislation 27 Bid process 28 SECTION B: FUNDAMENTALS OF THE DEAL 31
Chapter 3: Anatomy of a deal 33 M&A Stages 33 Phase 1: Prelude (to a deal)
36 Phase 2: Deal negotiation 40 Phase 3: Pre-change of control 44 Phase 4:
Change of control 50 Phase 5: Integration 50 Phase 6: Business as usual 53
SECTION C: SUCCESSFUL M&A 55 Chapter 4: M&A power 57 Clarity 57 Capacity 61
Speed 76 Chapter 5: M&A process 79 Risk management 80 Planning, management
and control 106 Project lifecycle and structure 113 Issue management 133
Risk management practice 138 Reporting 149 Assumption management 152
Dependency management 154 Scope change management 157 Quality management
162 Resource management 164 Cost management 166 Communications management
170 Stakeholder management 173 Chapter 6: M&A people 175 Culture 175
Stakeholders 179 Personnel 179 SECTION D: PULLING IT ALL TOGETHER:
DELIVERING M&A 185 Chapter 7: Timing 187 Managing the integration and
change of control period 187 Project organisation and control 197 SECTION
E: BANKING M&A 207 What makes banking M&A unique? 207 Planning for the
post-merger period 211 Planning to get to the change of control 212
Organisational approach 225 Issue management 229 What if it all goes wrong?
235 SECTION F: DOCUMENT TEMPLATES AND SUGGESTED TABLES OF CONTENTS 239
Control documents 239 Report templates 245 Project document templates 255
Bibliography 289 About the author 291 Index 293 Tables Table 5.1 Temporal
impacts on risk behaviour, after Das and Teng 85 Table 5.2 Delphi
participation 95 Table 5.3 Sample risk classifi cation 98 Table 5.4 Sample
risk meta data 99 Table 5.5 Example classifi cation of risks identifi ed
using CRIM process 104 Table 5.6 Project constraints at different stages of
a deal 110 Table 5.7 Inherent project risk 144 Table 5.8 Example of Earned
Value Analysis (EVA) 168 Table 6.1 Approaches to forging a common culture
180 Table 6.2 Approaches to motivation of retained and non-retained staff
183 Table 7.1 Establishing integration team contacts 1 198 Table E.1
Establishing integration team contacts 2 209 Table E.2 Example: Trading
desk distribution 215 Table E.3 Build activities 217 Table E.4 Testing 217
Table E.5 Dress rehearsal planning 218 Table E.6 Operational readiness 218
Table E.7 Change of control requirements 219 Table E.8 Change of
control/cutover activities 221 Table E.9 First trading day requirements 221
Table E.10 Reporting audiences 229 Figures Figure 1.1 Three capabilities
for successful M&A 4 Figure 1.2 Impact of a merger 7 Figure 1.3 Impact of
an acquisition 8 Figure 1.4 Impact of a demerger 9 List of Tables & Figures
Figure 1.5 Merger values 1968-2007 12 Figure 1.6 Recent merger activity,
2008-2010 13 Figure 3.1 Strata model 35 Figure 3.2 High level M&A plan (1
of 2) 37 Figure 3.3 High level M&A plan (2 of 2) 38 Figure 3.4 Relationship
of high level planning 41 Figure C.1 Key elements of successful M&A 56
Figure 4.1 M&A power pyramid 58 Figure 5.1 M&A process pyramid 79 Figure
5.2 Reconceptualised model of risk determinants, after Sitkin and Pablo 84
Figure 5.3 CRIM framework 88 Figure 5.4 Risk classifi cation 97 Figure 5.5
Bands of answers 102 Figure 5.6 Example results 102 Figure 5.7 Risk signifi
cance (sorted) versus level of mitigation 103 Figure 5.8 Programme
constraints triangle 111 Figure 5.9 Typical project lifecycle 115 Figure
5.10 'Gated' waterfall approach 115 Figure 5.11 'Realistic' waterfall
approach 116 Figure 5.12 Single project iteration 117 Figure 5.13 An RAD
project 118 Figure 5.14 Project controls active in each project phase 120
Figure 5.15 Initiation phase 121 Figure 5.16 Design phase 124 Figure 5.17
Execution phase 126 Figure 5.18 Testing phase 128 Figure 5.19
Implementation phase 130 Figure 5.20 Closure and review phase 132 Figure
5.21 Issue management process (1 of 2) 134 Figure 5.22 Issue management
process (2 of 2) 136 Figure 5.23 Issue states 139 Figure 5.24 Risk
management process (1 of 2) 141 Figure 5.25 Risk management process (2 of
2) 142 Figure 5.26 Risk signifi cance based on risk probability and impact
147 Figure 5.27 Mitigation impact 148 Figure 5.28 Risk states 150 Figure
5.29 Reporting cycle 151 Figure 5.30 Assumption management process 153
Figure 5.31 Dependency management process 156 Figure 5.32 Scope change
management (1 of 2) 159 Figure 5.33 Scope change management (2 of 2) 160
Figure 5.34 Example of EVA 169 Figure 5.35 Communications planning 171
Figure 6.1 M&A people pyramid 176 Figure 6.2 Example: Cultural differences
report 178 Figure 6.3 Staff motivational needs 182 Figure 7.1 Sample time
line 189 Figure 7.2 Reporting hierarchy 205 Figure E.1 Cutover control
infrastructure 227 Figure E.2 Issue states for CoC control 234 Figure E.3
Layout of a typical control centre 236
MERGERS AND ACQUISITIONS 1 Chapter 1: Introduction 3 Fundamentals of
mergers & acquisitions 5 Types of M&A deals 6 Challenges of M&A deals 11
Reasons for M&A 14 Chapter 2: Role of regulation 21 Regulatory regimes 22
UK anti-trust regime 23 European Union regulation 26 US anti-trust
legislation 27 Bid process 28 SECTION B: FUNDAMENTALS OF THE DEAL 31
Chapter 3: Anatomy of a deal 33 M&A Stages 33 Phase 1: Prelude (to a deal)
36 Phase 2: Deal negotiation 40 Phase 3: Pre-change of control 44 Phase 4:
Change of control 50 Phase 5: Integration 50 Phase 6: Business as usual 53
SECTION C: SUCCESSFUL M&A 55 Chapter 4: M&A power 57 Clarity 57 Capacity 61
Speed 76 Chapter 5: M&A process 79 Risk management 80 Planning, management
and control 106 Project lifecycle and structure 113 Issue management 133
Risk management practice 138 Reporting 149 Assumption management 152
Dependency management 154 Scope change management 157 Quality management
162 Resource management 164 Cost management 166 Communications management
170 Stakeholder management 173 Chapter 6: M&A people 175 Culture 175
Stakeholders 179 Personnel 179 SECTION D: PULLING IT ALL TOGETHER:
DELIVERING M&A 185 Chapter 7: Timing 187 Managing the integration and
change of control period 187 Project organisation and control 197 SECTION
E: BANKING M&A 207 What makes banking M&A unique? 207 Planning for the
post-merger period 211 Planning to get to the change of control 212
Organisational approach 225 Issue management 229 What if it all goes wrong?
