Business Merger Quotes

Gideon: We've established some talking points: we have an intense sexual attraction and neither of us wants to date. So what do you want – exactly? Seduction, Eva? Do you want to be seduced? Eva: Sex that’s planned like a business transaction is a turnoff for me. Gideon: Establishing parameters in a merger makes it less likely that there’ll be exaggerated expectations and disappointment. Eva: Why even call it a fuck? Why not be clear and call it seminal emission in a pre-approved orifice?

I suffered,I learned,I changed

For families with larger amounts of wealth, marriages in the ancient world were the equivalent of today’s business mergers or investment partnerships.

The world is now being dominated by few Giant organizations that influence and dectate our consuming behavior.

It is just when people are all engaged in snooping on themselves and one another that they become anesthetized to the whole process. Tranquilizers and anesthetics, private and corporate, become the largest business in the world just as the world is attempting to maximize every form of alert. Sound-light shows, as new cliché, are in effect mergers, retrievers of the tribal condition. It is a state that has already overtaken private enterprise, as individual businesses form into massive conglomerates. As information itself becomes the largest business in the world, data banks know more about individual people than the people do themselves. The more the data banks record about each one of us, the less we exist.

The new business model for America is clearly recognizable. Its dominant feature is the merger of government, real estate, and commerce into a single structure, tightly controlled at the top. It is the same model used in Soviet Russia, Nazi Germany, Fascist Italy, and Communist China.

Rapid business growth, increased downsizing, frequent reorganizations, mergers, acquisitions, and joint ventures have inadvertently increased the number of attractive employment opportunities for individuals with psychopathic personalities

Something out of the ordinary course of business is taking place that creates an investment opportunity. The list of corporate events that can result in big profits for you runs the gamut—spinoffs, mergers, restructurings, rights offerings, bankruptcies, liquidations, asset sales, distributions.

I have seen the consequences of attempting to shortcut this natural process of growth often in the business world, where executives attempt to “buy” a new culture of improved productivity, quality, morale, and customer service with strong speeches, smile training, and external interventions, or through mergers, acquisitions, and friendly or unfriendly takeovers. But they ignore the low-trust climate produced by such manipulations. When these methods don’t work, they look for other Personality Ethic techniques that will—all the time ignoring and violating the natural principles and processes on which a high-trust culture is based.

Companies should consider merger and acquisition (M&A) opportunities carefully because these strategic moves can have a significant impact on their operations and financial health. Thorough evaluation helps mitigate risks, ensure alignment with business objectives, and maximize the potential benefits, ultimately leading to successful integration and growth.

There is no such thing as a merger. There are only buyers and sellers. Those who are bought are in danger when they have to bend over to pick up the soap. That’s good to know.

When only one party makes a profit that's robbery when all parties make profit that's business.

Leaders of large businesses sometimes make huge bets in expensive mergers and acquisitions, acting on the mistaken belief that they can manage the assets of another company better than its current owners do.

[Trump] is also the personification of the merger of humans and corporations—a one man megabrand, whose wife and children are spin-off brands, with all the pathologies and conflicts of interest inherent in that. He is the embodiment of the belief that money and power provide license to impose one's will on others, whether that entitlement is expressed by grabbing women or grabbing the finite resources from a planet on the cusp of catastrophic warming. He is the product of a business culture that fetishizes "disruptors" who make their fortunes by flagrantly ignoring both laws and regularity standards. Most of all, he is the incarnation of a still-powerful free-market ideological project—one embraced by centrist parties as well as conservative ones—that wages war on everything public and commonly held, and imagines corporate CEOs and superheroes who will save humanity.

Using Hollerith’s tabulators, the 1890 census was completed in one year rather than eight. It was the first major use of electrical circuits to process information, and the company that Hollerith founded became in 1924, after a series of mergers and acquisitions, the International Business Machines Corporation, or IBM.

