By Robert F. Bruner
A close examine the worst M&A bargains ever and the teachings realized from them it is common wisdom that approximately half all merger and acquisition (M&A) transactions break price for the buyer's shareholders, and approximately three-quarters fall wanting the expectancies triumphing on the time the deal is introduced. In offers from Hell, Robert Bruner, one of many leading thinkers and educators during this box, uncovers the true purposes for those mishaps via taking a better examine twelve particular circumstances of M&A failure. via those real-world examples, he exhibits readers what went fallacious and why, and converts those examples into cautionary stories for executives who want to know how they could effectively navigate their very own M&A offers. those page-turning enterprise narratives in M&A failure offer much-needed assistance during this quarter of commercial. through addressing the main elements to M&A good fortune and failure, this complete advisor illustrates the simplest how you can learn, layout, and enforce M&A bargains. jam-packed with in-depth insights, specialist recommendation, and priceless classes gleaned from different M&A transactions, offers from Hell is helping readers steer clear of the typical pitfalls linked to this box and offers them with a transparent framework for considering the right way to make any M&A transaction a hit.
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Extra info for Deals from Hell: M&A lessons that rise above the ashes
Or value investing (Berkshire Hathaway). In short, special managerial skill could trump the need for strategic linkage, though it’s important to keep in mind that many of the lofty claims of managerial skill will not stand up to scrutiny. Large diversified conglomerates (such as ITT, Westinghouse, Gulf+Western, and Ling-Temco-Vought (LTV) were built on the presumption of such skill and then went to the dinosaur boneyard. Third, an acquisition strategy of relatedness and focus warrants critical scrutiny, too.
See Moeller, Schlingemann, and Stulz (2003 and 2004). 8. This is also consistent with the fact that the primary fiduciary responsibility of directors is to their shareholders. 9. Studies reporting returns to target firm shareholders include these: Langetieg (1978); Bradley, Desai, and Kim (1988); Dennis and McConnell (1986); Jarrell and Poulsen (1989); Lang, Stulz, and Walkling (1989); Franks, Harris, and Titman (1991); Servaes (1991); Bannerjee and Owers (1992); Healy, 42 THE F O U N DAT I O N S OF M&A FAILURE Palepu, and Ruback (1992); Kaplan and Weisbach (1992); Berkovitch and Narayanan (1993); Smith and Kim (1994); Schwert (1996); Loughran and Vijh (1997); Maquieira, Megginson and Nail (1998); Eckbo and Thorburn (2000); Leeth and Borg (2000); Mulherin and Boone (2000); Mulherin (2000); DeLong (2001); Houston et al.
The benchmark for measuring performance is investors’ required returns, commonly defined as the return investors could have earned on other investment op- Where M&A Pays and Where It Strays:A Survey of Research 17 portunities of similar risk. Against this benchmark, we can see three possible outcomes: 1. Value is destroyed. In this case, investment returns are less than those required by investors. Investors could have done better investing in another opportunity of similar risk, and they are justifiably unhappy.
Deals from Hell: M&A lessons that rise above the ashes by Robert F. Bruner