In - depth : Managing acquistions
نویسنده
چکیده
It has become conventional wisdom that acquirers suffer – by over-paying for targets and then suffering post-acquisition chaos. Indeed, there is almost a cottage industry among analysts in decrying acquisition problems, pointing to the ‘winner’s curse’ in which the high bidder over-pays and then fails to gain predicted synergies. At the same time, newspapers and magazines daily highlight failed acquisitions. If we based our assessments of acquisitions only on what we read in the academic and business press, it would be easy to conclude that acquisitions must be about to disappear from business strategy as managers balk at the risks. Rather than declining, of course, acquisition usage has grown rapidly during the past decade. Global completed mergers and acquisitions (M&A) value reached $2.2 trillion in 2001 as a result of over 21,000 deals, according to Thomson Financial. Over 9,000 deals occurred in Europe, 6,000 deals in the U.S., over 2,500 in Asia, plus many more in Australia, Latin America, and Canada. Acquisitions are ubiquitous in all developed economies. Although the $2.2 trillion of global acquisitions activity in 2001 was only 60 per cent of 2000’s record high, the number of deals in 2001 reached 86 per cent of the 2000 total. Thus, the apparent decline is primarily a reduction in the magnitude of acquisitions, accompanied by a much smaller reduction in their frequency. Even when considering the value of
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