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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
MINPIN LOVES HIS NEW TOY!!!
Color: Blue
My minpin LOVES this toy! Very small just the perfect size for tiny dogs!!!! Durable!!!!
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Reviewed in the United States on June 8, 2026
★★★★★ 4
Cute size but didn’t last
Color: Blue
I love Kong toys. I bought for my two puppies. One is already broke. But still works like a good tug of war rope with a bonus chew bone.
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Reviewed in the United States on May 9, 2026
★★★★★ 3
End of rope your dog or puppy can get the sting in it's mouth
Color: Blue
My puppy loves this toy ,but she can pull the string fiber off the rope so you have to watch that they don't eat the string. Wish the rope was made different with a hard knot at the ends. But my puppy loves the toy .I will just fix the end myself.
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Reviewed in the United States on December 5, 2025
★★★★★ 1
Flimsy
Color: Pink
Rope broke with first pull during playtime. Also is very small.
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Reviewed in the United States on May 28, 2026
★★★★★ 5
Loves it!
Color: Blue
This was a hit with my 9 month old puppy! He loves it! It's not his favorite toy but its not his least favorite either! I did have to retie the knots after he worked them out and that was difficult but doable!
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Reviewed in the United States on June 10, 2026