A detailed look at the worst M&A deals ever and the lessons
learned from them
It's common knowledge that about half of all merger and acquisition
(M&A) transactions destroy value for the buyer's shareholders,
and about three-quarters fall short of the expectations prevailing
at the time the deal is announced. In Deals from Hell, Robert
Bruner, one of the foremost thinkers and educators in this field,
uncovers the real reasons for these mishaps by taking a closer look
at twelve specific instances of M&A failure. Through these
real-world examples, he shows readers what went wrong and why, and
converts these examples into cautionary tales for executives who
need to know how they can successfully navigate their own M&A
deals. These page-turning business narratives in M&A failure
provide much-needed guidance in this area of business. By
addressing the key factors to M&A success and failure, this
comprehensive guide illustrates the best ways to analyze, design,
and implement M&A deals. Filled with in-depth insights, expert
advice, and valuable lessons gleaned from other M&A
transactions, Deals from Hell helps readers avoid the common
pitfalls associated with this field and presents them with a clear
framework for thinking about how to make any M&A transaction a
success.
Autorentext
Robert F. Bruner is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes, as well as the author of two other Wiley titles, Applied Mergers and Acquisitions and The Panic of 1907. Bruner has served as a consultant to over twenty corporations and the U.S. government, and prior to his academic career worked as a commercial banker and venture capitalist. He holds a BA from Yale University, and an MBA and DBA from Harvard University.
Zusammenfassung
A detailed look at the worst M&A deals ever and the lessons learned from them
It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.
Inhalt
Foreword by Arthur Levitt, Jr.
Acknowledgments.
1. Introduction.
I. The Foundations of M&A Failure.
2. Where M&A Pays and Where It Strays:A Survey of
Research.
3. Profiling the Outlying M&A Deals.
4. Real Disasters and M&A Failure.
II. Case Studies of M&A Failure.
5. February 1968: Merger of the Pennsylvania and New York
Central Railroads.
6. December 1986: The Leveraged Buyout of Revco Drug
Stores.
7. September 1989: The Acquisition of Columbia Pictures
by Sony Corporation.
8. September 1991: The Acquisition of NCR Corporation by
AT&T Corporation.
9. December 1993: Renault's Proposed Merger with
Volvo.
10. December 1994: The Acquisition of Snapple by Quaker
Oats.
11. May 1999: Mattel's Acquisition of The Learning
Company.
12. January 2001: Merger of AOL and Time Warner.
13. December 2001: Dynegy's Proposed Merger with
Enron.
14. January 2002: Acquisition Program of Tyco
International.
III. Avoiding the Deal from Hell.
15. Conclusions and Implications.
16. Memo to the CEO:A Coda on Growth.
References.
About the Author.
Index.