Mergers and Acquisition Case Interview Demo (Video 11 of 12)

all right let's talk about mergers and acquisitions okay so pull up the framework sheet let me walk you through the framework actually quite straightforward actually this is what I call the mergers and acquisitions fit framework and it's generally used when company a is deciding whether Company B is the right amongst the companies available to be acquired is Company B the right one to acquire is less about is it worth acquiring someone in general in terms of sorting trying to change the industry capacity it's more about is this target particular target makes sense okay and the easiest way to understand this I mean it really is just a variation of the of the business situation framework so MA and we're using slide a here ma is it's still my four key areas customers products company and competition ran up space here and essentially what I'm doing conceptually is we have company a which is the potential acquirer company B and then combine new company and the general rule of thumb is you sort of go through the exact same process we did earlier but for each individual company and you sort of synthesize you add up what the combined entities would look like those common M&A situations are mile there tend to be in one of two categories one is complementary assets so the classic situation is young company has hot brand new product ok but very limited distribution old company has like the biggest sales force on planet earth but their products stink okay so it's like well you could just take the product in product a company a I'm sorry company B move it to the acquiring company pump it right into the sales force and boom they got the hottest product mark with the best distribution wouldn't that be great so conceptually that's how it typically works the other area is actually those are ones I like just supper from the case those are the ones I think make the most sense right so in an obvious synergy where the two combined are worth a lot more together than apart other areas essentially are around internal cost cost overlap so you got a big company I got a big company we have we each have like an HR department that spends 50 million a year we only need one so you can sort of combine it to companies strip out and have one department in say 50 million a year and that tends to be more on the cost side but you know you can't shrink the greatness right so that's sort of just one area looking and so I'll give you as one example see if I got all the points here yeah make sense so far okay the case I want to give and demonstrate since we're on the topic of media anyway is there's this fictitious company it's an advertising agency so global brand advertising agencies serving consumer packaged goods companies and I'm going to call them Omega and Omega okay you can speculate who they are and Omega and Omega they are a billion dollar company roughly and their sales are flat and their sales are flat past three years in a row and they they contacts your firm and wants you to help them help us fix this problem we need growth or flat three years in a row what should we do and actually know what this case was sort of assuming I did an earlier case which I skipped okay so let me I'll give you the answer to the prior case Omega and Omega they how much fun do we have two o'clock when I'll do the whole thing okay I'll do I'll go through swithed isness situation framework for Omega and Omega and I'm gonna tell you in advance it's going to end up evolving to an MLA case you can sort of see how that flows and I'll try to point out some ojas that would trigger a thought that it should be there man okay okay Omega Omega flat sales actually this will be even better we use all the frameworks even better I'm so excited so I'm going to slide F here so we are talking about Omega and Omega profits are flat at 0% to understand why profits are flat we need to look at revenues and cost okay and it turns out there's been no change in cost and there's been no change in in revenue and the next question then is okay well what about what are the components of revenue and we know if there's a change in revenue per count let's say or the number of accounts and it turns out the clown growth has been flat and the revenue per account has been flat so that's interesting so really no real change so next question is what's happening to the market overall right so one of the things on the checklist on the original profitability framework and it turns out that and usually when I swear to do comparisons I like to start with the most general number first and then and then then break down so if you're sort of down and you realize I'll kind of the industry comparison it's often better to sort of jump up a level because it's less math that way so I would say that's interesting I would say out that probably I now wonder if this is a company specific issue or an industry-wide issue and and then I would pie say do we have information on whether profits for the advertising industry overall is it has changed not is it going up as a flat or decline and so I've been here so this is sort of industry I see this right industry and oh oh and OH because it's well two reasons one sort of practical one sort of discuss one as I know the answer is sort of the real answer and the other one probably if the the the way the question was phrased as they want to grow faster and so if costs are flat and they haven't changed then if I no cost better I still can't grow it so I need either our pricing improvement to an improvement so that was for why sort of gravitate towards that and I didn't have any data there so I wanted to you know hasn't you stripped it over that way and so let's say so if we look at profits over all Omega and Omega is flat industries growing at 5% ok well that's interesting so obviously we're doing something different than the industry overall that's why AHA ok ok so so this is it's not clearly just a company specific profitability problem there's something going on difference in the industry overall perfectly for won't cut it ok so I'm going to switch I'll leave this over here and we're going to a slide G here and I am going to do the business situation framework because I'm like what that was one I have no idea