M&AMarch19981BainM&AObjectivesIntroductionThepurposeofthismoduleistoallownewACsandConsultantsto:obtainabackgroundunderstandingofM&AunderstandwhatBaindoes/doesn’tdoinanM&AprojectreviewbasicanalyticaltoolsrequiredindifferentM&AprojectsatBaindevelop,throughanexercise,animportantbasicanalyticalskilloftenusedinM&Aprojects2BainM&AAgendaIntroductionTrendsinM&essfulM&ABainApproachCaseExamplesscreeningduediligencesaleExerciseonSynergyCalculationTypicalWatchoutsKeyTakeaways3BainM&AAgendaIntroductionTrendsinM&essfulM&ABainApproachCaseExamplesscreeningduediligencesaleExerciseonSynergyCalculationTypicalWatchoutsKeyTakeaways4TrendsFPECG8030601DriversofM&AActivityBainM&AEconomyboomorrecoveryOver-petitivethreatCaptureoperatingopportunities,.,scaleefficienciesLeverageexistingbusinesssystemsforward/backwardintegrationstart-upalternativeDiversify/balanceportfolioRetireexcessindustrycapacityGreedEgoImprovecapitalmarketsevaluationofacquirermeetgrowthtargetsreduceportfolioriskInvestidlecashMacro-economics5M&AActivity-$BEuropeUSCAGR(1992-1997)21%41%EuropeanandUSM&: TransactionValue(DebtofTarget).Excludessplit-: SDCTrendsBainM&A6M&AActivityM&Aactivityhasgrownrapidlyinnominaldollarterms,,andthenmatchingthoselevelslastyearTheferociousmergeractivityofthelate1980swasdriveninlargepartbythe“easymoney”,oftenunsubstantiated,panieswithoutregardtothevaluecreationopportunitiespresented(ornotpresented,asthecasemaybe)bytheoperations/underlyingbusinessofthetargetGrowthinmergeractivitysince1992hascoincidedwiththeeconomy’srecoveryfromrecessionRecentM&Aactivitybenefitingfrom:rowthincreaseininternationalM&paniespursuingglobalstrategiesSincelate1997,&A7BainM&AM&AActivitybyCountry1996/97Note:Representsannoun
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