In actual practice only about 30% of all cases reach the targets set for the respective M&A case. Therefore, it is of utmost importance for integrating companies to be aware of the success factors for a high level of M&A achievement of objectives - integration excellence. These success factors can be aligned to the individual phases of the M&A process in terms of time:
- Strategic analysis and conception phase ("Pre-Merger"): Conduction of a company analysis ("self Due Diligence"), conduction of a competitor and acquisition environment analysis, analysis of the M&A motives and objectives with a strategy concept.
- Transaction phase: Contact-/opening negotiations and offering, company valuation, pricing and form of financing, Due Diligence, competition law test and contract negotiations
- Networking phase ("Post Merger"): Post Merger Planning, planning of networking measures at a number of levels (e.g. organizational, strategic, cultural), success control (Post Merger Audit)
Since the success factors for M&A are very specific and must always be seen against the background of the individual integration partner alongside external overall context, "one fits all" approaches cannot be provided for a successful Post Merger Integration, nor in consequence Integration Excellence. It is of paramount importance for Integration Excellence to pursue in-depth planned integration consistency, including matching tools such as integration measure plans, issue lists, synergy controlling, etc. In practice, the common Due Diligence (DD) repertoires of Tax DD, Financial DD, Legal DD (partially supplemented by HR DD, IT DD and Cultural DD) have been expanded by the establishment of the aspect of Merger Due Diligence. In such a Merger Due Diligence, individual critical items of the respective deal are closely examined relating to the integration excellence and measures are derived to reduce risks and to maximize chances.