How leading companies get a head start on synergies before Day 1

How leading companies get a head start on synergies before Day 1
By Mr. Aasheesh Mittal & Mr. Jeff Rudnicki & Mr. Stephen Santulli

With acquirers paying an average premium of 40% over targets’ market value, delivering on promised synergies is critical to the success of most mergers. And because external spending so often represents the largest share of a company’s costs, the procurement function is typically the single largest source for potential synergies.

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Why some transactions fail...are there common characteristics?

By James R. Asmussen, Esq. & Mr. Brian Boorstein & Mr. Frank Jaehnert & Kathryn Buono, Esq.

This discussion considered many of the key strategic and tactical issues that cause deals to fail to close and remedies one might consider as deal structures are developed. The session then pivoted to look at some of the most common reasons completed transactions fail to produce expected synergies and returns for investors.

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Setting synergy and integration targets | M&A Conference at the University of Chicago

M&A conference session | Setting synergy and integration targets
By Mr. Neetin Gulati & Mr. Richie DiFranco & Ms. Natalia Carvajal & Ms. Mayerlin Kanterman & Mr. Peter Granat

An integration program can have a major impact on whether or not a transaction is accretive or dilutive to earnings per share. This session from the Chicago M&A Conference, featuring leaders from Oath (a Verizon company), Microsoft, and BNY Mellon, considered approaches for setting and achieving synergy targets and looked at new and unconventional strategies for a thoughtful integration process that impacts both revenue and productivity.

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Wargaming for M&A integration leaders

Wargaming for M&A integration leaders
By Mr. Nitin Kumar

There is a well-worn military expression: “no battle plan survives contact with the enemy.” Knowing this, a famous Prussian military commander had his forces participate in Wargaming, which is simulating operational and counter-moves on the field of battle in order to surface both unanticipated strengths and weaknesses, but above all, to subject existing assumptions to the uncertainties of fast-evolving, complex situations.

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M&A Strategy and Deal Evaluation Methods

By Mr. David J. Solomon & Mr. Fred Graffam & Mr. Jarl Berntzen & Mr. Sid Tandon

This session considered an M&A strategy framework that can be used to analyze and validate an investment thesis. The discussion covered buy vs. build, assessing strategic fit, and tactical considerations to improve acquisition outcomes. The panel considered some of the most common reasons completed acquisitions fail to produce expected synergies.

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