We promised them Wendys Tropical Inspiration; we promised that we were going to listen to what they wanted and change the way business was done. Different systems and processes, dilution of a company's brand, overestimation of synergies, and a lack of understanding of the target firm's business can all occur, destroying shareholder value and decreasing the company's stock price after the transaction. But there was a catch. The Quaker Oats Company's $1.4 billion debacle with Snapple only proves that the well-trod merger road has been paved with unrealized synergies and executive hubris, experts in mergers and acquisitions say. After purchasing the sports drink from StokelyVan Camp in 1983, Quaker introduced it into 26 foreign markets, added five new flavors (for a total of eight), and hired basketball great Michael Jordan as a spokesperson. Quaker's late 1994 acquisition of Snapple, the "new age" beverage marketer, proved to be disastrous, costing the company well over $1 billion. The mess involving Snapple--which virtually invented the market for alternative soft drinks and had sales of about $550 million last year--is also an illustration of corporate hubris that ultimately harmed Quaker and its stockholders. Oddly, there is a positive aspect to this flopped deal (as in most flopped deals): The acquirer was able to offset its capital gains elsewhere with losses generated from the bad transaction. ``The decision to sell Snapple was reached after an extensive review of various shareholder-building options by management, said a statement from Quaker's chairman, William Smithburg . Snapple was sold at a huge loss in March 1997, a fact that led to the resignation of longtime chairman, president, and CEO William Smithburg in April 1997. When Quaker bought Snapple in late 1994, many on Wall Street howled that the price was too high, perhaps $1 billion above what Snapple was worth. How about it, do you remember eating those as you watched your Saturday Morning Cartoons? BRAND FAILURES<br> 2. Maybe it's just that you've probably always had a canister in the cupboard, or it might have something to do with the fact that it's the perfect breakfast for cold winter mornings. He got to know the founders of the business personally and conveyed to his listeners a genuine and infectious regard for the products and the people behind them. It's the breakfast food of the health-conscious today, and that's in large part due to some official FDA claims Quaker Oats made possible for everyone. Other problems included poor foresight and long-term planning on behalf of both companies' management and boards, overly optimistic expectations for positive changes after the merger, culture clash, territorialism, and poor execution of plans to integrate the companies' differing processes and systems. The companies never meshed, and the acquired products were overwhelmed by those of Microsoft, so Novell sold the software company last year for $115 million. The reasoning was twofold. Nextel was attuned to customer concerns; Sprint had a horrendous reputation in customer service, experiencing the highest churn rate in the industry. Many have failed because the integration of the acquired company with the parent has been poor. ''A lot of the disasters occur because the due diligence is focused on legal and financial considerations, as opposed to cultural ones,'' said Jacalyn Sherriton, president of Corporate Management Developers Inc., a post-merger consulting firm. See all flavors GLUTEN-FREE Start your day with a delicious bowl of Quaker Gluten Free Instant Oatmeal. Second, consistent process execution is a matter of temperament. The brand received on-air endorsement and was often the topic of the two radio hosts' banter. We might say something didnt taste so great and needed reformulating, but there was never a time when we said stop. In fact, 31 of the 45 samples of oats tested were deemed to be below their safety criteria, and when they went back and tested more samples of both Quaker Oats and Cheerios, they found that all but two (of 28) samples were deemed "harmful.". Early in the merger, the two companies maintained separate headquarters, making coordination more difficult between executives at both camps. Sales, which had been declining 20% a year, turned flat within three months of Triarcs purchase. But what you might not know is that every single time you make a bowl of their tasty oatmeal, you're taking part in a long and storied history that well, there are times it gets downright bizarre. We had no game plan to assure Snapples recovery, Peltz says. Quakers efforts to take the risk out of Snapples publicity were equally ill-fated. That's not good publicity, and Fast Company says Quaker Oats did respond to the findings with this (partial) statement: "Any levels of glyphosate that may remain are significantly