Practical M&A Execution and Integration A Step by Step Guide To Successful Strategy, Risk and Integration Management

by McGrath, Michael R.

• ISBN13: 9780470687963
• ISBN10: 0470687967
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-10-17
• Publisher: Wiley

Summary

Covering the field of M&A execution, this accessible and practical book is divided into sections which broadly reflect the chronological order a typical M&A deal follows. Taking the reader through the M&A process, stage by stage, the book describes the challenges and goals for each, and suggests approaches to dealing with these challenges, presenting guidance on how to prepare for the stage. At each stage topics such as strategy, IT, communications, HR considerations and legal/regulatory constraints are addressed. Replete with practical tools such as process flows and sample control documents, the book also contains downloadable template control documents on an accompanying CD. The book also includes a number of interviews with those currently involved in M&A deals, industry perspectives from those outside the process, and is peppered with examples and over 30 case studies and examples. Covering the topic of M&A in general, the book also has a number of sections relating specifically to banking M&A in light of the unique nature of M&A in this industry and recent trends and activities in banking M&A.

Author Biography

Dr. Michael McGrath is an established city professional, with over 15 years of experience working for some of the world's leading banks. He is currently a Head of Function for ADM Operations at Lloyds Banking Group. He is a former regional Chief Technical Officer at Merrill Lynch and Project Delivery Director at Bankers Trust and Deutsche Bank. He was a founder of Hibernia Consulting, a project delivery and risk management consulting firm serving major investment banking clients.

Michael has spent his professional life implementing complex change, in particular managing Mergers and Acquisitions from the announcement of the deal through to post-merger integration. M&A deals he has worked on include Lloyds TSB Group, the Deutsche Bank acquisition of Bankers Trust (then the largest banking acquisition ever made), the Bankers Trust acquisition of NatWest Markets (then the largest banking acquisition in the UK) and IBM's acquisition of Lotus Development.

Michael holds an MBA from the Smurfit School of Business; his MBA thesis won the Institute of Accountants in Ireland gold medal for research in 1996. His doctoral research examines risk behaviour in unfamiliar problem domains and he is probably the only person in the United Kingdom to hold a doctorate in banking M&A risk management.

Table of Contents

Tables and Figures	p. xi
Foreword	p. xv
Acknowledgments	p. xvii
About Mergers And Acquisitions	p. 1
Introduction	p. 3
Fundamentals of mergers & acquisitions	p. 5
Types of M&A deais	p. 6
Challenges of M&A deals	p. 11
Reasons for M&A	p. 14
Role of regulation	p. 21
Regulatory regimes	p. 22
UK anti-trust regime	p. 23
European Union regulation	p. 26
US anti-trust legislation	p. 27
Bid process	p. 28
Fundementals Of The Deal	p. 31
Anatomy of a deal	p. 33
M&A Stages	p. 33
Prelude (to a deal)	p. 36
Deal negotiation	p. 40
Pre-change of control	p. 44
Change of control	p. 50
Integration	p. 50
Business as usual	p. 53
Successful M&A	p. 55
M&A power	p. 57
Clarity	p. 57
Capacity	p. 61
Speed	p. 76
M&A process	p. 79
Risk management	p. 80
Planning, management and control	p. 106
Project lifecycle and structure	p. 113
Issue management	p. 133
Risk management practice	p. 138
Reporting	p. 149
Assumption management	p. 152
Dependency management	p. 154
Scope change management	p. 157
Quality management	p. 162
Resource management	p. 164
Cost management	p. 166
Communications management	p. 170
Stakeholder management	p. 173
M&A people	p. 175
Culture	p. 175
Stakeholders	p. 179
Personnel	p. 179
Pulling It All Together: Delivering M&A	p. 185
Timing	p. 187
Managing the integration and change of control period	p. 187
Project organisation and control	p. 197
Banking M&A	p. 207
What makes banking M&A unique?	p. 207
Planning for the post-merger period	p. 211
Planning to get to the change of contro	p. 212
Organisational approach	p. 225
Issue management	p. 229
What if it all goes wrong?	p. 235
Document Templates And Suggested Tables Of Contents	p. 239
Control documents	p. 239
Report templates	p. 245
Project document templates	p. 255
Bibliography	p. 289
About the author	p. 291
Index	p. 293
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