http://www.booz.com Mergers & Restructuring RSS feed from Booz & Company. Sun, 19 May 2013 19:51:35 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/51890961?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=82602 A Booz & Company analysis of M&A among hospitals and health systems shows that typical deal drivers--such as geographic proximity or market dominance--do not lead to success. By contrast, an M&A strategy that leverages the capabilities system of the deal partners is overwhelmingly successful. Saxena, Sanjay B.; Sharma, Anu; Wong, Anne Mon, 25 Feb 2013 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/51890961?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=82602 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/50392314?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5b68f Merger and acquisition activity among U.S. hospitals and integrated health providers increased in late 2010 after several slow years, and we expect it to expand significantly during the next several years -- even if courts or legislators reverse some of the key provisions of the 2010 Affordable Care Act. The need to deliver more seamless, transparent, and significantly lower-cost care existed before anyone uttered the words "healthcare reform" and will continue unabated. Adolph, Gerald; Ahlquist, Gary; Sharma, Anu; Spencer, Brett Fri, 06 Apr 2012 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/50392314?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5b68f http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/50259147?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5d8f2 Media and technology players are under constant pressure from customers, competitors, and investors to innovate their offerings and business models and to accelerate revenue growth. This has led to a growing reliance by digital media and technology companies on high-stakes acquisitions, rather than organic growth, as a critical and rapid means to create and deploy new capabilities and establish new positions in the value chain. We have found that increasing the pace of integration -- implementing a "hurry-up offense" -- can often improve the likelihood that a digital acquisition produces the results that the acquirer intends. Hawkes, Harry; Springs, Gregory; Vollmer, Christopher Fri, 02 Mar 2012 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/50259147?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5d8f2 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/50128663?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5e818 The close of a utility merger typically caps a grueling nine- to 12-month process. But the hard work of integrating the two companies is just beginning. After a merger, management needs to balance the activities necessary to complete the integration with those that ensure smooth ongoing operations. This is no easy task, and underestimating these challenges can have unwelcome consequences. Hewing to the original intent of the pre-close integration process is management's best chance to achieve the deal's full, intended value. Flaherty, Tom; Jirovec, Todd; Mondrus, David Wed, 01 Feb 2012 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/50128663?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5e818 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49779196?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=17761 The steady decrease in U.S. Department of Defense (DoD) investment spending will continue for the foreseeable future. To better compete in this new environment, traditional companies should look beyond simple cost-cutting measures to a more comprehensive "next-generation affordability" approach that transforms cost structures and refocuses capabilities on the new market requirements. Adams, Jim; Beckey, Steve; Martin, Joseph; Brukardt, Ryan Mon, 19 Sep 2011 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49779196?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=17761 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49655543?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=a4b96 Traditional defense manufacturers are facing a period of change that, if poorly navigated, could severely cripple their competitiveness and even threaten their very existence. Success in today's defense market will require (1) under¬standing and investing in new capabilities; (2) attacking structural costs; and (3) advancing systemic processes. Dustman, Eric; Hughes, Thornton; Martin, Joseph; VanHorn, David Fri, 05 Aug 2011 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49655543?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=a4b96 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49655545?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=e5169 Rising costs are forcing the entire U.S. healthcare industry to find ways to unlock and enhance medical value by delivering higher-quality, more affordable care to empowered and engaged consumers. This Perspective outlines three models--population care, healthcare products, and focused transformation--that address the issue of reclaiming lost medical value in a comprehensive and sustainable way. Ahlquist, Gary; Gopalka, Abhishek; Saxena, Sanjay B.; Spencer, Brett Fri, 05 Aug 2011 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49655545?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=e5169 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49691205?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=492c7 To assist health plans as they consider and pursue ACOs, Booz & Company conducted extensive primary and secondary research, proprietary economic modeling, and in-depth interviews with academic experts, external vendors, and senior executives of payors and providers. This Perspective reports Booz & Company's findings on the emerging ACO landscape. Ahlquist, Gary; Spencer, Brett; Saxena, Sanjay B. Tue, 15 Mar 2011 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49691205?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=492c7 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49013983?