something weirds going on and to understand what's going on for Omega Omega in this industry when you look at four key areas when you look at the customers the products company itself and competitors okay now in this particular situation I have some data and insight that there are some difference between what the company is doing the competition okay so I want to I would probably in this case be tempted to start there and we can pull that one out okay so if we look on our checklist the the first question I would ask is who are the major categories of competitors and what's the concentration in market share okay and so let's say there in this case the interviewer might say well there are three classes of four classes I think of advertising agencies okay that's a segmentation right and they are global ad agencies to direct response media agencies I will explain what those are in seconds and digital advertising and then media buying okay great and I would ask sort of a clarifying question so what is a direct response agency they do like direct mail okay got it digital ads they sort of do online advertising is that right yes that's right what does media buying thing well the way the ad agency business works you've got people who create ads you know people who buy ad space they tend to split it up so they're specialists who buy ad space and the specialist who create ads okay got it so that's what it looks like so I'm looking at the competition concentration so what's the mix like what percentage of total pie that each people have you know and we know in total it's a hundred percent and let's say I don't know media buyings and twenty percent the global ad agencies fifty percent will call this 20 percent and 10 percent okay okay so it's fairly concentrated at least like category within global agency is roughly how many are there like four or five okay okay got it sort of a oligopoly ish kind of structure okay so the next thing is around competitors and their behaviors so we would like to know more about each of the categories of competitors we know what the mix is and so since we have this unusual situation where the company our company is has flat growth by the industry overall it has 5% growth we want to know where the growth is coming from so I'd say well now that we understand what the competition situation competitive situation looks like I like to understand what the profit is we know overall it's 5% but by segments what's the profitability growth for each of the major segments so so this is sort of market share and this is growth rate of profits turns out all global ad agencies are in fact actually shrinking okay so overall but engines the segment our client is in is actually shrinking a little bit so they actually outperform by here direct response is and growing it's also flat meeting buying is flat and digital advertising is growing at 30 percent per year that's enough haha interesting so really it's not the industry overall its profits increasing its really a particular segments within the industry that's really driving the overall numbers so we really have to figure out is what's going on there with digital advertising okay now would say AHA now this is a time where I have the aha I understand what's going on and on the competitive side now I want to know why digital advertising is going so fast and this is when I'm inclined to switch over to the customer branch okay so I am temporarily leaving best practices barriers to entry supply to conservation all that because I have some information that suggests another issue is far more relevant is why are these customers giving these guys so much money so quickly when everyone else is getting none of it so that's what my decision is to switch so the way I would transition and say it's interesting it looks like the customers are really driving and the increase in digital advertising growth it's the only segment that's sort of profitable on an increasing basis it looks like we need to under better understand what's going on with customers so I'm going to switch gears unless we have any other information I'm going to switch gears and talk more about the customers and the interviewer might say that sounds like a reasonable plan to me why don't you go ahead and do that okay or they might sort of prompt you and say give you another some feedback saying yeah not quite yet and ask you to go further that's fine too but I think in this case they'll be reasonable switchover okay that's talking about the customers so who are the customers right what are their segments and let's look at the growth rates for each segments that's the first question on the checklist so let me get a new slide this is what is this that's G so let's see FG that's must be H so you slide H here and we're gonna look at customers and I would like to say okay so what what I'd like to know more about the customers overall and what are the major segments and and the integral I well here's we do know there are let's see fortune 500 sort of brand managers if you would brand company so like a PNG okay yeah let's see who else they're sort of mid-market and I don't know small business okay that's interesting and what percentage of that dollars to sort of belong to each segment and it turns out so short of share of spending the big PNG kind of companies out there spending 70% then mark is 20% side in a small business of 10 percent so I'm parting that so okay so really the bulk of the markets being driven by the large multinational companies okay just out to get to what's the what is the change in what is the change in spending across all of these segments so total ad total ad dollars actually this math going to work out my math isn't going to tie perfectly yeah quite question yeah yes yes they will tell you that's fine too sometimes in real life you don't know right oh really uh I never had that so so they told you to make up a number basically you is that that sounds a little bit more like an estimation question okay that's different so on an estimation question that's more testing your ability to well estimate and it's less about finding the business implications of the data so I that I have done a lot to others and then have been on the receiving end and that's less about sort of business judgment