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March2006,MergerIntegration,IntellectualCapitalCollectionGenericProposal,Tableofcontents,ExecutiveSummaryOurUnderstandingofYourSituationA.T.KearneysPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA.T.KearneyQualifications,ExecutiveSummaryThissectionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocument,OurUnderstandingyourSituationThissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger.Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrateourinsightintotheclientsparticularchallengesanddriversofsuccessfortheintegration,A.T.KearneysPerspectiveonMergerIntegration,Thebestvalue-builderscombineorganicgrowthwithmergersandacquisitions,Source:A.T.KearneyMonographonValue-BuildingGrowth2001,RevenueGrowth,ValueGrowth,Underperformers,ProfitSeekers,SimpleGrowers,ValueGrowers,GrowthMatrix(CAGR1988-2000),ValueGrowersFollowConscious,ConstantProcessToGrowth,Mergersandacquisitionsarekeygrowthdrivers,Whatreallymattersin“acquisitionforgrowth”strategiesisexecution,Source:A.T.KearneyMonographonValue-BuildingGrowth2001,SourcesofGrowth,40%ofGrowthIsFromAcquisitions,ValueGrowersManageBothWell,Fewmergersactuallycreateshareholdervalue,Source:A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorldscope,AcquirersValueGrowthFollowingaMerger,Topperformingmergerscreatesignificantshareholdervalue,Valuegrowth,3%,8%,12%,27%,21%,16%,3%,Underperformancecomparedtoindustryaverage,Overperformancecomparedtoindustryaverage,-100%,-60%,-30%,30%,60%,150%,-15%,15%,0%,Average:2.8%,49.5%,50.5%,Top-PerformingMergers,10%,BusinessIntegrationissuesrequire“usual”managementdecisionswhilefourmainfactorsaddanotherlevelofconsiderablecomplexity,Scope,HighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects/initiativesandriskstobemanaged,Timepressure,Allstakeholdersexpectrapidexecution(shareholders,employees,management,regulationcommittees,government,)Decisionsneedtobemadewithoutdelay,Simultaneity,Co-existenceofstrategic,tacticandoperationaldecisionsStronginter-dependenceofthedecisionsShorttermandstrategicdecisionsmayseemincompatible,Humancomponent,Highnumberofpeoplepotentiallyinvolved(operational,functionalandexecutivepeople)RiskofculturalmismatchScarceresourcestobridgebetweenmergedcompanies,explainingwhyonlyfewmergersandacquisitionssucceedfully,Note:(1)Shareholderreturnsfrombuyerdividedbyshareholderreturns(industryaverage)afterthemergerSources:A.T.Kearneyanalysis,GlobalPMISurvey,1998;Datastream,Higher,Nochange,Lower,100%=230companies,Only29%ofCompaniesRealizeanIncreaseinAggregateProfitability,Topperformersacrossmostindustriescancreatesignificantshareholdervalue,Note:(1)Totalshareholderreturnspercentageover/underperformancerelativetoindustryindexinthetimeframebetween3monthsbeforeand24monthsaftermergerannouncement;totalshareholderreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources:Datastream;A.T.KearneyAnalysis2001,Retailers,62.5%,64.5%,32.3%,44.2%,26.6%,49.9%,34.2%,26.6%,36.1%,25.1%,16.0%,43.3%,26.0%,27.5%,17.2%,17.4%,31.9%,22.4%,18.0%,40.4%,17.4%,14.8%,4.0%,-6.5%,-31.5%,-38.9%,-10.8%,-25.9%,-11.0%,-35.0%,-20.6%,-17.6%,-28.8%,-18.0%,-9.7%,-39.6%,-22.7%,-24.9%,-17.4%,-20.3%,-35.3%,-26.7%,-24.1%,-46.8%,-26.5%,-27.2%,-19.4%,-24.1%,Recreation,Chemicals,MetalProducers,Paper,Transportation,Diversified,Drugs,Cosmeticsadherencefacilitatesafairandrobustdecisionmakingprocess,ProjectRiskPrioritization,RiskIdentification,RiskCategorization,ProjectPrioritizationBusinessCriticalityAndSize,BusinessCriticalityhowmuchdoesitmatteriftheprojectdoesnotmeetitsobjective?A=IncrementalbenefitbutcurrentprocesseswillsufficeB=Supportsstrategybutmanageableimpactifprojectfails/delayedC=Importanttothestrategywithsignificantimpactifprojectfails/delayedD=Criticalimpact/mustkeepupwithcompetitors/cannotcontinuebusiness,Complexity,High,Low,High,D,C,B,A,A,B,C,D,BusinessCriticality,Project2,Project3,Project6,Project1,Project4,Project5,Manyissuesareclosedbymakingassumptions,Risks,Assumptions,Issues,ProjectPlans,RiskPlans,Issuesareopenquestions,Unstable/sensitiveassumptionscreaterisks,Significantrisksneedtobemanaged,Issues,AssumptionsAndRisksAreInherentInTheProjectPlans,RiskReduction,MergerRiskProfile,Illustrative,Challenges,DecisionMakingPlanning/ExecutionReporting,BenefitsofProactiveRiskManagement,CrossorganizationalinputanddedicatedfacilitationensuresobjectiveinputMilestonerisksassociatedwithdecisiontimingarederivedfromprocess-wideinitiativesRiskprocesshighlightsresourcevulnerabilities.SenseofurgencyassociatedwiththeprocessforcesdiscussionsandactionsProactivemanagementandfacilitationobjectivelyevaluatesallcommunicationrisks.ForumoffersparticipantsachancetoagreeordisagreeConciseupdatesfocusedoncross-organizationalrisksdirectattentionwhereitisneededClearassignmentofriskownershipandactionresponsibilitieseliminateconfusion,RealizingIntegrationSynergies,Toassessandachievetheirsynergies,allteamscanleverageanumberofA.T.Kearneysprovenmethodologiesandtoolsasappropriate,StreamliningtheOrganization,ReducingPurchasedCosts,Objectives:,FocusAreas:,MethodologyandTools,DeterminemanagementandgovernancestructureIntegrateofficesAlignHRpoliciesandproceduresFinance/AccountingLegal/RegulatoryITHRCorporateCenterRationalization,LeveragecorporatespendLeveragepurchasingvolumesDirectmaterialsPurchasedservicesIndirectmaterialsCapitalexpendituresStrategicSourcingE-Sourcing(eBreviate)Marketexchangestrategy(LSN),SupportingMethodologiesandTools,IncreasingSalesForceEffectiveness,IncreaserevenueproductivityofsalesforceIncreaseknowledgeandvalue-addedsellingcapabilitiesExplorechannelleverage(i.e.,Dealer/Resellernetwork)SalesforceeffectivenessCross-sellingSalesForceEffectivenessMethodologyCustomerRetentionMethodology,Illustrative,LeveragingAssets,MaximizeassetutilizationBottlingplantconsolidationWarehouseconsolidationRealizenetworksynergiesFixedassetsCapitalexpendituresInventoryProcurementSupplyChainTransformationOperatingAssetEffectiveness,StreamliningProductPortfoliosandNetworks,RationalizeproductofferingandcustomerbaseEvaluateandimplementoptimalnetworkstrategyProductOfferingCustomerrequirementsNetworkcostandcapacityProductPortfolioandNetworkRationalizationMethodologyOperatingNetworksIntegration,Rapidbenefitdeliveryisfeasiblethroughintegratingtheoperatingnetwork,ManufacturingCapabilities,WhatcanbeproducedWhereHowdoesthroughputvarybylocationandplantcapabilityWhatarethecapacityconstraints,NetworkConfiguration,Whicharethecostsoftransportation,handlingandinventoryWhichisthemostcostefficientnetworkconfigurationAretherecostsynergieswithotherDannonproducts,ManufacturingCapabilities,NetworkConfiguration,SeveralIterations,LocalMarketRequirements,WhatarethemarketrequirementsWhatisthecurrent/futurecompetitivepositioningWhatdistributionchannelsaregrowingfastest,MarketRequirements,1,A.T.Kearney6/Document#/I.D.,SKUtree,1,SKU2,SKU3,A,B,C,D,E,E,F,G,H,I,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,6,12,18,24,6,12,18,24,6,12,18,24,6,12,18,