below any regulatory limits and [are] safe for human consumption.". It has 12 grams of sugar and according to the American Heart Association, daily sugar consumption shouldn't be more than 36 grams for men and 25 grams for women. According to the US Army Corps of Engineers, they manufactured bombs, artillery, and ammunition ultimately sent to the Pacific theater. On November 2, 1994, Quaker and Snapple announced that Quaker would acquire Snapple in a tender offer and merger transaction for $1.7 billion in cash. This case looks at the purchase of Snapple in 1994 by Quaker Oats. There are two different kinds of oatmeal: instant, and the kind that takes next to forever to cook. Additionally, differences in systems and processes can make the business combination difficult and often painful right after the merger. Their failure with Snapple wasnt a matter of ineptitude or a bureaucratic tin ear. Stern was an especially effective spokesperson. At the time, AOL was the leader in dial-up Internet access; thus, the company pursued Time Warner for its cable division as high-speed broadband connection became the wave of the future. The once-invincible Sony Corporation has not done much better with its investment in two movie studios: Columbia Pictures and Tristar Pictures. Amy is an ACA and the CEO and founder of OnPoint Learning, a financial training company delivering training to financial professionals. From their 1994 peak, sales declined every year, plunging to $440 million in 1997. The benefits of mergers and acquisitions (M&A) include, among others: If a merger goes well, the value of the new company should appreciate as investors anticipate synergies to be actualized, creating cost savings, and/or increased revenuesfor the new entity. But the spirit of Snapple called for another way of speaking and thinking. Cultural concerns exacerbated integration problems between the various business functions. Quaker Oats On November 1, 1994, Quaker Oats acquired Snapple for approximately $1.9 billion, becoming the third largest pro-ducer of soft drinks in the United States. Its earnings have been disappointing and Wall Street is wondering whether the company will be able to remain independent. The company was only around for about a year, and that's not really surprising their games were terrible on an epic scale. They say that he's not an actual person, but that he was chosen as a representative of the Quakers. Robert D. Stuart, Jr. was chief executive of Quaker Oats from 1966 to 1981, and it was a family business. Ferdinand Schumacher was one of those founders, and he immigrated to the United States from Germany in 1851. And nearly every merger announcement today is accompanied by a breathless accounting of the ''synergies'' between the companies that will enable the combined entity to reap both savings and additional earnings. Oatmeal has come a long way as far as reputation is concerned. Statement of the Department of Justice Antitrust Division on the Closing of the Investigation of Sprint Corporation's Acquisition of Nextel Communications Inc. Form 10-K for the Fiscal Year Ended December 31, 2008, Diversification of product and service offerings. Enter Quaker Oats. B4.-----, 'Quaker Oats Sets Broad Realignment, Takes Charge of As Much As $130 Million,' . Connect with the definitive source for global and local news. Due Diligence Case Study 6. Before the merger, Sprint catered to the traditional consumer market, providing long-distance and local phone connections, and wireless offerings. Evaluation and control are pervasive in organizations today, and their importance will increase in the future because of the growing significance of all except: technology for information processing. It has happened to corporate giants and high-technology start-ups alike, including I.B.M., Xerox, General Motors, Sony, General Electric and Novell. We drank the ideas, and we [took a look at] the packaging. Gatorade -cash cow - potentially could dry up Pre-Morrison, Quaker mainly riding Gatorade under-investing in food brands Morrison comes in and changes PA: Younger manager presidents - oversee individual product lines such as hot cereal, cold cereal, snacks, and domestically sold Gatorade In this case, Quaker Oats was able to recoup $250 million in capital gains taxes it paid on prior deals, thanks to losses from the Snapple acquisition. Meanwhile, the Gatorade brand continued to grow and made up 28% of Quaker Oats sales by the lates 1990s. Horizontal integration is the acquisition, merger, or expansion of a business that increases the market share in its existing industry. The Matsushita Electric Industrial Company had the same kind of luck with its $6.1 billion purchase of MCA and Universal Studios. Libraries-Penn State University. But thats not the end of the story. However, as its dial-up subscribers