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Smarter Acquisitions

Smarter Acquisitions

Ten steps to successful deals

Andrew Campbell, David Sadtler, David Smith

Jul 2008, Paperback, 200 pages
ISBN13: 9780273715436
ISBN10: 0273715437
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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.

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

David Sadtler is an Associate of the Ashridge Strategic Management Centre. His research, teaching and consulting activities are concentrated on questions of strategy at both the corporate and business unit levels. He is the author of a number of articles on the issues and challenges of corporate level strategy.

Andrew Campbell is a Director of Ashridge Strategic Management Centre. Andrew's work includes directing research projects, running management programmes and consulting with client companies. Andrew has authored 10 books based on his research and has also published numerous articles including six with the Harvard Business Review.

David Smith is an Associate of the Ashridge Strategic Management Centre. He is an authority on mergers and acquisitions, valuation, and corporate investment decision-making and lectures extensively on these topics. He has specialist experience of consulting in media, marketing, manufacturing and financial services.

"a step-by-step guide... that will help ensure your company is one of the successful 30% that derive real value from their acquisitions" - Strategy Magazine, December 2008 (readership 150,000)

".... there is a lot of good management required and this book brings the many necessary strands together in one compact volume." - Professional Manager, Jan 09 (readership 100,000)