Deals from Hell

Acknowledgments

A student’s question seeded the research that became this book. “What are the worst mergers?” struck me as supercial when posed more than a dozen years ago. But the question would not let go: It morphed from “what?” into “why?” and “how?” I came to conclude that stories of failure in mergers and acquisitions (M&A) were hugely instructive. And interesting cases never ceased boiling to the surface to offer new lessons. Finally, watching the agony of these deals prompted me to bring these lessons to the public. I believe these stories will change the way you think about M&A and help you to understand—and better yet, to anticipate—such failures to come.

I owe a very great debt of thanks to colleagues, friends, assistants, and students who have contributed to the manuscript over time. Each chapter acknowledges research assistants and colleagues; among these I especially recognize Anna Buchanan, Sean Carr, and Jessica Chan. Research co-authors contributed to work that appears directly or in summary form here: Samuel Bodily, Kenneth Eades, and Robert Spekman. I have benefited enormously from comments by Michael Schill, Don Chew, Saras Sarasvathy, and seminar participants at Virginia (Darden), Harvard, and Indiana universities. Also, the staff at Darden gave helpful support—I especially recognize Frank Wilmot, Stephen Smith (Darden’s nonpareil editor), Sherry Alston, and my administrative assistant, Betty Sprouse. The patience, care, and dedication of these people are ...