Inarticulate ramblings of a management consultant

the day to day experiences of a consultant operating in weird and wonderful client situations

Mergers & acquisitions

East Goes West – interview with Clement Woon

East Goes West is a series of podcasts focused on the challenge of Asian businesses coming to Europe and the US. Abhay Pande and conducted a series of interview with senior Asian leaders to understand a little more of the cultural complexity that exists across the Asian landscape, recognise the key differences and start to think about what an Asian owner might expect of a European and American  business. The […]

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How does it look from over there? The perspective of Asian buyers / leaders on M&A in Europe and the USA

Over the next six weeks, I will be publishing a series of interviews which I and a friend of mine, Abhay Pande, conducted whilst based in Singapore. These interviews were born of a shared interest and desire to get beyond the myth and legend of Asian corporate culture and business practice and actually get some insights from Asian leaders that we have in our network. The facts are plain enough. […]

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The great unravelling

Dear friends (those of you who have signed up to this blog are almost inevitably that!), it’s been a while and I realise that I have broken the cardinal rule of blogging… that is regular, predictable and interesting pieces of short, concise and opinion filled content! Many of you will know that I and my family have been through a process of ‘re-potting’ as it’s described these days…a return to […]

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Anchoring….a challenge for corporates as it is for individuals?

With many thanks to my good friend, Alastair Campbell, for an impromptu conversation this week, I wanted to raise an interesting issue. Do the principles of anchoring apply to companies as much as they apply to individuals? To remind you, the concept of anchoring is based on the short circuit in our brain which applies a correlation to unrelated facts / opinions and thereby can make us make some assumptions […]

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Three things to think about when preparing your company for a ‘growth by acquisition’ strategy

At the risk of sounding trite, the opportunities for successful acquirers have never been as great as they are now nor the risks higher! The market generally views with suspicion those who would target growth through deals as their primary vehicle (the Valeant and SunEddison story is another in the litany of M&A disasters…see here for my take on it) but for those who do it well, the leverage of […]

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When does a shareholder vote become a distraction rather than a real test of governance?

I’m struck by a couple of transactions in the last 6 months which have some unusual characteristics….and absolutely demonstrate the passive nature of both institutional and retail shareholders these days. The one in particular which I want to look at today is SAB Miller / Anheuser Busch. The announcement of the transaction between SAB Miller and Anheuser-Busch INBEV in the form of the public statement issued on 11th November 2015 […]

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Asian investors -dealing with a new owner?

We are living in a period of reversals….for most of our lives, decisions have been made in the West and implemented (with mixed success) in the East. From outsourcing shared services to the Philippines and South Asia, to banks developing global platforms by buying local and regional businesses across Asia, to the great manufacturing shift to China and more recently to Vietnam, the emphasis on delivery has the remit of […]

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Show me the value…!

Think about a recent acquisition that you were involved in. Having accessed the business in the post completion period, which of the following assets proved to be more valuable: The physical assets: Intellectual property, technology platform, operating infrastructure, plant and equipment, inventory / working capital, cash in the bank. The employee assets: innovators, R&D experts, operations managers, leaders, customer facing relationship managers, sales people, ‘historians’ (those who understood the context […]

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The rise and rise of unsolicited bids…

Dealogic reports that there have been 17 unsolicited bids this year, an unprecedented number since 2008 and a record in terms of value of USD 54.9 billion. How it used to work…  In the old days, the intermediaries of investment banks, brokers, corporate financiers were there to assess an appetite and report back on potential conditions which might make an approach attractive.  In the old days, the raising of finance for […]

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Combining the financial and the strategic…the unholy alliance between Takeda and TPG!

Last week saw the announcement of an attempted bid for Valeant, the serial acquirer masquerading as a pharmaceuticals company at a rather opportunistic time when the firestorm of media attention, debt levels, alleged pricing scandals and CEO ill health threatened to unhinge the business entirely. It’s not a first combination of this type…the acquisition of Boots by Alliance Unichem was financed largely by KKR in a similar sharing of interests. […]

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