analysis it's more about sort of computational flexibility in those situations that so that's a different intelligent kind of problem if we have time to end having to walk through that wasn't planning on average and some other resources that are available that sort of cover that topic fairly well the book case in point is one of them so back to here my numbers are going to tie up but if you don't hold me to that I'm going to say that see share spending was my next question so share spending and change change right right so let's say it's all flat so that's like that's interesting how does that work okay something must be going on well and so now I'm sort of like thinking I'm sort of stuck okay when when you're stuck in like seems odd something doesn't seem bright I know I clearly not I'm clearly not understanding something Golden Rule when in doubt segments when in doubt segments I mean that's sort of saved my butt a lot of times okay so we segment to think it's biggest right because obviously has the most leverage you know if the small business want to change a lot it's such a small percentage it makes no big difference on the bottom the aggregate number so I'm going to say well that's really interesting something unusual is going on here I'd like to sort of break out the the Fortune finder multinational companies and segment that and look at what are the sub segments within that mark that customer segment and then also I'd like to look at whether their ad spending has changed them up and so we are going to split out the fortune 500 and this is where you say I want a segment and then you sort of shut up and they'll tell you how to segment because a lot of ways you could segment and so they're going to say well there's yeah I literally just I said I would say um clearly okay I'm not sure what's going on here but something's very odd how can you have one type of competitor who's going 30% per year when the old one markets flat the big company seems to be is fairly flat so gosh I'm puzzled okay yes yes so so the question is in this particular situation you could have a segment of competitors who whose revenues are increasing but it could be related or unrelated to the fact that ad spending hazard has not changed I gotcha so points I would probably and that's I probably would ask and because this is a percentage basis right to your point so maybe the absolute dollars are changing that's a fair point and I would probably in hindsight I probably asked for absolute numbers rather than percentages so I get the percentage which I wonder which that one's largest and then I would probably at some point realize I have to get absolute numbers because because I don't know because it could be one of those two things so I'd say okay now that I understand that this is the biggest segment let's look at total $1 spent you know for this and so let's say that's I don't know we'll call it for total ad spend by segment let's call it four billion and there are two segments there are the fortune 500 sort of brand divisions and of the fortune 500 I'm not interactive okay and interactive is a billion brain this three billion okay and so that's like that's interesting and here's in terms of the total how has that changed versus the previous series on absolute dollars in any mere sight well it's actually been fairly steady the past three years that's what's interesting so then within the segments how have how have numbers change and they might say well the in the fortune 500 brand division the brand divisions of the fortune 500 companies that's been shrinking so that used to be three and a half billion you know two years ago and this year it's only three billion and the it's so basically it's basically moving from traditional media to to interactive okay all right so so then so we know ad spending for the interactive divisions are going up and the ad spending on the traditional four should find brand managers is going down so I would say our synthesize at this point okay that's interesting so it looks like from a industry standpoint the companies that are doing the best are the ones that are offering digital advertising services to be the only growing fast growing segment if you look at the customer side on the demand side overall demand for ad spending has been fairly flat and it's actually been a big shift fairly rapidly I might add between sort of traditional advertising towards online interactive advertising and and if I wanted as an interview to push this to an M&A situation I would say great that seems like a reasonable conclusion now what would you recommend to the clients and that would be a way to force it to more of an M&A tie between oh I'd let it keep going and so we can sort of explore things more and figure out why what's changing so there are things around product issues potentially so interactive advertising is a different kind of product than traditional you can understand why there's lots of things you sort of make up there but I'll sort of speed it up a little bit so we can get more onto the M&A side and so I would say that's it comics my framework here okay I'm going to keep on going on the customer stuff because there's a couple more insights I want to want to pull out so the question at this point now is is what so we understand interactive advertising in the global fortune 500 is really driving the shift on the demand side and on the supply side like why is it happening so we just keep going down the framework on let's see on the business situation framework so you know what does each customer segment want the interview might say well the fortune 500 companies they're basically they're very media centric towards traditional media so newspaper new print media television and television and radio and the the interactive agencies office they're sort of very very geared towards two things one is online media placements and the other is they like sort of very measurable media okay so where you can track responses so they have a vent towards a lot of statistical analysis whereas the traditional media they're more interested in like creativity brands you know make building the emotional connection to customers okay so that's interesting yeah might say at this point when we back up for a second for for Omega Omega I just