At an earlier time in the nation’s history, the federal government would never have allowed the naked corporate grab then under way; in the late ’60s, even a potential 8 percent market share was cause for the courts to block the merger of two grocery store chains in Los Angeles. The judges explicitly sided with those who stood to lose their jobs and their businesses—even if the grocery merger might mean lower prices for consumers. Bork destroyed this way of thinking. In 1978,

The single biggest structural problem facing leaders of meetings is the tendency to throw every type of issue that needs to be discussed into the same meeting, like a bad stew with too many random ingredients. Desperate to minimize wasted time, leaders decide that they will have one big staff meeting, either once a week or every other week. They sit down in a room for two or three or four hours and hash everything out—sales strategies, expense policies, potential mergers, employee recognition programs, budgets, and branding—so that everyone can get back to their “real work.

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

Finally, the legitimization of the corporate holding company [1890] established a business structure that lessened the threat of competition by allowing for the elimination of competitors. The merger movement followed and horizontal combinations of productive capability reorganized industry into large blocks of corporate power.

Binder suggests that many mergers fail because analysts and executives do not consider values and culture but rather think only about compatibility of business models and balance sheets.

His order cited "credible evidence" that a takeover "threatens to impair the national security of the US".Qualcomm was already trying to fend off Broadcom's bid.The deal would have created the world's third-largest chipmaker behind Intel and Samsung.It would also have been the biggest takeover the technology koo50 sector had ever seen.The presidential order said: "The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited. and any substantially equivalent merger. acquisition. or takeover. whether effected directly or indirectly. is also prohibited."Crown jewelSome analysts said President Trump's decision was more about competitiveness and winning the race for 5G technology. than security concerns.The sector is in a race to develop chips for the latest 5G wireless technology. and Qualcomm was considered by Broadcom a significant asset in its bid to gain market share.Image captionQualcomm has already showcased 1Gbps mobile internet speeds using a 5G chip"Given the current political climate in the US and other regions around the world. everyone is taking a more conservative view on mergers and acquisitions and protecting their own domains." IDC's Mario Morales. vice president of enabling technologies and semiconductors told the BBC."We are all at the start of a race. and you have 5G as a crown jewel that everyone wants to participate in - and every region is racing towards that." he said."We don't want to hinder someone like Qualcomm so that they can't provide the technology to the vendors that are competing within that space."US investigates Broadcom's Qualcomm bidQualcomm rejects Broadcom takeover bidHuawei's US smartphone deal collapsesSingapore-based Broadcom had been pursuing San Diego-based Qualcomm for about four months.Last week however. Broadcom's hostile takeover bid was put under investigation by the Committee on Foreign Investment in the US. a multi-agency led by the US Treasury Department.The US company had rejected approaches from its rival on the grounds that the offer undervalued the business. and also that any takeover would face antitrust hurdles.Earlier this year. Chinese telecoms giant Huawei said it had not been able to strike a deal to sell its new smartphone via a US carrier. widely believed to be AT&T.The US also recently blocked the $1.2bn sale of money transfer firm Moneygram to China's Ant Financial. the digital payments arm of Alibaba.

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She reaches across the table to put a soft hand on mine, halting my rambling. “I understand, hon.” I sigh out the words, “Thank you.” “But as much as I understand what’s going on, Logan does not. Do you want him to?” “Very much so. I was wondering if you could help me?” I straighten my back like I’m about to discuss a business agreement, a merger of Guy’s Mom Inc. and The Potential Heartbreaker Company. “What do you need?” I get the feeling she understands the seriousness of the situation, too, because she steeples her fingers together and props her chin on them. “Do you have copies of the books for LARP of Ages? 

In my work,” Everett says, “in mergers and amalgamations, we’re seeing a real boom. LBOs are still the cornerstone of the business, obviously, but the increase in global capital flows is translating to even more revenue. It’s an exciting time. And there’s real security there. We work hard, and there’s a measurable gain, or, yes, occasionally, a loss, but at the end of the day, win or lose, we can all look at the same numbers and acknowledge we’ve accomplished something. It’s real, you know what I mean?” I nod vigorously, to show her I agree, but honestly, Everett’s world doesn’t sound like a more measurable one than mine at all, and the closest I can come to picturing what she’s talking about is imagining numbers dancing around gaily on a computer screen while giant piles of cartoon cash rain down from the ceiling at the end of each day. My mind began to wander somewhere around “LBOs.

