1. The document provides lessons learned from M&A transactions conducted by The FineLyne Group, a boutique M&A consultancy. 2. When selecting an acquirer, consider strategic fit as well as the acquiring company's size and position in the industry food chain. Pursue companies that are a good cultural fit. 3. In negotiations, understand the acquirer's process and that terms are often as important as price. Empower a closer to efficiently guide the deal through due diligence and to a definitive agreement.

1. Martin Horne September 19, 2007 Ottawa eBusiness Cluster Mergers and Acquisitions (M&A) Lessons Learned

3. M&A Process

4. 1. Selection

6. e.g. “Online” Food Chain Advertisers e.g. Bank Of America Publisher e. Consumer 100% ($18.7B) 1% 2007 ONLINE AD SPEND 50% 5% 25% 15% EBITDA TRAFFIC Buy Visit 40% ($7.4B) 40% ($7.4B) Ad Agencies e.g. Avenue A Ad Networks e.g. Google 1. Selection

8. 2. Negotiate

11. 3. Close

14. 4. Post Deal

17. Questions Questions?