By Stefano Garzella, Raffaele Fiorentino
This publication addresses synergy administration, which poses an incredible problem for corporations, advisors and practitioners interested by mergers and acquisitions (M&A). Synergy performs a key position in M&A contexts, either within the decision-making procedure and, for that reason, within the integration part. in spite of the fact that, although synergy worth is usually considered as one of many key good fortune elements in M&A, study exhibits that organizations in general fail to accomplish the predicted synergy.
The extant literature is characterised via a scarcity of complete types of synergy administration: the evaluation of synergy price is still a “black field” for students and practitioners alike. The authors offer a entire framework for synergy administration through integrating findings from earlier learn and diverse disciplines. The framework highlights the most dimensions of synergy administration in mergers and acquisitions, universal pitfalls, and new types and instruments for fending off them. As such, the e-book enriches the M&A literature, bargains new insights for students, and offers precious instructions for practitioners eager about synergy management.
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Additional resources for Synergy Value and Strategic Management: Inside the Black Box of Mergers and Acquisitions
J Oper Manag 25 (2):464–481 Homburg C, Bucerius M (2006) Is speed of integration really a success factor of mergers and acquisitions? An analysis of the role of internal and external relatedness. Strateg Manag J 27 (4):347–367 Hunt JW (1990) Changing pattern of acquisition behaviour in takeovers and the consequences for acquisition processes. Strateg Manag J 11(1):69–77 Jemison DB, Sitkin SB (1986) Corporate acquisitions: a process perspective. Acad Manag Rev 11 (1):145–163 Jensen MC (1986) Agency costs of free cash flow, corporate finance, and takeovers.
J Manag 39(3):604–632 Zollo M, Meier D (2008) What is M&A performance? Acad Manag Perspect 22(3):55–77 Chapter 3 Inside Synergy Assessment: Towards the Real Value of M&As Abstract This chapter develops an effective synergy assessment model to support the process of synergy valuation and the success of pre-deal planning. The effectiveness of the synergy value depends from the valuation models, the valuation path and the assessment process. We highlight that the synergy assessment process and the effective use of synergy valuation models are critical points to cut the failure rate of mergers and acquisitions.
Far from being antithetical and mutually exclusive, the several valuation models can be jointly applied for their mutual confirmation and to gain more information and increase accuracy by combining the different peculiarities and strengths characterising each model. Indeed, in practice, the valuation obtained using a primary model is compared with the valuations from one or more control models.
Synergy Value and Strategic Management: Inside the Black Box of Mergers and Acquisitions by Stefano Garzella, Raffaele Fiorentino