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From the PublisherCharles R. Shoemate Chairman, President, and CEO, CPC International Inc. Every CEO and Corporate Director who has been in the path of the "WOW! GRAB IT!" acquisition locomotive should read this book!
Robert Cizik Chairman and CEO, Cooper Industries, Inc. (retired) A refreshingly revealing book on the "acquisition game" and the reasons why most are DOA (dead on arrival). Food for thought for those CEO's who recommend acquisitions and, perhaps more importantly, those directors who must approve those recommendations.
John E. Stuart Chairman and CEO, ALCO Standard Corporation The first book on acquisitions I've read which actually makes sense. Dissects and explains in understandable terms why and how they can actually diminish shareholder value. I highly recommend it.
Roy C. Smith Professor OF Finance, Stern School of Business, New York University, Limited Partner, Goldman, Sachs & Co. Should be of great interest to directors of public corporations and investing institutions. Sirower's findings suggest that managers need to be more vigorously restrained, unless they are able to meet higher standards by much tougher-minded independent board members.
Alfred Rappaport The Leonard Spacek Professor Emeritus, J. L. Kellogg Graduate School of Management, Northwestern University; Co-Founder, The ALCAR Group Inc. An excellent antidote for the CEO willing to pay steep acquisition premiums without fully acknowledging the increases in performance required before any value is created. As Sirower's many examples demonstrate, the winning bid too often materializes as a significant transfer of value from the acquirer's to the seller's shareholders.
Robert A G. Monks and Nell Minow Principals of Lens Mark Sirower's book provides welcome and indisputable documentation of corporate management and director mistakes and abuses in the name of a vague concept of "synergy." The Synergy Trap will be an important aid to managers and directors who are evaluating business combinations, and to the shareholders who are evaluating the managers and directors.
Kathryn Rudie Harrigan Henry R. Kravis Professor OF Business Leadership, Graduate School OF Business, Columbia University The Synergy Trap is a stark benchmark for assessing immediately whether acquisition premiums will be wasted, whether shareholder value will be destroyed.