The Art of M&A Strategy

Seizethecompetitiveadvantagewithtoday’smostpowerfulstrategictool—M&A“Giventheinfluenceoftechnology,globalization,andregulatorychange,M&Awillcontinuetoshapeourindustries.Formostcompanies,therefore,theconsiderationofM&Ainstrategyisnowfundamental.”--fromtheIntroductiontoPartITheArtofM&AStrategyisexactlywhatyouneedtobuildmergers,acquisitions,anddivestituresintoyouroverallbusinessstrategy—tomakeM&AacompetitiveadvantageandavoidlandingonthelonglistofM&Afailures.ExpertsinthefieldofM&A,SmithandLajouxdemystifythisotherwisecomplexsubjectbytakingyouthroughthetypesofM&AstrategyandthekeystepstosuccessfulM&Astrategydevelopmentandimplementation.TheArtofM&AStrategyisconvenientlyorganizedintothreesections:PartIpresentsarangeofpossiblecorporatestrategysituationsandprovidestheroleandrationaleforM&Aineach,suchasbuildingandmanagingaportfolio,participatinginindustryconsolidation,spurringcorporategrowth,andusingacquisitionstocreate“realoptions.”PartIIoutlineshowtodeterminetheroleofM&Ainyourstrategy—takingintoconsiderationindustrycontext,competitiveimperatives,andstrategyoptions—andexplainshowtofindandscreenpartners,decidewhethertobuyorsell,andengagetheboardofdirectorsinM&Adecisions.PartIIIcoversM&Aasasustainedcorporateprogram,particularlyinthecontextofinternationalgrowth,outliningthemoststrategicaspectsofpost-mergerintegration,describinghowtouseadvisorsthroughouttheprocess,andexaminingcorecompetenciesrequiredforsuccessfulM&Aprograms.TheauthorsilluminatethepurposeandprocessofapplyingM&Awithreal-worldsuccessstoriesinvolvingCisco,GE,Google,andmanyothercompaniesthathaveleveragedM&Aforstrategicsuccess.UseTheArtofM&AStrategytocreateapowerfulstrategypositionforsuccessintoday’schangingbusinessenvironmentandtoseizeandholdcompetitiveadvantage.