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CFO Article Archive: M&A

Deloitte writes and compiles a regular stream of CFO-centric content and timely features, including research, topical digests, perspectives, and insights and technical analyses, in a special section of CFO Journal, an online publication from The Wall Street Journal.

The articles below and others are available in PDF. Also see our CFO Insights bi-weekly thought leadership.

Assessing the benefits of alternative structures to M&A

Learn how governance, decision modeling, and quantitative and qualitative measurement can help enhance the effectiveness of alternative M&A structures.

For life sciences: Understanding M&A costs in emerging markets

Many aspects of valuing life science acquisitions in emerging markets can differ by region or country. Learn how CFOs can help business development teams assess the potential cost of acquisitions and ownership in emerging markets.

Banking industry outlook: M&A and the competitive landscape

Learn 10 issues that will play an important role in reshaping the banking industry’s M&A strategy, as well as the competitive landscape in 2013.

Sell-side considerations for mid-market companies

Several leading practices can help mid-market company owners planning to sell their businesses achieve their goals for deal value and prepare for a host of issues during the transaction.

2013 health plan industry outlook includes considerable M&A activity

Health insurance exchanges will figure prominently on the agendas of health plans in 2013, influencing most aspects of their strategies and operations, including M&A activity.

With focus on top-line growth, mid-market CFOs have several strategic options

Learn about M&A strategies available to mid-market companies and a framework to benchmark options against objectives and current business conditions.

Executives see rise in risks in emerging markets

Understand steps that can be taken to help manage the risks of emerging markets, which are explored in Deloitte's fifth annual Look Before You Leap survey.

How leaders choose to communicate with employees during a merger can impact realizing deal value

Learn principles that can help guide merger communication strategies and ways to facilitate leadership visibility in driving merger integration goals.

Timing M&A integration: Should it be fast or slow?

Integrating formerly separate entities is the heart of an M&A undertaking, but at what pace should integration occur—fast or slow? Understand the debate.

Seven steps for addressing postmerger cultural issues

Company culture can be a barrier to effective postmerger integration. Learn what CFOs can do to help avoid this and other soft variables from undermining a deal’s desired goals.

Firming oil prices, distressed opportunities in natural gas assets may boost dealmaking

A report from the Deloitte Center for Energy Solutions points to reasons for cautious optimism for increased dealmaking in North America in the last half of 2012.

Five strategies to help address the challenges of a hostile takeover

Five people management strategies can help executives increase the probability of retaining top talent, delivering growth and capturing synergies in a hostile takeover scenario.

Weighing cash deployment options using decision support tools

When facing cash deployment options, decision support tools and financial modeling can help with comparing alternatives, making trade-off decisions and reassessing strategy as conditions change.

Three lessons for managing the special integration issues of growth-driven M&A deals

When acquiring niche products through M&A, identifying which parts of the target entity that should be integrated and those that should not can help achieve the deal’s goals and avoid brand erosion of the acquired niche products.

Market conditions may present selling opportunities for mid-market companies

A confluence of market trends in the remainder of 2012 and tax laws expiring at year-end may offer selling opportunities for mid-market and private companies, and possibly recapitalization opportunities.

Planning, budgeting and consolidation before and after a merger

When planning a merger, an early focus on KPIs for the combined entity, a streamlined consolidation process, a well-defined reporting strategy and a vision for planning and budgeting can facilitate Day One integration and post-merger activities.

M&A simulators: Training IT teams for the deal

Using M&A simulation exercises, CFOs can help their IT group develop practical experience without the pressure of a real M&A event, and better position an M&A team for the tasks ahead.

Selecting leaders to help capture the value of a deal

Learn five steps and issues to consider when selecting the leadership team of a newly combined organization.

Heightened risk sensitivity has boards taking a larger role in corporate development

Heightened risk sensitivity has boards taking a larger role in M&A, requesting more frequent, detailed updates and spending more time deliberating transactions, according to a Deloitte survey of corporate development leaders.

Emerging markets, joint ventures and the role of boards among top issues facing corporate development

Learn about leading practices in corporate development for emerging markets, streamlining the deal process, forming joint ventures and involving boards from observations in Deloitte’s Corporate Development 2012 survey.

Growth through M&A: Promise and reality

As discussed in “Deloitte Review,” companies can capture the expected value of their growth opportunities by addressing eight customer-focused priorities, based on research of more than 100 deals.

When entering emerging markets, understand the potential risks

Emerging market growth has become the siren song of the consumer products industry, but emerging market M&A can present significant obstacles and risks that executives should understand.

