A couple of weeks ago, following the rash of hostile transactions (see this link to a good FT article on the issue), I wrote a piece on one of the key challenges behind ‘going hostile’, that of access (you can read it here). This week, my focus is Engagement. In many ways, all the problems of hostile transactions stems from this dimension (it is also, by the way, a challenge […]
The flow of transactions has been noted in this blog and throughout the financial press. In addition, the FT led an article earlier this week noting the volume of hostile deals (US appetite for hostile takeovers hits post-crisis high) as the M&A market heats up. I want to address in this some of the key challenges that distinguish hostile from friendly transactions. From my perspective, they fall broadly into 4 […]
For market observers, the current M&A boom looks disconcertingly like the heady days of 2007 and 2008 in terms of volume and market optimism. The papers and the analysts are full of hope and aspiration as the pharmaceutical, technology and telco sectors indulge in increasingly extravagant claims about cost savings, market consolidation and innovation pipelines….much as they did then when the market knew only one direction of travel. There is, however, one big […]
For those of you based in the UK or generally interested in content from the BBC, you may have had a chance to watch the most recent episode from W1A, the hilarious new series about the ‘fictitious’ workings of the corporation. The part of the show from this week which stands out was when Will, the gormless, inarticulate ex-intern, comes up with a fresh, innovative idea for a new programme….which […]
For as long as I’ve been working on mergers and acquisitions, the statistics have been dire. With some exceptions, commentators from the strategy houses to the big 4 to independent experts, have bemoaned the seeming inability of companies to consistently generate value from inorganic growth. I will leave the one piece of analysis which reports something different aside, see attached for some comments on that ‘interesting’ analysis! (https://bendehaldevang.com/2014/06/06/the-latest-ma-analysis-from-mckinsey-part-of-the-problem-or-part-of-the-solution/). What’s extraordinary […]
