{"product_id":"material-adverse-change-isbn-9781118066898","title":"Material Adverse Change","description":"\u003cp\u003e\u003cb\u003eBoost M\u0026amp;A outcomes with less risk by learning from mistakes of the past\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eMaterial Adverse Change\u003c\/i\u003e will help you close more successful mergers and acquisitions by analyzing the common root causes of deal failures from before the Great Recession to today. The time between signing and closing a deal is a particularly risky period where the buyer has committed to purchase the company, but the seller continues to operate it while waiting for regulatory approval or funding to close out the deal. A Material Adverse Change clause allows the buyer to back out of the transaction if certain adverse events occur during this period. By designing this safety net into the contract, you’re free to take the time to examine records, meet with employees, and fully understand the legal issues at hand. If the target loses value during that time, in certain cases, you’re free to walk away. This book explores the full power of the Material Adverse Change clause, and today’s M\u0026amp;A in general. You’ll dig into the real causes of M\u0026amp;A failure, and discover the traits and practices that lead to poor results as you learn how to avoid these common mistakes and drive more successful deals. Recent case studies highlight common mistakes made—and propagated—by otherwise intelligent people, so you can identify and eliminate these practices within your own organization.\u003c\/p\u003e \u003cp\u003eA large acquisition is already a delicate balancing act. Why complicate it with the exponential risk by not doing your homework? This book shows you how to apply best practices to increase your chances of successful deals and avoid potentially career ending mistakes. \u003c\/p\u003e \u003cul\u003e \u003cli\u003eExplore the true root causes of M\u0026amp;A failures of the past\u003c\/li\u003e \u003cli\u003eAnalyze the personality traits that drive suboptimal outcomes\u003c\/li\u003e \u003cli\u003eImplement new practices to avoid mistakes and close successful deals\u003c\/li\u003e \u003c\/ul\u003e \u003cul\u003e \u003cli\u003eLearn why common-sense errors are repeated over and over again\u003c\/li\u003e \u003c\/ul\u003e The M\u0026amp;A market has grown to become a major factor in the global economy, yet many buyers do less investigation than consumers making everyday purchases. \u003ci\u003eMaterial Adverse Change\u003c\/i\u003e shows you how to slash risk and improve your chances of completing better deals. \u003cp\u003eIntroduction: The Risks and Opportunities of Doing a Deal xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Why Bad Deals Happen 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Practical Approach to Mergers and Acquisitions 3\u003c\/p\u003e \u003cp\u003eA Case Study: RBS Buys ABN AMRO 4\u003c\/p\u003e \u003cp\u003eMotivations for Deals 5\u003c\/p\u003e \u003cp\u003eA Case Study: Bank of America Buys Merrill Lynch 5\u003c\/p\u003e \u003cp\u003eUsing M\u0026amp;A to Divert Attention 12\u003c\/p\u003e \u003cp\u003eUsing M\u0026amp;A to Grow Quickly 12\u003c\/p\u003e \u003cp\u003eUsing M\u0026amp;A to Solve Problems 13\u003c\/p\u003e \u003cp\u003eHorizontal and Vertical Mergers 14\u003c\/p\u003e \u003cp\u003eConclusion 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Buy or Build? 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Case Study: Commerce Bank 21\u003c\/p\u003e \u003cp\u003eA Case Study: Metro Bank 26\u003c\/p\u003e \u003cp\u003eIs There Anything in Between? 29\u003c\/p\u003e \u003cp\u003eA Case Study: Dow Corning Joint Venture 31\u003c\/p\u003e \u003cp\u003eA Case Study: Bucknell Industries 32\u003c\/p\u003e \u003cp\u003eConclusion 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Let the Buyer Beware 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWachovia Buys Golden West 40\u003c\/p\u003e \u003cp\u003eAOL Time Warner Merger 46\u003c\/p\u003e \u003cp\u003eWells Fargo Buys Wachovia 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Opportunities and Risks of Expanding Your Business Globally 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTelenor India Joint Venture 54\u003c\/p\u003e \u003cp\u003eTelenor’s Global Strategy over Time 56\u003c\/p\u003e \u003cp\u003eTelenor Expands into Eastern Europe 57\u003c\/p\u003e \u003cp\u003eTelenor Pushes into Asia 59\u003c\/p\u003e \u003cp\u003eThe Telenor Unitech Joint Venture 61\u003c\/p\u003e \u003cp\u003ePostmortem on the Telenor Unitech Joint Venture 63\u003c\/p\u003e \u003cp\u003eLessons Learned 64\u003c\/p\u003e \u003cp\u003eTrends for the Future 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Culture Is Critical 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Case Study from China 71\u003c\/p\u003e \u003cp\u003eA Case Study from Japan 74\u003c\/p\u003e \u003cp\u003eA Summary of Other Best Practices 76\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Who Is Behind the Curtain? 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Case Study: Lloyds HBOS 87\u003c\/p\u003e \u003cp\u003eA Case Study: Kraft Buys Cadbury 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Is It Too Late to Back Out? 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCase Study One: Bank of America Purchases Merrill Lynch 106\u003c\/p\u003e \u003cp\u003eCase Study Two: AT\u0026amp;T\/T Mobile 110\u003c\/p\u003e \u003cp\u003eCase Study Three: Verizon Bids for Yahoo 115\u003c\/p\u003e \u003cp\u003eConclusion 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 How to Negotiate a Better Deal 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTen Best Practices for Effective Negotiation 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Making It Right 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground 137\u003c\/p\u003e \u003cp\u003eBe Strategic 138\u003c\/p\u003e \u003cp\u003eMaintain a Rational Organizational Structure 140\u003c\/p\u003e \u003cp\u003eStructure the Deal Properly 141\u003c\/p\u003e \u003cp\u003eRecognize the Importance of Brand 142\u003c\/p\u003e \u003cp\u003eEfficient Distribution 143\u003c\/p\u003e \u003cp\u003eBeware of Culture 144\u003c\/p\u003e \u003cp\u003eHave Financing Lined Up in Advance 145\u003c\/p\u003e \u003cp\u003eEstablish an Appropriate M\u0026amp;A Approval Process 145\u003c\/p\u003e \u003cp\u003eIntegrate Early and Often 146\u003c\/p\u003e \u003cp\u003eClear Legal and Regulatory Process 146\u003c\/p\u003e \u003cp\u003eDon’t Overpay 147\u003c\/p\u003e \u003cp\u003eContinuous Learning 148\u003c\/p\u003e \u003cp\u003eA Case Study: J.P. Morgan Buys Bear Stearns 148\u003c\/p\u003e \u003cp\u003eConclusion 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Where Do We Go from Here? 