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Informationen zum Autor ROBERT V. STEFANOWSKI is an independent consultant on business strategy, leadership, finance, and M&A throughout North America, Europe, and Asia. A current member of the McKinsey & Company Mergers & Acquisitions Advisory Board, he's also been President and CEO of numerous business units at General Electric Company and CFO of UBS Investment Bank. A Visiting Professor of Management Practice at Oxford University, he is the author of Making M&A Deals Happen. Klappentext Boost M&A outcomes with less risk by learning from mistakes of the pastMaterial Adverse Change will help you close more successful mergers and acquisitions by analyzing the common root causes of deal failures from before the Great Recession to today. The time between signing and closing a deal is a particularly risky period where the buyer has committed to purchase the company, but the seller continues to operate it while waiting for regulatory approval or funding to close out the deal. A Material Adverse Change clause allows the buyer to back out of the transaction if certain adverse events occur during this period. By designing this safety net into the contract, you're free to take the time to examine records, meet with employees, and fully understand the legal issues at hand. If the target loses value during that time, in certain cases, you're free to walk away. This book explores the full power of the Material Adverse Change clause, and today's M&A in general. You'll dig into the real causes of M&A failure, and discover the traits and practices that lead to poor results as you learn how to avoid these common mistakes and drive more successful deals. Recent case studies highlight common mistakes made--and propagated--by otherwise intelligent people, so you can identify and eliminate these practices within your own organization.A large acquisition is already a delicate balancing act. Why complicate it with the exponential risk by not doing your homework? This book shows you how to apply best practices to increase your chances of successful deals and avoid potentially career ending mistakes.* Explore the true root causes of M&A failures of the past* Analyze the personality traits that drive suboptimal outcomes* Implement new practices to avoid mistakes and close successful deals* Learn why common-sense errors are repeated over and over againThe M&A market has grown to become a major factor in the global economy, yet many buyers do less investigation than consumers making everyday purchases. Material Adverse Change shows you how to slash risk and improve your chances of completing better deals. Zusammenfassung The ultimate guide to successful M&As no matter how the economy's doing No one has written about the true root causes of the recent large M&A failures and why the mergers that were supposed to save the companies and the economy did not work. Inhaltsverzeichnis Introduction: The Risks and Opportunities of Doing a Deal xi Chapter 1 Why Bad Deals Happen 1 A Practical Approach to Mergers and Acquisitions 3 A Case Study: RBS Buys ABN AMRO 4 Motivations for Deals 5 A Case Study: Bank of America Buys Merrill Lynch 5 Using M&A to Divert Attention 12 Using M&A to Grow Quickly 12 Using M&A to Solve Problems 13 Horizontal and Vertical Mergers 14 Conclusion 16 Chapter 2 Buy or Build? 19 A Case Study: Commerce Bank 21 A Case Study: Metro Bank 26 Is There Anything in Between? 29 A Case Study: Dow Corning Joint Venture 31 A Case Study: Bucknell Industries 32 Conclusion 34 Chapter 3 Let the Buyer Beware 37 Wachovia Buys Golden West 40 AOL Time Warner Merger 46 Wells Fargo Buys Wachovia 48 Chapter 4 The Opportunities and Risks of Expanding Your Business Globally 51 Telenor India Joint Venture 54...
