Chapter List

Introduction

Communication is often hailed as the most important factor in M&A success. A frequently cited rule is that you can't over-communicate! Unfortunately the reality is not quite so simple, as those who face a long scroll of daily e-mails will testify. Employees can be overwhelmed with a surfeit of communication, particularly in a large organization, with daily announcements about new appointments that they feel are of no concern to them. Indeed in one organization, where people were waiting to hear about their own jobs, it was irritating to have to read about successes elsewhere.

In reality, it is the quality of the communication rather than the quantity that is important. Furthermore, where a merger or acquisition has been viewed negatively by employees any spin put on both internal and external communication is likely to generate cynicism. Communication strategy needs therefore to be integral to the deal and planned from the outset to present a coherent message to all stakeholders.

Everything sends a signal in the heightened tension following a merger announcement. Employees read the signs such as which side is getting the key appointments and whose offices or premises are being used. In this sense...