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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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4.1 ★★★★★
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★★★★★ 5
It's perfect!
Color: Snow Grey, Size: 2' x 3' (Sheepskin Shape)
Gorgeous and soft! We love it! Very quality fur.
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Reviewed in the United States on April 20, 2026
★★★★★ 5
Exactly as shown! Beautiful!
Color: Dark Green, Size: 2' x 6' (Sheepskin Shape)
Perfect size, color, fluffy, and soft with no strange smell!
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Reviewed in the United States on April 19, 2026
★★★★★ 4
Great quality, color is ok.
Color: Cream Brown, Size: 2 x 6 ft Sheepskin
The quality, texture, feel and smell of the rug is very good. The hairs adhere to the back lining well and don't shed even with my cat trying to bite it out. The only downside unfortunately is aesthetic— the cream brown I ordered, in natural light/sun shining on it, looks more yellowish - gold.
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Reviewed in the United States on February 6, 2026
★★★★★ 5
Great Quality!
Color: Ivory White, Size: 2' x 6' (Sheepskin Shape), Color: Ivory White, Size: 2' x 6' (Sheepskin Shape)
I have owned many sheepskins before and this one is by far the best deal. Cheaper than similar sizes, but not in a bad way! It’s a beautiful creamy white, super plush, and is very long. We keep it on the back of our couch and it gives a very cozy vibe. I haven’t had any issues with it shedding.
Word of advice for cat owners: When we first got it, it did have a sheepskin smell but it isn’t a gross smell and it went away within a few days; however, my cat was very attracted to that smell and was “attacking” the sheepskin. We trained her not to do it just by spraying her with water—after a few times of that she stopped going anywhere near it. Now that the smell has dissipated, she isn’t attracted to it anymore but does like to sit on it every once and awhile (I can’t blame her, it’s sooooo soft). I saw someone else say their cat ruined their rug, so I wanted to give our story on how we prevented that and hopes it helps another cat owner. You just have to be alert for the first day, maybe even let it off-gas outside first, then keep a spray bottle nearby and the cat should stop messing with it!
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Reviewed in the United States on January 10, 2025
★★★★★ 5
Great little rug!
Color: Ivory White, Size: 2' x 3' (Sheepskin Shape), Color: Ivory White, Size: 2' x 3' (Sheepskin Shape)
This nice little sheepskin rug is the perfect finishing touch to my little reading nook. It’s soft and thick. Follow the enclosed instructions to fluff it up. I was going to order a second one but saw that the price jumped nearly $10 in a week. It’s nice but it’s not worth that amount. I’d buy it on sale though. Five stars.
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Reviewed in the United States on April 6, 2026