The Synergy Trap: How Companies Lose the Acquisition Game

Pirmais vāks
Simon and Schuster, 1997 - 288 lappuses
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.
 

Saturs

The Acquisition Game
3
Can You Run Harder? Synergy
18
Do You Feel Lucky? The Acquisition Premium
44
Tools and Lessons for the Acquisition Game
75
AN ANALYSIS OF CORPORATE
83
Methodology
100
Discussion of Results
114
Implications of the Analysis
137
Review and Critique of Prior Research
145
Detailed Results of the Analysis in Part 2
167
Notes
225
Bibliography
239
Index
275
About the Author
289
Autortiesības

Citi izdevumi - Skatīt visu

Bieži izmantoti vārdi un frāzes

Bibliogrāfiskā informācija