href="#ulink_546577d8-c8fd-54ec-9fd9-944f7010c456">FRAMEWORK FOR INTEGRATION STRATEGY
IMPLEMENTATION OF INTEGRATION STRATEGY
INTEGRATION STRATEGY MINI-CASE: THE MERGER OF UNION BANK OF SWITZERLAND AND SWISS BANK CORPORATION, 1998
CONCLUSION: INTEGRATION IS TRANSFORMATION
NOTES
CHAPTER 37: Corporate Development as a Strategic Capability: The Approach of GE Power Systems
INTRODUCTION
BUSINESS DEVELOPMENT AT GE POWER SYSTEMS
DEAL PROCESS AT GE POWER SYSTEMS
IMPLICATIONS FOR BEST PRACTICE
NOTES
CHAPTER 38: M&A “Best Practices”: Some Lessons and Next Steps
INTRODUCTION
SOME ELEMENTS OF M&A BEST PRACTICE
WHERE THE SIDEWALK ENDS
DEVELOPING BEST PRACTITIONERS
THE END OF IT ALL
NOTES
15 About the CD-ROM INTRODUCTION DESCRIPTION OF GENERIC TEMPLATES MINIMUM SYSTEM REQUIREMENTS USING THE CD WITH WINDOWS TROUBLESHOOTING
16 References and Suggestions for Further Reading
17 Index
List of Tables
1 Chapter 2EXHIBIT 2.1 General Electric’s “Code of Conduct”EXHIBIT 2.2 Excerpts from AIMR Code of Ethics and AIMR Standards of Professional ...EXHIBIT 2.2 Excerpts from AIMR Code of Ethics and AIMR Standards of Professional ...
2 Chapter 3EXHIBIT 3.1 Classes of Tests of M&A ProfitabilityEXHIBIT 3.2 Comparison of Research Approaches Regarding the Profitability of M...EXHIBIT 3.3 Summary of Shareholder Return Studies for M&A: Returns to the Targ...EXHIBIT 3.4 Studies Reporting Negative Returns to AcquirersEXHIBIT 3.5 Studies Reporting Positive Returns to AcquirersEXHIBIT 3.6 Studies Reporting Long-Term Returns to AcquirersEXHIBIT 3.7 Summary of Shareholder Return Studies for M&A: Combined Returns to...EXHIBIT 3.8 Summary of Studies of Financial Statement DataEXHIBIT 3.9 Excerpted Findings about the Change in Profitability of British Ac...EXHIBIT 3.10 Excerpts of Findings about Change in U.S. Acquirers’ Profitabilit...EXHIBIT 3.11 Summary of Performance Studies for M&A: LBO ResultsEXHIBIT 3.12 Sample of Practioner Studies and Their Key Findings
3 Chapter 4EXHIBIT 4.4 Notes on the Sources of M&A Activity SeriesEXHIBIT 4.5 Explanations for M&A Activity Vary with Assumptions about Markets ...EXHIBIT 4.6 Styles of Listening for Turbulence, and the Resulting M&A Activity...
4 Chapter 5EXHIBIT 5.1 Trends in Completed Cross-Border Mergers and Acquisitions Involvin...EXHIBIT 5.2 Percentage Rate of Growth in Transactions Domestically and Cross-B...EXHIBIT 5.3 Cross-Border Transactions between Mexico and the United States, 19...EXHIBIT 5.4 Seventeen Largest Cross-Border Deals, 1997-2002EXHIBIT 5.5 Emerging Market Correlations with U.S. MarketEXHIBIT 5.6 Factors Explaining Equity Returns in Emerging and Developed Market...EXHIBIT 5.7 Returns to Targets of Foreign BuyersEXHIBIT 5.8 Returns to Buyers of Foreign TargetsEXHIBIT 5.9 Summary of Shareholder Return Studies for M&A: Combined Returns to...
