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Full Description
Acquisitions have a poor record of creating value for shareholders. Studies have shown that as many as 70% of mergers and acquisitions fail to meet their objectives. Some even bankrupt the acquiring company. Why is this? Managers often have too little experience with the acquisition process or make acquisitions for the wrong reasons.
Smarter Acquisitions will make sure you are part of the 30% that get it right. By following ten key steps you can ensure that you get real value from your acquisitions. It covers the entire acquisition process, from identifying targets through to integrating the new company, providing you with the knowledge you need to lead an acquisition or to participate at any stage.
Private equity is now a massive force in the marketplace This book gives you an overview of this recently emerging phenomenon and will help you explore when you could profitably incorporate this option into your acquisitions strategy.
Contents
Preface
About the authors
Acknowledgements
Part 1 The context
1 Introduction
2 Private equity
3 Why acquisitions fail
4 Acquisition mechanics
Part 2 The process - the ten steps to successful acquisitions
5 Step 1 Formulating strategy
6 Step 2 Setting criteria
7 Step 3 Conducting a search
8 Step 4 Acquisition planning
9 Step 5 Using the right financial logic
10 Step 6 Negotiating a good deal
11 Step 7 Performing responsible due diligence
12 Step 8 Sale and purchase agreement
13 Step 9 Financing
14 Step 10 Implementation and integration
15 Summary of best practice
Appendices
Appendix A AT&T's acquisition of BellSouth
Appendix B Imperial Group's acquisition of Altadis
Endnotes
Index
