The Human Side of M&A: How CEOs Leverage the Most Important Asset in Deal Making

While the last few years have witnessed something of a merger mania, close examination reveals that many of these unions fell short of their promise. In The Human Side of M&A: How CEOs Leverage the Most Important Asset in Deal Making, Spencer Stuart consultants Dennis Carey and Dayton Ogden explore that often-neglected consideration of merger making—the human aspect. The authors have devoted their careers to studying ways in which individuals, as well as organizations, are affected by mergers and acquisitions. Logically arranged in the chronology of a merger, the book follows the process from the initial stages of evaluating the functional skills that each party offers to the final steps of establishing a board of directors for the new company. The authors draw on their own rich backgrounds to illustrate points with case studies. Additionally, the book includes an appendix, "Smart Money and Smart Bidders," written by University of Colorado finance professor Sanjai Bhagat, which identifies the most successful mergers from 1990-2002 as defined by return to shareholders. Not surprisingly, the best deals involved companies that were attuned to issues regarding human capital and were masters at identifying key talent, integrating swiftly, and rewarding key players.