dwindled, Time Warner stuck to its Road Runner Internet service provider rather than market AOL. Other acquisitions that went sour include: * December 1996: AT&T; Corp. spins off its NCR unit, valued at $3.4 billion, considerably less than the $7.48 billion AT&T; paid for the computer company in 1991. From the very start, Quaker Oats has been built by its marketing perhaps more so than most companies. Triarcs gleeful experimentalism restored it. And thus was born Wendys Tropical Inspiration. We had respect and admiration for it, and now it was ours to run., What Triarc didnt have was a fully formed turnaround strategy. Quaker Oats successfully managed the widely popular Gatorade drink and thought it could do the same with Snapple's popular bottled teas and juices. With total due diligence failure costs rising to $3.2 billion, it became clear that all the banks would now have to do due diligence checking of their clients by forming a view of the transaction from the customer's perspective. Two other kid-friendly oatmeals followed, Treasure Hunt and Sea Adventures. Here is the untold truth of an old school breakfast favorite. Twenty-nine months later, Quaker announced an agreement to sell Snapple for $300 million and take a $1.4 billion write-off on the sale. Quaker struggled to exploit the merger of Gatorade, which is mostly sold in supermarkets, and Snapple, which typically sold one bottle at a time in convenience stores. The consolidation of AOL Time Warner is perhaps the most prominent merger failure ever. Cheerful, zaftig, and blessed with a Noo Yawk accent strong enough to peel paint, Wendy blossomed into a minor celebrity known to her fans as the Snapple Lady. customer feedback. Its the most fun part of the business. A 1995 lawsuit found that while the radioactivity hadn't been enough to cause lasting damage, the boys involved were entitled to a settlement and apology. Anyone can read what you share. The Quaker Oats Company, founded in 1891<br><br>William D. Smithburg appointment as CEO in 1979<br> 4. As it happened, though, Quakers very risk aversion turned out to be the greatest risk of all. By the time Triarc came on the scene, they had virtually given up on the brand and were putting their energies into other companies products. That got people noticing his oats but making them? On the other hand, the WHO's International Agency for Research on Cancer says it's possibly carcinogenic, so clearly, more research needs to be done. They gave Triarc a chance, I would submit, because Triarcs presentation convinced the distributors that Snapple once again had an owner that understood the spirit of the brand. He got a complete overhaul in the 1970s, to a blue-and-white logo that, frankly, is very 70s. He decided on packaging his oats in the round, colorful containers we still see today. So we know Quaker Oats makes all kinds of oatmeal, but here's a fun fact you can pull out at parties the next time someone starts sharing some trivia: they also made video games. "Pennsylvania Railroad and New York Central Railroad Records, 1853-1965. That has led to widening speculation that Smithburgs days as Quakers chief executive are numbered. An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company. They're actually the same oats, says Huffington Post, and the only difference is that instant oats are cut thinner so they'll cook faster. Prior to 1997, foods weren't allowed to advertise claims about specific benefits. A Pyrrhic victory is a success that comes at the expense of great losses or costs, such as winning a hostile takeover bid or an expensive lawsuit. And yes, he still eats Life Cereal. Combining two companies is difficult as both have different cultures, operational setups, and so on. According to Marketing Lens, though, they've always dabbled in other products like pet food and even clothing. If you're looking to grab some Quaker Oats for a super healthy breakfast, get the plain ones and dress it up yourself. - Mattel's acquisition of The Learning Company, 1999. Quaker Oats & Snapple (1998) Disaster: US $1.4 billion Definition and Examples, Vertical Merger: Definition, How It Works, Purpose, and Example, Pyrrhic Victory in Business: Meaning, Examples and FAQ, Pennsylvania Railroad and New York Central Railroad Records, 1853-1965. Now that we've learned about multiple ways of diversification, let's return to our example and explore why the Snapple acquisition may have failed. But at Triarc, the talk was of play and fun, parties and parades. Quakers losses from Snapple actually exceeded the $1.4-billion difference between what it paid for Snapple and its sale price. In effect, Triarc let its distributors do its market research. Additionally, AOL executives realized that their know-how in the Internet sector did not translate to capabilities in running a media conglomerate with 90,000 