PART IHow M&A Creates Value in Strategy
Today it is common to refer to a “strategic acquisition” or to develop an “M&A strategy,” but M&A was not always considered as part of strategy, and for good reason. Although M&A is now recognized as an important component of strategic growth, M&A in decades past was dominated by financially based transactions of empire builders and corporate raiders. M&A strategy was missing from the corporate tool kit of most other corporations.
EXTREMES DOMINATED
On one extreme were the deals carried out by holding companies in the 1970s, amassing conglomerates of unrelated companies. These were the days of J. B. Fuqua of Fuqua Industries, Harold Geneen of ITT, Jimmy Ling of LTV, Henry Singleton of Teledyne, and Tex ...
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