The leader of the Drexel refugees was Leon Black, a husky, brash, Dartmouth and Harvard Business School graduate in his 30s who was running the Drexel merger group out of New York. Black was a native New Yorker born into privilege. But his world shattered in 1975 when his father, Eli Black, then the chief executive of Chiquita banana importer United Brands, leaped to his death from his office in the Pan Am building above Grand Central Terminal. In the days after his death, United Brands was discovered to have made millions in bribes to Honduran officials in order to reduce taxes on banana exports.

Nazarbayev had learned that Westerners could be just as adept as he was in turning money into power and power back into money. Some, like Dick Evans and Jonathan Aitken, went about it from positions at the top of business and government. Others had to wait until they had left office to monetise their access and influence. They had to get theirs from what they called ‘consultancy’. Blair was said to have made $1 million from Ivan Glasenberg’s Glencore for three hours spent talking the Qatari prime minister out of blocking its merger with a mining company. JP Morgan, the Wall Street bank that had won the financial crisis, retained him too, as did a Swiss insurance company, the government of Kuwait and Abu Dhabi’s investment fund. Some days he was a business consultant, others a philanthropist, or a governance guru, or a peacemaker. His money sat in a web of companies that almost rivalled the complexity and opacity Nazarbayev’s Swiss bankers had devised. By one estimate, less than a decade after he resigned as prime minister, his fortune stood at $90 million.

Acquisition, acquisition, acquisition, merger! Until there was only one business left in every field.

comparison companies frequently tried to jump right to breakthrough via an acquisition or merger. It never worked. Often with their core business under siege, the comparison companies would dive into a big acquisition as a way to increase growth, diversify away their troubles, or make a CEO look good. Yet they never addressed the fundamental question: “What can we do better than any other company in the world, that fits our economic denominator and that we have passion for?” They never learned the simple truth that, while you can buy your way to growth, you absolutely cannot buy your way to greatness. Two big mediocrities joined together never make one great company.

Close your eyes and concentrate on the thing you want most.” She let a scornful note enter her voice. “And it has to be a personal wish. It can’t be about something like mergers or banking trusts.” “I do think about things other than business affairs.

The Kawasaki merger represented an inconvenient truth: Manufacturing in America was a tough business in the post-globalization world. If companies like Armco were going to survive, they would have to retool. Kawasaki gave Armco a chance, and Middletown’s flagship company probably would not have survived without it.

The payments system is the heart of the financial services industry, and most people who work in banking are engaged in servicing payments. But this activity commands both low priority and low prestige within the industry. Competition between firms generally promotes innovation and change, but a bank can gain very little competitive advantage by improving its payment systems, since the customer experience is the result more of the efficiency of the system as a whole than of the efficiency of any individual bank. Incentives to speed payments are weak. Incrementally developed over several decades, the internal systems of most banks creak: it is easier, and implies less chance of short-term disruption, to add bits to what already exists than to engage in basic redesign. The interests of the leaders of the industry have been elsewhere, and banks have tended to see new technology as a means of reducing costs rather than as an opportunity to serve consumer needs more effectively. Although the USA is a global centre for financial innovation in wholesale financial markets, it is a laggard in innovation in retail banking, and while Britain scores higher, it does not score much higher. Martin Taylor, former chief executive of Barclays (who resigned in 1998, when he could not stop the rise of the trading culture at the bank), described the state of payment systems in this way: ‘the systems architecture at the typical big bank, especially if it has grown through merger and acquisition, has departed from the Palladian villa envisaged by its original designers and morphed into a gothic house of horrors, full of turrets, broken glass and uneven paving.

Congratulations on your exciting opportunity!” declared the blob in a voice that sounded like a mix between sandpaper and nails on a chalkboard. It appeared to be wholly ignorant of the way its voice sounded, its words infused with a joyful sincerity Paresh found unsettling. “Excuse me?” asked Paresh, who had never encountered an alien before but decided that if the first thing they did when they invaded was congratulate you, they couldn’t be all that bad. “We have identified you as a potential host body. We find your body very desirable.” No one was allowed to find his body desirable but his wife, dammit. “Host body?” “Our analysts have determined that your body’s complexion, specific gravity, and the length of its extremities are optimal for our experience.” Sita had never commented on his specific gravity, but Paresh took it as a compliment. She had commented on the length of his extremity.

