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OVER 60 PERCENT OF ASIAN/U.S. VENTURES REPORT UNFAVORABLE POST-DEAL PROFITABILITY AND OPERATING EXPENSE

OVER 60 PERCENT OF ASIAN/U.S. VENTURES REPORT UNFAVORABLE POST-DEAL
 PROFITABILITY AND OPERATING EXPENSE
 SAN FRANCISCO, Calif., March 23, 1992 -- The Rubicon Group International, a Bay Area consulting firm and IDD, Inc., the New York publisher of Investment Dealers' Digest, Mergers & Acquisitions Journal and Venture Japan, today announced the publication of a first-of-a-kind survey that explores the management of Asian/U.S. joint ventures and acquisitions.
 While billion dollar deals have shaped public opinion, hundreds of millions of additional dollars have been invested in less visible Asian/American ventures that have shaped technology, jobs and trade. Until now, the results of these deals have been distorted by rumor, hype and stereotype. The Asian/American Ventures survey examines the experiences of 110 acquisitions and joint ventures between U.S. and Japanese, Taiwanese, Singaporean and Hong Kong companies after the close of the deal.
 Mark L. Feldman, Ph.D., a managing director of the Rubicon Group which conducted the survey, states that it "gives us a look behind previously closed doors. When the fanfare dies down and the dealmakers go home, the hidden economics take over. The survey tackles the post- deal challenges and the difference between struggling and successful cross-border ventures."
 Dr. Feldman adds that "some of the most interesting survey findings came from comparisons of Chinese/U.S. and Japanese/U.S. ventures. While the survey confirms the cross-cultural difficulties most people expect, there were a number of surprises as well. For example, though most ventures had multiple business objectives, fewer than 5 percent of the companies reported achievement of all their objectives. In addition, over 50 percent of the companies targeting the top ten post-deal objectives reported not achieving or, at best, partially achieving them."
 James W. Borton, head of IDD's Asia desk and Editor-in-Chief of Venture Japan, states that "the survey's comparisons of acquisitions vs joint ventures, Chinese/U.S. and Japanese/U.S. ventures and fast vs slow post-deal transitions help to explode some myths and distill the basics of what makes cross-border deals work."
 "In the final analysis," Feldman points out, "a good match is not enough. The difference between successful and struggling cross-border ventures is the speed and execution of the post-deal transition."
 -0- 3/23/92
 /CONTACT: Mark L. Feldman of the Rubicon Group, 510-284-5121/ CO: IDD, Inc.; Rubicon Group International ST: New York, California IN: SU: TNM


KD -- NY001C -- 0742 03/23/92 16:33 EST
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Date:Mar 23, 1992
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