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Full Description
Most boards are faced with the paradox of growth. Organic growth is slow and can be difficult in mature markets. M&A provides more rapid growth but is higher risk in terms of outcome. Businesses need growth not just to satisfy investors but to create market power and scale economies. This book helps to navigate the difficult terrain faced by boards wishing to grow through acquisition. It identifies which strategies are more likely to be effective and how the chosen strategy largely determines the form of integration. Taking a step-by-step approach, this book guides readers through the key decisions and likely business outcomes. Each chapter is accompanied by lessons which are helpful in summarising and consolidating the key issues.
This book tackles key topics, such as:
M&A performance and risks
Strategic growth options
Improving integration performance
Learning from private equity
M&A process and business valuation
Future of private equity
Performance driven governance
Grounded in cutting-edge theory and combined with engaging, real world case studies and practical exercises and lessons, this is an indispensable guide not only for MBA and Executive students, but also for anyone likely to be involved in setting strategy and the process of buying, selling or integrating a business.
Contents
Part I. Introduction.- 1. Getting M&A Right.- Part II. M&A: Strategy, Pricing and Integration.- 2. Strategic Growth Options and Respective Risk Profiles.- 3. Improving Integration Performance and Synergy Extraction.- Part III. M&A: The Private Equity Way—What Is There to Be Learnt?.- 4. Private Equity: A Rising Power.- 5. Comparing Private Equity and Corporate Approaches to M&A.- 6. The Future of Private Equity.- Part IV. Valuation, Process, Governance and Case Studies.- 7. Business Valuation, Process and Negotiation.- 8. Effective Governance and M&A.- 9. Case Studies.- Part V. Conclusions.- 10. Ten 'Rules' to Improve Your M&A Performance.- Index.