Trust is now recognized as a topic worthy of academic effort. In a recent article in the Harvard Business Review, researchers Robert Galford and Anne Siebold Drapeau identified five simple ways to destroy trust in any organization:122 1.   Inconsistent messages—management proclaims one thing, actually does another 2.   Inconsistent standards—people feel that they are being treated differently because of where they work, which legacy organization they came from, etc. 3.   Misplaced benevolence—ignoring a poor performing or untrustworthy manager, or employee 4.   “Elephants in the parlor”—ignoring the role that office politics actually plays in their organization 5.   “Rumors in a vacuum”—senior managers embargo all information, or greatly restrict its flow—i.e., to only certain levels of management—during complex initiatives, merger discussions, restructuring, etc.

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

In light of the well’s legendary status,” Swift said, “I’d hate to overlook a good opportunity.” He reached into a pocket, rummaged briefly and pulled out a large silver coin. It had been forever since Daisy had seen American money. “You’re supposed to throw in a pin,” she said. “I don’t have a pin.” “That’s a five-dollar piece,” Daisy said in disbelief. “You’re not going to throw that away, are you?” “I’m not throwing it away. I’m making an investment. You’d better tell me the proper procedure for making wishes—it’s a lot of money to waste.” “You’re mocking me.” “I’m in deadly earnest. And since I’ve never done this before, some advice would be welcome.” He waited for her reply, and when it became evident that none was forthcoming, a touch of humor lurked in one corner of his mouth. “I’m going to toss the coin in regardless.” Daisy cursed herself. Even though it was obvious he was mocking her, she could not resist. A wish was not something that should be wasted, especially a five-dollar wish. Drat! She approached the well and said curtly, “First hold the coin in your palm until it’s warm from your hand.” Swift came to stand beside her. “And then?” “Close your eyes and concentrate on the thing you want most.” She let a scornful note enter her voice. “And it has to be a personal wish. It can’t be about something like mergers or banking trusts.” “I do think about things other than business affairs.” Daisy gave him a skeptical glance, and he astonished her with a brief smile. Had she ever seen him smile before? Perhaps once or twice. She had a vague past memory of such an occasion, when his face had been so gaunt that all she had received was an impression of white teeth fixed in a grimace that owed little to any feeling of good cheer. But this smile was just a bit off-center, which made it disarming and tantalizing…a flash of warmth that made her wonder exactly what kind of man lurked behind his sober exterior. Daisy was profoundly relieved when the smile disappeared and he was back to his usual stone-faced self. “Close your eyes,” she reminded him. “Put everything out of your mind except the wish.” His heavy lashes fell shut, giving her the chance to stare at him without having him stare back. It was not the sort of face a boy could wear comfortably…the features were too strong-boned, the nose too long, the jaw obstinate. But Swift had finally grown into his looks. The austere angles of his face had been softened by extravagant sweeps of black lashes and a wide mouth that hinted of sensuality. “What now?” he murmured, his eyes still closed. Staring at him, Daisy was horrified by the impulse that surged through her…to step nearer and explore the tanned skin of his cheeks with her fingertips. “When an image is fixed in your mind,” she managed to say, “open your eyes and toss the coin into the well.” His lashes lifted to reveal eyes as bright as fire trapped in blue glass. Without glancing at the well, he threw the coin right into the center of it.

