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Objectives:
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Legal Environment
Hart-Scott-Rodino Antitrust Improvement
Act of 1976
U.S. Department of Justice
Federal Trade Commission (FTC)
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Exercise 1:
Market Segment
Companies Within Market Segments
Potential Combinations
Within market segments
Across market segments
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M&A Categories
Rescue
Response to a raid or financial bail-out
Partnership
Both parties actively desire the combination
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Hostile Takeover
Acquisition target actively resists the take-over
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Rescue
Usually a result of major weaknesses in
operations or management of one company
Cooperation tends to be high
Completion of audits often rushed
Significant issues not dealt with during the
negotiations
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Partnership
Goodwill and respect prevail
Management retention packages and
agreements to keep key talent is critical
Surprises are rare
Once the financial deal is done,
management often ignores integration
details
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Adversarial
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Hostile Takeover
Animosity toward the raider is generated
Substantial residue of ill-will remains
during the integration
Strong win-lose atmosphere prevails
Talents leaves first
Human resource failures most likely in this
type of M&A
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Profits
Assets and stocks
Customer and vendor base
Facilities
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Critical HR Tasks
Integrate policies and programs from both
companies
Process retention, compensation and
benefits packages
Identify key talents and expertise
Advise leadership on organization
capability
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Exercise 2:
Success Case Study
Star-Excel Building Corp.
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Process of Integration
Five integration phases:
Due Diligence
Organize
Mobilize
Implement
Perform
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Betrayal
Denial
Identifying Crises
Search for Solutions
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Exercise 3:
Planning the integration
Completed templates as examples of content
you would expect to see
Blank templates to be completed using the
information in the Success Case Study for input
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