Practical M&A Execution and Integration

Tables and Figures xi

Foreword xv

Acknowledgments xvii

Section A: About Mergers and Acquisitions 1

Chapter 1: Introduction 3

Fundamentals of mergers & acquisitions 5

Types of M&A deals 6

Challenges of M&A deals 11

Reasons for M&A 14

Chapter 2: Role of regulation 21

Regulatory regimes 22

UK anti-trust regime 23

European Union regulation 26

US anti-trust legislation 27

Bid process 28

Section B: Fundamentals of the Deal 31

Chapter 3: Anatomy of a deal 33

M&A Stages 33

Phase 1: Prelude (to a deal) 36

Phase 2: Deal negotiation 40

Phase 3: Pre-change of control 44

Phase 4: Change of control 50

Phase 5: Integration 50

Phase 6: Business as usual 53

Section C: Successful M&A 55

Chapter 4: M&A power 57

Clarity 57

Capacity 61

Speed 76

Chapter 5: M&A process 79

Risk management 80

Planning, management and control 106

Project lifecycle and structure 113

Issue management 133

Risk management practice 138

Reporting 149

Assumption management 152

Dependency management 154

Scope change management 157

Quality management 162

Resource management 164

Cost management 166

Communications management 170

Stakeholder management 173

Chapter 6: M&A people 175

Culture 175

Stakeholders 179

Personnel 179

Section D: Pulling It All Together: Delivering M&A 185

Chapter 7: Timing 187

Managing the integration and change of control period 187

Project organisation and control 197

Section E: Banking M&A 207

What makes banking M&A unique? 207

Planning for the post-merger period 211

Planning to get to the change of control 212

Organisational approach 225

Issue management 229

What if it all goes wrong? 235

Section F: Document Templates and Suggested Tables of Contents 239

Control documents 239

Report templates 245

Project document templates 255

Bibliography 289

About the author 291

Index 293