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The __________ phase is probably the single most important determinant of shareholder value creation in mergers and acquisitions.

Stable alliance networks will most often:

The intent of the owners in a whole-firm leveraged buyout may be to increase the efficiency of the bought-out firm and resell it in five to eight years. This tends to make the managers of the bought-out firm high risk takers, since they will probably not survive the resale and thus have little to lose

Some cooperative strategies fail when it is discovered that a firm has misrepresented the resources it can bring to the partnership

Transaction costs resulting from an acquisition refer to the direct and indirect costs resulting from the use of acquisition strategies to create synergies

It is relatively common for a firm to develop new products internally to diversify its product lines

The reasons why a firm would overpay for a company that it acquires include inadequate due diligence

Research suggests that horizontal acquisitions of firms with dissimilar characteristics result in higher performance levels

Junk bonds are a financing option through which risky acquisitions are financed with debt that provides a large potential return to bondholders

In China, Starbucks is standardizing its operations while simultaneously decentralizing some decision-making responsibility to local levels to meet customers’ tastes. Starbucks is following the __________ international corporate-level strategy.