Linking integration and financial metrics around synergy targets

Linking integration and financial metrics around synergy targets
By Mr. David W. Smalstig & Ms. Dawn White & Eileen Kamerick & Mr. Ken Kotylo

Frameworks for developing realistic synergy targets were debated during this session as the participants drilled into the interplay between term sheets and post-close operating dynamics, considered occasions for limited post-merger integration, contemplated variations in deals where there is a minority or venture investment, and considered approaches that may make a future divestiture feasible. 

Dawn White, Manager, M&A Integration - Corporate Development at Corning; Eileen Kamerick, Member, Board of Directors at AIG Funds, Associated Banc-Corp, Legg-Mason Closed-End Mutual Funds and Hochschild Mining; and Ken Kotylo, Vice President of Acquisitions & Corporate Development at Telephone and Data Systems (TDS) drilled into the interplay between term sheets and....

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Developing and tracking synergy and integration targets | M&A Conference at Fordham Law New York

Developing and tracking synergy and integration targets | M&A Conference at Fordham Law New York
By Dr. Georg Siedlaczek & Mr. John Andrews & Mr. Nicolas Moiseeff & Mr. Stuart Gleichenhaus

This keynote discussion looked at the interplay between term sheets and the critical post-close.

Insights from Georg-Michael Siedlaczek, VP of Global Post-Merger Integration at Bayer, John Andrews, VP of Strategy, Corporate Development and M&A at Vertellus, and Nicolas Moiseeff, Senior Director of M&A and Joint Venture at Bunge included specific guidance on direct and indirect synergies as well as…

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Merger consideration, including synergies, confirmed as basis for fair value in appraisal proceeding

Merger consideration, including synergies, confirmed as basis for fair value in appraisal proceeding
By Ellen Holloman & Jason M. Halper & Joshua Apfelroth & Richard M. Brand & Nathan Bull & William P. Mills

This paper discusses the Delaware Supreme Court’s reversal in Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. in a statutory appraisal proceeding. The court reinforced its recognition of merger consideration, including synergies anticipated by the parties, as strong evidence of fair value in statutory appraisal actions. The authors note that because agreed-upon merger consideration will continue to be considered in a company’s fair value, appraisal arbitrage will remain at reduced levels in Delaware courts.

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Scope-oriented M&A planning for brand-driven acquisitions

Scope-oriented M&A planning for brand-driven acquisitions
By Mr. Peter Horsley & Ms. Allison Snider & Mr. Brian McRoskey

In a disruptive industry facing growth challenges, consumer product companies are facing increased pressure to stimulate growth. M&A has increasingly become one of the tools used by consumer product companies to successfully navigate an ever-changing industry landscape. Specifically, scope deals are becoming more prevalent as a means to address changing customer demands and fast-paced consumer markets.

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Using M&A value drivers to shape synergy and integration targets | M&A Conference at Wharton San Francisco

By Mr. Todd Smith & Ms. Pat Belotti & Ms. Marilyn Adan & Ms. Renee Scherrer

The interplay between diligence, term sheets, and the critical post-close operating dynamics is one of the great challenges corporate development teams face.  The session explored frameworks that can be used for developing realistic targets during the integration process.  

Faculty member Todd Smith, Senior Managing Director at FTI Consulting, distilled integration strategy into three major considerations:

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