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Description
The Synergy TrapWith acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research
With acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much -- and predictably never realize the promises of increased performance and competitiveness -- in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals:- The unique business gamble that acquisitions represent
- The managerial challenges already embedded in current stock prices
- The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy
- The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains
- The seductiveness and danger of sophisticated valuation models so often used by advisers
Binding Type: Paperback
Publisher: Free Press
Published: 10/26/2007
ISBN: 9781416584650
Pages: 304
Weight: 1.00lbs
Size: 9.02h x 5.98w x 0.69d
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4.7 ★★★★★
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Product Reviews
★★★★★ 5
Durable!
Color: Red
This is great for my pit bull! He hasn’t broken it yet. This toy is very durable.
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Reviewed in the United States on November 25, 2025
★★★★★ 5
Finally, an Indestructible Toy My Dog Loves!
Color: Red
I have a dog who usually destroys all toys, even the hardest toys I have ever bought. However, this bone toy has proven to be indestructible! Not only does my dog love it, but he keeps it playing for an hour and a half at a time. I highly recommend this toy and plan on purchasing a second or third.
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Reviewed in the United States on March 28, 2025
★★★★★ 5
Wonderful!
Color: Red, Color: Red
My dog loves this toy! It keeps her engaged for long periods of time.
She’s an aggressive chewer and hasn’t been able to break it or shred it at all. The material is very hard and I feel safe when she is chewing it unattended.
Worth every penny to have peace of mind!
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Reviewed in the United States on April 11, 2025
★★★★★ 1
Might be OK for others but my dog wants nothing to do with it
Color: Red
Might be OK for others but my dog want's nothing to do with it. I tried multiple things, treat, fetch, nothing. She doesn't even want to smell it. It appears to be heavy plastic with rubber wrapped around the middle. Nothing about it that attracts a dog.
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Reviewed in the United States on June 2, 2026
★★★★★ 4
Tuff chew
Color: Brown
Very tuff chew for our lab. The only issue was it got super sharpe around the edge after her chewing it so when she wanted to have you play with her you can't hold on to it
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Reviewed in the United States on July 30, 2025