Factors for mid-market companies to consider when evaluating M&A targets

When reviewing a deal target, mid-market leaders should consider strategic fit, cause of depressed earnings, probability of improved financial performance and attainability of potential synergies in addition to the typical due diligence.

Triggering events could spark insurance industry M&A

Insurers should understand the triggering events that could increase M&A activity and have a strategy to enhance assets, improve market position and embed M&A process knowledge.

Planning a cross-border M&A deal? Understand the potential impact of IFRS

When planning acquisitions, it’s important that CFOs understand the differences between IFRS and U.S. GAAP and the potential impact on deal structuring and modeling.

Top 10 challenges to insurance M&A activity

The issues that put a damper on insurance industry deal-making last year, along with other challenges, could do the same throughout the second half of 2012.

Private investment in public equity: Questions issuers and investors should ask to avoid pitfalls

When planning private investments in public equity, investors and issuers may better understand the pitfalls by asking upfront six key questions before the transaction is closed.

Three keys to M&A effectiveness for aerospace & defense

Making M&A central to a company's growth strategy; targeting companies whose business models enhance market power; and limiting acquisitions to manage integration demands can increase M&A effectiveness, according to a Deloitte study of A&D industry M&A activity.

Large-company M&A plans reflect mix of CFO optimism and caution

M&A appears to have returned to the front burner for many large North American companies, albeit with a heavy dose of caution, according to Deloitte's Q1 2012 CFO Signals survey.

Questions and pitfalls about structuring the perfect M&A deal

Closing a strategic acquisition can be difficult given business combination rules’ complex reporting requirements. Understand frequently asked questions and common pitfalls to avoid.

When it comes to M&A, is leadership's primary role to mitigate risks or capitalize on opportunities?

Learn the two sides of the debate on whether executives should focus more on mitigating deal risks or capitalizing on new opportunities to create value for their organizations.

Incorporating environmental issues’ impact into strategic decisions and M&A

With environmental issues playing a bigger role in companies’ growth plans, capital allocation and M&A deals, executives need to understand how their companies can align management of environmental exposures with strategic decision-making.

How transformative leadership skills can deliver success in M&A

Realizing the benefits of M&A deals requires transformative leaders to develop the new organization’s strategic vision and operating model and identify the people, processes and technologies needed to drive performance and satisfy customers.

Tips for preparing carve-out financial statements

Understand steps that can help in the handling of carve-out financial statements, including identifying the most challenging issues at the project’s outset.

Technology M&A: Moving beyond the boundaries

Acquiring a company with a different business model requires a multidisciplinary approach to planning and implementation with a significant focus on integration.

Applying private sector M&A strategies to public sector cost-reduction challenges?

Through merging, integrating, consolidating and divesting, federal agencies can reduce inefficiencies and redundancies without significantly impacting their core missions.

Anticipating and defusing talent problems during an M&A deal

For many, M&A is a “right brain” specialty, where financials and analytics are what matter, but relationship building, reconciling cultural differences and addressing employee uncertainty can be just as crucial to deal success.

The Volcker rule: Banking and investment management M&A catalyst?

While prohibiting banking entities from certain activities, the Volcker Rule permits market making, underwriting, engaging in risk-reducing hedging and transacting in government trading.

The Volcker rule: Impacts on M&A transaction execution and integration

The Volcker Rule’s call for banking entities to curtail proprietary trading activities and investments in hedge and private equity funds subject to certain exceptions will likely generate more scrutiny of TSAs.

Major forces reshaping banking: Highlights from the financial services M&A symposium

Larger bank holding companies are expected to pursue transactions in Europe and certain emerging markets in 2012, while consolidation among small and midsize domestic banks is likely.

Making M&A more public: A look at tax disclosure rules

Changes to Issuer Reporting requirements may cause public disclosure of M&A transactions’ economic and tax terms. Private companies should prepare for the impact on buyers and private equity investors.

M&A due diligence under the Volcker rule

The Volcker Rule creates potential challenges for buyers and sellers of financial institutions, requiring strong due diligence to achieve objectives and prevent franchise-damaging transactions.

Positive outlook for M&A despite economic uncertainty, deal disappointment

Despite economic uncertainty, expectations are strong for high M&A deal volume, particularly complex transformational deals, requiring a careful review of processes and methodologies.

Enhancing processes for M&A target screening and evaluation

CFOs and business development groups who help devise their organization’s target screening process can increase the efficiency of their M&A strategy by quickly understanding red flags.