want to make sure I got this right Omega mega is in the we'll a brand agency what is their mix of business what percentage of media is through the various media types and exactly it might be relevant so I would draw this out jump back over and the interview might say well about 50% of their media spending from their clients is television 25% is is radio and like 20% is radio and 5% interactive interesting so I would say aha right I've been AHA and I would say well looks like the problem is Omega and Omega they're really strong in the area that customers are carrying less and less about it happens to be big today but it's not where the growth is and the customers are shifting towards interactive media all right next issue we belong on price you know what is each some willing to pay and and if I were to ask that question you might say well the standard Commission for traditional media buyers and ad agency is like 15% Commission so on hundred million dollar budget the agency gets at fifteen million bucks okay that's interesting well what about for the digital interactive agencies well their Commission's are higher they get a 20% Commission well interesting okay so they're getting more money that's probably what's driving the revenue growth of that segments even though ad spending overall is fairly flat and in aggregate it's a more profitable product basically how and this is an action one um nice ward of AHA and formulation which I haven't valid yet is I'm wondering why they're shifting from traditional media to online media okay now prior knowledge would say well it's because internet's going so fast right but i want to assume that so I would say it's interesting I'm learning what's driving this trend so I within this framework I'm gonna within this and else I'm going to step out for a second and I like to look at further down the stream in the in the industry I want to look at viewership okay and I would be interested in knowing amongst the four major media types how has the viewership or the equivalent listenership readership how has that change across the major media types and the interview might say well we know and in the major segments like television radio you know radio newspaper ran and Internet the top three are flat Internet's growing top three are shrinking and Internet's growing fast so maybe in that's going thirty percent per year although other ones are shrinking and in fact it's actually what's happening today so if I had her that I'd say aha another aha okay so this is a structural shift being driven by viewers that's flowing through to advertisers who want to be where the people are which is impacting the profitability of the agencies that are trying to serve these advertisers so what's happening here is a structural shift and you asked earlier about what happens when it's a market problem versus an internal problem and this is exactly what that kind of situation you have a structural shift in demand now the question is what do you do about it so as an interviewer I would say that's an interesting interesting sort of insight what would you recommend to a mega mega and let's see now I'm gonna hold off on that for a second okay so basically now the question really is the problem really is the markets really changed - favorite segment that Omega mega is not in what should i may go make a do about it now at this point I kind of understand the demand drivers let's demand and that's more about like what options doesn't make it make it have to sort of deal with this demand problem because you can't really change in demand much right so now it's more like how do we respond issue so back to the original framework I would say okay I think we have a good grasp on on what customers are doing what they're doing is they're just following their customers that's really it and their customers are moving and shifting their viewership habits so the advertisers are doing the same thing so the question now is what do we do about well what do we have what assets do we have alright so what we ask us we have we can use and let's figure out what we can how we can respond so I'm going to jump over here and now look at the company because it seems like if you have a good sense of what the company is capable of doing we're not capable of doing a better sense of what options they can use to respond to the market situation that are structurally changed so let's talk about the company first issue on the list is capabilities and expertise what is omega and mega good at ok turns out they're very good at creating blockbuster television ads ok it's what the interview might say they're very good at creative media they're very good at branding they're very good at sort of the jingles and the slogans and sort of building brand new brand new brands it's interesting and in terms of of distribution channels Omega mega has a direct sort of sales for if they're constantly contacting the Fortune finder accounts which is fine I might be tempted to jump back into customer and say well what kind of is there a difference in the channel preferences right for for each of the segments in this case I've been jumping around a little bit because of the ihot I might have jumped too soon all right because next on the list I would have had distribution channel preferences was one of the things on the checklist but I sort of jumped back for because I thought this is more important sometimes I'm wrong and if you're right you can switch back but you got to be real clear about it ok so the way you would say that is well interesting just a double check I think I know the answer I'm a double track I want to make sure they're the two major segments and the cust the advertisers what distribution channels are they using for placing ads turns out they're using using agencies so okay I that's checked so we're sort of in the right ballpark okay and ant let's see the the inside I'm trying to drive towards is there's a mismatch between the capabilities of what Omega Omega can do and what customers that the fastest-growing customers really want okay so I mentioned earlier that that the interactive customers they want online media placements and they want really good metrics that help relieve they want to basically mass driven marketing okay and in this case when