Burger King and Tim Hortons plan to merge in an $11 billion deal that will create a new fast food powerhouse. The merger has received significant attention from the media, dealmakers, regulators and consumers. Capstone’s infographic will show you what you need to know about this exciting transaction. Click on the image for a closer […]

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Burger King and Tim Hortons announced on Sunday that they would merge into a single enterprise with $22 billion in revenue and 18,000 restaurants worldwide. A new parent company headquartered in Canada would be created in what technically is a tax inversion, although tax savings are not driving the merger itself. The main strategy is […]

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I’m frequently asked about the “right” price to put in the letter of intent. As you will know, the LOI is an important milestone in the M&A process, because it establishes a “gentleman’s agreement” before the formal deal is settled.  You have yet to compete due diligence at this stage, and figuring out the right […]

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Why actively pursuing not-for-sale companies can lead to a better acquisition than a for-sale opportunity. When searching for acquisition prospects, most people only consider for-sale acquisitions.  Usually these are offered by investment bankers, who carry a “book” of candidate companies. Restricting your search to for-sale opportunities is usually a mistake. I encourage clients to actively […]

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“The danger with a mergers-and-acquisitions boom is that chief executives could allow themselves to get carried away by the thrill of the hunt, reducing their focus on internal investment projects that might have a better chance of bearing fruit,” says the New York Time’s Dealbook column. M&A activity has reached record highs and shows no […]

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Sprint has dropped its bid to acquire T-Mobile due to regulatory pressure. Large, public transactions must be reported and should be regulated by law, of course, but this is an unfortunate setback for Sprint. After investing resources putting together the deal and lobbying for months, the company must walk away from it because of external […]

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Team meetings are important in order to move forward confidently when it comes to due diligence.  Ideally I would want everyone on your team to be physically together, but I understand in today’s environment that may be difficult to schedule, and you’ll have to be creative to maintain team cohesion. Here are a few suggestions […]

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Valeant Pharmaceuticals International is determined to grow through acquisitions.  Already actively pursuing a deal with Allergan, the maker of Botox, Valeant is reportedly seeking another contact lens company. CEO Michael Pearson said the company “will not be content to remain the No. 4 global player in the contact lens industry.” Valeant has a history of […]

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Here’s a quick thought about the Abbvie – Shire transaction that’s received so much recent attention because of the decision to reincorporate in Ireland once the deal is completed. Tax inversions are in vogue and a hot topic in the media. While the tax benefits of an inversion certainly are important in this acquisition, that’s […]

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It was a busy Monday for Mergers & Acquisitions with two big brands announcing consolidations: Zillow will buy Trulia and Dollar Tree will buy Family Dollar. Activity is getting frothy and as I’ve been saying, the sleeping dragon is starting to wake up. Here’s what you need to know about these transactions: Zillow to acquire […]

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M&A activity was on the rise in the first six months of 2014. Global M&A increased 73 percent to $1.77  trillion and  Midmarket M&A increased 18 percent to $399.4 billion. Check out our infographic for a snapshot on Global Mergers and Acquisitions in 1H 2014. Click on the image for a closer look. Feature Photo […]

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“Insanity,” Albert Einstein said, “is doing the same thing over and over again and expecting a different result.” An executive once told me he unsuccessfully had been trying to grow his company through acquisition for the past five years. For one reason or another, the acquisition candidates brought to him weren’t right. Either they didn’t […]

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Mergers have hit a seven year high.  While deal value is up 73 percent, the number of deals has decreased 0.4 percent, according to Reuters data. This confirms what we’ve been seeing since last year: larger, fewer transactions. With mega deals on the rise, we will likely see more activity in the middle market as […]

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It’s hard to believe we’re already half way through the year! I’ve had the opportunity to write about a variety of M&A topics from analyzing transactions and trends to developing your acquisition strategy. I’ve compiled a list of the most popular posts from the Successful Acquisitions blog in 2014. I hope you enjoy these posts […]

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The polyolefins industry, like so many others, is evolving significantly. Growth in emerging markets and Asia has skyrocketed while European and North American markets have matured. Last week I was invited to speak at the Future of Polyolefins Conference 2014 in Dusseldorf, Germany, where top executives from key industry players such as Borealis AG and […]

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Pharmaceutical companies are using acquisition to become “pointy,” or more focused. Two recent examples are Bayer and Merck.  Bayer is focusing on over the counter medications by acquiring Merck’s consumer care business for $14.2 billion. On the other hand, Merck has become more streamlined through divestment. As I’ve mentioned before, although divestment means becoming smaller, […]

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Your ability and willingness to close a transaction can help position you as a preferred buyer. Just like in buying a house, sellers look favorably upon buyers for whom financing is not a contingency of closing.  If you already have financing secured not only do you have the willingness to close a transaction quickly, you […]

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Non-interest income is a hot topic in the credit union industry. Check out Capstone’s infographic on non-interest income below. Click on the image for a closer look.   How can you generate more non-interest income? Many credit unions and CUSOs are turning to external growth and mergers and acquisitions to generate more non-interest income. Find […]

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“The best opportunities are the ones we’re pursuing and not the other way around.” This comment in The Wall Street Journal from Smadar Levi, CFO of MyHeritage.com, is one I wholeheartedly agree with. She is quoted in an article about the growing number of startups seeking to be acquired. With fewer financing options available to […]

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The biggest tech M&A disasters were the Time Warner-AOL $350 billion merger and Google’s $12.3 billion acquisition of Motorola Mobility.  In my observations, the greatest hurdle facing tech mergers is integration. Even where the strategy of the acquisition is solid, if the integration of the two workforces and assets is not executed properly, it will fail.  Even […]

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