We knew that the prospect of our little studio being absorbed into a much larger entity would worry many people. While we’d worked hard to put safeguards in place that would ensure our independence, we still expected our employees to be fearful that the merger would negatively impact our culture. I’ll say more about the specific steps we took to protect Pixar in a later chapter, but here I want to discuss what happened when, in my eagerness to ease my colleagues’ fears, I stood up and assured them that Pixar would not change. It was one of the dumbest things I’ve ever said. For the next year or so, whenever we wanted to try something new or rethink an established way of working, a steady stream of alarmed and upset people would show up at my office. “You promised the merger wouldn’t affect the way we work,” they’d say. “You said that Pixar would never change.” This happened enough that I called another company-wide meeting to explain myself. “What I meant,” I said, “was that we aren’t going to change because we were acquired by a larger company. We will still go through the kinds of changes that we would have gone through anyway. Furthermore, we are always changing, because change is a good thing.” I was glad I’d cleared that up. Except that I hadn’t. In the end, I had to give the “Of course we will continue to change” speech three times before it finally sunk in. What was interesting to me was that the changes that sparked so much concern had nothing to do with the merger. These were the normal adjustments that have to be made when a business expands and evolves. It’s folly to think you can avoid change, no matter how much you might want to. But also, to my mind, you shouldn’t want to. There is no growth or success without change.

A CEO To increase global presence, product mix, and market share to improve and maintain shareholder earnings and value Mergers and acquisitions Reengineering and change management International corporate leadership experience Visionary strategist; identify and pursue new growth opportunities Board member and shareholder relations management Developer of world-class teams to achieve world-class results MBA from Oxford in international business Skilled in raising capital for growth and expansion

if not anyone else—that what we’d created at Pixar could work outside of Pixar. Both the run-up to the acquisition and its execution provided the ultimate case study, and as such, it was enormously exciting to be a part of. First, I’ll talk about how the merger came to pass in the first place, because I believe we did several things in the very early stages that put our partnership on a strong footing. “GET TO KNOW Bob Iger,” Steve had said. So a few weeks later, I did.

His other deals had tended to bring together companies from the same industry horizontally, or merge customers with their suppliers vertically, or bring together firms involved in different steps of manufacturing or marketing: this was known as a circular merger. But the merger that had produced C-T-R was, as Flint put it when he looked back on it later in his career, neither horizontal nor vertical nor circular. In fact, it was so uncommon as to almost justify the description sui generis—in a class by itself. Flint soon turned out to be right yet again. The C-T-R merger was a success from the outset. Flint was careful to ensure that a gospel of technical excellence and constant improvement of the new organization’s products was fundamental to its business philosophy.

he has the finesse of an angry elephant when it comes to business.

Summers also claimed that technology was reducing the demand for capital. Digital businesses, such as Facebook and Google, had established dominant global franchises with relatively little invested capital and small workforces. In his book The Zero Marginal Cost Society (2014), the social theorist Jeremy Rifkin heralded the passing of traditional capitalism.16 If the Old Economy was marked by scarcity and declining marginal returns, Rikfin argued that the New Economy was characterized by zero marginal costs, increasing returns to scale and capital-lite ‘sharing’ apps (such as Uber, Lyft, Airbnb, etc.). The demand for capital and interest rates, he said, were set to fall in this ‘economy of abundance’. There was some evidence to support Rifkin’s claims. The balance sheets of US companies showed they were using fewer fixed assets (factories, plant, equipment, etc.) and reporting more ‘intangibles’ – namely, assets derived from patents, intellectual property and merger premiums. In much of the rest of the world, however, the demand for old-fashioned capital remained as strong as ever. After the turn of the century, the developing world exhibited a voracious appetite for industrial commodities that required massive mining investment. China embarked on what was probably the greatest investment boom in history. Before and after 2008, global energy consumption rose steadily. The world’s total investment (relative to GDP) remained in line with its historical average.17 Rifkin’s ‘economy of abundance’ remained a tantalizing speculation.

But that was no problem – Phibro Energy had, since 1981, been part of Salomon Brothers, the result of a traumatic merger that had defined the business for much of the 1980s. As a result, Hall had access to one of the biggest credit lines on Wall Street. At the peak, he was sitting on oil worth some $600 million – more than 37 million barrels at the price of the

Mussolini was eager to paint his administration as a technocratic ally of Fiat, Olivetti, and the other Italian business powers. He stated, “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.

