Show Highlights:
- Do 70–90% of M&A deals fail to deliver or destroy value? [01:36]
- The origin of the M&A value destruction stat. [04:53]
- Historical context and contemporary relevance of stats. [07:44]
- The sample and methodology of the 1999 KPMG study. [08:36]
- The late-1990s macroeconomic context of the U.S. [11:29]
- Asian and Russian economic volatility during the study. [14:37]
- Do the late-90s economic cycles shape M&A in ag today? [18:36]
- Three reasons for skepticism of the stat's applicability. [23:09]
- Objectively rethink widely accepted M&A success beliefs. [28:40]
"Unlocking Shareholder Value: The Keys to Success" (KPMG, 1999): https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/KPMGM%26A.pdf
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