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MergerIntegration IntellectualCapitalCollectionGenericProposal Tableofcontents ExecutiveSummaryOurUnderstandingofYourSituationA T Kearney sPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA T KearneyQualifications ExecutiveSummaryThissectionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocument OurUnderstandingyourSituationThissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrateourinsightintotheclient sparticularchallengesanddriversofsuccessfortheintegration A T Kearney sPerspectiveonMergerIntegration 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 Acquirer sValueGrowthFollowingaMerger 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 Cosmetics HealthCare Utilities Automotive PrintingandPublishing Electronics Financial Beverages MetalProductsManufacture Food Tobacco Machinery Equipment Electrical Miscellaneous Oil Gas Coal RelatedServices Construction Textiles Aerospace IndustrySpecificRangesofValueCreation 1 Oncethedealisclosed theprincipalproblemsrelatealmostentirelytofailuresinmergermanagement ratherthantotheunderlyingstrategicrationale ProblemsIdentifiedinMergerIntegration Under communication Financial synergyExpectationsUnrealistic Unclear NewOrg StructureWithTooManyCompromises MasterPlan Missing MissingMomentum MissingTopManagementCommitment UnclearStrategicConcept MissingPaceofProject ITIssuesAddressedTooLate Source A T Kearney sGlobalMergerIntegrationSurvey1998 PercentofRespondents Tomanageinherentrisks criticalsuccessfactors canbedistilledfromsuccessfullarge scalemergerstoguidevaluecreation CriticalSuccessFactorsfromLarge ScaleMergers Source A T KearneyMergerIntegration Source A T Kearney sglobalPMIsurvey 98 ValueCaptureofTopPerformersOverTime 15 Year1 Year2 CumulativeValueCaptureAfterTwoYears 85 Time ClosingtheDeal 1 2 3 4 5 6 7 8 9 10 10 8 6 4 2 0 2 4 6 ValueCapture Loss MM YearinWhichSynergiesAreRealized TimingofSynergyRealizationIsAlsoCritical Source MarlLSirower TheSynergyTrap Calculatedbasedona 10MMacquisitionpremium representing50 ofmarketvalue Inourexperience themostcriticalelementinachievingtargetedbenefitsisspeed ProposedOverallApproach A T Kearneyhasaflexiblemergerintegrationframeworkwithacomprehensivetoolkittosupportplanningandimplementationthroughoutthemergerprocesstoensurevaluecapture A T Kearney sMergerIntegrationFramework DevelopStrategy EstablishStructureandPlan Merger AcquisitionoptionsCreate articulate validateMarkets customersCompetitionResourcesSourcesofvalueUnderstandtypeofmerger EstablishtheintegrationprogramBuildintegrationcapability AssesssourcesofvalueDeveloporganizationstrategy design DevelopITintegrationstrategyDesign harmonizeHRpolicies Createmasterplanandprioritize ValidatesourcesofvalueImplementquickhits DevelopSOVITenablersImplementHRplan Monitorprogressandrisk ExecutetheplanRealigntheorganization ImplementITintegrationplan MergerManage ment SourcesofValue MergerEnablers ChangeofControl ShareholderApproval MOU IntegratedPlanningandInitialRollout Full ScaleRollout DayOne Phase0 PhaseI PhaseII PhaseIII MultipleToolsExistforAllCells Thisallowsmergingentitiestorapidlycaptureavailablesourcesofvaluebyfocusingonoperationalsynergies aswellasseamlesslymergingtheorganizations MergetheOrganizationsasSeamlesslyasPossible DevelopandcommunicateasharedstrategicagendaDefineOrganizationstructures leadershipKeybusinessprocessesTechnologyplatform architectureChangeintegrationrequirementsDrivetoplinegrowthNewvaluepropositions productsCrossselling salespullthroughEnsurecustomerfocus retention Integrateday to dayoperationsEnsuresustainablechangePositionforgrowth Achieve XXmillion annualrate ofsynergysavingswithin12 18monthsSalesOperationsProcurementCorporateoverlapandduplicationCostofdistributionTechnology R DOtherstobeidentifiedEliminate minimizesourcesofrisk Drivetheshort termvalueExceedthemarket sexpectations MISourcesofValue AchieveGrowthSynergyandCostSynergyTargetsasQuicklyasPossible TheprogramstructuresupportsfocusedvaluecaptureteamsworkingacrossallSBU Geographicteams Illustrative IntegrationOffice Others SteeringCommittee BusinessDevelop mentTeam CorporateCenterTeam GlobalOperationsTeam GlobalSourcingTeam Technology R DTeam HumanResourcesTeam InformationTechnologyTeam SBUAorN America SBUBorLatinAmerica SBUCorEurope SBUDorAsiaPacific BUdrivenintegrationtosetpriorities Focusedonvaluecaptureacrossthebusinesses MarketFacingTeamsValueCaptureTeamsEnablerTeams SetoveralldirectionMakecriticaldecisionsDevelopguidingprinciples Provideintegrationmanagementleadershipandsupport Implementation Full ScaleRollout IntegratedPlanningandInitialRollout EstablishStructureandPlan