Deals from Hell : M&A Lessons That Rise above the Ashes

by Bruner, Robert F.; Levitt, Arthur

• ISBN13: 9780470452592
• ISBN10: 0470452595
• Edition: 1st
• Format: Paperback
• Copyright: 2015-09-28
• Publisher: Wiley

Summary

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.

Author Biography

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.

Table of Contents

Foreword

Acknowledgments

Introduction

The Foundations of M&A Failure

Where M&A Pays and Where It Strays:A Survey of Research

Profiling the Outlying M&A Deals

Real Disasters and M&A Failure

Case Studies of M&A Failure

February 1968: Merger of the Pennsylvania and New York Central Railroads

December 1986: The Leveraged Buyout of Revco Drug Stores

September 1989: The Acquisition of Columbia Pictures by Sony Corporation

September 1991: The Acquisition of NCR Corporation by AT&T Corporation

December 1993: Renault's Proposed Merger with Volvo

December 1994: The Acquisition of Snapple by Quaker Oats

May 1999: Mattel's Acquisition of The Learning Company

January 2001: Merger of AOL and Time Warner

December 2001: Dynegy's Proposed Merger with Enron

January 2002: tAcquisition Program of Tyco International

Avoiding the Deal from Hell

Conclusions and Implications

Memo to the CEO:A Coda on Growth

References

About the Author

Index

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