Strategy, acquisitions and value

Tony Grundy

European Management Journal, 1996, vol. 14, issue 2, 181-188

Abstract: Acquisitions frequently destroy rather than add to value, especially where they are not managed well strategically. Strategic, financial and implementation analysis can be fruitfully integrated as a single process of due diligence. The value from acquisitions can be segmented according to the purpose of the acquisition to arrive at a value profile. Acquirers can then challenge whether they are likely to add value before, during or after the deal. The key assumptions underlying acquisition value (including the scale of the investment iceberg) can then be tested using a combination of strategic, financial and implementation tools (including scenarios and critical success factors).

Date: 1996
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