AXIOM 5Acquire Smart
Make the most of global bargains.
“It is optimism that is the enemy of the rational buyer.”
—WARREN BUFFETT
THE ANNALS OF GLOBAL ACQUISITIONS ARE FILLED WITH failure: megadeals that ended up costing shareholders dearly because of the premium paid, the difficulties at realizing expected synergies, and other postmerger integration issues. While merging balance sheets is straightforward, making two corporate cultures work together is a different story. Many companies have treated acquisitions as ends in themselves, rather than as a means to an end. As Warren Buffett observed, optimism is rampant when a company announces the acquisition of another. The euphoria, however, often ends in disappointment not only because of unwarranted ...
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