By William J. Gole, Paul J. Hilger
This nuts-and-bolts advisor examines all features of an M&A due diligence--from coming to the choice to obtain an organization, to who will be at the due diligence group, to the particular procedure and the ultimate document and post-closing persist with up. It advocates a spotlight on either chance mitigation and shareholder worth construction, and emphasizes a holistic technique that spans from making plans to post-acquisition integration. The tentative contents is: (1) advent; (2) making plans for price construction: development process; (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
Extending distribution by reaching new markets with existing products or services. This frequently takes the form of geographic or international expansion. Successful implementation can create substantial value especially if the products or services do not need to be significantly modified. The major risk associated with this type of initiative is a misreading of the new market. In the case of international expansion, this can result from a superficial understanding of needs, tastes, and preferences of “foreign” customers.
3 M. Beth Page, Done Deal: Your Guide to Merger and Acquisition Integration (Victoria, BC: Authenticity Press, 2006), 6. 4 Mark L. Sirower, The Synergy Trap: How Companies Lose the Acquisition Game (New York: Free Press, 1997), 17. 5 Thirty years of evidence demonstrates that most acquisitions do not create value for the acquiring company’s shareholders . . 7 This is hardly new information; documentation of acquirers’ overall record of failure stretches back decades. But a high rate of failure certainly does not suggest that all deals fail.
In addition, forward integration can provide a valuable window into the behavior of an organization’s customers. However, vertical integration presents certain disadvantages or risks that can be substantial in their impact. By in-sourcing functions that can be contracted for with independent firms, the organization trades certain variable costs for fixed costs, increasing basic business risk.
Due Diligence: An M&A Value Creation Approach by William J. Gole, Paul J. Hilger