E-Book Overview
In Masterminding the Deal, Peter Clark and Roger Mills, both financial experts experienced in the M&A field, examine past mergers and analyze performance in two critical areas —the identification of critical characteristics and attributes separating more successful mergers from the rest, and the synergy benefits — expenses, revenues, tax — that ensure maximum rewards. From this analysis they draw some conclusions and go on to identify seven key principles for merger success.
“The main objective of this book is to clear away a vast amount of past deficient analysis and to retrieve and reorganize what is of value in evaluating merger success and failure, using tough-minded criteria implanted in current finance,” says Bill Weinstein in the foreword.
The authors offer an action plan for the boards and executives involved in acquisitions, covering the questions of central importance: which target types to pursue and which to avoid, when to act, how much to pay and, uniquely, how to determine whether the deal is successful. Their intention is to assist companies in the M&A process and to avoid merger underperformance.
E-Book Content
i Masterminding the Deal Breakthroughs in M&A strategy and analysis Peter J Clark and Roger W Mills ii Publisher’s note Every possible effort has been made to ensure that the information contained in this book is accurate at the time of going to press, and the publisher and authors cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the ma terial in this publication can be accepted by the editor, the publisher or either of the authors. First published in Great Britain and the United States in 2013 by Kogan Page Limited Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licences issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned addresses: 120 Pentonville Road 1518 Walnut Street, Suite 1100 London N1 9JN Philadelphia PA 19102 United Kingdom USA www.koganpage.com 4737/23 Ansari Road Daryaganj New Delhi 110002 India © Pondbridge Ltd 2013. All rights reserved. The right of Peter J Clark and Roger W Mills to be identified as the authors of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. ISBN 978 0 7494 6952 8 E-ISBN 978 0 7494 6953 5 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Clark, Peter J., 1950Masterminding the deal : breakthroughs in M&A strategy and analysis / Peter Clark, Roger Mills. pages cm Includes bibliographical references and index. ISBN 978-0-7494-6952-8 – ISBN 978-0-7494-6953-5 (eISBN) 1. Consolidation and merger of corporations. 2. Corporations–Valuation. I. Mills, R. W. (Roger W.), 1951- II. Title. HD2746.5.C554 2013 658.1’62–dc23 2013011421 Typeset by Graphicraft Limited, Hong Kong Printed and bound in India by Replika Press Pvt Ltd iii To Lillian and Natalie iv THIS PAGE IS INTENTIONALLY LEFT BLANK v Co n t e n t s List of figures and tables viii About the authors xii Foreword by Bill Weinstein xiii Preface xvii Introduction 01 The next merger boom is already here 1 7 1.1 Bu