Managing the Merger : Making It Work

Philip H. Mirvis is an organizational psychologist. He holds a Ph.D. in Organizational Psychology from the University of Michigan, where he is adjunct faculty for the Graduate School of Business Mitchell Lee Marks heads up JoiningForces.org in San Francisco and San Diego

Introduction: Why Mergers Fail

vii

PART I. MERGERS AND ACQUISITIONS

What It Takes to Succeed

1

(28)

Retaining GC's Identity

The CEO as Hero

A Vision of Partnership

Managing Merger Madness

What Has to Be Managed?

Process Is the Prescription

Theory and Practice

Contested Terrain

29

(28)

Merger Mania

Merger Activity in American Business

The New Rules of Engagement

Restructuring and Downsizing

Love and Warfare

Writing a New Script

The Human Costs of M&A

PART II. THE PRECOMBINATION PERIOD

Organizing to Buy and Sell

57

(26)

``Textbook'' Steps in Making a Deal

The Politics of Buying a Company

Hewlett-Packard Buys Apollo/Apollo Buys Hewlett-Packard

Lessons on Search and Selection

Understanding Organizational Fit

Cultural Compatibility

The Rush to Close

``KING Broadcasting for Sale---Everything Must Go!''

Strategic and Psychological Preparation

83

(30)

Making the Business Case

A Merger of Equals

Strategic Preparation

Unihealth America: Making Time an Asset

The Mind-set of the Buyer

Psychological Preparation

The Mind-set of the Acquired

Rites of Passage

PART III. MANAGING THE MERGER

Stress, Uncertainty, Anxiety

113

(30)

What Makes a Merger So Stressful

Top-Level Leadership

Helping Employees Manage Stress

Communicating to People

Involving People

Caring for People

The Role of Line Management

Managing Integration

143

(26)

Crisis Management

Two Approaches to Integration

Creating NEWCO

Managing the Integration Process

Transition Management Tasks

Speed of the Transition

The Clash of Cultures

169

(30)

What Is Culture?

Culture Clash----Graphic Controls

Stages of the Culture Clash

Managing the Clash of Cultures

Levels of Acculturation

Strategy Versus Culture

Creating a Unisys Culture

Culture-Building Ceremonies

Cultural Resistance

PART IV. THE POSTCOMBINATION PERIOD

Winners, Losers, Survivors

199

(26)

Postcombination Status

Management Appointments

Retaining Top Talent

Downsizing After the Deal: Letting People Go

Layoffs in High Tech

Lessons on Managing a Downsizing

Survivors

Helping Survivors Cope

Stages of Personal Adaptation to Change

Factors Affecting Postmerger Morale

Rebuilding the Business: Teamwork

225

(26)

Understanding Postmerger Mind-sets

The Challenges of Team Building

Training for Team Building at AT&T

Team-Building Tasks

Team Building Top Down

Team Building Through the Ranks

Managing Your Own Transition

Reculturation

251

(30)

Magnitude of Postmerger Change

Transformation: Unisys 1987-1988 1989-1990

Culture Change at GC

Replacing the CEO

Feeling the Elephant

Reculturation at GC

PART V. SPECIAL TOPICS

Tracking the Combination

281

(16)

Why Track Change?

What to Look For

How to Track Progress

Case Examples

International M&A

297

(18)

International Deals: Scale and Scope

Molson--Carling O'Keefe

International Buying and Selling

Multinational Merging

Postmerger Management

Culture Clash in International Mergers

Global M&A

Postscript: Winning Hearts and Minds

315

(16)

Building Through M&A

Leadership from the Top: Theory and Practice

Realism in the Ranks

Charting a Better Course

Appendixes

331

(10)

References

341

(20)

Index

361

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Managing the Merger : Making It Work

Author Biography

Table of Contents

Supplemental Materials