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Fast We Forget 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix A\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrinity International\/American Public Media Group: Material Adverse Change Clause 169\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix B\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBank of America\/Merrill: Material Adverse Change Clause 171\u003c\/p\u003e \u003cp\u003eAbout the Author 175\u003c\/p\u003e \u003cp\u003eIndex 177\u003c\/p\u003e    \u003cp\u003e\u003cb\u003eROBERT V. STEFANOWSKI\u003c\/b\u003e is an independent consultant on business strategy, leadership, finance, and M\u0026amp;A throughout North America, Europe, and Asia. A current member of the McKinsey \u0026amp; Company Mergers \u0026amp; Acquisitions Advisory Board, he's also been President and CEO of numerous business units at General Electric Company and CFO of UBS Investment Bank. A Visiting Professor of Management Practice at Oxford University, he is the author of \u003ci\u003eMaking M\u0026amp;A Deals Happen.\u003c\/i\u003e      \u003c\/p\u003e\u003cp\u003eMergers and acquisitions (M\u0026amp;A) are big business on a global scale. In cases when M\u0026amp;As happen with industry giants—like Bank of America and Merrill Lynch, Royal Bank of Scotland and ABN AMRO, and AOL and Time Warner—there's a lot at stake throughout every step of a complex process. Even with hundreds of billions of dollars on the line, it is surprising how little time many buyers spend investigating the massive commitment they are making for their companies, their shareholders and their own careers. \u003ci\u003eMaterial Adverse Change\u003c\/i\u003e takes you behind the headlines of some of the most highly visible M\u0026amp;As in recent history in order to highlight where these deals fell apart and the lessons learned to prevent failures from happening again. \u003c\/p\u003e\u003cp\u003eThe collection of failed, landmark M\u0026amp;A deals examined inside is designed to address the most common pitfalls of these negotiations, and it's shocking to learn many of these failures occurred because of such commonsense errors as a failure to consider cultural differences, poor negotiating strategies or simply not enough investigation by the buyer before they committed billions of dollars to the deal. So, it's odd that these problems are so widespread at the highest levels of the industry. The influence of the global economy has changed M\u0026amp;A in significant ways, and will continue to do so, which is why the old playbooks are obsolete and today's executives, attorneys, and everyone else involved in M\u0026amp;A deals need an updated approach to the M\u0026amp;A strategy.        \u003c\/p\u003e\u003cp\u003e\u003cb\u003eTHE SECRET TO REDUCING RISK AND OPTIMIZING VALUE IN M\u0026amp;A DEALS\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eMaterial Adverse Change\u003c\/i\u003e improves your merger and acquisition (M\u0026amp;A) skillset by showcasing the prevalent causes of failed deals through real world examinations into an illuminating collection of the biggest failures around the world. \u003c\/p\u003e\u003cp\u003eWritten by an industry influencer with more than two decades of experience at the highest levels of practice and academia, this game-changing guide takes you inside the real causes of M\u0026amp;A breakdowns so you can master the soft skills and techniques driving today's most successful deals. This single authoritative resource shows you: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe ins and outs of the material adverse change (MAC) clause and why this underused part of the contract is critical to reducing risk and arriving at better outcomes.\u003c\/li\u003e \u003cli\u003eA behind-the-scenes look at how forward-thinking organizations are positively growing from an increasing trend in cross-border M\u0026amp;A deals.\u003c\/li\u003e \u003cli\u003eExactly what you need to do to drive M\u0026amp;A excellence, including how to be more sensitive to the impact of different cultures on deals, and suggestions on how to improve your negotiating skills to drive better outcomes.\u003c\/li\u003e \u003c\/ul\u003e   \u003cp\u003eThe due diligence for your next M\u0026amp;A deal starts with \u003ci\u003eMaterial Adverse Change\u003c\/i\u003e. This step-by-step guide shows you how to:  \u003c\/p\u003e\u003cul\u003e \u003cli\u003eOptimize the time between signing and closing in a continuing era of MAC clauses becoming more restrictive and harder to enforce\u003c\/li\u003e \u003cli\u003eStrategically anticipate the impact that culture, due diligence and the regulatory framework play in your M\u0026amp;A negotiations in order to both save the deal and avoid paying costly fees\u003c\/li\u003e \u003cli\u003eTake negotiations beyond the legal contract to find pragmatic solutions to problems encountered that can prevent good deals from falling apart\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eA signed contract doesn't make a done deal, and with \u003ci\u003eMaterial Adverse Change\u003c\/i\u003e, you can fine tune your negotiations to ensure positive outcomes.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989582594277,"sku":"NP9781118066898","price":65.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118066898.jpg?v=1761784688","url":"https:\/\/k12savings.com\/products\/material-adverse-change-isbn-9781118066898","provider":"K12savings","version":"1.0","type":"link"}