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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 ★★★★★
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Product Reviews
★★★★★ 5
Fanny pack
Size: M, Color: Black
Hello, my Fanny pack.It goes with a lot of things.The color is absolutely a durable and has a lot of space in it.So I can carry many things in it.I was able to take it on the plane and a great buy for the amount of money and I don't have to worry about anything falling out of it , and the adjustable strap is a plus
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Reviewed in the United States on May 28, 2026
★★★★★ 4
Cute design and sturdy quality
Size: M, Color: Brown
Well made
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Reviewed in the United States on March 31, 2026
★★★★★ 5
Great crossbody
Size: M, Color: Brown
I love this purse! It is functional, lightweight, roomy and made of quality material for a great value.
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Reviewed in the United States on March 21, 2026
★★★★★ 3
Poor quality
Size: S, Color: Brown, Size: S, Color: Brown
Hoped that this would be better than it was. The material is cheap and wants to roll in at the zipper making it difficult to close. It does offer lots of room and can be worn as a cross body also.
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Reviewed in the United States on January 9, 2026
★★★★★ 5
CUTE and perfect for everyday use!
Size: M, Color: Brown
Received as a Christmas gift from my family. Super Cute! Made from quality material, Fits well as cross body or bum bag, fits everyday essentials like wallet, sunglasses, keys some hand sanitizer and lip gloss. Travel friendly, small enough to carry and tote away and convenient to use every day. Good price for the quality you receive.
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Reviewed in the United States on April 6, 2026
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