Top Highlights

• has a block order to buy, he often goes to the list of current shareholders in the company. Then he tries to convince some of them to sell their shares
• Let the optimists motivate the employees and the realists take care of capital allocation.
• The acquiring companies tend to overestimate the value of synergies in production, sales, marketing, R&D and financing. And they underestimate the costs of merging business cultures, of integrating IT systems, from increased employee uncertainty and from client confusion.
• commodities businesses,
• working capital to operating cost.