The synergy trap: how companies lose the acquisition game
Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much - and predictably never realize the promises of increased performance and competitiveness - in their quest to acquire other companies. Armed with extensive evidence, Sirowe...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
Free Press
1997
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much - and predictably never realize the promises of increased performance and competitiveness - in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy - the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions The Synergy Trap is the first expose of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan - and account for huge uncertainties - before deciding to enter the acquisition game |
| Beschreibung: | XIV, 289 S. Ill. |
| ISBN: | 0684832550 |
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| 520 | 3 | |a Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much - and predictably never realize the promises of increased performance and competitiveness - in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy - the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions | |
| 520 | |a The Synergy Trap is the first expose of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan - and account for huge uncertainties - before deciding to enter the acquisition game | ||
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Datensatz im Suchindex
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| adam_text | Contents
Preface xi
PART 1. UNCOVERING THE RULES OF THE GAME
1. Introduction: The Acquisition Game 3
The M A Phenomenon 5
Back to First Principles: The Acquisition Game 8
A Brief History of the Research on Acquisitions 11
2. Can You Run Harder? Synergy 18
Synergy and the Acquisition Game 19
The Performance Requirements of Pre Acquisition Market Values 21
The Competitive Challenge of Synergy 24
The Cornerstones of Synergy 28
Predictable Overpayment 42
3. Do You Feel Lucky? The Acquisition Premium 44
The Synergy Concept: Expectations versus Realizations 46
The Resource Allocation Decision: An Introduction 51
Required Performance Improvements: A Simulation Approach 57
The Seductiveness of Financial Valuation Models 70
viii Contents
4. Tools and Lessons for the Acquisition Game 75
Prior Expectations and Additional Resource Requirements 78
Competitors 78
Time, Value, and the Premium 79
PART 2. AN ANALYSIS OF CORPORATE
ACQUISITION STRATEGIES
5. Acquirer Performance and Risk Taking 85
Corporate Acquisitions as a Strategy for Value Creation 88
Acquisition Premiums 88
Strategic Relatedness of Acquisitions 90
Method of Payment 93
The Performance Effects of Mergers versus Tender Offers 94
Relative Size of the Acquisition 95
Managerial Risk Taking Following Acquisition 97
6. Methodology 100
Sample 100
Acquiring Firm Performance 101
Independent Variables 105
Changes in Risk Taking Following Acquisition 109
Empirical Techniques 110
7. Discussion of Results 114
Aggregate Results on Acquisitions 123
Traditional Tests and Replications of Evidence on Relatedness 124
Testing the Acquiring Firm Performance Model 126
Tests for Changes in Risk Taking 135
8. Implications of the Analysis 137
Theoretical Contributions 138
Public Policy Implications 141
Practical Implications 141
Contents ix
Appendix A: Review and Critique of Prior Research on
Mergers and Acquisitions 145
Appendix B: Detailed Results of the Analysis in Part 2 167
Appendix C: Sample and Descriptions of Targets and Acquirers
Used in the Analysis 201
Notes 225
Bibliography 239
Index 215
About the Author 289
i
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| isbn | 0684832550 |
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| spelling | Sirower, Mark Verfasser aut The synergy trap how companies lose the acquisition game Mark L. Sirower New York [u.a.] Free Press 1997 XIV, 289 S. Ill. txt rdacontent n rdamedia nc rdacarrier Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much - and predictably never realize the promises of increased performance and competitiveness - in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy - the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions The Synergy Trap is the first expose of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan - and account for huge uncertainties - before deciding to enter the acquisition game Bedrijfsovernames gtt Competition United States Consolidation and merger of corporations United states Management buyouts United States Risk United States Tender offers (Securities) United States Unternehmenskauf (DE-588)4078600-6 gnd rswk-swf Synergie (DE-588)4200199-7 gnd rswk-swf Synergieplanung (DE-588)4230953-0 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Risikoanalyse (DE-588)4137042-9 gnd rswk-swf USA Unternehmenskauf (DE-588)4078600-6 s Synergie (DE-588)4200199-7 s DE-604 Mergers and Acquisitions (DE-588)4205916-1 s Synergieplanung (DE-588)4230953-0 s Risikoanalyse (DE-588)4137042-9 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007721189&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sirower, Mark The synergy trap how companies lose the acquisition game Bedrijfsovernames gtt Competition United States Consolidation and merger of corporations United states Management buyouts United States Risk United States Tender offers (Securities) United States Unternehmenskauf (DE-588)4078600-6 gnd Synergie (DE-588)4200199-7 gnd Synergieplanung (DE-588)4230953-0 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Risikoanalyse (DE-588)4137042-9 gnd |
| subject_GND | (DE-588)4078600-6 (DE-588)4200199-7 (DE-588)4230953-0 (DE-588)4205916-1 (DE-588)4137042-9 |
| title | The synergy trap how companies lose the acquisition game |
| title_auth | The synergy trap how companies lose the acquisition game |
| title_exact_search | The synergy trap how companies lose the acquisition game |
| title_full | The synergy trap how companies lose the acquisition game Mark L. Sirower |
| title_fullStr | The synergy trap how companies lose the acquisition game Mark L. Sirower |
| title_full_unstemmed | The synergy trap how companies lose the acquisition game Mark L. Sirower |
| title_short | The synergy trap |
| title_sort | the synergy trap how companies lose the acquisition game |
| title_sub | how companies lose the acquisition game |
| topic | Bedrijfsovernames gtt Competition United States Consolidation and merger of corporations United states Management buyouts United States Risk United States Tender offers (Securities) United States Unternehmenskauf (DE-588)4078600-6 gnd Synergie (DE-588)4200199-7 gnd Synergieplanung (DE-588)4230953-0 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Risikoanalyse (DE-588)4137042-9 gnd |
| topic_facet | Bedrijfsovernames Competition United States Consolidation and merger of corporations United states Management buyouts United States Risk United States Tender offers (Securities) United States Unternehmenskauf Synergie Synergieplanung Mergers and Acquisitions Risikoanalyse USA |
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