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=15738 The CPG industry is poised for the next wave of portfolio shuffling. Leading companies will increasingly build their product offerings around distinctive capabilities systems, which will lead to more asset swapping and M&A activity as brands migrate to those environments in which they will thrive. Leinwand, Paul; Misra, Amit; Neely, J Fri, 21 Jan 2011 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/49013983?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=15738 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/48774434?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=a7f45 Integrating two financial institutions has never been easy, and the current environment raises a host of new challenges that even experienced M&A hands must find ways to address. Enter Lean, a process for business transformation that could fundamentally change the way financial institutions run mergers. Adolph, Gerald; Mavros, Kelley; Plansky, John; Regelman, Roman Tue, 26 Oct 2010 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/48774434?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=a7f45 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/48609374?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=8a84e Successful IT integration during mergers requires CIOs to balance their resources among three priorities: ensuring business-as-usual operations; combining the IT departments; and providing IT support for integrating all business units while establishing an end-state architecture to meet the long-term business objectives of the new entity. Mavros, Kelley; Waller, Steven; Dawson, Donald Fri, 17 Sep 2010 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/48609374?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=8a84e http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/47835503?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=57e96 This Conference Insights paper, which summarizes the discussion at a Dubai summit among 19 leaders from telecom organizations operating in the Middle East and other emerging markets, offers their perspective in three primary areas: innovation, national broadband networks, and M&A. Various Authors Wed, 31 Mar 2010 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/47835503?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=57e96 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/46530340?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=6d06e MENA telecom operators, thanks to their strong balance sheets, have sufficient financial leverage to continue to participate in growth opportunities: expanding traditional businesses, capitalizing on convergence between telecom and other industries, and acquiring weaker operators. The challenge remains in securing the necessary financing to make the most of these opportunities--especially during this economic crisis, which has constrained capital access globally. Goussous, Amr; Hasbani, Ghassan; Mourad, Mohamad; Raad, Hadi Tue, 18 Aug 2009 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/46530340?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=6d06e http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/44149150?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=f1f90 The global airline industry was unprepared for the current recession. Regulation and local interests inhibited the consolidation necessary to achieve strategic scale. Record fuel costs decimated margins. And the industry as a whole had barely recovered from the downturn precipitated by 9/11. The market situation creates a unique opportunity for airlines to reshape their industry through a newly formulated strategy of consolidation and alliances. Such a strategy will enable network and low-cost carriers with a sound financial and cost basis to solidify and expand their positions in existing markets and emerge as winners when the economy recovers. Less stable and smaller players, which are now facing the critical question of how to secure sufficient financing to survive the credit crisis, can also benefit from taking a proactive role in shaping their futures. Ringbeck, Jürgen; Röska, Daniel Thu, 12 Feb 2009 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/44149150?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=f1f90 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/44125514?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=19ad3 Capital market upheaval is producing the most significant structural changes in decades and creating historic opportunities for financial services institutions--to launch mergers with and acquisitions of competitors, and to acquire the portfolio of assets held by individual divisions of their rivals. Financial sector executives may have many years of experience in M&As, but they need new discipline and processes in this environment of unprecedented market volatility, consolidation, and capital flow. In particular, they must guard against surprises on the balance sheets of the firms being acquired, and they must take new steps to assure clients and employees that stability and reliability will be maintained. Most of all, they must have a step-by-step plan to make sure that the early stages of integration are so carefully plotted and closely watched that the odds of the acquisition being a sustainable success increase significantly. Adolph, Gerald; Gemes, Alan; de Souza, Ivan; Marchi, Roberto Mon, 09 Feb 2009 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/44125514?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=19ad3 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/43825146?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=ca2ff Credit market instability, lack of liquidity, distressed balance sheets, and government intervention in the financial services industry are likely to be with us for some time--and this somewhat chaotic business environment will prolong the current round of bank consolidations. These banking acquisitions, which have already produced surprising bedfellows, will result in any number of winners and losers. The winners will have something unsurprising in common: They will deprioritize short-term operational cost-cutting, hang on to value relentlessly, and build a sustainable operation via new operating models. Dixon, Brodie; McMahon, Seamus; Bodziak, Andrew Thu, 15 Jan 2009 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/43825146?