5 Chapter 6EXHIBIT 6.1 Examples of Mission StatementsEXHIBIT 6.2 Relationship between Market Share and Return on InvestmentEXHIBIT 6.3 SWOT Analysis of Chrysler and Daimler-Benz Just before the Announc...EXHIBIT 6.4 Overview of Tools for Strategic AnalysisEXHIBIT 6.9 Illustration of Attractiveness-Strength MatrixEXHIBIT 6.13 Summary of Studies of Market Returns to Parent Shareholders at An...EXHIBIT 6.15 Volume of Divestitures, Spin-offs, and Carve-outs by Year and as ...EXHIBIT 6.16 Summary of Studies of Market Returns to Parent Shareholders at Un...EXHIBIT 6.17 Summary of Studies of Market Returns to Parent and Subsidiary Sha...EXHIBIT 6.18 Summary of Studies of Market Returns to Parent and Su...EXHIBIT 6.19 Summary of Studies of Market Returns to Parent Shareholders at Cr...EXHIBIT 6.22 Changing Mix of Diversification Strategies for the Fortune 500 Fi...EXHIBIT 6.23 Returns by Diversification StrategyEXHIBIT 6A.1 Self-Sustainable Growth Rates for Five RetailersEXHIBIT 6A.2 Summary of Modeling AssumptionsEXHIBIT 6A.3 Policy Changes to Raise Self-Sustainable Growth Rate
6 Chapter 7EXHIBIT 7.2 Three Information Scenarios and Their Impact on Competition, Prici...EXHIBIT 7.4 Annotated List of Recommended Sources of Public Information about Compan...EXHIBIT 7.5 Acquisition Guidelines, Kestrel Ventures LLCEXHIBIT 7.6 Screening Criteria, Kestrel Ventures LLCEXHIBIT 7.7 Summary of Search Principles
7 Chapter 8EXHIBIT 8.3 Participants in a Hypothetical Due Diligence ReviewEXHIBIT 8.4 Priorities in Information Technology Diligence and Integration
8 Chapter 9EXHIBIT 9.1 Yields on Five-Year Corporate and U.S. Government Bonds by Credit ...EXHIBIT 9.2 Berkshire Hathaway Acquisition CriteriaEXHIBIT 9.3 Liquidation Estimate of Value of ABC Corp.EXHIBIT 9.4 Classic Valuation MultiplesEXHIBIT 9.5 Properly Match Discount Rates and Cash FlowsEXHIBIT 9.6 Dart-Selected Sample of Firms with Analysis of Five-Year Dividends...EXHIBIT 9.7 Example of the Equivalence of Results from the Three DCF Valuation...EXHIBIT 9.8 Overview of Classic Measures of ValueEXHIBIT 9.11 Recent Stock Price Information Chrysler Corporation and Daimler-B...EXHIBIT 9.12 Comparable Automobile Manufacturers (in US$ Millions, Except Wher...EXHIBIT 9.13 Twelve-Month Moving Average Stock PremiumsEXHIBIT 9.14 Recent Jumbo M&A Activity (Greater than US$ 10 Billion) (in Milli...EXHIBIT 9.15 Valuation of Chrysler Corporation Shares Discounting ...EXHIBIT 9.16 Valuation of Chrysler Corporation Shares Discounting ...EXHIBIT 9.17 Valuation of Chrysler Corp. Shares Adjusted Present Value Approac...
9 Chapter 10EXHIBIT 10.1 Estimating the Hidden Value of an R&D ProgramEXHIBIT 10.2 Excerpt from Options Quotations Page, Wall Street Journal, March ...EXHIBIT 10.3 Classic Hockey Stick DiagramsEXHIBIT 10.4 Classic Bull and Bear Spread Payoff DiagramsEXHIBIT 10.5 Put-Call Parity: The Equivalent Payoffs of Two Different Portfoli...EXHIBIT 10.8 Payoffs on Senior and Subordinated DebtEXHIBIT 10.9 Calculation of the Volatility on General Mills StockEXHIBIT 10.10 Historical Price Volatility 60-Day Volatility Ending September 3...
10 Chapter 11EXHIBIT 11.3 Example: Valuing Cost Savings and Asset Reduction SynergiesEXHIBIT 11.4 Example: Valuing Revenue Enhancement SynergiesEXHIBIT 11.5 Valuing Financial SynergiesEXHIBIT 11.6 Illustration of Valuing an Enabling Technology as a Call OptionEXHIBIT