Bylaunchingtheintegrationeffortpriortochangeofcontrol significantprogressismadeinidentifyingsourcesofvalue whilealsodevelopingthehigh levelorganizationmodelstocapturethatvalue IntegrationManagement ITRequirements Alignment High LevelOrganization DataRepository Comm Planning Oversight VisibilityRm Analysis Opportunities InitialPrioritization InitialSequencing DataCollection Analyses Operations AssetConsolidationDiagnosticPack PP1PP2PP3PP4 Init Q1Q2Q3Q4 PP1 PP2 PP3 PP4 DataCollection Analyses BusinessUnit e g Services DiagnosticPack CS1CS2CS3CS4 Init Q1Q2Q3Q4 CS1 CS2 CS3 CS4 PhaseI CleanTeam MasterCalendar Day Week Month1Plans SourcesofValueIdentification BaselineDev Tracking Duringthecriticalperiodpriortochangeofcontrol theengagementteamassumestheroleofa cleanteam toenablecriticalpre mergerintegration RoleofCleanTeam QuantifysavingsgeneratedfromidentifiedopportunitiesfromteamsofmergedcompaniesActasathirdpartyconduitforproprietaryinformationofbothcompanies protectionshouldmergerbeaborted ValidateandchallengeinitialassumptionsofopportunitiesmadebymergingcompaniesHighlightbestpracticesinexistingcompaniesandexternalknowledgeandrecommendongoingmergedoperatingpracticesDetermineriskfactorsinmergerforongoingriskmanagementduringimplementation DataCollectionOrganizationassessmentHypothesesdevelopmentPreliminaryplanning CompanyA CompanyB OpenJointClientTeamMeetings A T Kearney CleanTeam MergerSynergyHypotheses Pre ChangeofControl Post ChangeofControl ValidatedInitiatives AcceleratedecisionmakingbyprovidingaccesstocomprehensivedatabasesanddetailedanalysisShareandvalidatefindingswithjointclientteamsFinalizeinitiativesbasedonvalidatedhypothesesDevelopimplementationplansAssistinlaunchinginitiativesandprovidecontinuedimplementation riskandfinancialtrackingsupport Theup frontworkeffortsofthe cleanteam enablesacceleratedlaunchofimplementationactivitiesandvaluecapture CleanTeam Process LimitedJointClientTeamMeetings Afterchangeofcontrol theteamsquicklyfinalize notidentify synergyopportunitiesandgainconsensus ResultsTracking RiskAssessment BeginImplementation InitialPrioritizationandSequence MasterPlanSequencing FullTeamMeetings DiscloseandValidateModifyandRefineFinalizeSavingsOpportunitiesandPrioritizationIdentifyInterdependencies OverallPrioritization ExecutiveCommitteeBuy In Init Q1Q2Q3Q4 MD1 ST3 SC6 PP4 SC6Workplan ST3Workplan MD1Workplan Step1 2 3 4 InvestmentRequirements TimingofResults MasterPlanDetail Day Week Month1Execution PhaseII Init Q1Q2Q3Q4 PP1 Init Q1Q2Q3Q4 PP1 ITRequirements Enablers MasterPlanDetail Communication Full ScaleRollout IntegratedPlanningandInitialRollout EstablishStructureandPlan Thetransitiontofull scalerolloutandimplementationofinitiativesissupportedbyacleartrackingprocess InitiativeStatusManagement Size Saved 6 12 18 Green Yellow Red Risk TimetoCompleteImplementation CostSavesandGrowthAchievement Implementation Communication PhaseIII Full ScaleRollout IntegratedPlanningandInitialRollout EstablishStructureandPlan Source A T KearneyMergerIntegration Throughouttheeffort managingriskisaformalizedmethodology adherencefacilitatesafairandrobustdecisionmakingprocess ProjectRiskPrioritization RiskIdentification RiskCategorization ProjectPrioritization BusinessCriticalityAndSize BusinessCriticality howmuchdoesitmatteriftheprojectdoesnotmeetitsobjective 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 Kearney sprovenmethodologiesandtoolsasappropriate 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 Whichentityinthesupplychainshoulddevelopacapabilityisdeterminedbythebusiness scaleandstrategicobjectives StrategicAllianceDevelopstrongrelationshipswithkeysupplychainpartnersthathavetherequiredcapabilitiesMaintainveryhighlevelsofcross functionalinvolvement In HouseInvestinresourcesandpeopletodevelopworld classcapabilities OutsourceOutsourceactivitytocapableproviderOrganizerelatedactivitytominimizetransactioncostswithoutsourcedprovider RationalizeDependingontrueswitchingcostsandinvestmentrequirementseithercontinuetodevelopcapabilityin houseoroutsource High High Low Low ActivityStrategicImportanceHowcoreistheactivity How entangled isitwiththerestoftheorganization Howcriticalisittomaintaincontrolandinvolvementintheactivity Istheactivityanareaofcompetitiveadvantagetoday Inthefuture PotentialForInternalCapabilityDevelopmentIntheshort tomedium termcantherequiredcapabilitybedevelopedin housetobehighlyefficientandeffectiveinanactivity Differencesineachcompanyhavetobeunderstood anddecisionsmadeonboththeoperatingmodelofthejointventuregoingforward aformalprocesscanhelpinfacilitatingthisthinking 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 ReviewsupplierlistsandsuppliercapabilitiesPrescreenlisttodevelopshortlisto