EBITDA vs. Adjusted EBITDA and Why it Matters
By Tony Enlow, Managing Director, Transaction Advisory Services at BDO, a partner of M&A Leadership Council
Although compliant with US GAAP, the reported results of a potential acquisition target, often do not reflect the sustainable run rate of the company's cash flows. This article defines the difference between reported results and quality of earnings ...
Post-Merger Integration - It is Never Too Early in the Deal Process to Start Planning
Submitted by Intralinks, a Partner of M&A Leadership Council
It’s never too early in the deal process to start planning for post-merger integration (PMI). A common timing tipping point for initiating this process is when the letter of intent is signed. At this juncture, there’s a level of commitment on both sides of the deal table. Starting to craft a PMI plan ...
One Size Does Not Fit All
Provided by Willis Towers Watson, a Partner of M&A Leadership Council
Conventional wisdom holds that employees generally react adversely to the level of change a merger, acquisition or other type of deal may bring. But what isn’t widely understood and sometimes underestimated is the variance in the ways employees view the deal and the ways those...
Asian Financial Forum (AFF) Set for Hong Kong this January
Submitted by the Hong Kong Trade Development Council
The 10th edition of the Asian Financial Forum will take place in Hong Kong, January 16-17, 2017. The Asian Financial Forum (AFF) brings together some of the most influential members of the global financial and business community to discuss developments and trends ...
Why Tech Giant is Aquiring Harmen International?
Provided by Mergermarket, a Partner of M&A Leadership Council
On November 14th, Samsung announced the acquisition of Harman International, the US-based developer and manufacturer of audio and electronic systems for the auto industry, for $8.6bn with an offer price of $112 per share (a 27.8% premium on Harman’s share price one day before)...
Markets Group Presents: Private Equity Forum in NYC
Submitted by Markets Group
Markets Group is running a meeting in New York this March for 200 LPs, venture and private equity funds. This private meeting will include: 120+ institutional investors and family offices from the US market, 15+ hours of networking and focused one-on-one meetings with the top allocators ...
Available M&A Positions
Presented by Talent Services of M&A Leadership Council
Are you qualified? We have opportunities for an Enterprise Acquisition/Executive Director and Program Management Software Solution Super-User, please take a look at the listings to see if you qualify and contact Talent Services of M&A Leadership Council today ..
BDO USA, LLP Joins the M&A Leadership Council
Submitted by M&A Leadership Council
DALLAS – December 20, 2016 – The M&A Leadership Council today announced that BDO USA, LLP has joined the Council as a Transaction Advisory Services training partner. The M&A Leadership Council is dedicated to identifying best practices, establishing standards for training and certification and providing methods, tools and expertise to companies either contemplating or actively involved in mergers and acquisitions ...
By Jack Prouty
President of M&A Leadership Council
While the due diligence process certainly can reveal the financial worthiness of the target, it often does not include an examination of the buyer or target’s business operational, organizational or cultural characteristics, or their readiness to become integrated.
During a recent client engagement, we presented the company’s executive staff with the rationale and approach for a comprehensive process of deal measurement and feedback. After our meeting, the firm’s integration manager teasingly chided us for “messing up a pretty comfortable arrangement.” “Until now,” he explained, “our executive team has had a ‘Don’t ask, don’t tell’ policy surrounding mergers. I don’t ask what the next deal is going to be, and they don’t ask me how the integration of this one is going.”