The truth about M&A: Marriage and acrimony

James Spence, co-founder and managing director at Cerno Capital, looks at the deals that blossomed into something meaningful - and those that ended in heartache. When companies launch into the expensive, disruptive and time-consuming process of acquisition, it informs the investor of how company managements see their sector. Above and beyond bland quarterly updates, which have often become anodyne, acquisition strategies reveal real desire. And, as with love and lust, these impulses are fraught with risk, particularly for the CEOs who have to rationalise their desires into an infor...