PHILADELPHIA, July 31, 2013 /PRNewswire/ — After coming to a standstill during the recession, a megaboom in Global M&A activity is now well underway — exemplified by the recent Penguin Random House merger, Warren Buffet's Berkshire Hathaway acquisition of H.J. Heinz Co., and Liberty Global's acquisition of Virgin Media. But in an age when two-thirds of all merger deals can be said to fail, will they succeed?
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In Masterminding the Deal, Peter Clark and Roger Mills, both financial experts experienced in the M&A field, delve into merger fallacies, debunking some popular myths. They examine past mergers and analyze performance in two critical areas — identifying critical characteristics and attributes separating more successful mergers from the rest and looking at the synergy benefits — expenses, revenues, tax — that ensure maximum rewards. From this analysis they draw some conclusions and go on to identify seven key principles for merger success.
"The main objective of this book is to clear away a vast amount of past deficient analysis and to retrieve and reorganize what is of value in evaluating merger success and failure, using tough-minded criteria implanted in current finance," says Bill Weinstein in the foreword.
In doing so the authors offer not only analysis but an action plan for the boards and executives involved in acquisitions covering the questions of central importance: which target types to pursue and which to avoid, when to act, how much to pay and, uniquely, how to determine whether the deal is successful. Their intention is to assist companies in the M&A process and to avoid merger underperformance. Stephen O'Byrne, President and co-founder of Shareholder Value Advisors says that Masterminding the Deal is a great tool to improve merger success, and a very practical guidebook to help companies identify ways to improve their chances of making a successful acquisition.
ABOUT THE AUTHORS
Peter J Clark is a management consultant and company advisor with his own international firm. He is also Senior Teaching Fellow at University College London with the Department of Management Science and Innovation, where he teaches finance and M&A. Peter has more than 20 years' experience in M&A including target search, bid-sale advisory and merger divestiture strategy, involving more than $3bn in transactions. One of his previous books, Beyond the Deal, received mention as a book of the month by the Wall Street Journal.
Rogers W Mills is an advisor to companies, banks, investors and sovereign-focused organizations. He has significant expertise in financial strategy, mergers, acquisitions and joint ventures, IPOs and related areas of corporate value improvement. He is Emeritus Professor of Finance and Accounting at Henley Business School, University of Reading, and most recently was Professor of Fundamental Analysis and Business Valuation at the VU University in Amsterdam.
Masterminding the Deal: Breakthroughs in M&A Strategy and Analysis by Peter J Clark and Roger W Mills. Published by Kogan Page, August 2013. ISBN: 9780749469528. Paperback, 344 PP, $75.00. For more information visit www.koganpageusa.com.
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