Maximizing Corporate Value through Mergers and Acquisitions: by Patrick A. Gaughan

By Patrick A. Gaughan

Solid assistance for choosing the proper strategic foundation for mergers and acquisitions

Examining how M&A matches in company development concepts, Maximizing company price via Mergers and Acquisitions covers many of the strategic purposes for corporations coming into mergers and acquisitions (M&A), with a glance at those who are according to sound process, and those who are not.

  • Helps businesses come to a decision even if M&As can be used for progress and elevated company value
  • Explores why M&A bargains usually fail to carry what their proponents have represented they would
  • Explains which different types of M&A paintings top and which to avoid

With insider advice on what forums of administrators may be conscious of whilst comparing proposed offers, Maximizing company price via Mergers and Acquisitions offers a valid beginning for figuring out the dangers all for any mergers and acquisitions deal, earlier than it is too late.

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Willie Durant did not enjoy such success after leaving GM. While he was at one time wealthy, he died penniless as he kept throwing his (continued ) 39 3GC02 03/21/2013 11:27:3 Page 40 MAXIMIZING CORPORATE VALUE THROUGH MERGERS AND ACQUISITIONS 40 (continued ) wealth into one failed deal after anoter. If he had not been fired by DuPont, odds are that GM would have suffered a similar fate. a Vincent Curcio, The Life and Times of an Automotive Genius (New York: Oxford University Press, 2000). b David Farber, Sloan Rules: Alfred E.

2 Cisco’s Share Repurchases: 2003–2012 Note: For fiscal years ending in July. Source: Cisco annual reports. CAN M&A BE EFFECTIVELY USED TO BUY GROWTH? Companies that have had trouble growing the business or businesses they already have often look to acquire other fast-growing businesses to jumpstart their own growth. The reasoning is that if we acquire a fast-growing company, at a minimum, the weighted average growth rate should be higher—or so we hope. This raises some obvious questions about why the acquirer’s current business is slow growth.

Others, such as the Warner Lambert acquisition by Pfizer or the merger between Exxon and Mobil, clearly were major successes. The difference between successful and failed deals is discussed throughout the rest of this book. The fifth merger wave was truly an international one with M&A volume in Europe rivaling that of the United States. The Europeans had drunk the American’s M&A Kool-Aid and were off to the dealmaking races. In many ways, this was a needed change as for many years some very inefficient corporate structures had existed in Europe, and M&A was a way for these economies to create more efficient enterprises.

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