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Big Deal: The Battle for Control of America's Leading Corporations, by Bruce Wasserstein
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Known for his brilliant intellect and strategic innovations, Bruce Wasserstein has worked on over 1,000 deals and masterminded many of the biggest in history. Here, from blue chip America's "preferred advisor", is the deal process at its most intriguing, with special emphasis on the financial analysis behind the moves and countermoves and the tactical maneuvering required to hammer out agreements. The book's three parts present, in order, the history of mergers (including portraits of top players); a penetrating look at industries transformed by widespread M&A activity; and the battlefield tactics of implementation.
- Sales Rank: #954794 in Books
- Published on: 1998-04
- Original language: English
- Number of items: 1
- Dimensions: 9.75" h x 6.25" w x 2.25" l,
- Binding: Hardcover
- 820 pages
Amazon.com Review
Nothing in business is more shrouded in secrecy and mystery than "doing the deal." The dealmakers themselves are usually flamboyant, the sums of money involved are vast, and the number of people who are affected by the deal are many. So it's no wonder that the media loves to cover stories like the QVC/Viacom battle over Paramount or Worldcom's recent takeover bids--deals like these can dominate headlines for days. Big Deal is about this high stakes game of corporate mergers and acquisitions. Author Bruce Wasserstein, himself a participant in many of these deals through his firm Wasserstein, Perella & Co., writes a highly readable and fascinating account that covers the history, personalities, and mechanics of mergers and acquisitions.
Wasserstein sees five waves of mergers beginning in the mid-1800s: the first wave involved the building of the railroad empires; the second in the 1920s saw a period of merger mania which was fueled in part by a frothy stock market and rapid industrial growth; the third wave happened during the "Go-Go Years" of the 1960s, which witnessed the rise of the conglomerate; the fourth occurred with the hostile takeovers of the 1980s, driven by names such as Icahn, Boesky, and Milken; and finally Wasserstein sees a fifth wave happening today. He attributes the current explosion of mergers and acquisitions to the need for companies to reposition themselves in today's ever changing competitive environment.
Wasserstein peppers the book with thumbnail personality profiles of some of the big dealmakers including Barry Diller, Sumner Redstone, Carl Icahn, T. Boone Pickens, and Bernard Ebbers. He also considers the many techniques and strategies employed by the dealmakers--poison pills, proxy fights, and bear hugs. Trends such as globalization, deregulation, and profound technological change are causing mergers and acquisitions to happen more than ever, and Big Deal provides a good foundation for understanding why and how these deals happen. --Harry C. Edwards
From Kirkus Reviews
Everything you could ever want to know about big business deals (as long as you don't want to think too deeply about them). More akin to People magazine than an economic tract, the emphasis here is on people and headlines; this is not the place to seek insight into the broader implications of changing corporate structures for the economy or the nation, or grand theories of private enterprise. As a participant in mega-mergers for many years (including the Time-Warner merger) as a lawyer and banker, Wasserstein (With Justice For Some, 1971) provides an insider's account that is journalistic, fun, and basically uncritical. The volume is loosely organized into sections on history, specific industries, and tactics, but the mode of operation throughout is storytelling. Beginning with the battle between QVC chairman Barry Diller and Viacom's Sumner Redstone over the acquisition of Paramount, we meet the major playersalways profiled in sidebars to provide a more personalized view of the conflictsin the business deals that have dominated headlines in the past and especially recent years. The nomenclature is explained along the way, and in a world where you could encounter white knights or squires, poison pills, bear hugs, shark repellents, an IPO, the LIBOR, or even LBOs, this is no small contribution. The discussions of activity in the financial, telecommunications, and health- care industries are especially interesting, but few if any stones are left unturned: Wasserstein possesses a truly encyclopedic knowledge of corporate merger activity, and he shares it. Indeed, a more rigorous selection of material illustrating clearer themes in a shorter volume might have produced a more powerful book; the lack of anything that could be called a conclusion illustrates the somewhat directionless quality of the narrative. Nevertheless, Wasserstein's effort is informative and entertaining. (Radio satellite tour) -- Copyright ©1998, Kirkus Associates, LP. All rights reserved.
