Wasserstein on Prestige Businesses
We're just doing a little light reading around Gawker HQ today: a little book called Big Deal: Mergers and Acquisitions in the Digital Age, by one new owner of New York magazine, Mr. Bruce Wasserstein. Mmm:
A related hypothesis is that pride or ego causes managers to launch overpriced transactions and pay steep (and unwarranted) premiums for target companies.
