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Opinions and views from expert CFOZone members.

Tag >> mergers and acquisitions
Dec 02
2010

A new way to value M&A;?

Posted by dbedell in valuation model, mergers and acquisitionsFinanceDeals

dbedell

With US M&A still going strong both domestically and internationally, bias inherent in traditional valuation methods can lead to incorrect assumptions. Hence it is time to take a new approach to valuation. Or so say the authors of a new M&A methodology out in the Harvard Business Review.

Alexander van Putten— principal at Cameron & Associates and affiliate faculty member at the University of Pennsylvania's Wharton Business School— Mehrdad Baghai—managing director of boutique advisory firm Alchemy Growth Partners—and Ian MacMillan—principal at Cameron & Associates and Ambani Professor of Innovation and Entrepreneurship at Wharton—have come up with a twist on traditional methods for valuing a potential acquisition target that they say reduces false positives in the M&A process.

Oct 06
2010

The link between compensation and successful M&A;

Posted by annearf in retentionmergers and acquisitionscompensationcareer/management

annearf

Most mergers and acquisitions fail to meet the companies' original goals for the transaction. But it seems that one crucial factor contributing to success is the compensation and benefits programs the parties use.

That sounds a bit like a no brainer, but apparently, it's something many companies ignore.

Oct 01
2010

Venture deals rebounding sharply

Posted by Stephen Taub in venture capital, private equity, mergers and acquisitions, M&A;, IPO, initial public offering, Dow Jones VentureSourceDeals

Stephen Taub

Liquidity is clearly improving in the venture capital market, making it easier for investors to cash out their investments.

During the third quarter, there were 111 venture-capital backed company exits, netting $6.4 billion. The number of exits rose by 11 percent while deal volume surged 70 percent compared to the same quarter a year ago, according to Dow Jones VentureSource.

Sep 16
2010

Latin America ripe with opportunities for direct investment

Posted by dbedell in Vale, trade, RiskNorsk Hydromergers and acquisitions, M&A;, Latin America, Heinekengreenfieldforeign direct investmentFemsaDealsCNOOC

dbedell

Latin American direct investment—both greenfield and M&A—continues to rise as companies from around the world take a look at the opportunities that the region holds.

The region is not only doing very well from a macro-economic perspective, but it is also experiencing strong domestic growth, strong trade growth, and boasts an experienced corporate executive class who have led the region’s businesses through the crisis with relative ease.

Sep 14
2010

Innovation may be threatened by declining start-up IPOs

Posted by dbedell in venture capitalVantagePointstartupMorgan Stanley Private Equitymergers and acquisitionsIPOinnovationDealsbiztech

dbedell

It’s a trend that many may have noticed on some level, but few have actually pointed out. Fewer and fewer start-ups are aiming for an IPO. More and more the goal is to sell out to someone larger, who can move the company to the next level or bolt it onto their existing infrastructure.

However, venture capital available to start-ups and later-stage developments is continuing to grow at a rapid pace. Some of the biggest VC deals in the second quarter this year were in the range of hundreds of millions of dollars.

Sep 08
2010

GlaxoSmithKline hires M&A; specialist for top finance job

Posted by dbedell in mergers and acquisitions, M&A;, Goldman SachsglaxosmithklineGEDealsCareers/ManagementAmersham

dbedell

GlaxoSmithKline (GSK) is taking on an M&A afficionado from Goldman Sachs to replace their retiring CFO, as they prep for the next wave of growth through acquisitions.

Simon Dingemans, head of Goldman Sach’s European mergers and acquisitions franchise, will take over the finance helm at the UK pharmaceuticals powerhouse—becoming CFO-designate in January and replacing retiring CFO Julian Heslop, who will end his term in March.

Sep 07
2010

BA-Iberia draw up an airline shopping list

Posted by dbedell in US Airwaysmergers and acquisitionsIberiaDealsconsolidationBritish Airwaysairlines

dbedell

British Airways (BA) will continue its acquisition streak after the completion of its merger with Iberia Airlines of Spain. Execs at the two companies have apparently been drawing up a shortlist of potential targets, according to Tuesday’s FT.

BA chief Willie Walsh let it be known that there are 12 names on the list—including both full-service carriers from diverse emerging economies and a few budget carriers as well.

Sep 01
2010

Dukes flying in PotashCorp battle

Posted by dbedell in shareholder rightspotashpoison pillmergers and acquisitions, M&A;, DealsCanadaaustralia

dbedell

Few people would have cared—or understood—three weeks ago if someone had said that potash is a hot commodity. But with Australia’s BHP Billiton and Canada’s PotashCorp in a dukes up, all out brawl right now for control of the Canadian fertilizer firm, potash—and the fertilizer industry—have taken on new significance.

On Tuesday they took the battle to fresh heights—or depths as the case may be—when PotashCorp accused the Aussie mining firm of “highly-unethical” behaviour, as the FT reports.

Aug 27
2010

HP, Dell throttle up in 3Par chase

Posted by dbedell in SAPmergers and acquisitions, M&A;, HPGoogleDellDeals

dbedell

HP and Dell on Friday continued their battle royale for 3Par, the data management and cloud computing firm. The deal is the latest in a long string of transactions this summer by big tech firms in their efforts to become even bigger—and move into territory now held by their competitors.

The battle has been raging since the start of last week, when Dell first put in an offer at $18 a share for all outstanding shares of the data storage firm. 3Par accepted. HP came in to the foray this past Monday—offering $24 a share. Dell sneaked in a bid at $24.30 Thursday morning this week, and HP came back that afternoon with a $27 offer.

Aug 26
2010

Leveraged loan market continues to grow

Posted by dbedell in mergers and acquisitions, M&A;, leveraged loan, leveraged finance, LBO, Deals

dbedell

There are a number of leveraged loan deals in the works this month, and more in the pipeline for September. Companies that are shopping for acquisitions, and a number of private equity houses with LBOs in the works, are turning to the leveraged market for funding, and the market looks set to continue growing as autumn approaches.

Bankers will soon market a $1.5 billion term loan for the buyout of New York nutritional supplements maker NBTY by The Carlyle Group. Bank of America Merrill Lynch, Barclays and Credit Suisse are the arrangers, and price talk is at 400 basis points over Libor.

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