Mergers and Acquisitions

  • Acquisition strategy and the four rules
  • Valuing the target
  • Post-merger integration.

Andrew Campbell, a founding director of the Ashridge Strategic Management Centre, will lead a day on acquisition strategy. The main focus will be the economic logic for doing acquisitions. The seminar will look at both bolt-on acquisitions and portfolio deals. There will be a short case study, which will be sent out in advance, and one session will look at the logic of some recent deals. There will also be an opportunity to share information about the processes different companies use for supporting, challenging and approving proposals. This is an opportunity to refresh your knowledge about an activity that can create or destroy significant amounts of share holder value.

09.30 Registration and Coffee
10.00 Characteristics of Successful Acquistions
  Ten steps to successful acquisitions
  Reasons for failure
  Acquisition experience
11.00 The Four Rules of Acquisition
  Incremental value
  Rival Bidders
11.30 Break
11.45 Defining and Identifying Drivers of Incremental Value
  Zausner Case
12.30 Lunch
13.30 Discuss Zausner Case
14.00 Developing an Acquisition Strategy
  Different types of acquisition
  How incremental value is created
14.30 Acquisition Criteria
  Incremental value criteria
  Other criteria
15.15 Break
15.45 Acquisition Process - sharing amongst participants
  Role of acquisition team?
  How targets are identified?
  What does an acquisition strategy look like?
  Approval process?
  Post merger integration processes?
16.45 Review (close at 17.00)