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Description
The Synergy TrapWith acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research
With acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much -- and predictably never realize the promises of increased performance and competitiveness -- in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals:- The unique business gamble that acquisitions represent
- The managerial challenges already embedded in current stock prices
- The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy
- The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains
- The seductiveness and danger of sophisticated valuation models so often used by advisers
Binding Type: Paperback
Publisher: Free Press
Published: 10/26/2007
ISBN: 9781416584650
Pages: 304
Weight: 1.00lbs
Size: 9.02h x 5.98w x 0.69d
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4.1 ★★★★★
Based on 13 reviews
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Product Reviews
★★★★★ 5
Its perfect ❤️
Color: B2: Black Bar + Birthstone
I received my item quicker than expected. The quality is amazing. I'm very pleased. I wanted something small but lovely to cherish and make sure a piece of my mom is with me at all times. The engraving is beautiful. Overall, I highly recommend this item. Thank you!
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Reviewed in the United States on May 13, 2023
★★★★★ 5
Mom thinks they're comfortable.
Color: B1: Silver Bar + Birthstone, Color: B1: Silver Bar + Birthstone
Got a set for me and my brother. We both like them, they're great quality. Had a bit of an issue with mom getting stuck in the funnel the whole time, but that's an issue with her, not the product.
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Reviewed in the United States on September 26, 2024
★★★★★ 4
Came on time
Color: B1: Silver Bar + Birthstone
It’s very pretty and the engraving is precise and done well I’m not a big fan of the stone it’s not the right color for July it’s more of a dark pink instead of red but besides that it’s a good deal for the price I plan on buying 2 more hoping the color of those stones will be better.
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Reviewed in the United States on July 16, 2023
★★★★★ 5
The engraving is beyond belief!!!
Color: B2: Black Bar + Birthstone
My necklace turned out so perfectly beautiful and considering how many things I requested to be written on it I am surprised. It also arrived very quickly and again considering the amount of things I requested to have written on it! The engraver did such beautiful work. Thank you!!!
I would definitely recommend this company for any jewelry that anyone is looking for.
I miss my little black cat 🐈⬛ but she’s closer to me when I wear my necklace, which is all the time and I get a lot of compliments.
I love love love my necklace and will cherish it always.
Thank you sincerely ♥️
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Reviewed in the United States on April 16, 2021
★★★★★ 5
Awesome
Color: B2: Black Bar + Birthstone
I brought two one for my brother and one for my nephew they came today and I love them they are a nice size and weight so far have handled up to wear and tear. Great quality
WAS THIS REVIEW HELPFUL?YesReportShare
Reviewed in the United States on September 20, 2023
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