Synergy Value And Strategic Management Inside the Black Box of Mergers And Acquisitions 1st Edition by Stefano Garzella, Raffaele Fiorentino 3319406698 9783319406695

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Product details:

ISBN 10: 3319406698

ISBN 13: 9783319406695

Author: Stefano Garzella; Raffaele Fiorentino

This book addresses synergy management, which poses an important challenge for firms, advisors and practitioners involved in mergers and acquisitions (M&A). Synergy plays a key role in M&A contexts, both in the decision-making process and, subsequently, in the integration phase. However, despite the fact that synergy value is commonly regarded as one of the key success factors in M&A, research shows that firms generally fail to achieve the expected synergy. The extant literature is characterized by a lack of comprehensive models of synergy management: the assessment of synergy value remains a “black box” for scholars and practitioners alike. The authors provide a comprehensive framework for synergy management by integrating findings from prior research and various disciplines. The framework highlights the main dimensions of synergy management in mergers and acquisitions, common pitfalls, and new models and tools for avoiding them. As such, the book enriches the M&A literature, offers new insights for scholars, and provides valuable guidelines for practitioners involved in synergy management.

Synergy Value And Strategic Management Inside the Black Box of Mergers And Acquisitions 1st Table of contents:

Chapter 1: Introduction

References

Chapter 2: MandA Success and Failure: The Role of Synergy Management

2.1 Strategic Management, Growth Strategies, and MandAs

2.2 The Role of Synergy in Mergers and Acquisitions

Box 2.1: The Case “ATandT-NCR Corporation´´

2.3 Synergy: An Important Motivation of MandAs

Box 2.2: The Case “Intesa-San Paolo´´

Box 2.3: The Case “Exxon-Mobil´´

2.4 Synergy: An Aim Difficult to Realize

Box 2.4: The Case “AOL-Time Warner´´

Box 2.5: The Case “Accenture HR Services-TE.SS (Telecom Italia Group)´´

2.5 Synergy: The Risks

Box 2.6: The Case “Daimler Benz-Chrysler´´

References

Chapter 3: Inside Synergy Assessment: Towards the Real Value of MandAs

3.1 The Value of Synergy

3.2 The Analysis of Strategic Factors Affecting Synergy

3.2.1 What Is the Expected Form of the Synergy?

3.2.2 When Does the Synergy Starts Affecting Earnings and Cash-Flows?

3.2.3 What Is the Likelihood of Achievement of Each Synergy Type?

3.3 The Synergy Valuation Models

3.4 The Assessment of Synergy Value

References

Chapter 4: Synergy Management: From Pitfalls to Value

4.1 The Synergy Pitfalls

4.1.1 The Mirage

Box 4.1: The Case of Vivendi-Canal Plus-Seagram

4.1.2 The Gravity Hill

Box 4.2: The Case of Columbia Pictures-Sony

4.1.3 The Amnesia

Box 4.3: The Case of Alitalia-KLM

Box 4.4: The Case of General Motors-Fiat

4.2 The Management of Synergy Pitfalls

4.2.1 The Management of Synergy in the Main Step of the MandA Process

4.2.2 An Analysis of the Several Values of Synergy

4.2.3 The Recognition of the Forbidding Effects of an Improper Approach to Synergy Management

4.2.4 The Evaluation of the Potential Causes of Improper Synergy Management

4.2.5 The Selection of Potential Solutions to Poor Synergy Management

4.3 How to Overcome Synergy Pitfalls: Tools and Actions

4.3.1 Avoiding the Mirage: Let´s Reduce the Temperature

4.3.1.1 Pay Careful Attention to Advisory Agreement

4.3.1.2 Conduct a Careful Analysis of the Reasons for An MandA

4.3.1.3 Verify the Alignment Between One´s Strategy and the Deal

4.3.1.4 Assess the “Expected Synergy´´ Carefully

4.3.1.5 Use a Risk-Management Approach For Board-Level Discussion

4.3.1.6 Leverage the Acquisition Experience

4.3.2 Avoiding the Gravity-Hill: Let´s Lighten the Horizon

4.3.2.1 Give More Relevance to the Audit Committee

4.3.2.2 Obtain MandA Insurance

4.3.2.3 Establish a Termination Fee

4.3.2.4 Carefully Assess the “Integration Costs´´

4.3.2.5 Build Cross-Functional Teams from Technical, Operational and Financial Positions

4.3.2.6 Establish a Courtship Period Before the Marriage

4.3.3 Avoiding the Amnesia: Let´s Keep an Eye on the Agenda

4.3.3.1 Pay Attention to the Action Plan

4.3.3.2 Carefully Analyze and Organize the Cultural Integration

4.3.3.3 Adopt a “Project-Oriented Approach´´ For Control Processes

4.3.3.4 Indicate a Transition Team

4.3.3.5 Create a “Burning Platform´´

4.3.3.6 Select the Correct Integration Approach

4.4 The Synergy Statement

References

Chapter 5: Conclusions

References

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