Pre-deal Management. / McSweeney, Brendan; Happonen, Elina.

The Handbook of Mergers and Acquisitions. ed. / David Faulkner; Satu Teerikangas; Richard J. Joseph. Oxford : Oxford University Press, 2012. p. 171-194.

Research output: Chapter in Book/Report/Conference proceedingChapter

Published

Abstract

The acquisition process is often represented as a step-by-step logical chain of events. Typically, these steps are said to flow from acquisition strategy and objectives, passing through the phases of systematic search and screening, strategic evaluation, financial evaluation, negotiations, purchase, and ultimately integration. This characterization is useful in highlighting different challenges and stages through time. But it has two limitations. Depicting the acquisition process as a chain of sequential and discrete steps neglects the extensive interrelationships between the different stages. Furthermore, acquisitions are usually undertaken within contexts characterized by considerable uncertainty. Discrete stage descriptions of acquisitions overstate the predictability of outcomes, including strategic fit, organization fit, and economic value. These are judged, supposed, anticipated as much as they are objectively found. This chapter considers the management of the inter-related acquisition activities undertaken prior to a merger or acquisition (hereafter, acquisition) deal.
Original languageEnglish
Title of host publicationThe Handbook of Mergers and Acquisitions
EditorsDavid Faulkner, Satu Teerikangas, Richard J. Joseph
Place of PublicationOxford
PublisherOxford University Press
Pages171-194
ISBN (Print)978-0-19-960146-2
Publication statusPublished - 2012

ID: 10654678