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The Approach

  • Frontal Assault

    • This is the American approach (HF)

    • Seldom works except for companies that are in trouble

    • Advantages

      • Quick and focused on the asset

      • Easy for foreign M&A teams to understand and finance

      • Japanese firms seldom have much bad stuff hidden away

    • Downside

      • May not be much left by the time the sale goes through (employees likely to jump ship)

      • Remaining employees are likely to be unproductive and hard to handle

  • Embrace and Consume

    • This is the Japanese approach (Abeam, NEC)

    • Involves being patient and focused on objectives

    • Technique is to put a strong board member in and start pushing for change and transparency

    • Risk is that the other side push back

    • Process: 20% -> 34% -> 67% -> 100%

    • Can be structured so that Japanese target opens up resources and client base from Day One

    • Need to sell in positive way to clients, staff, and media

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