Smart Things to Know About Mergers and Acquisitions

Chapter 1 - Introduction - Acquisitions and Growth. * Acquisition logic and growth - the acquisition culture. * Acquisitions strategy and business growth. * The logic of acquisitions and routes to growth. * Acquisitions, alliances and organic development. * How acquisitions can add, dilute or destroy shareholder value. * Acquisitions and shareholder value (1) - types of acquisitions. * Acquisitions and shareholder value (2) - segmenting the value. * The acquisition process. * Integrating management perspectives - strategic, financial, organisational, tax, legal. * Alternatives to acquisition - alliances and organic development. * Divestment. * Structure of the book. * Summary. Chapter 2 - The Acquisition Strategy. * Introduction - championing the strategy. * Strategy and objectives. * Gap analysis - where do acquisitions fit in? * Acquisition options. * Strategic and financial attractiveness, implementation difficulty, uncertainty and risk, and stakeholder acceptability. * Determining criteria - do's and don'ts. * Detailed evaluation - external. * BMW and Rover case study. * Detailed evaluation - internal. * Summary. Chapter 3 - Search. * Introduction. * Different search processes. * Approaching your target. * Summary. Chapter 4 - Acquisitions - Strategic Due Diligence. * Introduction. * Evaluation, strategic attractiveness - the GE grid. * Financial attractiveness. * Evaluating implementation difficulty. * Uncertainty and risk. * Stakeholder acceptability. * Summary. Chapter 5 - Gaining the Overview - Success in Due Diligence. * Introduction. * Markets and marketing. * Products and services. * Technology and IT * BMW and Rover case (continued). * Operations and people. * Manufacturing. * Summary. Chapter 6 - Financial Evaluation. * Segmenting the value of an acquisition. * Bases of valuation - earnings, assets, discounted cash flows. * Price-earnings ratio. * Assets backing. * Discounted cash flows. * Scenarios and uncertainty and risk analysis. * Links to the negotiation process. Chapter 7 - Managing the Deal. * Introduction - acquisition options and bargaining power. * Understanding deal-making agendas. * Deal scenarios. * Deal-making do's and don'ts. * Funding the acquisition. * BMW and Rover case (continued). * Summary. Chapter 8 - Acquisition Integration. * The role of the acquisition champion. * Integration success and failure. * Integration strategies - the alternatives. * Communication issues and the BMW/Rover case (continued). * Project managing integration. * Evaluating success. * Post acquisition learning and review. * Summary. Chapter 9 - The Champneys Case. * Introduction and background. * Acquisition integration strategy - options. * The integration process. * The integration plan. * Managing the integration - the dynamics. * Case postscript. * Summary. Chapter 10 - Conclusion. * The role of acquisitions - a review. * Diagnosis of your own skills and weaknesses. * Acquisitions and your career. Appendix 1. Granada and Forte case study.