July-Aug. 2007

Posted on August 15, 2007 at 7:45 PM
Filed under: 2007 | Counterparties | Cover Story | July-Aug. 2007 | The Magazine
Tagged: Blackstone , coporate buyers , counterparty , dealmakers , KKR , M&A , PE , private equity , Schwarzman , strategics

Understanding how private equity works is an increasingly important part of being a successful corporate dealmaker.  Continue reading

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Posted on August 15, 2007 at 7:43 PM
Filed under: 2007 | Acquisitions | Corporate Strategy | Divesting and Restructuring | July-Aug. 2007 | The Magazine
Tagged: Bloomberg , deal , Harrington , restructuring , Robert Daleo , Robert Doyle , Rueters , synergies , Thomson Corp. , Tom Glocer

Combining the two is logical, but sure to be challenging. Experience gained in the recent restructuring of both companies will be vital.  Continue reading

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Posted on August 15, 2007 at 7:41 PM
Filed under: 2007 | Deal International | July-Aug. 2007 | The Magazine
Tagged: Cadol Cheung , Charles Wu , China , DLA Piper , IBM , Intel Capital , private equity , Rocky Lee , strategic investors , strategics , venture capital

In China's developing dealscape, private equity, venture capital and strategic investors all compete - and cooperate - in ways not seen elsewhere.  Continue reading

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Posted on August 15, 2007 at 7:14 PM
Filed under: 2007 | Acquisitions | Corporate Tool | July-Aug. 2007 | The Magazine
Tagged: acquisition , Alltell , corporate dealmakers , corporate tool , diligence , Josh King , negotiation , PE

Time is the enemy of deals -- for hard-luck cold callers and big-league corp dev executives alike.  Continue reading

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Posted on August 15, 2007 at 7:10 PM
Filed under: 2007 | Integration | July-Aug. 2007 | Q&A | The Magazine | Thinkery
Tagged: cross-funtional , deals , HR , integration , issues , Lynda McDermott , merger , pharma , teams

A look at the art and (maybe) science of managing the cast of characters needed to make deals successful.  Continue reading

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Posted on August 15, 2007 at 7:06 PM
Filed under: 2007 | Corporate Strategy | Deal International | July-Aug. 2007 | The Magazine
Tagged: acquires , cross-border deals , cross-border re-orgs , Digene , foreign , international deals , IRS , Qiagen , tax-free

The sale of a U.S. company to a foreign one can be tax-free -- if you pay careful attention to the details.  Continue reading

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Posted on August 15, 2007 at 7:01 PM
Filed under: 2007 | July-Aug. 2007 | Legal Brief | The Magazine
Tagged: approval , corporate policies , manage , management , PE , permission , sale process , senior eecutives , strategics , updating policies

As the imbroglio at Dow Chemical shows, executive discussions with buyout funds can lead to problems. Clarifying the rules ahead of time will help keep companies out of trouble.  Continue reading

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Posted on August 15, 2007 at 6:55 PM
Filed under: 2007 | July-Aug. 2007 | Outsourcing | The Magazine | Thinkery
Tagged: around-sourcing , deals , infrastructure , IT , M&A , outsourcing , paradigm , Thomas Friedman

A new paradigm for outsourcing - dubbed 'around sourcing' by Thomas Friedman - may really be taking hold. Get ready to manage multiple relationships around the globe.  Continue reading

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Posted on August 15, 2007 at 6:51 PM
Filed under: 2007 | CD Community | July-Aug. 2007 | The Magazine
Tagged: books , Competitive Strategy , dealmakers , Discipline , Effective Executive , Execution , Good to be Great , M&A , Search of Excellence

There are M&A books, and then there are business books that should be required reading for every executive. Here are five guaranteed to help you be more productive and make smarter decisions.  Continue reading

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Posted on August 15, 2007 at 6:36 PM
Filed under: 2007 | CD Community | July-Aug. 2007 | The Magazine
Tagged: Applied M&A , books , Deals from Hell , M&A , Managing Acquisitions , Strongest Link , Teraing Down Walls

Welcome to the first-ever meeting of the M&A book club, where corporate dealmakers and leading authors talk about the tomes they like best, and why.  Continue reading

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Posted on August 15, 2007 at 6:28 PM
Filed under: 2007 | CD Community | July-Aug. 2007 | The Magazine
Tagged: academics , Art of M&A , Barbarians at the Gate , books , consultants , dealmakers , dealmaking , HBSP , journalists , M&A , private equity

In dealmaking there's still no substitute for first-hand experience, but as the field has matured, the library of books with something useful to say on the topic has burgeoned.  Continue reading