mega mega wants creativity driven market that's what they're good at doing so then the interviewer might say well what do you do what do you tell them they go and make it to do okay well that's a big challenge I think so basically about the so much what's going on Omega Omega is facing a structural shift in market demand yeah where the segments omega mega is strong in is shrinking and the segments Omega and Omega is poor in is growing incredibly fast okay so Omega Omega is not positioned properly in marketplace relative to new market demand and I and the in terms recommendations they got to be where the demand is and I think you've got one of two options typically you either sort of build that capability internally or you go buy okay and so while the energy might say interesting insight well which would you suggest yeah well I might go back and look at the company more look at the capabilities and really sort of hone in on what capabilities Oh Meghan mega has and then compare that to what customers want and there's a short short in the process I'll just tell you like what they're good at the customers don't care about at all okay so a total mismatch okay they want these are great TV people they hate TV these are brand people they hate brand these are emotionally driven people these are all like numerically driven people okay total polar opposites and so given that information what he suggests Omega Omega some sort of abbreviating certain parts of the case to get to the MA part I would say well given that there's a not just a skills mismatch between what Omega mega is good at and what customers want seems to be a sort of a cultural difference to that way Omega mega people tend to think about advertising is a totally different than the pneumatically driven marketers that are interested interactive advertised so in that situation I think you're the best option seems to be looking at an acquisition because the billet internally it seems like it's too big of a leap so I'd be looking towards looking at acquisition options in determining if there are any adversity and targets that we were considering okay great let's talk about that more the interviewer says okay great I thought the case was over but I'll keep going cuz this is my third frame right and I would say well what would you what would you suggest which companies which company should Omega and make a potential look at acquiring well I'd like to actually do a see I guess there would be a competitor analysis I would like to actually take the digital advertising segment that's going on 30% here and I would like to sub segment that into who the key competitors so basically it's a competitor analysis all over again right so who are the key competitors and what's the market share differential between each of them so there is we'll call it what do they call it there's equal advertising there is super click and I don't know math ads and together I forget what do we say they're doing a let's call it a billion and so quick Greeks we know what the three major competitors are almost called everyone else what's the market share structure look like and so equal is doing four hundred million super click is doing two hundred math ads it's doing two hundred and everybody else is doing two hundred okay that's interesting and just article companies are in the final category oh yeah I'm sorry so we have a situation where equals dominant player we got sort of two mid-level players and then we have everyone else that's sort of picking up all the pieces and I might ask well I've just had to make sure curiosity how many people are in everyone else 500 okay so it's a very very fragmented so I would say well look based on the market shares wipe I asked for growth rates - okay so who's growing are they shrinking and if I got growth rates - and it ran out of space unfortunately let's just say all of them are growing but equals growing the fastest okay if I were to pull back up I'd say well it looks like amongst the potential targets the three top market share players might be a good fit they're all going fairly well and G's equal looks fairly interesting because not only are they the biggest but also growing the fastest right equal first great why don't you do that what would you want to know and this is where I go to that original M&A framework so to summarize ma from here basically doing the business situation for me for each company independently and then adding the two together okay and actually I've done this I have not used this matrix but it's actually not a bad idea so I would say well for customers for Company A which is Omega and Omega and we're on slide here company a make Omega n Omega o and O and equal they have the brand the fortune 500 brand accounts I would do the business situation analysis for equal and I discover they have the primary segment is the fortune 500 sort of EE accounts all the interactive arms of these fortune cookies and so this is 80% of the business for Megan Omega this is 80% of the business for equal okay okay so I'd say that's interesting there seems to be very little overlap okay so that if Omega Omega which were quite cool it would in fact be getting a very big position in this fast-growing segments so that seems interesting I could do the same analysis around products and and in the the key products for Omega and Omega are sort of like TV ads focus groups sort of brand concepts the product set for equal is you know database marketing tools statistical modeling and then sort of online advice so there's no overlapping products either so you don't have to like you know kill one of the products or anything like that so you're their body they would be buying into a whole new category of products I would probably just verify that the products that equal has is in fact what customers want I mean I'm feeling pretty good about that cuz the revenue so fast but I applied a double check and it would say and it would turn out that they in fact they're producing exactly what those kind of customers want that's why they win so fast so that's interesting see then in terms of the company we know that Omega Omega is is has one of the best in terms of sort of brand building and and equal as we analyze equal they are good at sort of online campaigns obviously