Smarter Acquisitions

‘…essential reading for those contemplating the acquisition trail.’
Dr. Greg J. Hitchings, Growth Initiatives, Infineum UK Ltd

‘… a must-read for all senior managers interested in pursuing acquisitions.’ 
Dirk Van den Berghe, Senior Vice President, Strategy & Synergy Development, Delhaize Group

‘A down to earth, practical and very readable guide to travel through the world of acquisitions.’
Ivar Vetter, Senior Vice President, DSM

 ‘… a well structured and wise book.’
David Barclay, Agenda Set Limited
 
 
Is your company involved in an acquisition? Are you under pressure to grow and to make acquisitions? If so, do you know what you need to do to make sure the deal works?
Larger acquisitions, especially the hostile deals, may get all the headlines. But whether the deal you’re making is large or small, this book guides you through the 10 steps you need to make sure your acquisitions really deliver value.
Smarter Acquisitions will improve your odds of success.  It takes you into the world of acquisitions so that it will become familiar ground. It itemizes the causes of failure, so you can avoid them.  It tells you about private equity players and what you can learn from them. And it covers the 10 steps of the acquisition process from beginning to end: from the crucial, often-missed step of developing an acquisition strategy, to valuing the target company, to negotiating the deal, through to integrating the new company.
 
THE 10 ESSENTIAL STEPS TO ACQUISITIONS THAT GENUINELY ADD SHAREHOLDER VALUE

List of contents

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

 
 

About the author

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. 

Summary

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.

Product details

• Authors: Andrew Campbell, David Sadtler, David Smith
• Publisher: Pearson Academic
• Languages: English
• Product format: Paperback / Softback
• Released: 24.07.2008
• EAN: 9780273715436
• ISBN: 978-0-273-71543-6
• No. of pages: 200
• Dimensions: 156 mm x 234 mm x 13 mm
• Weight: 381 g
• Series: Financial Times Series; Financial Times Series
• Subject: Social sciences, law, business > Business > Management