Due Diligence: An M&A Value Creation Approach (Wiley Finance)

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Identified challenges include need to establish political buy-in, establishing a governance structure and cost-sharing formulas, and perception of a potential loss of control and organizational identity. Leadership should take the integration pulse and launch any actions needed to sustain momentum and ensure accountability. Value capture project planning Under the direction of the IMO, the functional teams define initiatives to achieve synergy targets ref. He is a board member of Friend, Inc. These goals were the driving force behind designing and implementing a new integration organization, and every accomplishment through the process can be directly associated with one of these goals.

Although we had many accomplishments, our major accomplishments were in the areas of program consolidations, cost savings and reinvestment, staff reductions, organizational redesign, and stakeholder involvement The revised statutes of download online The revised statutes of Manitoba; being a consolidation of the consolidated statutes of Manitoba with the subsequent public general acts of the Legislature of Manitoba, to and including those of here. In addition, they also found evidence of conflict arising from the differences in culture, pointing to a possible source for the high turnover rate following real mergers.

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The Conscious Investor John Price. Flap copy In today's uncertain economic climate, determining the potentialfor a prospective merger or acquisition to create shareholdervalue, and then delivering on that promise, is more critical thanever. In one comprehensive volume, Due Diligence offers asynthesis of practical guidance that spans the entire acquisitionprocess from strategic planning, candidate pursuit, targetevaluation, contract negotiation, through post-acquisitionintegration. The authors emphasize a broad approach to merger and acquisitiondue diligence and focus on points throughout the entire transactionwhen a deal presents either downside risk or an opportunity tocreate value.

In one comprehensive volume, Due Diligence offers a synthesis of practical guidance that spans the entire acquisition process from strategic planning, candidate pursuit, target evaluation, contract negotiation, through post-acquisition integration.

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The authors emphasize a broad approach to merger and acquisition due diligence and focus on points throughout the entire transaction when a deal presents either downside risk or an opportunity to create value. Offering a step-by-step approach to the due diligence process, Gole and Hilger emphasize the following principles: Holistic Due Diligence: A cross-transactional perspective of risks and opportunities that spans the entire process Sound Strategic Framework: A disciplined growth strategy that guides the search for suitable acquisition targets Purposeful Behavior: Alignment of the acquirer's actions before, during, and following the close of the transaction with its value creation and risk mitigation objectives Explicit Planning to Create Value: An investor mind-set that focuses on the creation of value for the acquirer Any CFO, CEO, controller, director of finance, or business manager involved in a merger or acquisition will find this book to be a timely guide for ensuring productive results.

Table of contents Preface. About the Authors. Review Text "The authors of this book offer what they call a holistic approach to the due diligence aspects of corporate mergers and acquisitions. It was written by CPAs to provide practical guidance to due diligence activities. The authors accomplish this goal therefore the book would be more approporiate for an undergraduate or graduate business library than an academic law library. Review quote "The authors of this book offer what they call a holistic approach to the due diligence aspects of corporate mergers and acquisitions.

About William J. Gole William J. Paul J. He has over twenty-five years of financial leadership experience, and has led numerous acquisitions and divestitures from planning through integration. Rating details. Book ratings by Goodreads. Goodreads is the world's largest site for readers with over 50 million reviews.

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A central question lies on whether the organization has the capability to develop the desired competences internally, as well as on the required cost, time and effort. After reasoning about such matters, executives shall analyze the possibility of buying these competences in the market.

Cullinan and Holland reinforce the assumption that significant strategic planning should drive acquisition processes. They believe that the chance to achieve transactional success increases dramatically when the target business of the company complies with the buyer's strategic goals. According to Hubbard , pre-acquisition planning is a key factor to the acquisition process.

He states that without proper planning the acquirer is at risk, since the information available to support the negotiations with the target company is limited; therefore, it could limit synergy and jeopardize the due diligence process. According to this author, the understanding about the vision and the planning to go forward are essential to gain and keep the acceptance and the enthusiasm of target employees.