Stefan Falk, a vice president at Ericsson, the Swedish telecommunications concern, used the principles of flow to smooth a merger of the company’s business units. He persuaded managers to configure work assignments so that employees had clear objectives and a way to get quick feedback. And instead of meeting with their charges for once-a-year performance reviews, managers sat down with employees one-on-one six times a year, often for as long as ninety minutes, to discuss their level of engagement and path toward mastery.

the term “merger” should be eliminated from the business vocabulary. There is no such thing. There are only acquisitions.

Chase Koch began a rotation of high-level jobs that exposed him to the strategic pillars of Koch Industries’ modern business. It was telling what Chase Koch did not learn. He was not sent to the oil refineries, or to a pipeline farm, or to a natural gas processing plant. Charles Koch didn’t necessarily want to teach his son about the energy industry. Instead, Charles Koch selected a series of jobs that reflected what Koch Industries had become over the last decade and how it planned to carry on into the future. The rotation of jobs was set forth, roughly, as follows: Class 1. Private equity acquisitions and mergers. Class 2. Accounting and taxes. Class 3. Market-Based Management training. Class 4. Trading. One of Chase’s first assignments was to Koch’s development group, the internal committee that looked for new companies to acquire. He joined a division called Koch Equity Development, which bought shares of publicly traded firms. Chase worked in this office when Koch’s acquisition spree was at its peak, shortly after the Invista and Koch Fertilizer deals and during the $21 billion purchase of Georgia-Pacific.

This was my first experience listening to proposals about the great “synergies” of mergers. As an investor and a risk taker, my focus has to be on what is specifically attainable. Buying another company based on the perception of opportunities for cross-selling and other intangible benefits generally represents a much higher level of risk than I believe is justified. Therefore, I concentrate on eliminating redundancies, which measurably reduces the capital required to run the business.

reminder. I still remember the day my parents told me they wanted to retire and decided to merge their independent movie production company, Dreamessence, with Windsor Media. The Windsors and the Du Ponts had been business rivals right until that point, but the proposed merger changed everything — and not just for my parents.

The arch-capitalist began his working life as a bond trader at Greedspin in New York in the 1960s. He rose to become one of the firm’s most successful M& A advisers during the 1980s and 1990s. His role in the disastrous merger of General Chocolate and ByteBack in 2000 led to his departure in 2004, following an official investigation into irregular practices. “I have no regrets about that deal. For General Chocolate, it was a case of either eat or be eaten.” The sommelier arrives with the red wine, quickly followed by the main course. Churn impales his meat, cuts it into squares and dispatches it to his molars. His songbird side order–a dish which is now banned in the EU on animal rights grounds–is skewered and consumed, beak-to-tail, in a single mouthful. “Do you know, they drown it alive in Armangac!” he exclaims as he noisily munches through the bones. Establishing a pattern which was to be repeated, Churn bounced back from the General Chocolate fiasco in a new guise. In 2005, he re-emerged as the Chairman of RearView Capital Partners, the private equity firm, at a time when huge sums were raised and invested at the peak of the credit bubble. “I have always tried to find the hot areas of the market where I can facilitate the flow of money. In our business, flows mean fees. It’s really very simple.

I know what it’s like to be taken over by another company,” I told him. “Even in the best of circumstances, the merger process is delicate. You can’t just force assimilation. And you definitely can’t with a company like yours.” I said that even if it isn’t purposeful, the buyer often destroys the culture of the company it’s buying, and that destroys value. A lot of companies acquire others without much sensitivity regarding what they’re really buying. They think they’re getting physical assets or manufacturing assets or intellectual property (in some industries, that’s more true than in others). In most cases, what they’re really acquiring is people. In a creative business, that’s where the value truly lies.

Limited (NACIL) was formed by merging Air India and Indian Airlines. In 2010, NACIL was renamed Air India. This merger precipitated the fall of India’s national carrier.

After a partnership dispute, most of the partners will leave the alliance but not their arrogance.

In partnership disputes, most of the partners will leave the alliance but not their arrogance

At a time when banks and laws and governments were still enormously unstable, marriage became the single most important business arrangement most people would ever make in their lives. But marriage in the Middle Ages was certainly the safest and smoothest means of passing wealth, livestock, heirs, or property from one generation to the next. Great wealthy families stabilized their fortunes through marriages much the same way that great multinational corporations today stabilize their fortunes through careful mergers and acquisitions. Wealthy European children with titles or inheritance became chattel, to be traded and manipulated like investment stocks.

