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A detailed look at the worst M&A deals ever and the lessons learned from them
It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.
- Sales Rank: #120469 in Books
- Brand: Bruner, Robert F.
- Published on: 2015-09-28
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.15" w x 6.05" l, 1.10 pounds
- Binding: Paperback
- 432 pages
Review
"engages in the kind of candid thinking that has long been missing from the high stack of books." ("The Wall Street Journal," May 26, 2005)
"According to the author, six key elements embedded in disasters are 'complexity, tight coupling, management choices, cognitive biases, business not as usual, and failure of the operational team.' In unison, these are lethal, he cautions. 'Systems that adapt well to error anticipate it, actively seek information, use checkpoints to control the spread of error, and invite countervailing forces to oppose error.' So, what's the insight for businesses? 'Design of organisation structures and business processes could employ similar principles to thwart M&A failures, ' counsels Bruner. Part II of the book has ten case studies, including AOL-Time Warner, Mattel-The Learning Company, and Renault-Volvo. Part III is about conclusions and implications'. Bruner dins in before parting: 'The growth that matters is growth in economic value. The rest is smoke.' Fiery read!" -- D. Murali, The Hindu Business Line
From the Inside Flap
Given the sheer complexity of M&A deals, it's easy to see why so many of them fall short of their intended goals. Although mergers and acquisitions are no easy path to riches, it's definitely not a loser's game either. With the right attitude and understanding, it is possible to succeed in the world of mergers and acquisitions, and Robert Bruner, one of the foremost thinkers and educators in this field, wants to show you how.
The study of failure is the source of thoughtful advances, and in Deals from Hell: M&A Lessons That Rise Above the Ashes, Bruner focuses on M&A failures to help you achieve M&A success. Comprised of three information-packed parts--The Foundations of M&A Failure; Case Studies of M&A Failures; and Avoiding the Deal from Hell--this comprehensive guide offers a realistic look at how M&A transactions really work.
By addressing the key factors of M&A failure and success, Deals from Hell illustrates the best ways to analyze, design, and implement your own M&A deals. You'll gain valuable perspectives from the standpoint of previous research, and through ten real-world case studies, you'll discover how little an M&A situation must differ in order to deliver rather different results. Some of the cases examined include: AOL and Time Warner The acquisition of Snapple by Quaker Oats The acquisition of Columbia Pictures by Sony Corporation Renault's proposed merger with Volvo Mattel's acquisition of The Learning Company The acquisition program of Tyco International
All of the cases presented are paired with a counterpoint or complementary case. The comparison cases are not intended to be deals from heaven--they're merely examples of how thin the line is between M&Asuccess and failure. After you've become familiar with the research and cases outlined in the first two sections of the book, Bruner concludes his M&A discussion with a look at the implications of these deals for CEOs, investors, and those concerned with public policy.
Filled with in-depth insights, expert advice, and valuable lessons gleaned from notably bad M&A transactions, Deals from Hell will change the way you think about M&A and help you understand--as well as anticipate--the obstacles to M&A success.
From the Back Cover
PRAISE FOR Deals from Hell
"Whether you are an investor or dealmaker, corporate executive or aspiring MBA looking for a career on Wall Street, you are sure to find this book both troublesome and inspiring...it cannot be otherwise when you carefully examine a series of M&A 'train wrecks' through the same lens as Prof. Bruner, a creative teacher in the field of M&A, who has been able to extract the hard, instructive lessons from these disasters." —From the Foreword by Arthur Levitt Jr., former chairman of the Securities and Exchange Commission and author of Take On the Street: What Wall Street and Corporate America Don't Want You to Know
"Deals from Hell is a fresh and interesting look at the M&A game written by Prof. Robert Bruner, a leading authority on the topic. He studies failures and from this unique perspective, teaches us the pitfalls to avoid as well as the positive actions for success. The case histories illuminated herein are worthy instruction for all CEOs and their top management team." —Tom Copeland, Managing Director of Corporate Finance, Monitor Group
"There is a very fine line between M&A heaven and hell—and it is no surprise that the devil is in the details. Contrary to conventional wisdom, mergers work, on average, as Bob Bruner documents—and the reasons why are often worthy of more careful study than what appears beneath the headlines of the popular press. Bruner drills down on disasters and successes like no one else—and leaves investors and M&A dealmakers with a truly balanced scorecard of important lessons to ponder." —Charles D. Ellis, author of Winning the Loser's Game and Capital: The Story of Long-Term Investment Excellence
"While the average return to M&A acquirers is a matter of some controversy, it is beyond question that many acquisitions work well and many work badly. This landmark book is the finest available for separating the likely successes from the likely failures." —Bruce C. N. Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School, and coauthor of Value Investing: From Graham to Buffett and Beyond
Most helpful customer reviews
22 of 24 people found the following review helpful.
Useful Examples In A Dry Presentation
By J H Murphy
In general, I found this book a worthwhile expenditure of time. I am not an M&A professional, but I work for a company which has made several acquisitions and some of the issues in this book are common to many M&A deals.
It's obvious that the book was written by a college professor, and the footnotes should be read as well as the chapters to get the full picture. At the same time, the case studies seem to be well chosen to exemplify the classes of problem he addresses.
The book starts with a comparison of M&A problems to other fiascos and disasters. This is useful up to a point - I did not find it overdone, although it's not a typical start to a business book. The author then outlines six areas which cause M&A disasters. Some, like financing complexity, are obvious. Others, like "Tight coupling" of business operations, are less so, but worth the time to consider.
The rest of the book comprises chapters dealing with various problem mergers. These are usually presented in contrast to a successful merger or acquisition later in the chapter, illustrating how some of the pitfalls in the fiasco were avoided in another, similar M&A deal.
I would have liked to see more about how to evaluate synergy in M&A deals - but that's probably another book.
If you or your company have anything to do with M&A, this will probably be a worthwhile read. The presentation is dry, but the cases are a good selection, and the author's points merit consideration. It will certainly give me some food for thought when my company makes another acquisition!
9 of 10 people found the following review helpful.
Important Lessons for Everyone
By Vitruvius
Professor Bruner's new book is brimming with important ideas for managers, policymakers, and academics alike. Ten failed mergers are discussed in depth ranging from Penn Central in 1968 to Tyco in 2002. Each case study includes both quantitative and qualitative evaluations of the component companies and the results of their mergers. The author's facility with case studies has been honed over thousands of cases, and his experience shows in his well-rounded discussions.
This book seems targeted at a professional audience-- it digs deep enough to inform even the most knowledgeable managers and academics-- but it is also readable by a general audience. The ten case studies present compelling narratives of major failures that changed the way everyone does business. Even those without any particular interest in management will find the history interesting. A close reading of this book will especially benefit policymakers who are concerned by the social costs of business failure.
In a field where the stakes are tremendously high, it's important to learn why the major failures have occurred. "Deals from Hell" is the perfect teacher.
3 of 4 people found the following review helpful.
Great analysis framework, good case studies
By Ouistiti
This is a very great book. After a few chapters about the major common mistakes in M&A where he provides a framework for M&A failures, he studies a few cases i ndetail, why these M&A did not work. And he always gives a counterpoint, an example of a M&A, in the same conditions, where they worked. Very interesting!
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