End-to-End M&A Process Design Resilient Business Model Innovatio
The textbook provides a holistic M&A reference model for capturing value and transaction rational in dynamic eco-systems in the 2020s. The digitalized End-to-End M&A Process Design applies five process modules. It fosters the full-scope of digital
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End-to-End M&A Process Design Resilient Business Model Innovation
End-to-End M&A Process Design
Thorsten Feix
End-to-End M&A Process Design Resilient Business Model Innovation
Thorsten Feix Hochschule Augsburg Augsburg, Bayern, Germany
ISBN 978-3-658-30288-7 ISBN 978-3-658-30289-4 (eBook) https://doi.org/10.1007/978-3-658-30289-4 © Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Responsible Editor: Vivien Bender This Springer Gabler imprint is published by the registered company Springer Fachmedien Wiesbaden GmbH part of Springer Nature. The registered company address is: Abraham-Lincoln-Str. 46, 65189 Wiesbaden, Germany
Introduction
The M&A market is with a global transaction volume of USD 3–5 trillion per year, depending on the M&A cycle, an important segment of the global capital markets. Between 5–6% of the global market capitalization finds a new ownership driven by those M&A activities year by year. But more or less all recent studies and research focused on the global M&A market highlight that between 50–70% of those deals fail (NBER 2004; Kengelbach et al. 2005; Rudnicki et al. 2019). Failure rates within corporate financebased studies are typically defined as either destroying shareholder value in comparison to a defined peer-group measured by the cumulative abnormal return or underachieving on the intended and communicated synergy targets. Therefore, to find and understand the root causes of those failed acquisitions and mergers is of paramount interest. Several reasons, like the missing fit between the acquirer’s and the target’s business model, inconsistent due diligence, culture clashes, unsuccessful integration efforts or simply too high purchase prices within contested bidding processes might contribute. But in the end, the most severe drivers of M&A failures might be d
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