24,6,12,18,24,6,12,18,24,6,12,18,24,Resealable,Classic,Blue,GBH,Classic,Resealable,Compact,Blue,GBH,Compact,Resealable,Classic,White,EBH,Classic,Resealable,Classic,White,Mechanical,Resealable,Compact,White,EBH,Compact,Resealable,Compact,White,Mechanical,Resealable,Classic,White,GBH,Classic,Menthol/Euca,1,1,1,28,4,1,2,2,3,2,1,1,3,Portfolio,WhichSKUsareofferedWhichspecificproductcharacteristicsWhichemergingtechnologies/competitiveofferingsHowisproductbundledandpromoted,SKUTree,36,CurrentSites:4,FutureSites:3,CurrentSites:8,FutureSites:5,CurrentSites:2,FutureSites:1,CurrentSites:1,FutureSites:1,CurrentSites:3,FutureSites:2,CurrentSites:2,FutureSites:1,CurrentSites:2,FutureSites:1,CurrentSites:1,FutureSites:1,SKU1,KeyAssessmentsforIntegratingOperatingNetworks,Whichentityinthesupplychainshoulddevelopacapabilityisdeterminedbythebusinessscaleandstrategicobjectives,StrategicAllianceDevelopstrongrelationshipswithkeysupplychainpartnersthathavetherequiredcapabilitiesMaintainveryhighlevelsofcross-functionalinvolvement,In-HouseInvestinresourcesandpeopletodevelopworld-classcapabilities,OutsourceOutsourceactivitytocapableproviderOrganizerelatedactivitytominimizetransactioncostswithoutsourcedprovider,RationalizeDependingontrueswitchingcostsandinvestmentrequirementseithercontinuetodevelopcapabilityin-houseoroutsource,High,High,Low,Low,ActivityStrategicImportanceHowcoreistheactivity?How“entangled”isitwiththerestoftheorganization?Howcriticalisittomaintaincontrolandinvolvementintheactivity?Istheactivityanareaofcompetitiveadvantagetoday?Inthefuture?,PotentialForInternalCapabilityDevelopmentIntheshort-tomedium-termcantherequiredcapabilitybedevelopedin-housetobehighlyefficientandeffectiveinanactivity?,Differencesineachcompanyhavetobeunderstood,anddecisionsmadeonboththeoperatingmodelofthejointventuregoingforwardaformalprocesscanhelpinfacilitatingthisthinking,IdentifytheOperatingModelandDetailedOperatingStructureandCharacteristicsofEachFirm,DetermineNewOperatingModel,andAppropriateBenchmarks,MaketheHighLevelChoicesAstoHowtheCompanyOperatesGoingForward,Step1,Step3,Step2,DefineandAlignSupportFunctions,Step4,Holding,Company,Strategic,Architect,Operator,Functional,Strategy,FinancialControl,CapitalAllocation,ResourceManagement,Accountability,CorporateStaffSize,Autonomy,Marketing,StaffPlacement,DWNA/JVPartner,SupportFunctionAlignment,Holding,Company,Strategic,Architect,Operator,Functional,Finance,AccountsPayable,P/Laccounting,Consolidation/corporate,reporting,Tax,Treasury,Planning/budgeting,HumanResources,Benefits/administration,Benefitsplanning,Compensationplanning,B,B,C,B,B,B,B/O,B/O,B,C,C/B,C,C/B,C,B,C/O,C/O,C/B,C,C,C,C,C,C,C/O,C/O,C,C,C,C,C,C,C/B,C/O,C/O,C,C=CorporateB=BusinessUnitO=Outsourced,Effective,fastrationalizationandsavingsBestpractices“CorporateCenter”,BG1,BG2,BG3,Other,BusinessGroup,?,?,?,StandAlone,Model,DWNA,BG1,BG2,BG3,BusinessGroup,?,?,?,Model,CreateJointVentureOrganization,CorporateCenterRationalizationMethodology,JVPartner,BG1,BG2,BG3,BusinessGroup,?,?,?,Model,7.ContinuouslyBenchmarkandMonitorSupplierImprovement,6.OperationallyIntegrateSupplier(s),Strategicsourcingisapowerfulmethodologyforleveragingthecombinedspendingbaseandprocurementcapabilitiesofthemergedorganization,KeyElementsA.T.KearneyIntellectualCapitalEmployed,5.SelectCompetitiveSupplier(s),4.SelectImplementationPath,3.GenerateSupplierProfile,2.DevelopSourcingStrategy,1.DefineSourcingCategories,EmbedsuppliermonitoringprocessesImplementmarketmonitoringtoolsPeriodicallyre-evaluatesuppliercompetitivenessandperformancePerformancemeasurementtoolsTechnology-enableddatacaptureprocess,CompleteimplementationtemplatesGainbuy-intosupplierchangesCoordinatenewsupplychainsImplementsystemstomonitorresultsImplementationtemplates,TailorandissueRFPsAnalyzeresponsesDeveloptargetednegotiationstrategyNegotiateadealElectronicprocurementtoolsInternetRFPsOn-lineauctiontoolsBenchmarks,SelectsupplierdevelopmentornegotiationpathincludinguseofmarketexchangesDefineinitialnegotiationstrategyExperienceinthebeverageindustry,includingbottledwaterNegotiationtraining,ReviewsupplierlistsandsuppliercapabilitiesPrescreenlisttodevelopshortlistofsuppliersExistingsupplierlistsavailableglobally,AssesssupplycategorybusinessimpactsConfirmsourcingstrategiesValidatetotalsupplychainperspectiveDetailedunderstandingofsupplymarketMarketcompetitionIndustryeconomics,ProfilespendIdentifyspecificationsUnbundleasappropriateReviewsupplycategoryprofileAssessprocurementprocessesReviewtrendsEvaluatetotalcostandsavingstargetsProvendatabaseandmanagementtoolsExistingsupplycategoryprofiles,SevenStepStrategicSourcingMethodology,StrategicSourcinghasagoalofdeliveringbottomlinesavingsthroughcoreelements:strategicpurchasing;demandmanagementandchangemanagement,ChangeManagement,DemandManagement,Embedachievedsavingsbytransformingorganization,structure,processes,policies,andsystems,TangibleResults,ApplicationMethodology,Reducecostsbydecreasingoreliminatingthedemandforgoodsandservices,EliminateDemand,ReduceQuantity,ReduceQuality,ReduceFrequency,Substitute,ImposeOnerousApprovals,HeightenCostAwareness,Conservative,Aggressive,Greatest,LowestOpportunity,DemandReductionHierarchy,Reevaluateexternalpurchasesandrestructuresupplierrelationshipstogetbestvalueforthecompany(price,qualityandservice),StrategicPurchasing,StrategicSourcing,OrganizationandSkills,Process,Systems,StrategicProcurementVision,ProcurementPolicies,Redesigned,Processes,Organizational,Structureand,Infrastructure,TechnologyTools,(InformationSystems),Implementationof,ProcessLinkages,PerformanceMetrics,TransitionManagement,Communications,Training,StrategicSourcingApproachOverview,Integration-RelatedStrategicSourcing,StrategicSourcingiseffectiveinintegrationenvironmentssinceitcanbestartedimmediately,delivermajorsavingsandcontributetobuildingthenewcompany,ThesalesproductivityeffortshouldincludeCustomerRetentionMethodologytounderstandthekeyrisksforcustomerdefectionandactionplanstoaddressthem,Step1,Step2,Defection/LoyaltySegmentation,Step3,CreateTargetedRetentionPrograms,Retentionbonus/incentivesDifferentiatedservicelevelsEnhancedproductapplicationsCustomizedcommunicationCustomizedproductbenefitsEarlywarning,HighValueCustomers,Contribution,Retention,ValueChannelManagement,ChannelmigrationpricingPricerisePassivecustomerservice,Medium-TermActions,OverallProcess,CustomerRetentionMethodology,Ourapproachtosalesproductivityincludesbenchmarks,analysisofoverlapandidentificationofneartermgrowthopportunities,Illustrative,Efficiency,SalesforceProductivityBenchmarks,#,#,Co.ACo.B,$,$,Co.ACo.B,$,$,Co.ACo.B,NumberofRepsServingAccounts,TotalSalesManagedbySalesRep,SalesDollarPerSalesRep,Effectiveness,Overlap,IntegrationLeverageOpportunities,NearTermGrowthOpportunities,AverageTrainingPerSalesRep,AB,AB,AB,AB,Marketing,NewProducts,NetworkServices,AccountWin/LossPerformance,Price,Quality,Service,Capability,Co.ACo.B,Region,Co.A,Co.B,SalesOverlap,Sales,Territory,CoverageOverlap,Co.APosition