By William J. Gole
This nuts-and-bolts consultant examines all features of an M&A due diligence--from coming to the choice to procure a firm, to who might be at the due diligence workforce, to the particular approach and the ultimate record and post-closing stick to up. It advocates a spotlight on either danger mitigation and shareholder worth production, and emphasizes a holistic procedure that spans from making plans to post-acquisition integration. The tentative contents is: (1) creation; (2) making plans for worth construction: progress approach; (3) Engagement and pursuit; (4) getting ready for due diligence; (5) Validation of price: acting due diligence; (6) review of due diligence effects; (7) Optimizing worth: submit diligence negotiation; (8) Extracting price: post-transaction integration
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Extra resources for Due Diligence: An M&A Value Creation Approach (Wiley Finance)
Sample text
Acquirers can and should seek to optimize all of the elements of the acquisition deal structure, not only the headline purchase price, but also the contractual terms and conditions, which can shift risk and value back and forth between buyer and seller, and even the tax structure of the transaction, which can also gain or lose value for the acquirer. 6. Synergy opportunities. The term synergy opportunities emphasizes that the synergy value is an amount that will accrue to the acquirer only if everything goes right with the acquisition and integration—it is a potentiality, far from a given.
Chapter Focus The focus of the discussion in this chapter is on the strategic planning process employed by most large corporations and the importance of its relationship to investment decisions. The chapter outlines the planning process and how investment decisions flow from that process. It specifically covers the following: An overview of the planning process and important aspects and characteristics of that process A description of the strategic assessment aspect of the planning process, including the clarification of the organization’s mission and objectives and the consideration of the market and internal factors that drive or influence investment strategy A discussion of the types of investment objectives that result from that assessment, and their prioritization and selection, as well as the risks and potential rewards associated with each P1: a/b c02 P2: c/d QC: e/f JWBT093-Gole T1: g May 22, 2009 19:21 Planning for Value Creation Printer: Courier Westford 29 A discussion of various aspects of the investment vehicles (internal development, acquisition, and strategic alliance) available to execute an organization’s investment objectives and an approach to identifying those vehicles that best meet the organization’s investment objectives It is important to note that the scope of this discussion is narrowly focused.
Wilson, Harvard Business Review on Mergers and Acquisitions (Boston: Harvard Business School Press, 2001), 46. 7 David M. Schweiger, M&A Integration: A Framework for Executives and Managers (New York: McGraw-Hill, 2002), 4. P1: a/b c01 P2: c/d QC: e/f JWBT093-Gole 8 T1: g June 2, 2009 12:34 Printer: Courier Westford PLANNING As the business literature makes clear, acquisitions are inherently risky investment decisions. One factor contributing to this risk is acquirers’ lack of detailed knowledge about the businesses they pursue.