Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 117

Strategy influences M&A outcomes. It should be the engine driving M&A search, analysis, deal design, negotiation, integration, and process management; this chapter explores this linkage and describes how M&A fits into the broad spectrum of transactions that can expand or restructure the firm. Lessons include these:

 To be strategic is to plan moves by looking ahead. A firm’s strategy is part of the three-legged stool: mission, objectives, and strategy.

 Setting strategy begins with an assessment of the firm’s resources and competitive position. The situation of the firm can be summarized in an analysis of its strengths, weaknesses, opportunities, and threats (SWOT). Numerous tools and frameworks help assess the firm’s SWOT.

 Three successful strategies are (1) low cost leadership, (2) differentiation, and (3) focus. Many firms try to blend these, to be all things at once—but this can be dangerous. You must choose.

 The firm can grow organically (by internal investment) or inorganically by acquisitions, joint ventures, alliances, and contractual agreements. The right choice of the method of inorganic growth depends on the need for a business relationship, the need to be in control, and the need to manage risk exposure.

 The firm can restructure in a variety of ways to enhance its efficiency and create value. Key alternatives are divestiture, spin-off, carve-out, split-off, tracking stock, and liquidation. The choice of method of restructuring will depend on the relationship of the business to the core operations of the firm, the need for control, and whether the business or asset can operate as an independent entity.

 Whether diversification creates value for shareholders is a matter of sharp controversy. Conventional wisdom and some research hold that strategies of focus are better than strategies of diversification. Recent research raises the possibility that the diversification-versus-focus dichotomy may be false: Instead, the right stance may be to focus on relentless restructuring, through either diversification or focus, in response to changes in the firm’s strategic environment. Continue to watch the evolving research on this question.