Two days before Thanksgiving 2010, Kullman got a call from the CEO of Danisco, a Denmark-based leader in industrial biotechnology and nutritional ingredients, letting her know that his company was for sale. Danisco had been on DuPont's M&A radar screen for several years, but now Kullman had only six weeks to make an offer. DuPont's due diligence teams pushed tirelessly to understand Danisco's two core science-based businesses. Twenty minutes before the final bids were due, on January 7, Kullman and her CFO got a final briefing from all key parties. They made sure no information or opinions had been held back, and then settled on an offer, which Danisco accepted. Then began a long process: Regulatory approvals were needed from the U.S., the European Commission, and China. Meanwhile, hedge funds were trying to drive up the stock price. DuPont also needed agreement from 90% of shareholders to absorb Danisco and delist it from the Copenhagen Stock Exchange. Finally DuPont raised its price and got the deal done. The story offers lessons for any company involved in M&A: First, be prepared to strike. But make sure you don't fall in love with the deal before you have all the data. Stay open to every opinion, be flexible, and plan the integration even as you're working on the transaction. DuPont has achieved its initial target of $130 million in cost savings a year ahead of schedule.

【書誌情報】

ページ数：6ページ

サイズ：A4

商品番号：HBSP-R1207A

発行日：2012/7/1

登録日：2012/7/17