The role of boards of the acquiring company in M&A

Over the past few months, the Governance Leadership Centre has examined the role of boards in M&A across different stages of a transaction. The series addresses key questions that boards need to ask at each stage in the M&A lifecycle, and what boards should pay attention to to improve the chances of M&A success and create sustainable value for shareholders.

Prelude to M&A – a game of four quarters for NEDs
Dr Dean Blomson, May 2016

Governing the transformation stage 
Dr Dean Blomson, May 2016

Governing the transition stage 
Dr Dean Blomson, June 2016

Governing the transaction stage
Dr Dean Blomson, August 2016

Governing the targeting stage
Dr Dean Blomson, August 2016

Dr Dean Blomson, a seasoned consulting professional who has worked with a wide range of clients on significant strategy and ‘transformation’ issues, has developed a series of papers on the role of the board of the acquiring company in M&A.

1. Targeting (including development of the M&A intent and strategy)
   
2. The Transaction (executing the deal or terminating it, if necessary)
   
3. The post deal Transition (or First 100–180 days); and beyond that to the fourth and final stage
   
4. The Transformation of the combined enterprise.
   

It is worth noting that Dr Blomson has taken the unusual approach of running the series in reverse, by starting with the end in mind at the final stage of the M&A lifecycle (transformation). He believes that “The focus on an outcome, orientates the executive and board to the ‘where’ and ‘why’ of an acquisition, before they start down the path. And knowing where they want to end up, they may choose a different path.”