Most boards are faced with the paradox of growth. Organic growth is slow and can be difficult in mature markets. M&A provides more rapid growth but is higher risk in terms of outcome. Businesses need growth not just to satisfy investors but to create market power and scale economies. This book helps to navigate the difficult terrain faced by boards wishing to grow through acquisition. It identifies which strategies are more likely to be effective and how the chosen strategy largely determines the form of integration. Taking a step-by-step approach, this book guides readers through the key decisions and likely business outcomes. Each chapter is accompanied by lessons which are helpful in summarising and consolidating the key issues.
This book tackles key topics, such as:
M&A performance and risks
Strategic growth options
Improving integration performance
Learning from private equity
M&A process and business valuation
Future of private equity
Performance driven governance
Grounded in cutting-edge theory and combined with engaging, real world case studies and practical exercises and lessons, this is an indispensable guide not only for MBA and Executive students, but also for anyone likely to be involved in setting strategy and the process of buying, selling or integrating a business.
Part I. Introduction.-
1. Getting M&A Right.- Part II. M&A: Strategy,
Pricing and Integration.-
2. Strategic Growth Options and Respective Risk
Profiles.-
3. Improving Integration Performance and Synergy Extraction.- Part
III. M&A: The Private Equity WayWhat Is There to Be Learnt?.-
4. Private
Equity: A Rising Power.-
5. Comparing Private Equity and Corporate Approaches
to M&A.-
6. The Future of Private Equity.- Part IV. Valuation, Process,
Governance and Case Studies.-
7. Business Valuation, Process and
Negotiation.-
8. Effective Governance and M&A.-
9. Case Studies.- Part V.
Conclusions.-
10. Ten Rules to Improve Your M&A Performance.- Index.
John Colley is Professor of Practice and Associate Dean at Warwick Business School teaching MBA and executive education students. From Finance Director and Managing Director at British Gypsum, John rose through leadership roles to become Group Managing Director at a FTSE 100 business and Executive Managing Director at a French CAC 40 business. Having chaired a listed business and a number of privately owned businesses, including private equity and family owned, he remains sought after for advice at board level. He has conducted corporate transactions throughout his career and studies and teaches strategy, M&A and private equity. Entering academia with a PhD from Nottingham University, Professor Colley has unique business insight that bridges practise and theory. He is highly quoted for his expertise and has written for the international press and popular business journals.
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