The Portable MBA in Finance and Accounting, 3rd Edition

Profitable Growth by Acquisition 591

at the Daimler-Benz-Chrysler deal. Clearly shows the roles of culture, human
nature, and managerial hubris in M&A transactions.
Weston, J. Fred, Kwang S. Chung, and Juan A. Siu,Takeovers, Restructuring, and
Corporate Governance(Upper Saddle River, NJ: Prentice-Hall, 1998). An ex-
cellent reference for developing and implementing an effective M&A strategy.

INTERNET LINKS

http://www.cnnfn.cnn.com/news/deals Up-to-date stories on deals, all free
information
http://www.stern.nyu.edu /∼adamodar Academic site with numerous
quantitative examples and spreadsheets
that can be used to value potential
synergies
http://www.mergerstat.com Comprehensive source of M&A data;
some good free information
http://www.webmergers.com Good reports on M&A activity of
internet companies

NOTES

1. For a concise summary of and more detail on empirical tests of M&A perfor-
   mance see chapter 7 of J. Fred Weston, Kwang S. Chung, and Juan A. Siu, Takeovers,
   Restructuring, and Corporate Governance (Upper Saddle River, NJ: Prentice-Hall,
   1998).


2. Anup Agrawal, Jeffrey F. Jaffe, and Gershon N. Mandelker, “The Post-
   Merger Performance of Acquiring Firsms: A Re-examination of an Anomaly,”Journal
   of Finance47 (September 1992): 1605–1621.


3. Weston, Chung, and Siu, 133, 140.


4. Business Week, October 30, 1995.


5. Merger & Acquisition Integration Excellence(Chapel Hill, NC: Best Prac-
   tices, 2000).


6. For a more thorough discussion of this topic, see Weston, Chung, and Siu,
   chapter 5.


7. The Wall Street Journal,November 30, 2000, B4.


8. Ibid.


9. Business Week,April 20, 1998, 37.


10. Business Week,October 16, 1995, 38.


11. The Wall Street Journal,September 21, 2000, C22.


12. The Wall Street Journal/New England, July 28, 1999, NE3.


13. See Harvard Business School case #285053, Gulf Oil Corp—Takeover,for a
    complete discussion of this value creation.