Cover image for Smart things to know about mergers & acquisitions
Title:
Smart things to know about mergers & acquisitions
Author:
Grundy, Tony, 1954-
Personal Author:
Publication Information:
Oxford : Capstone, [2003]

©2003
Physical Description:
x, 252 pages : illustrations ; 21 cm.
Language:
English
ISBN:
9781841120867
Format :
Book

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HD2746.5 .G785 2003 Adult Non-Fiction Non-Fiction Area
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Summary

Summary

Smart Things to Know About Mergers and Acquisitions is a concise, step by step account of how to conduct all the most important phases of M&A: including the strategic analysis, search process, deal-making, due diligence, integration and post-acquisition review. Illustrated with many checklists, practical pointers and real acquisition case mterial, Tony Grundy shows you all the Smart Things to Know About Mergers and Acquisitions.


Author Notes

Tony Grundy is Senior Lecturer in Strategic Management at Cranfield School of Management, and Director of Cambridge Corporate Development. He has consulted with numerous companies including Barclays Bank, BP, Ford, Lex, Hewlett Packard, ICI, The Prudential, Nokia, Norwich Union and Tesco. He is also author of Smart Things to Know About Growth and several books in the ExpressExec series.

He can be contacted via a.grundy@cranfield.ac.uk or via 01494 873 934.


Table of Contents

Chapter 1 Introduction - Acquisitions and Growth
Acquisition logic and growth - the acquisition culture
Acquisitions strategy and business growth
The logic of acquisitions and routes to growth
Acquisitions, alliances and organic development
How acquisitions can add, dilute or destroy shareholder value
Acquisitions and shareholder value (1) - types of acquisitions
Acquisitions and shareholder value (2) - segmenting the value
The acquisition process
Integrating management perspectives - strategic, financial, organisational, tax, legal
Alternatives to acquisition - alliances and organic development
Divestment
Structure of the book
Summary
Chapter 2 The Acquisition Strategy
Introduction - championing the strategy
Strategy and objectives
Gap analysis - where do acquisitions fit in?
Acquisition options
Strategic and financial attractiveness, implementation difficulty, uncertainty and risk, and stakeholder acceptability
Determining criteria - do's and don'ts
Detailed evaluation - external
BMW and Rover case study
Detailed evaluation - internal
Summary
Chapter 3 Search
Introduction
Different search processes
Approaching your target
Summary
Chapter 4 Acquisitions - Strategic Due Diligence
Introduction
Evaluation, strategic attractiveness - the GE grid
Financial attractiveness
Evaluating implementation difficulty
Uncertainty and risk
Stakeholder acceptability
Summary
Chapter 5 Gaining the Overview - Success in Due Diligence
Introduction
Markets and marketing
Products and services
Technology and IT
BMW and Rover case (continued)
Operations and people
Manufacturing
Summary
Chapter 6 Financial Evaluation
Segmenting the value of an acquisition
Bases of valuation - earnings, assets, discounted cash flows
Price-earnings ratio
Assets backing
Discounted cash flows
Scenarios and uncertainty and risk analysis
Links to the negotiation process
Chapter 7 Managing the Deal
Introduction - acquisition options and bargaining power
Understanding deal-making agendas
Deal scenarios
Deal-making do's and don'ts
Funding the acquisition
BMW and Rover case (continued)
Summary
Chapter 8 Acquisition Integration
The role of the acquisition champion
Integration success and failure
Integration strategies - the alternatives
Communication issues and the BMW/Rover case (continued)
Project managing integration
Evaluating success
Post acquisition learning and review
Summary
Chapter 9 The Champneys Case
Introduction and background
Acquisition integration strategy - options
The integration process
The integration plan
Managing the integration - the dynamics
Case postscript
Summary
Chapter 10 Conclusion
The role of acquisitions - a review
Diagnosis of your own skills and weaknesses
Acquisitions and your career
Appendix 1 Granada and Forte case study