The Unwritten Rules of M&A

Most boards are faced with the paradox of growth. Organic growth is slow and can be difficult in mature markets. M&A provides more rapid growth but is higher risk in terms of outcome. Businesses need growth not just to satisfy investors but to create market power and scale economies. This book helps to navigate the difficult terrain faced by boards wishing to grow through acquisition. It identifies which strategies are more likely to be effective and how the chosen strategy largely determines the form of integration. Taking a step-by-step approach, this book guides readers through the key decisions and likely business outcomes. Each chapter is accompanied by lessons which are helpful in summarising and consolidating the key issues.

This book tackles key topics, such as:

M&A performance and risks

Strategic growth options

Improving integration performance

Learning from private equity

M&A process and business valuation

Future of private equity

Performance driven governance

Grounded in cutting-edge theory and combined with engaging, real world case studies and practical exercises and lessons, this is an indispensable guide not only for MBA and Executive students, but also for anyone likely to be involved in setting strategy and the process of buying, selling or integrating a business.

A primer for executive and MBA students on how to successfully navigate mergers and acquisitions Explains how to avoid the main pitfalls and improve the prospects of a successful integration Explains the various stages in the process of buying or selling a business

Autorentext

John Colley is Professor of Practice and Associate Dean at Warwick Business School teaching MBA and executive education students. From Finance Director and Managing Director at British Gypsum, John rose through leadership roles to become Group Managing Director at a FTSE 100 business and Executive Managing Director at a French CAC 40 business. Having chaired a listed business and a number of privately owned businesses, including private equity and family owned, he remains sought after for advice at board level. He has conducted corporate transactions throughout his career and studies and teaches strategy, M&A and private equity. Entering academia with a PhD from Nottingham University, Professor Colley has unique business insight that bridges practise and theory. He is highly quoted for his expertise and has written for the international press and popular business journals.

Inhalt

Part I. Introduction.- 1. Getting M&A Right.- Part II. M&A: Strategy, Pricing and Integration.- 2. Strategic Growth Options and Respective Risk Profiles.- 3. Improving Integration Performance and Synergy Extraction.- Part III. M&A: The Private Equity WayWhat Is There to Be Learnt?.- 4. Private Equity: A Rising Power.- 5. Comparing Private Equity and Corporate Approaches to M&A.- 6. The Future of Private Equity.- Part IV. Valuation, Process, Governance and Case Studies.- 7. Business Valuation, Process and Negotiation.- 8. Effective Governance and M&A.- 9. Case Studies.- Part V. Conclusions.- 10. Ten 'Rules' to Improve Your M&A Performance.- Index.