The Volcker rule: The impact on banking M&A

The Volcker Rule could bring with it a range of M&A scenarios for the financial services industry, including a rise in international banks entering the U.S. market.

Long-term trends look strong for oil & gas M&A market

Strong demand for oil and growth opportunities in shale and deepwater are signaling a robust M&A market in the oil and gas industry.

Divestitures and carve-outs part 2: Becoming a prepared seller

Two checklists of leading practices can help CFOs manage the challenge of preparing for the transaction and separation of a divested entity in parallel.

Divestitures and carve-outs part 1: Common challenges to success

As part of the divestiture process, CFOs should expect a series of obstacles, but they can help mitigate such distractions by considering several leading practices in preparation for a sale.

Enhancing M&A value with tax-aligned business integration

While tax considerations are normally included in the early stages of M&A deals, tax-related considerations can be just as critical in the integration phase of the transaction.

Improving M&A Value through due diligence and finance transformation

As boards, shareholders and management demand greater assurance of business sustainability and value from M&A deals, CFOs can help drive value in due diligence and finance transformation.

New realities of mergers and acquisitions

It is important that companies in the M&A market monitor a collage of more stringent regulations and diligent investigations as these and other potential changes may impact integration efforts.

Leading practices in corporate development-led M&A

In the last decade the role of corporate development has expanded, and at many companies it has become a core strategic function central to helping drive company growth.

Portfolio compensation equity plans – the details matter

When equity-based incentive compensation plans are set up, proactive accounting can help to mitigate future compensation charges and earnings surprises.

Selling an S corporation? Understand disposition alternatives

High cash reserves and the active M&A environment could make this an opportune time for S corporation owners considering selling their business.

Driving performance in corporate development: Leading practices for changing roles and responsibilities

Corporate development’s growing responsibility for deals’ strategic fit and post-closing results requires stronger organizational processes, broader skill sets and new technologies.

A better approach to legal entity simplification

Simplifying legal entity structuring around M&A can be challenging, but a thoughtful approach can increase the likelihood of success.

Selling an S corporation - podcast

As with any transaction, there are many issues to consider when selling an S Corporation, including the different disposition alternatives and their potential tax impacts.

Foreign direct investment: How to successfully expand your global footprint

As companies in the developed world seek opportunities to expand their footprint overseas, CFOs need to take a leadership role in examining the benefits and risks of cross-border M&A activity.

More M&A on the way say mid-market executives

Middle-market senior executives believe M&A to be a common feature of their expansion and growth strategies, while going public will not, according to “Mid-market Perspectives 2011."

Cross-border investment: How firms should adjust to the growing role of gvernments in M&A

Controversies over access to foreign markets are making cross-border acquisitions more challenging, prompting CFOs to rethink global alliances and acquisition plans and gain new skills.

Strategic positioning for a dynamic consumer products M&A market

The re-emergence of mergers and acquisitions and the continuing consolidation in the consumer products industry have game-changing implications.

Choosing a carve-out buyer: Private equity firm or strategic corporate buyer?

Carving out a new entity for sale can be as complex a selling an entire business. As each carve-out is different, it’s prudent to examine all possibilities before making a strategic selling decision.

Details matter for portfolio company equity compensation plans

Equity-based compensation plans should address award substance, redemption features, exercisability, vesting and forfeiture to achieve favorable accounting and provide appropriate incentives.

New trends in consumer products M&A pose opportunities, challenges

By understanding the trends driving M&A activity in the consumer products industry, CFOs can help their companies take advantage of emerging opportunities and address challenges.

M&A strategy in a rebound economy: Top-line growth or bottom-line profits?

Companies that cleaned up their bottom lines and stockpiled cash during the financial crisis and uncertain economic environment of the last few years are revving up their M&A strategy.

M&A for private midsize companies: Four critical early actions

Transactions can present private midsize companies with little or no M&A experience significant challenges. Four early-stage decision points, however, can help guide a deal to success.

Manufacturing M&A: Doing deals in a reset world

With economic recovery expected to move slowly and organic growth opportunities somewhat limited, many companies are viewing M&A as essential to achieving growth targets.

Strong oil and gas M&A activity expected to continue

Buyers came back in force to the oil and gas market in 2010, boosting M&A activity to levels last seen in the pre-recession days of 2008.

M&A valuation: The new normal

As companies turn toward M&A to accelerate growth, CFOs are being asked to play a far more prominent role in evaluating prospective transactions by both CEOs and corporate boards.

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