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Posted on August 15, 2007 at 6:03 PM
Filed under: 2007 | Cover Story | July-Aug. 2007 | The Magazine
Tagged: Carlyle , CEO , Conde , executive compensation , Fiorina , Home Depot , HP , McKinnell , Nardelli , Neiman Marcus , Nielsen Co. , PE , Pfizer , private equity , public companies , Storch , SunGard , Tansky , Toy R Us

Nothing reinforces more the view that corporate chieftains are overpaid than the sums awarded CEOs given the boot. Early this year, Robert Nardelli's $210 million severance package, after he'd presided over a steep drop in Home Depot Inc.'s market value, made headlines for its extravagance. But Nardelli's isn't the...  Continue reading

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Posted on August 15, 2007 at 5:55 PM
Filed under: 2007 | Cover Story | July-Aug. 2007 | The Magazine | Trends
Tagged: analysis , Bain , Blackstone , deals , debt , financing , LBO , leverage , markets , multiples , private equity

With financing free and easy, coverage ratios have tightened up. Is this a precursor to defaults or will the markets continue to generate loads of life-giving debt?  Continue reading

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Posted on August 15, 2007 at 5:46 PM
Filed under: 2007 | Cover Story | July-Aug. 2007 | The Magazine
Tagged: analysis , Cerberus , deals , GMAC , J.P. Morgan , LBO , One Equity , private equity , RJR Nabisco

The current buyout wave may seem to recall the 1980s, but the strategies and structures are very different.  Continue reading

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Posted on August 15, 2007 at 5:17 PM
Filed under: 2007 | Acquisitions | Integration | July-Aug. 2007 | Q&A | The Magazine
Tagged: acquisitions , Actuant Corp. , AIM , Bob Arzbaecher , CMM , deals , finance , M&A

As chief executive of industrial manufacturer Actuant Corp., Bob Arzbaecher has overseen the acquisition of no fewer than 13 companies in the past six years. A collection of niche businesses totaling more than $1 billion in sales, Actuant manufacturers tools, supplies and engineered solutions and has operations in more...  Continue reading

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Posted on August 15, 2007 at 4:55 PM
Filed under: 2007 | Corporate Venture Capital | July-Aug. 2007 | The Magazine
Tagged: Asthmatx , Boston Scientific , corporate venture capital , CVRx , Guidant , InnerPulse , Jay Graf , medical devices , mezzanine , Michael Ellwein , Orqis Medial

"At Guidant, we never made an investment at any company without the notion that if things went well, we would acquire it."  Continue reading

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Posted on August 15, 2007 at 4:50 PM
Filed under: 2007 | July-Aug. 2007 | People | The Magazine
Tagged: Barnes Group , Berkshire , dealmakers , Keith Cowan , M&A , movers , Scott Deakin , Sprint Nextel , Tony Miller , TTI

Strategizing at Sprint Sprint Nextel Corp. chairman and chief executive Gary Forsee continues to build out his development team. Keith Cowan has joined the company as president of strategic planning and corporate initiatives and will lead a team that includes Jack Dziak, who joined Sprint earlier this year as...  Continue reading

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Posted on August 15, 2007 at 4:42 PM
Filed under: 2007 | Growth Strategy | Joint Ventures and Alliances | July-Aug. 2007 | The Magazine
Tagged: content partners , copyright , deal , digital , joint venture , NBC Universal , new media , News Corp. , old media

The Players: News Corp. and General Electric Co.'s NBC Universal Inc. Both have major holdings in film, television and cable networks. The Plan: News Corp. and NBC Universal are creating a joint venture for online distribution of entertainment content, including full-length television programs and clips, and feature-length films. Set...  Continue reading

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Posted on August 15, 2007 at 4:32 PM
Filed under: 2007 | July-Aug. 2007 | People | The Magazine
Tagged: Anadarko , deals , energy , Energy XXI , Kerr-McGee , Middle East , oil , Pogo , Schiller , Western Gas

Turmoil in the Middle East and nationalism in Venezuela and elsewhere have U.S. energy companies shopping for hydrocarbons in and around the U.S. That's one of the reasons why Anadarko Petroleum Corp., for example, bought Kerr-McGee Corp. and Western Gas Resources Inc. in one swoop last year for $23...  Continue reading

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Posted on August 15, 2007 at 4:28 PM
Filed under: 2007 | From Ken | July-Aug. 2007
Tagged: corporate dealmaker , editor , editor's letter , Klee

Nearly four years, 20 issues and two conferences into the project known as Corporate Dealmaker, I'm pleased to announce our latest milestone: the formation of the Corporate Dealmaker Advisory Board. We think our four highly accomplished board members will be a big help to us -- and to the corporate...  Continue reading

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