Intelligent M & A: Navigating the Mergers and Acquisitions Minefield, 2nd Edition

Introduction to the Second Edition

The first edition of this book was published in 2007, the year that set the record during the sixth merger wave for merger and acquisitions (M&A) activity – a level that was double the current levels as we write this book. It was often described as a period of “merger frenzy,” and given the many failed deals from that era (most notably in the financial services sector, but in other industries as well), the number of deals was clearly too high.

It is therefore timely for an updated second edition of Intelligent M&A. The “pre-Lehman” bankruptcy world was very different from the world six years – and a global recession – later. The M&A market has changed as well, perhaps in some very healthy ways as more and more research is being published which shows that boards of directors and shareholders are much more reserved in their pursuit of consolidating activities, such as mergers or acquisitions. Those deals that do take place appear to be better grounded in strategy and priced more rationally. The froth is off the market. If we can be so bold as to say so, it appears that many of the recommendations in the first edition of this book have been implemented, although we certainly are not claiming credit for these changes but rather see the first edition as a reflection of the changes already underway at the time. More is still needed to continue to improve the success of M&A deals, and thus we have written this new edition.

Some things haven't changed ...