Merger and Acquisition (M&A) activity is occurring at a phenomenal pace. The current proliferation of mergers is marked by the unsurpassed size of transactions and the involvement of firms in virtually every industry. Despite the intense level of activity in M&A, executives and researchers in the field are beginning to share grave doubts about the effectiveness of such strategies in achieving synergies and increasing shareholder wealth. Industry observers have identified post-merger integration as critical to long-term merger success.
Despite the warnings of researchers about the necessity of considering integration issues, evidence suggests that executives generally fail to give adequate attention to the post-merger phase of the overall acquisition process. A merger or acquisition programme with a perfectly sound underlying strategy can miscarry if the merger process is neglected.
A 2008 PriceWaterhouseCoopers study showed that executives deem 64% of mergers to be strategically successful. However only 44% are considered financially successful and only 38% an operational success.
The conclusion to be drawn from these less than impressive results is that although M&As are usually well thought out from the financial and legal points of view, they fall victim to poor planning in the key area of organisational and behavioural change. Consequently for sustained competitive advantage to be achieved, it is imperative that the M&A be implemented not just on a sound financial and legal basis, but also with a strong focus on organisation and behaviour.
The purpose of this white paper is to focus on post-merger organisational transformation, and to present a structured approach to improve the probability of merger success. […]
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