Review
On the face of it, almost no one would be better positioned to explain the wild world of corporate takeovers. He knows the game, and he played it with relish.... Now, with 820 pages in which to tell his stories freely, Wasserstein has, remarkably, revealed nothing about his personal experiences on the front lines. The result is a book that is far duller than it has a right to be.... Wasserstein has not set out to tackle the question of how we are affected by the corporate game of mergers and acquisitions. His book seems, ultimately, to have been written for his clients. Not that they will read it. But it will look impressive on the coffee tables of their corporate suites. -- The Los Angeles Times Sunday Book Review, Suzanna Andrews
Most helpful customer reviews
10 of 10 people found the following review helpful.
Big picture of deals throughout history
By J. Turner
Arguably, few others could have been positioned to write a behind the scenes book detailing the world of corporate raiders, and financial gunslingers. He had the perfect opportunity to write a compelling book about flamboyant dealmakers and their deals. Unfortunately, in 800+ pages, Wasserstein has done a remarkable job of revealing little or nothing about his personal experiences.
This book covers the basics of M&A, various deals throughout history, and interjects profiles of some of the notable dealmakers like Diller, Redstone, Icahn, Pickens, and more.
The author also tackles the issue of how these mergers and acquisitions affect the little guy, trying to explain away anti-merger rhetoric. Unfortunately, most of his arguments can be summarized as, "it isn't that simple." Not very compelling.
This gargantuan book is informative, but most of it is dry and stilted. If you are looking for hidden information or colorful anecdotes about the stunning amount of money changing hands, this book will not give you what you want.
5 of 6 people found the following review helpful.
Wow! An incredible amount of great info in a single volume!
By Craig Matteson
What an incredible resource! I bought this book because it was on the suggested reading list for a course on Corporate Control I took in the MBA program at the University of Michigan b-school. Yes, it is almost 900 pages long. Yes, some of the stories could use a bit of updating because of the recent events at places like Tyco and Worldcom. But so what? It is nice to have on record how people used to think and talk about these businesses and their CEOs.
That little tiny caveat aside it is important to focus on everything you get in this really neat book. You get a history of the different waves of the M&A process throughout history, how it has evolved, the way it has developed in different industries and market sectors, and a rather nice analysis (in the broadest strokes) of what goes in planning and executing these deals.
Throughout the book there are wonderful spotlights on the principle people in the history of M&A and little synopses of the more famous and important precedent setting deals. This aspect of the book is incredibly valuable. In order to make sense of what we read about in the paper about mergers and acquisitions we need to know how we got here. This book provides an incredible amount of wonderful background material. Some complain that the book is long. I think it is amazing that he has put so much in only 900 pages. Amazingly compact!
Mr. Wassertein, one of the industries movers and shakers (currently running Lazard), has organized this book in twenty-three chapters that are grouped in three large sections: (1) Past as Prelude, (2) The Strategic Challenge, and (3) Doing the Deal. Plus there is a nice bibliography (also grouped in according to these three sections) that can lead to further reading on the topics of interest to you. The index is also quite useful because this book can be used for reference in looking up or reviewing specific topics.
Yes, reading this book front to back is a great read, but you cannot remember it all the first time through. It is useful to be able to dive into specific deals, people, and topics. The author has put this book together in a thoughtful and helpful way.
If you want scandal and gossip, well, this book really isn't for you. However, if you are interested in the BUSINESS of M&A this is a six star book. It really is terrific.
5 of 6 people found the following review helpful.
Big picture of "Big Deals"
By A Customer
This book has three chapters: first two are almost entirely dedicated to historical facts of M&A and various deal players. Text is, though readable, very dry and sometimes even terse. I still wonder what was the author's real intention in writing this book. It it were to inform readers of history of M&A and it's concept or methodology, it should have had more technical details and specification of certain event. Likewise, if it were to give readers insight and understanding of deals, author should have provided professional interpretation of historical facts or his own philosophy as a deal practitioner. Big Deal lacks both. It is more like reading encyclopedia of M&A in American history. What then do we have here as a result? "Acquaintance." When you hear A LOT about something repeatedly enough(over 800 pages), you can't help but feeling close to it, even if you don't have technical ability to understand all the implications buried in it. This is one aspect of amazing human intelligence, isn't it?
Chapter three include offensive/diffensive tactics and rules and laws involved in deal process. Especially topics like tax and various state regulations could require by themselves whole new book. But, again, you can make some sense of it or at least smell it.
I surely sensed Big Deal is come out of real experience and observation, not an academic study. I am also very sympathetic to author's time and efforts. The book is indeed comprehensive and wide-ranged in time and space. Well, good read after all. I hope you could enjoy it more than I did.
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