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The Value Killers

How Mergers and Acquisitions Cost Companies Billions—And How to Prevent It

Authors: Fernandes, Nuno

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  • The first book based on a holistic analysis of successful and unsuccessful M&A transactions
  • Identifies the key causes of failures and successes in mergers and acquisitions and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies
  • Offers practical advice to help managers and boards ensure that target companies are properly valued, potential synergies and risks are identified in advance, and checks and balances are installed
  • Gathers decades of research alongside in-depth interviews and case studies of more than a dozen executives from around the world, all of whom have hands-on experience with successful (and sometimes unsuccessful) mergers and acquisitions
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eBook $24.99
price for USA (gross)
  • ISBN 978-3-030-12216-4
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $34.99
price for USA
  • ISBN 978-3-030-12215-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail – and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes – e.g., culture clashes, valuation methods, or CEO overconfidence – rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies. 

The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not. 


About the authors

Nuno Fernandes is Dean of Católica Lisbon School of Business and Economics, Portugal and Full Professor of Finance, and holds the Fundação Amélia de Mello Chair. He is also the Chairman of the Board of Auditors of the Portuguese Central Bank (Banco de Portugal), and Visiting Professor of Finance at IMD Business School. Before becoming Dean of Católica Lisbon, he was, for a decade, Professor of Finance at IMD, in Lausanne, Switzerland. He was also a member of the Advisory Committee for the World Economic Forum. A specialist in corporate finance, international financial markets, and emerging market risks, Fernandes has been published in leading international academic journals, including the Journal of Financial Economics, Review of Financial Studies, Journal of International Business Studies, and the Journal of Portfolio Management. He speaks at business conferences in Asia, Europe, and North America, and is a regular contributor to The Financial Times and The Wall Street Journal. Fernandes advises companies and financial institutions in Asia, Europe, Latin America, and the Middle East on formulating winning financial strategies, investments, international valuations, M&As, and risk management. His work has earned recognition that includes the AEFIN prize and a grant from the FDIC (the U.S. regulator for financial institutions). In 2008, he received the Lamfalussy Fellowship from the European Central Bank.

Table of contents (6 chapters)

Table of contents (6 chapters)
  • Don’t Rely on Investment Banks for Valuation

    Pages 1-14

    Fernandes, Nuno

  • Avoid “Strategic” Deals

    Pages 15-30

    Fernandes, Nuno

  • Link the Before and After

    Pages 31-49

    Fernandes, Nuno

  • Think Like a Financial Investor

    Pages 51-70

    Fernandes, Nuno

  • Move Fast and Communicate Transparently

    Pages 71-78

    Fernandes, Nuno

Buy this book

eBook $24.99
price for USA (gross)
  • ISBN 978-3-030-12216-4
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $34.99
price for USA
  • ISBN 978-3-030-12215-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.

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Bibliographic Information

Bibliographic Information
Book Title
The Value Killers
Book Subtitle
How Mergers and Acquisitions Cost Companies Billions—And How to Prevent It
Authors
Copyright
2019
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-030-12216-4
DOI
10.1007/978-3-030-12216-4
Hardcover ISBN
978-3-030-12215-7
Edition Number
1
Number of Pages
XVIII, 88
Number of Illustrations
1 b/w illustrations
Topics