Art of M&A Integration 2nd Ed

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• PART ONE PrerequisitesIntroduction and AcknowledgmentsChapter 1 Basic Definitions and DataIntroductionThe Meaning of IntegrationInternational ConsiderationsAppendix 1-A: Postmerger Performance: A Review of the ResearchNotesChapter 2 The Path to IntegrationIntroductionAlternativesGrowing versus ShrinkingBuilding versus BuyingKeeping versus SellingIntegrating versus Managing SeparatelyInternational ConsiderationsAppendix 2-A: Postmerger Sell-Offs: How Common Are They?Following Up on the 10 Largest Acquisitions of 1985Appendix 2-B: Valuing the Divestiture OptionNotesChapter 3 Integration Planning and CommunicationIntroductionForming Integration PlansThe Role of Insiders in Planning M&A IntegrationThe Role of Outsiders in Planning M&A IntegrationIntegration Elements in the Merger AgreementInternal Communication: Key ChallengesFormal External Communication of the Integration PlanTaxable M&A ReportingCommunicating with StakeholdersMerger ScenariosInternational ConsiderationsMore Is Better: A Case in PointAppendix 3-A: Sample Mission, Team, and Timeline of AcquisitionAppendix 3-B: Communications Plan MatrixAppendix 3-C: Integration Planning WorksheetAppendix 3-D: Integration Plan Outline (Sample Outline Focusing on HR, Communications, and IT)NotesPART TWO Integrating ResourcesIntroduction and Acknowledgments 107Chapter 4 Retaining and Integrating Human ResourcesIntroductionRetaining Human ResourcesLegal IssuesCultural IssuesMerging Boards of DirectorsReshaping the Chairman and CEO RolesMerging Senior Management TeamsTurf: Typical and Special ScenariosMerging Sales, Merchandising, and Distribution ForcesInternational ConsiderationsAppendix 4-A: Sample No Compete AgreementsAppendix 4-B: Human Resources Integration Planning GridNotesChapter 5 Integrating Financial and Tangible ResourcesIntroductionAcquisition Accounting for M&A (under GAAP)Enhanced Financial Reporting for M&A (Non-GAAP)Valuing and Combining Tangible AssetsInternational ConsiderationsAppendix 5-A: Selected Unaudited Pro Forma Condensed Combined Financial Data (in thousands, except per share data)NotesChapter 6 Integrating Reputational and Other Intangible ResourcesIntroductionThe Challenge of Company Name ChangesManaging Brand Identity after a MergerIntegrating Mission StatementsValuing and Combining Intangible AssetsInternational ConsiderationsAppendix 6-A: Sample Vision Statements from Companies Involved in MergersAppendix 6-B: Branding Case StudiesNotesPART THREE Integrating ProcessesIntroduction and AcknowledgmentsChapter 7 Integrating Management SystemsIntroductionIntegrating Organizational StructuresSharing SpaceSharing GoalsSharing StandardsSharing ServicesIntegrating Processes for Product or Service Design, Production, and SupplyIntegrating Internal Financial ControlsInternational ConsiderationsAppendix 7-A: Types of Organizational StructureAppendix 7-B: Internal Control—Integrated Framework: Excerpts from the Original COSO ReportAppendix 7-C: Benchmarking Postmerger Integration of Internal Control: A Sample GuidesheetNotesChapter 8 Integrating Compensation PlansIntroductionPostmerger Compensation BasicsPlanning Pay Integration: A Strategic OverviewMerging Benefit PlansDisclosure and Trading RulesInternational ConsiderationsAppendix 8-A: Pay for PerformanceNotesChapter 9 Integrating and Enhancing Technology and InnovationIntroductionPostacquisition Knowledge ManagementIntegrating Technologies: The Big PictureIntegrating Systems for Research and Development (R&D)Valuing and Combining Patents and Trade SecretsInternational ConsiderationsAppendix 9-A: IT Buzzwords for the Twenty-First CenturyAppendix 9-B: Integration Planning WorksheetsAppendix 9-C: Integration Planning Worksheet for ITAppendix 9-D: Information Security Program ElementsNotesPART FOUR Integrating Corporate Responsibilities—Fulfilling Stakeholder CommitmentsIntroduction and Acknowledgments 355Chapter 10 Fulfilling Commitments to Customers and SuppliersIntroductionCommitments to CustomersLegal Aspects of Customer RelationsPostmerger PricingPostmerger Quality ManagementContinuity for CustomersCommitments to SuppliersLegal Aspects of Supplier RelationsKey Supplier Issue: Postmerger OutsourcingContinuity for SuppliersTechnological Considerations for Customers and SuppliersInternational ConsiderationsNotesChapter 11 Fulfilling Commitments to Shareholders, Bondholders, and LendersIntroductionCommitments to ShareholdersOwners/InvestorsBuilding Shareholder ValuePostmerger ReturnsLegal Aspects of Shareholder RelationsCommitments to BondholdersBondholdersCommitments to LendersLendersInternational ConsiderationsAppendix 11-A: Simple Formulas for Calculating Shareholder ValueNotesChapter 12 Fulfilling Commitments to Employees and CommunitiesIntroductionCommitments to EmployeesThe Context for CommitmentsCommitments to CommunitiesInternational ConsiderationsNotesAPPENDIXESAppendix A: Acquisition Process OverviewAppendix B: Sample “Assets” Checklist of Resources, Processes, and ResponsibilitiesAppendix C: Pairwise ComparisonAppendix D: Sample Integration Planning Process (as shown in Table 3-1)Appendix E: Sample Press ReleasesAppendix F: Screen Shots from an M&A Planning “Cockpit”Appendix G: Baldrige Self-Analysis Worksheet for Quality Assessment (optional)Index