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=ca2ff http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/46628766?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=f5fb1 Telecom companies in the Middle East are likely to see significant consolidation in their industry, with cash-rich players snapping up competitors that are squeezed by the cash crunch. Stock swaps may become more common, given the low market valuation of certain companies. Ultimately, the winners in the region will be those that can successfully leverage their strong cash positions to execute investments within the region and grow in scale, in addition to those companies that focus on extracting value from synergies and that innovate on service and pricing, thereby growing in scope. Hasbani, Ghassan Mon, 20 Oct 2008 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/46628766?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=f5fb1 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/42019334?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=b733c In recent years, observers have seen the steel industry rapidly consolidate. In the past five years, more than 800 steel producers have changed hands. Consolidation activities in the mid-1990s focused on alliances between domestic steel producers. This type of consolidation wave can also be expected in the Chinese market. Bohnen, Hans; Naujok, Nils; Rotering, Joachim; von Hochberg, Peter Sun, 01 Jun 2008 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/42019334?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=b733c http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41902098?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=010ae Resource nationalism has become an even more dominant feature in the energy landscape. Although Chinese national oil companies (NOC) have become noticeably more low profile in their overseas expansion, their ambitions continue to mount as they make significant inroads and resume M&A activities overseas. Maestro, Adrian del; McCreery, John; Melville, Jake Leslie; Pennell, Nick Fri, 21 Mar 2008 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41902098?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=010ae http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901888?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5167d Acquiring and integrating companies is a risky business anywhere in the world, with a 50 percent success rate at best. In Asia, buying companies can be even trickier than elsewhere. Cainey, Andrew; Tse, Edward Fri, 09 Nov 2007 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901888?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5167d http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901932?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=06e7f Before moving to cash in on businesses you think will be attractive, it is worth taking a hard look at the process of divestiture. Whether it's an outright sale or even a spin off to shareholders, in today's business environment splitting off pieces of a business is much harder than it appears. It can have an impact on not only the divested entity, but the seller itself. Adolph, Gerald; Neely, J Tue, 01 May 2007 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901932?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=06e7f http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901850?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=0535c M&A collars are a useful but under-used tool for both negotiating transactions and managing deal risk. Adolph, Gerald; Pettit, Justin Tue, 03 Apr 2007 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901850?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=0535c http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901970?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5d0af The new hero in today's utility environment is not the visionary CEO or artful CFO, but rather the regulatory architect who can craft a thoughtful regulatory plan and successfully deliver results. Flaherty, Tom; Jirovec, Todd; Simpkins, Earl Thu, 01 Mar 2007 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901970?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=5d0af http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901752?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=8ef89 With the new wave of mergers washing over the utilities industry, executives need to expand their vision of post-merger objectives. Flaherty, Tom; Jirovec, Todd Thu, 06 Jul 2006 00:00:00 -0500 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901752?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=8ef89 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41902044?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=9951e When the Chinese National Offshore Oil Corporation's (CNOOC) bid for Unocal generated massive media attention in mid-2005, it was arguably the first time most Americans became aware of the aspirations, no less the name, of the Chinese national oil company. From the start, opposition to this deal in Washington and public concern weighed strongly against regulatory approval of such a bid. In a rather startling reversal of the pan-industry resource nationalism theme, the Asian NOC collided with a wall of US protectionist views around a "strategic asset". Maestro, Adrian del; McCreery, John; Spiegel, Eric; Tse, Edward Wed, 01 Feb 2006 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41902044?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=9951e http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901908?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=c8ef2 Many elements of the CFO's expanded, everyday role become more crucial in a merger, and success in these areas can help beat the odds and create a transaction that delivers. Adolph, Gerald; McNeese, Cynthia Thu, 20 Jan 2005 00:00:00 -0600 http://www.booz.com/global/home/what-we-think/reports-white-papers/ic-display/41901908?utm_content=AllMergersRestructuring&utm_source=RSS&utm_medium=TextLink&gko=c8ef2