Deals from Hell: M&A Lessons that Rise Above the Ashes

by Robert F. Bruner, Arthur Levitt Jr. (Foreword)

A detailed look at the worst M&A deals ever and the lessons learned from them

It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.

Genres: Business, Finance, Buisness

432 pages, Hardcover

First published May 2, 2005

Reviews

[Diego Gomes · Rating 4 out of 5]

Great case studies, fabulous analogies

Really liked this book. Rich analyses, solid historic context and great counter examples to avoid biases from each case. Would love to see a sequel: “deals from hell: dot com stories”!

[Tab Williams · Rating 3 out of 5]

Had great potential, but was a let down. The case studies were stuck in no man's land. Not deep enough to be a deep dive, but not short enough to highlight the meat. You were left sludging through to pick out the highlights, which often weren't clear. The takeaways were similarly disappointing. The case studies didn't do a good job highlighting the factors that make M&A bad. The overall point of the book stands: M&A usually tracks to cost of capital unless you either mess it up with a number of bad things.

Recommendation: C. Meyer

[Tirath · Rating 4 out of 5]

Some great episodes from history - intg deals from 1968 , and then the 80s until the early 2000s

Intgly, the author also puts up other deals from a similar time that worked alongside the ones that either failed or were eventually unfruitful.

Didnt agree with his judgements - but some very intg pieces of history.

Best stuff was on : Quaker Oats, Snapple.
AOL Time Warner (I still wonder if that can be called a failure)
Enron Dynegy
Tyco rollups

Fun stuff.

[Scott · Rating 3 out of 5]

This books presents an interesting framework for evaluating M&A opportunities, but the author's writing style makes an exciting topic dreadfully boring at times.

[Miguel Gonzalez · Rating 4 out of 5]

Recomendado por Adrián Godas

[Taylor · Rating 3 out of 5]

I really enjoyed this book, but I had to read it for a class and write paragraphs over it so it made it a less fun.

[Amanda · Rating 4 out of 5]

I finally got to finish this book. I found it really interesting. Most of the deals I had heard about and others were totally new. To see the contrast between what makes a good deal and a bad one was interesting, and (somewhat clearly) it underlines the fact that when all is said and done, M&A only performs as any other capital deployment does - no more, no less.

[Gerold · Rating 4 out of 5]

...just got a fresh copy from amazon - let's see what learnings are in there for our big endeavour ...

[Priyadarshi Ranjan · Rating 4 out of 5]

Interesting read. First two chapter gives an insight of how an investors mindset work. Comparison of various deals and counter deals are exciting to read.

[Billy · Rating 4 out of 5]

Chapter Four on real disasters and Chapter 16- only growth that matters is economic value