Management Problems of Corporate Acquisitions

Management Problems of Corporate Acquisitions

Management Problems of Corporate Acquisitions

Management Problems of Corporate Acquisitions

Excerpt

As members of a faculty interested in today's and tomorrow's management problems, the authors undertook a research study of the problems involved in the acquisition of one company by another. One of the authors, Professor Mace, was vice president, director, and general manager of the Electronics Equipment Division of Litton Industries, Beverly Hills, California, from 1955 until 1958. During this period he participated in the early growth of Litton, both through acquisition and through internal developments. This experience together with the increasing rate of acquisitions in other companies and industries stimulated his interest in making a study broader than the experience of one company.

The other author, Mr. Montgomery, after graduating from the Harvard Business School and interested primarily in a career in business, stayed on at the School as a research associate and devoted two years to this project. At the present time, Mr. Montgomery is with the investment banking firm of White, Weld & Company, New York City.

In this report will be found both disguised and undisguised names of executives, companies, industries, and geographical locations. Field research efforts, such as this, depend upon candid and open discussion of the real problems involved, and the publication of intimate discussions must observe these confidences. The material has not been disguised when there is no possibility of embarrassment to the executives and companies involved. But when the data might in any way have caused the cooperating executives to regret having provided the essential information, every effort has been made to disguise the sources of this information. Our purpose is not to show how managements erred, but rather to distill from their experiences lessons which might . . .

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