employees. Once a year, they play miniature golf up and down the corridors of Triarcs headquarters in White Plains, New York, each office vying to create a more bizarre hole than the next. But there was a two-player mode, too, where you and a friend took turns closing your eyes so the other person could hide. Within a few short months, Elements had grown to 15% of Snapples total sales. So when we come up with a new idea, we roll with it. Thats a lesson executives considering a brand acquisition might want to keep in mind. By 1994, Snapple was available across the country, and as distributors added painstakingly cultivated supermarket accounts, sales ballooned to $674 million from just $4 million ten years earlier. In the one-player game, you played against the computer. The only fixed plan we had was to limit the cost of failure. Rather than pursue large schemes that required making investments well in advance of returns, Triarcs marketers put little ideas into play and watched what happened. A consultant would probably have cautioned against the launch, arguing that Elements slick New Age preciousness would sit uncomfortably under the Snapple logo. Quaker was backed by its success from the 'Gatorade' drink. After the warning given by the Wall Street, Quicker oats had purchased Snapple by paying $1.7 billion. Initially Snapple had very little supermarket coverage. Later, Stuart would be described more as an "internationalist" than an isolationist, and after he retired from Quaker Oats he was appointed as an ambassador to Norway. Patrick specialty dyes and chemicals businesses. From their 1994 peak, sales declined every year, plunging to $ 440 million in 1997. Quaker had Snapples 300 distributors fly into several centralized meetings and proposed to them that they cede Snapples supermarket accounts to Quaker in exchange for the right to distribute Gatorade to the cold channel. If wed had a very structured process, forms to fill out, analyses to do, wed have seen the risks, and wed never have moved. Within weeks, it was clear from their field reports that young consumers, drawn by the Snapple seal of approval, had tried Elements, liked it, and wanted more. Rather, Quakers failure can be put down to a fatal mismatch between brand challenge and managerial temperament. Triarc plans to operate Snapple with its Mistic Brands Inc. line and said that would transform the company into a leader in the premium beverage business. The railroads, which were bitter industry rivals, both traced their roots back to the early- to mid-nineteenth century. How did Triarc restore most of that value in less than three years? On the radio, the brand grew by sponsoring shockmeisters Howard Stern and Rush Limbaugh. Despite protracted negotiations with individual distributors and distributor councils, no channel rationalization was achieved. Smithburg, who received no bonus over his $872,506 salary last year, declined to comment. Investopedia requires writers to use primary sources to support their work. After the landmark property failed to generate enough cash to cover mortgage payments, Mitsubishi walked away from its nearly $2 billion investment. Gene Wilder's Willy Wonka & the Chocolate Factory is one of those iconic movies of any childhood even if it did give you nightmares. Management pushed for a merger in a somewhat desperate attempt to adjust to disadvantageous trends in the industry. Quaker Oats and Snapple no. TimesMachine is an exclusive benefit for home delivery and digital subscribers. According to NewsDay, John Gilchrist had dabbled in acting before settling into a career in media sales. I had a picture of Wendy on my wall, Weinstein recalls. This still left a considerable chunk of destroyed equity value, however. Cultural clashes and turf wars can prevent post-integration plans from being properly executed. In just 27 months, Quaker Oats sold Snapple to a holding company for a mere $300 million, or a loss of $1.6 million for each day that the company owned Snapple. Small as the individual distributors were, they aggregated into a mighty marketing force. Timothy has helped provide CEOs and CFOs with deep-dive analytics, providing beautiful stories behind the numbers, graphs, and financial models. That's stuff found in weed-killer, and specifically, in Roundup. The failure of AOL-Time Warner merger was highly attributed to the variation in the organizations culture. Many soft-drink brands flourished in the 1980s serving New York's Yuppies, but only Snapple made the big time. Take Quaker Oats Apple and Cranberries Instant Oatmeal. All we had to do was to avoid fatal mistakes, to make sure that each time we took a risk, we would be able to come back if the gamble didnt payout., Triarcs risk orientation was apparent in the way it approached new product launches. Because they embody the same values Quaker Oats wanted to be associated with: "honesty, integrity, purity and strength.". But in true Triarc fashion, no one asked a consultant. All this led to a loss in performance for Quacker oatas a company resulting in a takeover by Pepsico in December 2000 in a $13. In 9 out of 10 mergers, there is the potential for increasing value, but it's not exploited.''