Deals From Hell: M&A Lessons That Rise Above The Ashes 9780470452592pdf/txt下载_在线阅读全文

内容简介

　　A detailed look at the worst M&A deals ever and the lessons learned from them
　　It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.

作者简介

　　Robert F. Bruner is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes, as well as the author of two other Wiley titles, Applied Mergers and Acquisitions and The Panic of 1907. Bruner has served as a consultant to over twenty corporations and the U.S. government, and prior to his academic career worked as a commercial banker and venture capitalist. He holds a BA from Yale University, and an MBA and DBA from Harvard University.

目　　录

Foreword by Arthur Levitt, Jr.
Acknowledgments.
1. Introduction.
I. The Foundations of M A Failure.
2. Where M A Pays and Where It Strays:A Survey ofResearch.
3. Profiling the Outlying M A Deals.
4. Real Disasters and M A Failure.
II. Case Studies of M A Failure.
5. February 1968: Merger of the Pennsylvania and New York CentralRailroads.
6. December 1986: The Leveraged Buyout of Revco Drug Stores.
7. September 1989: The Acquisition of Columbia Pictures by SonyCorporation.
8. September 1991: The Acquisition of NCR Corporation by AT TCorporation.
9. December 1993: Renault’s Proposed Merger with Volvo.
10. December 1994: The Acquisition of Snapple by Quaker Oats.

Foreword by Arthur Levitt, Jr. 
Acknowledgments. 
1. Introduction. 
I. The Foundations of M&A Failure. 
2. Where M&A Pays and Where It Strays:A Survey of
Research. 
3. Profiling the Outlying M&A Deals. 
4. Real Disasters and M&A Failure. 
II. Case Studies of M&A Failure. 
5. February 1968: Merger of the Pennsylvania and New York Central
Railroads. 
6. December 1986: The Leveraged Buyout of Revco Drug Stores. 
7. September 1989: The Acquisition of Columbia Pictures by Sony
Corporation. 
8. September 1991: The Acquisition of NCR Corporation by AT&T
Corporation. 
9. December 1993: Renault’s Proposed Merger with Volvo. 
10. December 1994: The Acquisition of Snapple by Quaker Oats. 
11. May 1999: Mattel’s Acquisition of The Learning Company. 
12. January 2001: Merger of AOL and Time Warner. 
13. December 2001: Dynegy’s Proposed Merger with Enron. 
14. January 2002: Acquisition Program of Tyco International. 
III. Avoiding the Deal from Hell. 
15. Conclusions and Implications. 
16. Memo to the CEO:A Coda on Growth. 
References. 
About the Author. 
Index.

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媒体评论

　　From the Back Cover
　　
　　Praise FOR Deals from Hell
　　"Whether you are an investor or dealmaker, corporate executive oraspiring MBA looking for a career on Wall Street, you are sure tofind this book both troublesome and inspiring...it cannot beotherwise when you carefully examine a series of M A 'trainwrecks' through the same lens as Prof. Bruner, a creative teacherin the field of M A, who has been able to extract the hard,instructive lessons from these disasters." —From the Foreword byArthur Levitt Jr., former chairman of the Securities and ExchangeCommission and author of Take On the Street: What Wall Street andCorporate America Don't Want You to Know
　　

From the Back Cover 
　　 
　　Praise FOR Deals from Hell 
　　"Whether you are an investor or dealmaker, corporate executive or
aspiring MBA looking for a career on Wall Street, you are sure to
find this book both troublesome and inspiring...it cannot be
otherwise when you carefully examine a series of M&A 'train
wrecks' through the same lens as Prof. Bruner, a creative teacher
in the field of M&A, who has been able to extract the hard,
instructive lessons from these disasters." —From the Foreword by
Arthur Levitt Jr., former chairman of the Securities and Exchange
Commission and author of Take On the Street: What Wall Street and
Corporate America Don't Want You to Know 
　　 
　　"Deals from Hell is a fresh and interesting look at the M&A
game written by Prof. Robert Bruner, a leading authority on the
topic. He studies failures and from this unique perspective,
teaches us the pitfalls to avoid as well as the positive actions
for success. The case histories illuminated herein are worthy
instruction for all CEOs and their top management team." —Tom
Copeland, Managing Director of Corporate Finance, Monitor
Group 
　　 
　　"There is a very fine line between M&A heaven and hell—and it
is no surprise that the devil is in the details. Contrary to
conventional wisdom, mergers work, on average, as Bob Bruner
documents—and the reasons why are often worthy of more careful
study than what appears beneath the headlines of the popular press.
Bruner drills down on disasters and successes like no one else—and
leaves investors and M&A dealmakers with a truly balanced
scorecard of important lessons to ponder." —Charles D. Ellis,
author of Winning the Loser's Game and Capital: The Story of
Long-Term Investment Excellence 
　　 
　　"While the average return to M&A acquirers is a matter of
some controversy, it is beyond question that many acquisitions work
well and many work badly. This landmark book is the finest
available for separating the likely successes from the likely
failures." —Bruce C. N. Greenwald, Robert Heilbrunn Professor of
Finance and Asset Management, Columbia Business School, and
coauthor of Value Investing: From Graham to Buffett and
Beyond 
　　 
　　"engages in the kind of candid thinking that has long been
missing from the high stack of books." ("The Wall Street Journal,"
May 26, 2005) 
　　"According to the author, six key elements embedded in disasters
are 'complexity, tight coupling, management choices, cognitive
biases, business not as usual, and failure of the operational
team.' In unison, these are lethal, he cautions. 'Systems that
adapt well to error anticipate it, actively seek information, use
checkpoints to control the spread of error, and invite
countervailing forces to oppose error.' So, what's the insight for
businesses? 'Design of organisation structures and business
processes could employ similar principles to thwart M&A
failures, ' counsels Bruner. Part II of the book has ten case
studies, including AOL-Time Warner, Mattel-The Learning Company,
and Renault-Volvo. Part III is about conclusions and implications'.
Bruner dins in before parting: 'The growth that matters is growth
in economic value. The rest is smoke.' Fiery read!" -- D. Murali,
The Hindu Business Line

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