Deals from Hell - by Robert F Bruner (Paperback)

Book Synopsis

A detailed look at the worst M&A deals ever and the lessons learned from them

It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.

From the Back Cover

PRAISE FOR Deals from Hell

"Whether you are an investor or dealmaker, corporate executive or aspiring MBA looking for a career on Wall Street, you are sure to find this book both troublesome and inspiring...it cannot be otherwise when you carefully examine a series of M&A 'train wrecks' through the same lens as Prof. Bruner, a creative teacher in the field of M&A, who has been able to extract the hard, instructive lessons from these disasters." --From the Foreword by Arthur Levitt Jr., former chairman of the Securities and Exchange Commission and author of Take On the Street: What Wall Street and Corporate America Don't Want You to Know

"Deals from Hell is a fresh and interesting look at the M&A game written by Prof. Robert Bruner, a leading authority on the topic. He studies failures and from this unique perspective, teaches us the pitfalls to avoid as well as the positive actions for success. The case histories illuminated herein are worthy instruction for all CEOs and their top management team." --Tom Copeland, Managing Director of Corporate Finance, Monitor Group

"There is a very fine line between M&A heaven and hell--and it is no surprise that the devil is in the details. Contrary to conventional wisdom, mergers work, on average, as Bob Bruner documents--and the reasons why are often worthy of more careful study than what appears beneath the headlines of the popular press. Bruner drills down on disasters and successes like no one else--and leaves investors and M&A dealmakers with a truly balanced scorecard of important lessons to ponder." --Charles D. Ellis, author of Winning the Loser's Game and Capital: The Story of Long-Term Investment Excellence

"While the average return to M&A acquirers is a matter of some controversy, it is beyond question that many acquisitions work well and many work badly. This landmark book is the finest available for separating the likely successes from the likely failures." --Bruce C. N. Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School, and coauthor of Value Investing: From Graham to Buffett and Beyond

Review Quotes

"engages in the kind of candid thinking that has long been missing from the high stack of books." ("The Wall Street Journal," May 26, 2005)

"According to the author, six key elements embedded in disasters are 'complexity, tight coupling, management choices, cognitive biases, business not as usual, and failure of the operational team.' In unison, these are lethal, he cautions. 'Systems that adapt well to error anticipate it, actively seek information, use checkpoints to control the spread of error, and invite countervailing forces to oppose error.' So, what's the insight for businesses? 'Design of organisation structures and business processes could employ similar principles to thwart M&A failures, ' counsels Bruner. Part II of the book has ten case studies, including AOL-Time Warner, Mattel-The Learning Company, and Renault-Volvo. Part III is about conclusions and implications'. Bruner dins in before parting: 'The growth that matters is growth in economic value. The rest is smoke.' Fiery read!" -- D. Murali, The Hindu Business Line

About the Author

Robert F. Bruner is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes, as well as the author of two other Wiley titles, Applied Mergers and Acquisitions and The Panic of 1907. Bruner has served as a consultant to over twenty corporations and the U.S. government, and prior to his academic career worked as a commercial banker and venture capitalist. He holds a BA from Yale University, and an MBA and DBA from Harvard University.