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Merger and Acquisition Strategies
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Merger and Acquisition Strategies

How to Create Value

9781786430670 Edward Elgar Publishing
Angelo Dringoli, Professor, School of Economics and Management, Department of Business and Law, University of Siena, Italy
Publication Date: 2016 ISBN: 978 1 78643 067 0 Extent: 288 pp
The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M&As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders’ value through successful M&A strategies. It also explores the conditions that are suitable for favouring a certain type of M&A (horizontal, vertical or diversified) over the others. In conclusion, the book presents case studies of successful M&A strategies providing a link between theory and practice.

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The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M&As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders’ value through successful M&A strategies. It also explores the conditions that are suitable for favouring a certain type of M&A (horizontal, vertical or diversified) over the others.

The author presents various analytical models combined with a selection of case studies to demonstrate the relevant conditions under which each type of strategy can create value. The book analyses different types of M&As, the specific sources of synergy and the way value can be calculated. An integrated analysis of potential synergies, their evaluation, and the modifications to the organizational structure necessary for implementation is also included. In conclusion, the book presents case studies of successful M&A strategies providing a link between theory and practice.

Building upon traditional theories and providing original and innovative analysis, this is an essential book for students and scholars in economics, business and strategic management, as well as managers and consultants seeking an analytical and practical understanding of M&A strategies.
Contents
Contents: Preface PART I HOW TO MAKE M&As PERFORM SUCCESSFULLY: RATIONALES AND MODELS 1. Basic terminology, concepts and types of M&As 2. Data and empirical evidence on M&A performance 3. Making M&As create value: an analytical model for evaluating M&As 4. Identifying the opportunities for successful M&As 5. Horizontal M&As 6. Vertical M&As 7. Diversified M&As 8. Financing M&As and effects on merger value 9. Organizational structures and procedures for implementing merger 10. Conclusions: how to make M&As successful PART II THREE EMBLEMATIC CASES OF SUCCESSFUL M&As 11. The M&A strategies of L’Oréal 12. The M&A strategies of Campari 13. The M&A strategies of Luxottica Index






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