235 SECTION F: DOCUMENT TEMPLATES AND SUGGESTED TABLES OF CONTENTS 239
Control documents 239 Report templates 245 Project document templates 255
Bibliography 289 About the author 291 Index 293 Tables Table 5.1 Temporal
impacts on risk behaviour, after Das and Teng 85 Table 5.2 Delphi
participation 95 Table 5.3 Sample risk classifi cation 98 Table 5.4 Sample
risk meta data 99 Table 5.5 Example classifi cation of risks identifi ed
using CRIM process 104 Table 5.6 Project constraints at different stages of
a deal 110 Table 5.7 Inherent project risk 144 Table 5.8 Example of Earned
Value Analysis (EVA) 168 Table 6.1 Approaches to forging a common culture
180 Table 6.2 Approaches to motivation of retained and non-retained staff
183 Table 7.1 Establishing integration team contacts 1 198 Table E.1
Establishing integration team contacts 2 209 Table E.2 Example: Trading
desk distribution 215 Table E.3 Build activities 217 Table E.4 Testing 217
Table E.5 Dress rehearsal planning 218 Table E.6 Operational readiness 218
Table E.7 Change of control requirements 219 Table E.8 Change of
control/cutover activities 221 Table E.9 First trading day requirements 221
Table E.10 Reporting audiences 229 Figures Figure 1.1 Three capabilities
for successful M&A 4 Figure 1.2 Impact of a merger 7 Figure 1.3 Impact of
an acquisition 8 Figure 1.4 Impact of a demerger 9 List of Tables & Figures
Figure 1.5 Merger values 1968-2007 12 Figure 1.6 Recent merger activity,
2008-2010 13 Figure 3.1 Strata model 35 Figure 3.2 High level M&A plan (1
of 2) 37 Figure 3.3 High level M&A plan (2 of 2) 38 Figure 3.4 Relationship
of high level planning 41 Figure C.1 Key elements of successful M&A 56
Figure 4.1 M&A power pyramid 58 Figure 5.1 M&A process pyramid 79 Figure
5.2 Reconceptualised model of risk determinants, after Sitkin and Pablo 84
Figure 5.3 CRIM framework 88 Figure 5.4 Risk classifi cation 97 Figure 5.5
Bands of answers 102 Figure 5.6 Example results 102 Figure 5.7 Risk signifi
cance (sorted) versus level of mitigation 103 Figure 5.8 Programme
constraints triangle 111 Figure 5.9 Typical project lifecycle 115 Figure
5.10 'Gated' waterfall approach 115 Figure 5.11 'Realistic' waterfall
approach 116 Figure 5.12 Single project iteration 117 Figure 5.13 An RAD
project 118 Figure 5.14 Project controls active in each project phase 120
Figure 5.15 Initiation phase 121 Figure 5.16 Design phase 124 Figure 5.17
Execution phase 126 Figure 5.18 Testing phase 128 Figure 5.19
Implementation phase 130 Figure 5.20 Closure and review phase 132 Figure
5.21 Issue management process (1 of 2) 134 Figure 5.22 Issue management
process (2 of 2) 136 Figure 5.23 Issue states 139 Figure 5.24 Risk
management process (1 of 2) 141 Figure 5.25 Risk management process (2 of
2) 142 Figure 5.26 Risk signifi cance based on risk probability and impact
147 Figure 5.27 Mitigation impact 148 Figure 5.28 Risk states 150 Figure
5.29 Reporting cycle 151 Figure 5.30 Assumption management process 153
Figure 5.31 Dependency management process 156 Figure 5.32 Scope change
management (1 of 2) 159 Figure 5.33 Scope change management (2 of 2) 160
Figure 5.34 Example of EVA 169 Figure 5.35 Communications planning 171
Figure 6.1 M&A people pyramid 176 Figure 6.2 Example: Cultural differences
report 178 Figure 6.3 Staff motivational needs 182 Figure 7.1 Sample time
line 189 Figure 7.2 Reporting hierarchy 205 Figure E.1 Cutover control
infrastructure 227 Figure E.2 Issue states for CoC control 234 Figure E.3
Layout of a typical control centre 236