Planning for a successful M&A (Kế hoạch cho thương vụ Mua bán Sáp nhập thành công)

PLANNING FOR A SUCCESSFUL MERGER OR ACQUISITION: LESSONS FROM AN AUSTRALIAN STUDY

Jarrod McDonald, Max Coulthard, and Paul de Lange1 ABSTRACT Mergers and acquisitions (M&As) continue to be a dominant growth strategy for companies worldwide. This is in part due to pressure from key stakeholders vigilant in their pursuit of increased shareholder value. It is therefore timely to identify key planning steps that will assist CEOs and company boards to achieve M&A success. This study used semi-structured interviews to: identify the link between corporate strategic planning and M&A strategy; examine the due diligence process in screening a merger or acquisition; and evaluate previous experience in successful M&As. The study found that there was a clear alignment between corporate and M&A strategic objectives but that each organisation had a different emphasis on individual criterion. Due diligence was also critical to success; its particular value was removing managerial ego and justifying the business case. Finally, there was mixed evidence on the value of experience, with improved results from using a flexible framework of assessment.