Confidentiality constraints within mergers and acquisitions: insights gained through a 'bubble' metaphor

Harwood, Ian (2003) Confidentiality constraints within mergers and acquisitions: insights gained through a 'bubble' metaphor (Discussion Papers in Management, M03-10) Southampton, UK. University of Southampton

Record type: Monograph (Discussion Paper)

Abstract

Merger and acquisition (M&A) programmes are extremely sensitive, both within and external to the organisations involved. Confidentiality agreements are therefore essential for allowing teams the ‘space’ to develop potential scenarios for future integration. Despite the importance of confidentiality in practice, the subject has received little coverage in the management literature. Through active participation and subsequent semi-structured interviews, this research analyses aspects of confidentiality in a four-year integration programme in a FTSE100 pharmaceutical company. The paper explores aspects of a confidentiality agreement, including the personal impact on incumbents and the various dimensions of information transfer despite the agreement being in place. Through the use of a metaphor, the research suggests that a confidentiality agreement has many similarities with the properties and characteristics of a bubble. This bubble metaphor is used to enhance our conceptual understanding of confidentiality in an organisational context. The paper concludes by identifying some ‘key learnings’ in relation to confidentiality in strategic change programmes such as a merger or acquisition.

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