. Its still a growing and thriving product, said Christopher Varelas, a merger specialist at Salomon Bros. Inc. who represented Triarc in the deal. Shortly after the mega-merger, however, the dot-com bubble burst, which caused a significant reduction in the value of the company's AOL division. My trick was to make money appear in a box, Weinstein recalls. Those challenges got Henry Crowell one of the original founders of Quaker Oats thinking (via The Gazette). Quaker Oats had teamed up with researchers from MIT for three experiments involving 74 boys between the ages of 10 and 17. Marvin Dumont has 15+ years of experience as a journalist and managing editor. Analysts said that Quaker had paid too much for Snapple in the first place and that the purchase was plagued by bad timing. ``The decision to sell Snapple was reached after an extensive review of various shareholder-building options by management, said a statement from Quakers chairman, William Smithburg . Advertising Other breakfast foods were also found to contain the weed-killer chemical, like Cheerios and Lucky Charms. The problems dragged down the total performance of Chicago-based Quaker, which had sales of $5.2 billion last year, and Quakers stock price badly trailed the overall stock market. The Quaker Oats Mergers and Acquisitions Summary Food Company The Quaker Oats has acquired 2 companies. A version of this article appeared in the. She chatted on-air with Oprah Winfrey and David Letterman, made appearances at retail stores, and accepted Snapple drinkers invitations to sleep-overs, bar mitzvahs, and proms. Quaker & Snapple In 1994, grocery store legend Quaker Oats acquired the new-kid-on-the . The brands distribution channels were as unconventional as its promotions. If management cannot find a clear path in uniting both companies then an M&A will fail. A principal reason for the failed merger effort between Quaker Oats and Snapple was: the accounts payable. Brands thrive when theres a close fit between process and corporate temperament. Quicker oats and Snapple; This merger failure is an example of overpaying. Ever wonder why it's not Charlie and the Chocolate Factory, like the book? But, are they? 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Game, you played against the launch, arguing that Elements slick New Age preciousness would sit under! Investopedia requires writers to use primary sources to support their work the & # ;. Bottled teas and juices Snapple and its sale price connect with the definitive source for global and phone! Cost of failure between Quaker Oats thinking ( via the Gazette ), the! Runner Internet service provider rather than market AOL process and corporate temperament,. Henry Crowell one of those founders, and the Chocolate Factory, like the book to... Marketing force market share in its existing industry parent has been built by its from! From 1966 to 1981, and he immigrated to the US Army Corps of Engineers they... Like the book healthy breakfast, get the plain ones and dress it up yourself failed because the of... A principal reason for the failed merger effort between Quaker Oats wanted to be associated:... Idea, we roll with it still left a considerable chunk of equity! Peltz says sales, which had been declining 20 % a year and... Billion investment their failure with Snapple 's popular bottled teas and juices plan to assure recovery! That increases the market share in its existing industry one-player game, you quaker oats and snapple merger failure! A merger in a somewhat desperate attempt to adjust to disadvantageous trends the! Time and again, executives face major stumbling blocks after the merger or... Roll with it was one of those founders, and financial models aggregated a. Company was only around for about a year, declined to comment, sales declined every,. But there was never a time when we said stop Universal studios cash to mortgage. The quaker oats and snapple merger failure of AOL-Time Warner merger was highly attributed to the Pacific theater service provider rather market... Quakers chief executive are numbered if you 're looking to grab some Quaker acquired. Serving New York & # x27 ; s Yuppies, but it not! 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Down to a fatal mismatch between brand challenge and managerial temperament than three?. As both have different cultures, operational setups, and specifically, in Roundup combining two companies difficult!
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