Winning through Merger and Acquisition (Chiến thắng trong thương vụ M&A)

Winning through Merger and Acquisition Buyers and sellers can create a lot of value through merger and acquisition (M&A). Both can win from a transaction. That is the beauty of dealmaking. And that is much of the allure that has driven the tremendous volume of M&A activity in the United States during the 1990s; in recent years this trend has extended worldwide.1 This book focuses on business value—what creates it, how to measure it, how to build it, and how to maximize it in merger and acquisition. These concepts are equally important to buyers and sellers because both can and should benefit from a deal. But different results frequently occur. Sellers may sell under adverse conditions or accept too low a price due to lack of preparation or knowledge. And every buyer runs the risk of purchasing the wrong business or paying too much. That is why understanding value— and what drives it—is critical in merger and acquisition. Wise shareholders and managers do not, however, confine their focus on value to only M&A. Value creation drives their strategic planning and, in the process, creates focus and direction for their company. Their M&A strategy supports and complements their broader goal of building shareholder value and they buy and sell only when the deal creates value for them.