CHAPTER 5
Will They Have Reason to Cheer?
Announcement Day
Sure, there are some synergies here. I don’t know where they are yet. To say that now would be an idiot’s game.
—Barry Diller at the announcement of QVC’s proposed acquisition of CBS, 1994
Announcement Day is often treated like a party. And why not? There’s often good reason to celebrate. The boards of both companies have approved the transaction. The acquirer’s board has reviewed the strategy, scrutinized the valuation, and presumably given substantial thought to high-level aspects of the integration. It has the blessing of investment bankers and lawyers on both sides, who have confirmed that the deal is in the best interest of each company.1
Often, though, this focus on celebration ...
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