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Masterminding the Deal by Roger Mills, Peter Clark

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01

The next merger boom is already here

M&A cycles ‘tend to last five to seven years, and we are two years into it’.

(Evercore Partners’ Roger Altman, anticipating on May 6 2011 that transaction volume in the newest merger boom will exceed levels of prior cycles (such as the 2002–8 cycle), with $4.5-plus trillion in annualized deals as early as 2013; Bloomberg).1

CHAPTER CONTENTS

1.1   Business-merger waves: patterns, theories on causes, issues

1.2   Four post-1980 business-merger waves, four phases

1.3   The fourth (and final?) post-1980 wave is already underway

1.4   Merger wave issue I: (T)APP-synergy divergence as the wave progresses

1.5   Merger wave issue II: whipsaw-merger market entry and exit missteps

Most mergers still fail,2 based ...

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