The Art of M&A Strategy: A Guide to Building Your Company's Future through Mergers, Acquisitions, and Divestitures by Smith, Kenneth; Lajoux, Alexandra Reed;

Short description:

Rapid globalization, technological advances, and dramatic changes in public policy have made industry restructuring the “new normal.” In order to compete, M&A must be part of your overall business strategy.

Written by practicing experts in the field of mergers, acquisitions, and divestitures, The Art of M&A series of professional guides is the number-one resource for anyone seeking practical, hands-on advice for planning for and executing successful deals.

Now, The Art of M&A Strategy breaks new ground by providing the tools and techniques to design a business strategy using M&A as a key element. It takes you through all the steps for making optimum use of M&A for corporate success.

Long description:

Seize the competitive advantage with today’s most powerful strategic tool—M&A

“Given the influence of technology, globalization, and regulatory change, M&A will continue to shape our industries. For most companies, therefore, the consideration of M&A in strategy is now fundamental.”
–from the Introduction to Part I

The Art of M&A Strategy is exactly what you need to build mergers, acquisitions, and divestitures into your overall business strategy—to make M&A a competitive advantage and avoid landing on the long list of M&A failures.

Experts in the field of M&A, Smith and Lajoux demystify this otherwise complex subject by taking you through the types of M&A strategy and the key steps to successful M&A strategy development and implementation. The Art of M&A Strategy is conveniently organized into three sections:

• Part I presents a range of possible corporate strategy situations and provides the role and rationale for M&A in each, such as building and managing a portfolio, participating in industry consolidation, spurring corporate growth, and using acquisitions to create “real options.”
• Part II outlines how to determine the role of M&A in your strategy—taking into consideration industry context, competitive imperatives, and strategy options—and explains how to find and screen partners, decide whether to buy or sell, and engage the board of directors in M&A decisions.
• Part III covers M&A as a sustained corporate program, particularly in the context of international growth, outlining the most strategic aspects of post-merger integration, describing how to use advisors throughout the process, and examining core competencies required for successful M&A programs.

The authors illuminate the purpose and process of applying M&A with real-world success stories involving Cisco, GE, Google, and many other companies that have leveraged M&A for strategic success. Use The Art of M&A Strategy to create a powerful strategy position for success in today’s changing business environment and to seize and hold competitive advantage.

Seize the competitive advantage with today’s most powerful strategic tool—M&A

“Given the influence of technology, globalization, and regulatory change, M&A will continue to shape our industries. For most companies, therefore, the consideration of M&A in strategy is now fundamental.”
–from the Introduction to Part I

The Art of M&A Strategy is exactly what you need to build mergers, acquisitions, and divestitures into your overall business strategy—to make M&A a competitive advantage and avoid landing on the long list of M&A failures.

Experts in the field of M&A, Smith and Lajoux demystify this otherwise complex subject by taking you through the types of M&A strategy and the key steps to successful M&A strategy development and implementation. The Art of M&A Strategy is conveniently organized into three sections:

• Part I presents a range of possible corporate strategy situations and provides the role and rationale for M&A in each, such as building and managing a portfolio, participating in industry consolidation, spurring corporate growth, and using acquisitions to create “real options.”
• Part II outlines how to determine the role of M&A in your strategy—taking into consideration industry context, competitive imperatives, and strategy options—and explains how to find and screen partners, decide whether to buy or sell, and engage the board of directors in M&A decisions.
• Part III covers M&A as a sustained corporate program, particularly in the context of international growth, outlining the most strategic aspects of post-merger integration, describing how to use advisors throughout the process, and examining core competencies required for successful M&A programs.

The authors illuminate the purpose and process of applying M&A with real-world success stories involving Cisco, GE, Google, and many other companies that have leveraged M&A for strategic success. Use The Art of M&A Strategy to create a powerful strategy position for success in today’s changing business environment and to seize and hold competitive advantage.

Table of Contents:

Part I How M&A Creates Value in Strategy
Chapter 1 Building and Managing a Portfolio of Businesse
Chapter 2 Consolidation: Value in Cost Synergies
Chapter 3 Expansion Strategy: Value in Revenue Growth
Chapter 4 Real Options in M&A
Part II Development and Execution of M&A Strategy
Chapter 5 M&A in Strategic Planning
Chapter 6 Searching, Screening, and Selection
Chapter 7 To Be a Buyer or a Seller?
Chapter 8 The Director’s Role in M&A
PART III When the M&A Program is Central to Strategy
Chapter 9 Global Industry Restructuring
Chapter 10 The Role of Postmerger Integration in M&A Strategy
Chapter 11 Building a Sustainable M&A Program with the Help of Advisors
Chapter 12 M&A as a Core Competence
Conclusion
Appendix I.1 On the Success and Failure of Major Deals
Appendix II.1 Suggested Readings in Strategy and Strategic Planning Methodologies
Appendix II.2 Wheel of Opportunity/Fit Chart with Illustrative Delphi Scoring
Appendix II.3 Information Sources and Tips for Target Screening
Appendix II.4 NACD Guidance on the Board’s Role in M&A and Strategy
Appendix III.1 Public Policy and Corporate Growth: Selected SECOR Consulting Case Studies Regarding the Role of Public Policy in International M&A
Index