and statistical predictive statistics predictive analysis in terms of what customers going to buy based on data so they say they have like PhDs right and whereas Omega make it has like artists right so it's very very different and then the question really is okay so if you combine obviously they're the favorite sort of facing the same competitive environments so I won't go into that one so now the question is okay so should should Omega Omega sort of acquire equal would it be a good fit and I would say it sort of purchase price aside just looking at what each has to offer the combined company looks pretty interesting okay you take Omega Omega which is tied for one of the largest market shares in its segment has reached all these major accounts eat by picking up equal they get much larger customer base with no overlap okay so there's sort of no negative synergy I guess like if we had if you buy and cost a competitor that the exact same account so you did you're not actually growing right because yours basically it's the same sale it's two sales force reaching the same accounts and so you may look at becomes a cost savings play whereas here you actually incremental I getting new accounts so your your number of accounts goes up significantly by the way what I'm doing essentially you probably get this out is every time there's a good fit it's sort of like check one box on the good idea list next is around products by Omega Omega acquiring into buying into equal they're picking up the picking up products that they're terrible in that the high-growth customers really want that seems like a good fit as well in the company environment you know things that are mega mega are good at are very very different than what equals good at so it's a net positive overall in addition because Omega Omega has access to so many more accounts there's an opportunity to take these tools and sort of use that as a distribution channel that seems like a good fit so I might say that you know overall acquisition price aside just from a fit it seems like it's a good idea the only issue I haven't talked about yet so maybe I jump to a conclusion too fast is around the company itself and particularly only really in any cases cultural stuff becomes important actually probably the number one reason why Fortune finder murders don't work it's not because of that any things I talked about it's usually because like the people can't stand each other right and if they can't stand each other in the room then usually sort of the business falls pro so I might mention I talked about about that as a potential issue and say you can address some of the potential cultural issues if that indeed is an issue it looks like there's a potential good fit here now the interviewer can do one of two things okay they can either say we'll create well let's talk about purchase price and that becomes more of a math case or they can say well how its use how would you minimize the cultural issues okay and that might be more of an issue around expanding around in the company part of this framework the organizational structure so is there something you could do as organizationally to minimize that so if the cultures are very different for example you might have my size well maybe you want to just keep them apart let's I haven't share offices right and it can be sort of an independent arm with more of a arm's length relationship if the culture fit is better you might want to merge them so those are sort of some different branches you could go to I haven't seen that happen too too much this is usually where we're the most common variation on this is a capacity issue so it's a high fixed cost industry let's say well given its acquisition if it were a high fixed cost industry what would happen to market prices hey if you merge and consolidated factories or whatever and then that becomes a shift to the supply demand framework so you can see how you know that this example we sort of evolved from literally every case we talked about and the key is there's always sort of one piece of interesting data that's the AHA that says ok we oughta this is we clearly go in a different direction and that's where it tends to be the trigger so I tend to do that intuitively but hopefully it mentioned F time so you can sort of get it right any questions on that yes absolutely both are right yes many ways to be right not always what I might say if I'm not sure is it looks like I would say well it looks like this is the real issue but just to cover my bases and ask a few more questions just to make sure and then I say I think you got it right why don't we move on okay so that's little feedback like no you got it keep going on one waste time on that and sometimes they might let you struggle a little bit and then tell you to move on so it's a variety of whatever they want to do but generally because in a typical actual consulting engagements there's sort of no right answer because you need to know all of this stuff at some point so whether you do it on a Monday or Thursday what's the big deal as long as you get all by Friday so a lot of ways to be right and that's a very reasonable approach to - yes so if you can consider yourself mrs. shirt you're going to need those customers they don't like if there's no overlap to the point um in that situation I would say the the benefits to Omega Omega and its acquisition this the value does not come from the synergy of cross selling which may be minimal in this case if that's the case the value really is participating in the market segment that's probably going to dominate and Omega mega is being left behind and this is a faster way to participate in that market than to build it yourself in general and in general there's a general it off it varies an awful lot you can do it a lot there's a lot of ways to justify an acquisition and reasons why not to do one and you may find a situation where you don't have that center of that particular synergy but there's another one that's more valuable so it might still be worth doing so there's in terms of how you interpret it there's no hard and fast rule it just really it really does vary on the situation you

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Length: 46min 39sec (2799 seconds)

Published: Sat Apr 23 2011