SURVIVING M&A Make the Most of Your Company Being Acquired SCOTT MOELLER A John Wiley & Sons, Ltd., Publication SURVIVING M&A SURVIVING M&A Make the Most of Your Company Being Acquired SCOTT MOELLER A John Wiley & Sons, Ltd., Publication This edition fi rst published 2009 © 2009 John Wiley & Sons, Ltd Registered offi ce John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom For details of our global editorial offi ces, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com. The right of the author to be identifi ed as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher is not associated with any product or vendor mentioned in this book. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold on the understanding that the publisher is not engaged in rendering professional services. If professional advice or other expert assistance is required, the services of a competent professional should be sought. Library of Congress Cataloging-in-Publication Data Moeller, Scott. Surviving M&A : make the most of your company being acquired / Scott Moeller. p. cm. Includes bibliographical references and index. ISBN 978-0-470-77938-5 1. Consolidation and merger of corporations. 2. Corporations–Employees. I. Title. II. Title: Surviving M and A. III. Title: Surviving mergers and acquisitions. HD2746.5.M644 2009 650.14–dc22 2009022483 Set in 11.5/15pt Bembo by SNP Best-set Typesetter Ltd., Hong Kong Printed in Great Britain by TJ International Ltd, Padstow, Cornwall, UK This book is dedicated to my four children: Christine, Andrew, Ellen, and Jonathan. They amaze and inspire me every day. CONTENTS LIST OF FIGURES ix LIST OF SPOTLIGHTS (CASE STUDIES) xi FOREWORD xiii 1 HOW TO USE THIS BOOK 1 PART I: WHAT HAPPENS? 19 2 WHY SHOULD I BE INTERESTED IN M&A? 21 3 WHAT WILL HAPPEN TO ME NOW? 47 4 HOW WILL I FEEL? 89 5 WHY SOME PEOPLE WIN AND OTHERS LOSE 105 6 THE M&A PROFESSIONALS 127 viii CONTENTS PART II: SURVIVING 141 7 SHOULD I STAY OR SHOULD I GO? 143 8 DEFENSE IS THE BEST OFFENSE 159 9 NETWORKS AND CONTACTS 169 10 ATTITUDE COUNTS 181 11 THE POLITICS OF SELF-PROMOTION 191 12 BE A “DOER” 201 POSTSCRIPT: CARPE DIEM 217 KEY TERMS IN MERGERS AND ACQUISITIONS 227 ACKNOWLEDGEMENTS 235 OTHER USEFUL READING 239 INDEX 241
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