Since you can find anything from a date to a mate online, why not seek out the business matchmakers? There are plenty of websites such as BizBuySell.com, MergerMart.com, and BizQuest.com, that have hundreds of businesses listed for sale.

Before getting cute at the negotiating table, you have to understand your business goals and your options—including the legal terms with which to achieve them.

Unfortunately, the Bull that gilded Renaissance New York did little for most Americans. Eighties Wall Street was about institutional money released by deregulation, mergers and acquisitions, and, most of all, the debt that made it all possible. As John Kenneth Galbraith points out, financial euphoria always starts with new ways to borrow money; this time it was triggered by the Savings & Loan crisis. Volcker’s rocketing interest rates had forced S&Ls to offer double digits to new depositors while only getting back single digits on the old thirty-year mortgages on their books. S&Ls were going under, and getting a mortgage was nearly impossible, so in March 1980, with the banking system and the housing market on the brink, Carter had signed a law to allow them to issue credit cards, invest in commercial real estate, and offer checking accounts in order to stay in business. Reagan then took it a step further with a change that encouraged S&Ls to sell their mortgages in search of higher returns, freeing up a $1 trillion that needed to be invested in something. Which takes us back to Salomon Brothers, where in 1978 one Lew Ranieri had repackaged an old investment product the government had clamped down on during the Depression: A group of home mortgages all backed by government insurance would be bundled together, then sliced into bonds, thus converting the debt some people owed on their homes into an asset for others. Ranieri had been a bit ahead of the curve then—the same high interest rates that killed the S&Ls also made his bonds unattractive—but now deregulation let Salomon buy up the S&Ls’ mortgages at a deep discount, bundle them into bonds, and sell them back to the S&Ls who believed they’d diversified into the bond market when in fact they’d just bought ground meat made out of their own steaks. In June 1983, Salomon Brothers and Freddie Mac together issued the first collateralized mortgage obligation bonds (CMOs), which bundled up debt and cut it into tranches based on the amount of risk: you could choose between ground chuck and ground sirloin. It would be years before technology would allow doing this on a huge scale, but the immediate impact was that all kinds of debt, not just mortgages, were bundled, cut into bonds, and sold: credit card debt, car loans, you name it. Between 1983 and 1988, some $60 billion of CMOs were sold; GM’s financing arm became more profitable than its cars. America began to make debt instead of things. The

A word that can mean anything has lost its bite. To give content to a concept one has to draw lines, marking off what it denotes and what it does not. To begin the journey toward clarity, it is helpful to recognize that the words “strategy” and “strategic” are often sloppily used to mark decisions made by the highest-level officials. For example, in business, most mergers and acquisitions, investments in expensive new facilities, negotiations with important suppliers and customers, and overall organizational design are normally considered to be “strategic.

A business that thinks beyond 'profit making' and 'profit maximization' by incorporating corporate ethics and contributes to the society at large, through its well defined corporate social responsibilty policy, is the one that will withstand the test of time and meet sustainable growth in the market. I believe its curve will never grow flat for a good number of years and may only meet merger or acquisitions but rarely a winding up.

In fact, regression analysis demonstrates that the number one determinant of deal multiples is the growth rate of the business.

Traditionally, companies restructure their businesses periodically to cut costs, primarily through mass layoffs and closures. Perpetual restructuring is a more gradual, moderate, and humbler approach. Instead of slashing costs dramatically all at once, keep your fixed costs steady while growing sales year over year. Operate more efficiently, doing just a bit more each year with roughly the same resources you used the previous year. To achieve those efficiency gains, deploy a variety of smaller restructuring programs that support ongoing process-improvement initiatives. Push to get a bit better—more efficient, more effective, more innovative—each year. Over time, as your business grows, deliver part of the added profits to investors, but set aside a portion to fund additional investments in R&D, geographic expansion, process improvement, sales coverage, and strategic portfolio management (acquisitions, mergers, and divestitures).