Business Services Industry
Flawed mega-deals shatter promises; Last year's flops cast doubt on new round of blockbusters.
Crain's Chicago Business, January, 2001 by PODMOLIK, MARY ELLEN
As merger activity in Chicago ebbed last year, cracks began to show in some of the largest deals cut by local companies in the previous two years. Blockbusters of 1998 and 1999 involving such names as Bank One Corp., Ameritech Corp., MarchFirst Inc. and Newell Rubbermaid Inc. came up short on promises made when investors approved their multibillion-dollar transactions.
Projected sales gains never materialized, efficiencies proved elusive and hidden flaws in the acquired firms erupted after buyouts closed. Stocks tumbled and CEO heads rolled as the downside of the long merger spree became clear. In the rush to buy, acquirers skimped on basic pre-deal homework, missed danger signs and ignored the nettlesome ``cultural issues'' involved in melding the...
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