"Chrysler-Daimler...Travelers-Salomon-Citicorp...NYNEX-Bell Atlantic....Ten years
ago even the most visionary Wall Streeter could not have predicted the megamergers of the
late 1990s. Analyzing the forces that made these mergers not only possible but inevitable,
Wasserstein now presents a fascinating, colorful overview of the history of corporate
mergers and buyouts from the roaring '20s to the current era.
A veteran of over one thousand corporate deals and a man who knows today's biggest players
personally, from Barry Diller to Sumner Redstone, Wasserstein moves from the historical to
the human dramas behind the headlines. He asks, and answers, the important questions that
every financial watcher--and investor--needs to know. Are companies overpaying for their
corporate acquisitions? What's the impact of the rise in Internet stock prices and the
boom in IPOs? And, in assessing the big picture, Wasserstein makes a persuasive argument
that the explosion of corporate alliances will have an effect as dramatic as the
industrial revolution.
Big Deal is a masterful journey through the fascinating world of big business.
Entertaining and illuminating from beginning to end, it explains why today's mergers and
acquisitions change not only the way we do business, but the way we live."
Table of Contents
Acknowledgments ix
Introduction 1
1 Past as Prelude
1. The Digital World Cometh 7
2. Mel, Barry, and Sumner Go Digital 15
3. History's Shadow 40
4. The Rise and Fall of the Conglomerate 72
5. The Deal Decade: Early Years 93
6. Troubled Years 136
7. The Merits of Mergers: The Good, the Bad, and the Ugly
157
2 The Strategic Challenge
8. The Strategic Dilemma 189
9. The Energy Wars: Globalization Reigns 205
10. Metamorphosis: Conglomerates Transformed 262
11. Financial Services in the Digital Age 291
12. The Telco Revolution: The Story of Ma Bell, Her Children, and Her
Rivals 346
13. Racing Toward Cyberspace: The Media and the Message in the Age of
Convergence 409
14. The Tumultuous World of Health Care 481
3 Doing the Deal
15. A Guide to the Players 545
16. The Price 583
17. Structuring the Deal 622
18. Implementing the Deal 650
19. Offense: Battlefield Tactics 688
20. Defense: Fight or Sell? 739
21. Defense: Building the Battlements 786
22. Defense: Battlefield Tactics 816
23. The Government Intervenes 849
Postscript 891
Bibliography 896
Index 902
927 pages, Hardcover
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