Managing acquisitions : creating value through corporate renewal

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How can acquisitions enhance a firm's competitive position and foster value creation? Why do many acquisitions fall short of expectations? Many managers mistakenly believe that integration means making the acquired firm similar to their own, rather than leveraging complementary elements that justified the acquisition. This book addresses these critical questions, emphasizing the importance of strategic acquisitions for business renewal, a topic often overlooked amidst discussions of hostile takeovers and corporate restructuring. Based on eight years of research across 20 companies in the U.S., Europe, and Japan, the authors present a fresh perspective that challenges the financial-centric view of acquisitions. They argue that real value emerges post-agreement through effective managerial actions rather than mere financial engineering. The authors highlight that ineffective acquisition decision-making often arises not from insufficient analysis but from flaws in the acquisition process itself. They stress the need to manage this process effectively, particularly during integration, where common challenges arise. Furthermore, they provide a robust framework for managers to navigate their integration strategies, ensuring that the potential of acquisitions is fully realized.