Masterminding the Deal: Breakthroughs in M&A Strategy and Analysis

by Peter Clark, Roger Mills

Overview

Following a quiet period in global M&A activity, a new boom seems to be underway, but in an age where two—thirds of all merger deals can be said to fail (where deals fall short of the minimum required financial returns to the acquiring company), how can future success be guaranteed? And what can acquirers, and their shareholders and advisers, do to improve the chances of success?

Masterminding the Deal looks at performance in two critical areas — merger segmentation (the identification of critical characteristics and attributes separating more successful mergers from the rest) and category—specific synergy diagnosis (the differentiation of synergy benefits — expenses, revenues, tax — to ensure maximum rewards). Through this in—depth analysis, the book provides the managers and advisers of acquiring firms with concise and actionable frameworks to improve and enhance merger performance. Masterminding the Deal will help you to identify and apply the key components of merger success.

Product Details

ISBN-13:	9780749469528
Publisher:	Kogan Page, Ltd.
Publication date:	08/27/2013
Pages:	352
Product dimensions:	6.00(w) x 9.10(h) x 0.80(d)

About the Author

Peter Clark is a Lecturer (Senior Teaching Fellow) at UniversityCollege London, within the Department of Management Science and Innovation, where he teaches finance at both undergraduate and postgraduate levels. He is a leading author and commentator in merger and IPO—related finance field and has more than 20 years' experience in mergers and acquisitions, involving more than US$3bn in transaction values.
Roger Mills is Emeritus Professor of Finance and Accounting at Henley Business School, University of Reading, and, most recently, was Professor of Fundamental Analysis and Business Valuation at the VU Universityin Amsterdam. He is a Fellow of the Chartered Institute of Management Accountants, the Institute of Chartered Secretaries and Administrators, and the Association of Corporate Treasurers.

Table of Contents

** Chapter — 00: Introduction; ** Chapter — 01: The next merger boom is already here; ** Chapter — 02: Debunking the six merger fallacies that destroy value; ** Chapter — 03: Criteria: First, get the merger valuation methodology right; ** Chapter — 04: Merger segmentation comes of age; ** Chapter — 05: Mergers still fail, but does it matter?; ** Chapter — 06: The merger megaboom’s signature IPO: Facebook; ** Chapter — 07: Towards systematic investigation and implementation of post—merger synergies; ** Chapter — 08: The seven keys to merger success

Editorial Reviews

"[B]oth a guidebook for corporate boards and executives and a research tool for investors...A book that more deal—chasers should read."

Brenda Jubin

"For a long time we have read about the failure rates of M&As. We have also been on the receiving end of explanations of the reasons for failure. These have tended to be generic and rather high level — not usually helpful to practitioners! Masterminding the Deal presents us with a practical framework for examining potential deals and identifying areas that need to be addressed. This book combines the rigorous analysis of past cases with relevance to practitioners."

Professor Malcolm Higgs

"Most swings are strikes, marriages end in divorce, and exploratory wells are dry holes. And yet batters continue to go to the plate, lovers to the alter, and wildcatters to new basins and fields. Masterminding the Deal gives M&A dealmakers cause for continued bullishness."

Justin Pettit

"Masterminding The Deal is a great tool to improve merger success. It starts with a very insightful analysis of why so many past mergers have failed, and then presents a very practical guidebook to help companies realistically appraise a deal's chance of success and to identify ways to improve their chances of making a successful acquisition"."

Stephen F. O’Byrne

"Peter Clark and Roger Mills's book demonstrates the need to go beyond the hyperbole of M&A and to test the efficiency claims made."

Nils von Hinten Reed

"Masterminding The Deal is a great tool to improve merger success. It starts with a very insightful analysis of why so many past mergers have failed, and then presents a very practical guidebook to help companies realistically appraise a deal’s chance of success and to identify ways to improve their chances of making a successful acquisition."

Shareholder Value Advisors Inc. - Stephen F. O'Byrne

"[B]oth a guidebook for corporate boards and executives and a research tool for investors...A book that more deal-chasers should read."

Investing.com - Brenda Jubin

"Most swings are strikes, marriages end in divorce, and exploratory wells are dry holes. And yet batters continue to go to the plate, lovers to the alter, and wildcatters to new basins and fields. Masterminding the Deal gives M&A dealmakers cause for continued bullishness."

IHS - Justin Pettit

"Peter Clark and Roger Mills's book demonstrates the need to go beyond the hyperbole of M&A and to test the efficiency claims made."

CEG Europe - Nils von Hinten Reed

"For a long time we have read about the failure rates of M&As. We have also been on the receiving end of explanations of the reasons for failure. These have tended to be generic and rather high level - not usually helpful to practitioners! Masterminding the Deal presents us with a practical framework for examining potential deals and identifying areas that need to be addressed. This book combines the rigorous analysis of past cases with relevance to practitioners."

Director of the Southampton Management School - Professor Malcolm Higgs

"Masterminding The Deal is a great tool to improve merger success. It starts with a very insightful analysis of why so many past mergers have failed, and then presents a very practical guidebook to help companies realistically appraise a deal’s chance of success and to identify ways to improve their chances of making a successful acquisition."

Shareholder Value Advisors Inc. - Stephen F. O’Byrne