Howson states that only after doing a proper strategic review it is reasonable identifying and approaching an acquisition target.

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  7. According to Jensen , many companies act prematurely and begin looking for deals without first considering the company that would best meet their strategic goals. Jensen lists five target screening and approaching process phases, namely: a defining objectives and ranking the most important strategic benefits; b establishing criteria, measures and attributes of the target company; c identifying nominees in public and private databases, based on market research; d gathering information; and e contacting prospects.

    According to Howson , if an approach leads to mutual interest, both parts will look forward to starting serious negotiations.

    Due Diligence: An M&A Value Creation Approach (Wiley Finance)

    If there is good match between the parts, the due diligence process can get started. At this point, the two companies agree on getting to know each other better and on sharing critical and strategic information concerning financial, commercial, operational, personnel, legal and tax aspects.

    As explained by Bing , this phase often takes place after the parts involved in the deal decide that it is feasible and after they get to a preliminary understanding or to what appears to be reachable understanding ; however, at this point the binding contract was not signed yet. Howson states that a successful due diligence leads to negotiation rounds and, if such negotiations go well, the deal is set. Bing lists topics to be covered during the due diligence process, but he does not define the field this diligence fits into.

    Drastic consequences can come from unsuccessful due diligences, from overlooking critical areas and, particularly, from non-financial matters. According to Bing , financial statements provide thumbnail sketches of a business and of its background, as well as give few clues and trigger insights about the company in the present-term, and enable reasonable guessing about its near future.

    Valuation is also an important point throughout the dealing process. Wilde defines as cynical a person who makes the distinction between value and price, i. According to Damodaran , such profile would fit many investors who see investing as a game and define winning as staying "ahead of the pack". According to the acquirer, in the buyer's viewpoint, the combined value of the acquired business exceeds the purchase price; on the other hand, in the seller's viewpoint, the price paid is more important than other alternatives, including the continuous ownership of the stand-alone business.

    Naturally, negotiations start at the beginning of the process e. The critical stage during the negotiation process is felt right after the due diligence, when the information gathered during it is added to and factored in the valuation model.

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    A higher premium must be paid if the value predicted for the target company is lower than it was previously thought, fact that could lead to the renegotiation of transaction terms. Closing the deal means signing the Sales and Purchase Agreement "SPA" , and it can be compared to saying "yes" in a wedding ceremony; there is no way back after the deal is closed and the merger is complete.

    Then, it is time to celebrate and start the integration and consolidation process. Integration regards the transition period, when the merged entity is designed and set. Often, a lot of effort and planning is demanded to accomplish a smooth integration, which involves people, assets, customers, suppliers, technologies, infrastructure and operations Epstein, Consolidation follows the integration process; it is the process when the new entity is already set to work and accomplish the plan, which was the basis for the merger rationale.

    The current study follows an exploratory qualitative research design. According to Chizzotti , exploratory studies often clarify situations in order to raise the awareness about them. Such information result in rich and substantial descriptions of the herein studied phenomenon Vieira, Merger talks collapse due to a number of objective and subjective reasons. This type of information is often confidential and treated with a lot of discretion. The qualitative approach was chosen, because the reasons for a failure are not often disclosed.

    According to Neves , this approach comprises a set of different interpretative techniques that aim at describing and decoding the components of a complex system of meanings. The statement by Malhotra about the sampling technique, which was developed for qualitative research purposes and to select the participants to be considered, addresses it as a non-probabilistic technique, since it relies on personal judgments about the researcher rather than on the possibility of selecting sample elements.

    Moreover, data were collected between March and June through 16 in-depth interviews with deal makers from different backgrounds, including corporate and private equity professionals, advisors and investment bankers.

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    Sixteen 16 interviewees were intentionally chosen depending on their experience and on the role they played in the transaction processes; their availability and interview accessibility were taken into account.