,OpportunitytoIntroduceCo.BProducts,StrategicallyManageRelation-ships,OpportunitytoIntroduceCo.AProducts,Minor,Minor,Major,Major,Co.BPosition,Geography,Laptop,TechnologyFocusinaMergerProduct/MarketFocusContext,Source:A.T.KearneyMergerIntegration,ComplementaryorNew,Overlapping,In-MarketMerger,Out-MarketMerger,ProductFocus,MarketFocus,CostReductionCost/RevenueblendRevenueEnhancement,AnticipatedBenefits,MarketOverlap,Inhigh-overlapmergers,theemphasisisoncostreduction.MarketanalystsexpecttoseetangibleactionsbeingtakenearlyinthemergerprogramForsynergisticmergers,timescalestoachievebenefitsmaybelonger,andI.T.integrationcanoperatewithinalongerplanninghorizontosupportrevenueenhancementThecommonfactorwithallofthesemergerformsistheneedforasmoothintegrationprocessthateliminatestheriskofcustomeroremployeedefection,ProductLines,ProductExpansion,SynergisticMerger,HighOverlap,GeographicExpansion,ChannelrationalizationSystemsenhancementstosupportnewproducts,Majorsystemsrevisionstosupportcross-sellingandgeographic/channelexpansionReviewofglobaldatacentersandcoresystems,EliminatingduplicationbetweensystemsRationalizingserviceagreementsReducinglicensefeesReducingsupportcosts,PursuedatacenterrationalizationStandardizationoncommonsystemsStandardizationoncommonproducts,Illustrative,InformationTechnologyshouldbeviewedasanenablingmechanismforachievingmergergoals,ITmustquicklydelivertangiblebusinessdrivenresultsinatimelyfashionandnotnecessarilythe“best”possiblesolutiontoachievevaluecreationcommitment,CostimperativesRapidintegrationtocapturesynergiesascommittedtothestreetProductrationalizationProductandplantintegrationBusinesssynergiesE-businessopportunitiesNewproduct/newmarketopportunitiesCrosssellingLeverageexistingproductstonewgeographiesActonfutureacquisitionopportunitiesBusinesscontinuityStatutoryandperformancereportingIntegratedstrategicmeasurementMergerintegrationprogress,PercentofInitiativesDefinedOverTime,ITschallengeistostayintunewithbusinessinitiativestounderstandthescopeofeffort,developtheITresponse,andtointegratewiththecorporateITdirection,RepresentativeITSupportRequirements,Illustrative,IntegrationManagement,IntegrationOffice,Coordinateintegrationprocess,scopeactivitiesImplementmergerplanning,integrationandreportingcreateandmanagethe“masterplan”ConductfrequentworktaskreviewswithteamsFacilitateoverallchangemanagementMaintainascorecardtotrackdeliverablesandbenefitsPrioritizeenterprisewideissuesandmakerecommendationsManagecommunicationsInstallandmanageeffectivemergerriskmanagement,SteeringCommittee,Develop/communicateobjectivesandtargetsDevelopmergerguidingprinciplesSignoffonmajorissues/decisionsSetoveralldirectionforintegrationProvideresourcesandeliminateroadblocksImplementtop-downcommunicationFocusoncontinuingoperations,TheSteeringCommitteeandIntegrationOfficemanagetheoverallprogramandcoordinatedecentralizedprojectteamsthroughtheIntegrationOffice,IntegrationTeams,IntegrationTeams,IntegrationTeams,IntegrationTeams,IntegrationTeams,IntegrationTeams,IntegrationTeams,MarketFacingTeamsValueCaptureTeamsEnablerTeams,Eachcomponentoftheprojecthadspecificrolesandresponsibilities,SteeringCommittee,SetthestrategicdirectionandprinciplesforintegrationSign-offonmajorissues/decisionsTop-downcommunicationthroughouttheintegrationprocessFocusoncontinuityofgrowth,customersissues,IntegrationOffice,Coordination,planning,integration,reportingandcommunicationMonitorsimplementationoforganizationalmodelsPrioritizeissues/initiativesF