First Call Advisors
M&A and Post Merger Articles and White Papers
White Papers

Do most mergers really fail?  This paper challenges the conventional wisdom that most M&A
transactions do not add value.  
Do Most Mergers Really Fail?  (pdf)

Putting the "Art" Back Into Post Merger Integration.  Rethinking merger integration best
practices and resolving key merger issues.
Putting the "Art" Back Into Post Merger Integration.  (pdf)


The Synergy Enigma, by Bill Pursche, Kristin Ficery, and Tom Herd.  A new, focused look at
how to capture synergies, with real world examples, best practices, and pitfalls to avoid.  A
version of this article was also published in the Journal of Business Strategy, Vol. 28, Issue
5, 2007 under the title
Where has all the synergy gone? The M&A Puzzle.
The Synergy Enigma   (pdf)

Building Better Bids: Synergies and Acquisition Prices, by Bill Pursche.  Chief Financial Officer
USA (1988).  This article gives practical guidance on how to determine the right bid to make,
and how bids should relate to different classes of acquisition synergies.
Building Better Bids.   (pdf)

Is Post Merger Integration Dead?  By Kristin Ficery and William Pursche.  Presented at  the
Forbes Conference: Accelerating Deal Value: New Strategies for Merger Integration, April,
2005.  Identifies and highlights the new skills needed to capture value now that more
companies have experience in traditional PMI approaches.  
Is PMI Dead?  (pdf)

The Intelligent Clean Room: Ensuring Value Capture in Mergers and Acquisitions, by Ravi
Chanmugam, Walt Shill, David Mann, Kristin Ficery, and Bill Pursche.  Journal of Business
Strategy, Vol 26, No. 3, 2005.  
The Intelligent Clean Room  (pdf)

Mastering the Art of Value-Capture in Mergers and Acquisitions, by Ravi Chanmugam, Walter E.
Shill and David Mann, Outlook Journal, February 2005.  Bill Pursche contributed to this
article, which  details a holistic process for value capture in mergers.
See article on

Pharmaceuticals - the Consolidation Isn't Over.  by William R. Pursche; The McKinsey
Quarterly, No. 2, 1996.  One of the first articles to predict the consolidation in
pharmaceuticals is still applicable today.  Also includes a groundbreaking analysis on
merger benefits and synergies from horizontal integration.
Pharmaceuticals - The Consolidation Isn't Over (pdf)

Creating Value from Horizontal Integration, by Bill Pursche.  In Vivo, October, 1995.

Post-merger Management - The Project Stage: Focusing the Best Approach, by Bill Pursche.  
The McKinsey Quarterly, Volume 4, 1990.  The holistic nature of the M&A process, and
especially how synergy calculation and identification need to be rolled into integration
project planning and execution.  
First Call Advisors
Select white papers and articles on mergers and acquisitions, post merger
management, merger integration, valuation, and synergies.
These articles will help you answer these types of questions:

Should you use merger consultants or acquisition advisors?
What synergies might result from the merger?
What is the best way to capture business synergies?
How should the reasons for the merger be communicated?
How should the merger valuation be calculated?
What merger issues must be resolved?
What merger process (especially post merger) should be used?
What are the merger best practices?
What role should a business advisor play?
What are the best approaches to use for premerger planning, capturing M&A synergies, and conducting post merger integration?
Click here for information about the upcoming book:
Synergies: The Art and Science of Making 2+2 = 5