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Objectives behind Mergers & Acquisitions The two most common ones are growth and synergy. That is, M&As are a way in which a company can grow at an accelerated rate. This type of growth is usually much faster than growth through internal development. So when a company sees an opportunity in the market that it could fulfill if it had the resources to do so, one way to reach this goal in some cases is to buy a company that can help meet this objective. Synergy is also an often-cited motive for companies wanting to do deals. These synergies can come from reductions in costs as a result of a combination of two firms that have partially overlapping or redundant cost structures. Other sources of synergy can come from improved revenues that derive from the combination of the two companies. We will show that this source of synergy is often difficult to come by. It is much easier to talk about in advance of a deal than it is to actually make it come to pass. Other motives or reasons for M&As include economic motives, such as the pursuit of economies of scale such as cost reductions from being a larger company. We will see that economies of scale are one of the more achievable forms of synergy, although even here many companies never achieve the synergistic gains talked about before the deal. Other economic motives include economies of scope, where a company may be able to offer a broader product line to its current customer base. The reasons for M&As can be varied. We will review these motives and others that companies put forward to justify M&As. We will see that some types of deals are better than others for shareholders. For example, in many instances, mergers involving companies in different industries are often not well received

in the market. However, deals that enhance a companys focus tend to be better received. We will also see that the markets initial reactionsomething that is studied extensively by academic researchersis often telling about the longterm effects of the change that is being implemented. Although some managers may not learn from prior similar events, the market seems to have a longer memory. It is sometimes fooled, but it seems that it is more on target than managers who seem to quickly forget where other managers, or even themselves, have gone wrong in the past.

to help align leadership, management, and supervisory practices with the new combination's basic values - to provide guidance about managing the "people factor" in order to maintain productivity and job satisfaction - to facilitate multi-directional knowledge transfer and organizational learning within the new combination - to redesign core work processes in a way that involves employee stakeholders - to help to wisely select personnel for cross-border and cross-unit assignments - to develop global competencies in key managers and supervisors - to reconceptualize performance management and career planning - to align differing benefits and compensation packages - to facilitate the productivity of geographically dispersed "virtual" teams

To conduct benchmarking studies of important mergers & acquisitions processes. To create a cooperative environment where full understanding of the performance and enablers of "best in class" mergers & acquisitions management processes can be obtained and shared at reasonable cost. To use the efficiency of the association to obtain process performance data and related best practices from regarding mergers & acquisitions. To support the use of benchmarking to facilitate mergers & acquisitions process improvement and the achievement of accuracy, timeliness and efficiency.

By exploring restructuring strategies from various angles, you will improve your ability to reposition and revitalize your firm, create new opportunities, and maximize value for shareholders. Specifically, you will be better able to: Recognize situations in which restructuring can add significant value or create opportunity Identify the best restructuring options for a specific problem or challenge Use financial valuation and credit analysis to measure the potential value gains available through restructuring Manage the complex accounting, tax, legal, and regulatory issues that characterize many restructuring actions, avoiding pitfalls that can delay or derail the process Communicate and negotiate effectively with your firm's stakeholders to ensure the success of a restructuring effort Implement an effective decision-making and execution process that enables you and your team to formulate and act on restructuring plans in a rational, systematic way Analyze adjacent and new markets Determine financial and strategic attractiveness of M&A investments versus organic development or partnership / joint venture / alliance

Develop an informed (i.e., fact-based) investment thesis Establish investment criteria