By Jeffery S. Perry, Thomas J. Herd – A.T. Kearney “The art of doing due diligence is being lost. Buyers aren’t analyzing the operations and books of prospective acquisitions with nearly enough vigor” (Fortune, 3 September 2001). For the past few years, sad stories of gigantic merger failures have been told and retold in the media – for example, the … Read more
By John O. Nigh, Louis J. Bevilacqua – Towers Perrin, Wickersham & Taft M&A due diligence has always been a good business practice. But in the wake of the Sarbanes-Oxley Act, it is now essential. In an effort to restore public confidence in the capital markets and the accounting profession, which were shaken by the collapse of a number … Read more
By Michael May, Patricia Anslinger and Justin Jenk – Accenture Checking too quickly and focusing too narrowly can be a recipe for disaster. Successful acquirers take a different approach: the disciplined prioritization and organization of a number of fundamental—but often neglected principles. Call it strategic due diligence. Hewlett-Packard hadn’t been much of a favorite with Sanford C. Bernstein & Company‘s A.M. Sacconaghi. For … Read more
By Michael J. Shelton – McKinsey & Company An integration manager can help make a merger more successful, but only if the top team knows how to choose and install one. For some years now, CEOs have turned to integration managers—usually mid- to upper-level executives relieved of their customary duties for six months to a year—to help lead … Read more
by Towers Perrin
European merger and acquisition (M&A) transactions are surprisingly successful: over 70% of respondents report their M&A deals achieved targeted objectives. New desk research into 50 large mergers and acquisitions in Europe backs-up the respondents’ claims. In 45% of the deals the share price of the merged company outperformed the rest of its sector in the following year. […] Read more
by Accenture
In spite of a softer economy and a changing business landscape, mergers and acquisitions remain a vital part of many companies’ overall strategies to attain and maintain competitive advantage. But even in the best of economic times, merger and acquisition (M&A) execution is a challenge. Statistics have shown that anywhere from 40 percent to 60 percent of M&As either fail outright or fall well short of the value they’re expected to bring. Improving the financial return for M&As, even incrementally, offers a huge potential value. […] Read more
By Richard A. Chang, Gary A. Curtis, Justin Jenk – Accenture In spite of a softer economy and a changing business landscape, mergers and acquisitions remain a vital part of many companies’ overall strategies to attain and maintain competitive advantage. But even in the best of economic times, merger and acquisition (M&A) execution is a challenge. Statistics have shown that … Read more
By Andrew F. Giffin and Jeffrey A. Schmidt In implementing an M&A, most managers focus on the financials. But success often hinges on how you deal with people issues and cultural integration. Is your HR unit up to the task? In 2001, an admittedly sluggish year for mergers and acquisitions, the global financial services industry undertook … Read more
By Gerry Adolph, Ian Buchanan, Jennifer Hornery, Bill Jackson, John Jones, Torbjorn Kihlstedt, Gary Neilson and Harry Quarls – Booz•Allen & Hamilton Executive Summary From airlines to automobiles to advertising, the urge to merge has escalated steadily over the past decade. In 2000 alone there were 9,472 merger and acquisition transactions in the United States — a new record. Although this rush to … Read more
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