Reaping the Benefits of Mergers and Acquisitions
Routledge – 2001 – 272 pages
Will the early years of the new century continue to witness the huge growth in merger and acquisition activity which marked the end of the last? The chances are that they will - witness the value of deals carried out by the top five investment banks in the first quarter of 2001 alone ($456.2 billion). The quest for the golden fleece is alive and well. Will the majority of M&As continue to fail to achieve their potential value? This book is about breaking out of the cycle of grand strategy, great prospects, poor implementation, lost opportunities. The authors believe that it is possible for M&As to realise their value - and more.
Bringing home the golden fleece involves more than just setting sail in quest for riches. It's about understanding the destination/end game, and working out the most appropriate route. This book has been written with the practitioner in mind, with the thirteen chapters split into three sections. The first section provides an overview of the merger process and outlining the key elements of success. Section Two focuses on the nuts & bolts of managing the integration process - from transition to full integration. Illustrated by a detailed case study of Articon Integralis AG, the leading supplier of IT Security Solutions and Services in Europe. The final section looks at the themes that can make or break mergers - creating the culture of the new organisation, communications, retention and the roles of line managers and HR. Each section is supported by checklists that should be helpful whether you are a novice at the merger game or an expert.
"…more sound advice on topics ranging from designing a communication plan to using 'golden handcuffs' … is a usable blueprint for practitioners going through a merger for the first time, and a set of useful checklists for Y & A addicts."
Steven Bates, MD, JP Morgan Fleming Asset Management - Human Resources, March 2002
"For line managers and HR specialists with an interest in M&As the book provides real practical guidance to getting on to the front foot for the key first 100 days. There is a real understanding of the critical success factors and potential pitfalls throughout the M&A process, particularly the leadership, organizational, social and cultural issues."
Mike Pemberton, Group HR Director, CGNU plc
Acknowledgements; List of figures; Part one - In search of the golden fleece: merger and acquisition strategy; The human and organizational aspects of change; Part two - Starting the search: prospecting and evaluation, the Articon-Integralis case study part I; Legal aspects of mergers; Preparing to set sail: transition planning, the Articon-Integralis case study part II; Designing in the value: integration initiative design; Delivering the value: transition management, the Articon-Integralis case study part III; Part three - Communicating with effect; Retaining staff loyalty; Creating the new organizational culture; The role of HR; The role of line managers in mergers; Conclusion: reaping the benefits of mergers and acquisitions; Glossary of terms; Index.