Inarticulate ramblings of a management consultant

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

Mergers & acquisitions

Revenue synergies – the last great hope in the justification of paying too much for too little

The announcement this morning of the acquisition of Baxalta by Shire suggests that the wave of pharmaceutical acquisitions is still ongoing. The current market fluctuation may help others to continue their quest in what is probably the largest sector consolidation we’ve seen in a decade or two. The Shire share price reaction is also interesting…a fall of 8% suggests that investors are increasingly concerned that for this specific deal, and […]

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2015 and all that

It’s rare to have a ringside view of events on the global stage where the effect on one’s own part of the world is relatively limited. 2015 has been the year of mergers and acquisitions with whole sectors (pharmaceuticals, cement, beer, oil and gas) going through such a radical overhaul that they have indeed truly changed. In the majority of cases, the case for consolidation has largely been driven by […]

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How would you approach change if employees were given a vote?

A few years ago I was involved in the merger of two UK law firms, one with a focus on London as its main operating base, the other more regional in its operations.  One of the conditions for the deal to go through was 100% approval by the partners. In terms of numbers, we were talking about 124 people. Imagine having a hurdle in a project where, before any implementation […]

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Acquisition in an emerging market – integrating the ‘ways of working’ – an exercise in futility?

The final instalment of this series of blogs, from the perspective of a mythical CEO of a family owned business being acquired by a multinational corporate. It is based on my experience of deals across Asia and is not specific to one particular transaction. If you’d like to read the previous parts (which may make sense as they’re written in chronological order), you can access them here – Due diligence, […]

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An acquisition in an emerging market from the perspective of the acquired CEO – two steps forward?

By popular demand (from the exclusive few that appear to read this blog), this is part 3 of a series based on the experience on a fictional CEO in an emerging market going through an acquisition by a multinational corporate. If you’ve wondered onto this blog by accident, firstly, my sympathies and secondly, it may make some sense to read them in the order that they’ve been written. The link […]

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Due diligence in an emerging market – the management interviews – lots of communication, perhaps less understanding!

Last week I explored the challenges of doing diligence on a fictitious family owned business based in Indonesia, from the perspective of the CEO (the link is here if you missed it). This week, let’s have a playful look at the next stage in the process…the management interviews, again from the perspective of the CEO of the business being acquired. This is the accumulation of a number of my experiences […]

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Leadership in transactions – staying close but not too close!

With thanks to Toby Tester who suggested that I write something on this subject. Up until now, I’ve spent a lot of time writing about the challenges of programme leadership for the post deal integration process, with all its complexities and more importantly, opacity arising from the peculiarities of the situation; lack of access to information, business case based on assumptions which cannot be validated until the deal is completed, […]

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Culture as part of an acquisition – is it worth anything?

My focus in my last blog was to address some of the myths that exist, particularly around the thorny subject of what might constitute a cultural assessment. To be clear, I believe that these are good things to do…they can be one of the most powerful activities you can do in an integration to create momentum and change. My challenge relates to the methodology and process. This week I want to address […]

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Considering culture as part of post acquisition integration – ‘nice to have’ or something more?

Anyone who has spent any time managing a post acquisition integration will recognise that culture is a, and in many cases, the critical factor which can determine success or failure. This is not something new…and yet it still comes as a surprise for many acquirers. Despite this widespread knowledge, much confusion still reigns around what cultural dimensions to consider, how to find them and measure them, and then most importantly, […]

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