"Form 8-K - March 27, 1997. That got people noticing his oats but making them? He does have a name, though, and according to The Wall Street Journal, company insiders call him Larry. The gods sent Quaker Oats Co. executives a sign about the troubles ahead if they bought Snapple Beverage Corp. On Oct. 26, 1994, two days after financial advisers had drawn up preliminary papers . Just the opposite. A company like Quaker would never take such a casual approach to product development, but it was standard practice at Triarcand true to Snapples back-of-the-store, back-of-the-envelope roots. It was done by Haddon Sundblom, who also did the Santa Claus illustrations for Coca-Cola. Larry the Quaker Oats Man was first developed in 1877, and according to Business Insider's walk down memory lane, he's had a surprising number of looks over the years. LERRO v. Sales started downward just as Quaker acquired Snapple. ``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 . 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. They've gone the way of the dodo, but you can still find Dinosaur Eggs. ChatGPT who? The question is whether they are going to pick it up a second time, and the distributors tell us pretty quickly whether thats happening. And on their own, oats are definitely a smart thing to add to your diet. U.S. Securities and Exchange Commission. Triarcs gleeful experimentalism restored it. Larry the Quaker Oats Man was first developed in 1877, and according to Business Insider 's walk down memory lane, he's had a surprising number of looks over the years. My point here is not to disparage discipline or, indeed, the marketing professionals of Quaker Oats. Lee had bought Snapple from its original owners--Leonard Marsh, Hyman Golden and Arnold Greenberg--who had started the firm to sell fruit juices to health stores. A disaster gone completely wrong, this is one of the classic cases of a failed marketing strategy. Rather, Quakers failure can be put down to a fatal mismatch between brand challenge and managerial temperament. Triarc said it expects to complete the purchase in the second quarter of this year, pending a federal antitrust review. Not only did they have to convince people to eat oats in the first place, but they had to get them to prepare it in a way that would taste good and keep them coming back. DEAL VALUATION Quaker paid $1.7 billion to acquire Snapple in December 2004. When Quaker sold Snapple to Triarc Companies, they converted the struggling Snapple brand into a successful one by applying a good marketing strategy. Brands thrive when theres a close fit between process and corporate temperament. 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. The jobs dull and the car is more safe than sporty, but at least you can get a little wild at lunch with a Mango Madness. But that was enough. If you're looking to grab some Quaker Oats for a super healthy breakfast, get the plain ones and dress it up yourself. Beacon Press, 2014. Chicago-based Quaker has said that Snapple failed to catch on in middle America and last year pulled the drink line out of several markets. Just a little over two years later, they sold Snapple for only $300 million dollars, essentially, taking a $1.4 billion loss on Snapple. * February 1996: Novell Inc. agrees to sell WordPerfect and several other applications to Canadas Corel Corp. for $197 million, about a quarter of the $1 billion it paid to buy the closely held firm and the QuattroPro spreadsheet program in 1994. Weinstein picks up the tale: We tied a TV commercial to it that took two weeks to shoot and ran a parade down Fifth Avenue. There are factors beyond economic analysis to take into account if the process of brand management is to cohere. ''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. Every move appeared logical, yet each phase of Quakers strategy ran into problems. As Gilbert once told me: We can be disciplined, but should we be? They got their medical testing done, MIT got their results it was a win-win. Further, a macroeconomic downturn led customers to expect more from their dollars. C) the diligence of employees. - Acquisition of Snapple by Quaker Oats, 1994. We had respect and admiration for it, and now it was ours to run., What Triarc didnt have was a fully formed turnaround strategy. That's stuff found in weed-killer, and specifically, in Roundup. Analysts said that Quaker had paid too much for Snapple in the first place and that the purchase was plagued by bad timing. Sort of. 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. In addition to overpaying, management broke a fundamental law in mergers and acquisitions: Make sure you know how to run the company and bring specific value-added skill sets and expertise to the operation. He got a complete overhaul in the 1970s, to a blue-and-white logo that, frankly, is very 70s. Quaker Oats and their family of products have been a part of our everyday life for decades. Quaker Oats' management thought it could leverage its relationships with supermarkets and large retailers; however, about half of Snapple's sales came from smaller channels, such as convenience stores, gas stations, and related independent distributors. So, the main reasons why the three years of merger between Quaker and Snapple ended up . Quaker Oats management needs to decide what to do in light of these recent events. The nations thirst for such drinks became more sated and the markets growth eased just as Quaker bought the company. But Quaker Chairman William D. Smithburg--who had turned sports-drink maker Gatorade into a smashing success after buying that business in 1983--was convinced he could do the same with Snapple, in part by meshing the ways in which Snapple and Gatorade were marketed. 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 there was a catch. When the headquarters was expanded through a wall into the offices next door, Weinstein threw a sledgehammer party. Nextel had a strong following from businesses, infrastructure employees, and the transportation and logistics markets, primarily due to the press-and-talk features of its phones. In its first week in charge of the brand, Triarc used a product launch to signal that the new regime understood what had made Snapple a hit in the first place. Many have failed because the integration of the acquired company with the parent has been poor. After the landmark property failed to generate enough cash to cover mortgage payments, Mitsubishi walked away from its nearly $2 billion investment. By gaining access to each other's customer bases, both companies hoped to grow by cross-selling their product and service offerings. 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. Instead of lifting profits, Snapple dragged down Quaker's returns, leading Quaker to agree to sell the unit to the Triarc Companies this week for $300 million. Why did the brand lose $1.4 billion in value under Quakers stewardship in just four years? Problems had been growing throughout the decade, as an increasing number of consumers and businesses began to favor, respectively, driving and trucking, using the newly constructed wide-lane highways. Despite Snapples flat sales and its inability to spread much beyond its core base of fans along the West and East coasts, Triarc says it is confident that Snapple can regain its past form. 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. 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. We started out loving the brand the first day, says Gilbert. I would explain it differently: First, as every brand manager would surely agree, good brand management is explained more by process than by strategy. With a $35 billion price tag, the merger did not pay off. According to Stuart, his views came from the idea "[] that the US didn't accomplish much in committing troops to the First World War," and they were all about keeping America out of the second. In 1891, consumers could find a piece of china dishware in their oat boxes, and while that's quite a bit different from the toys we usually expect in today's cereal, they can take credit for this idea, too. How did Triarc restore most of that value in less than three years? Failed Mergers and Acquisitions Examples America Online and Time Warner (2001): US$65 billion Daimler-Benz and Chrysler (1998): US$36 billion But competition in the new age category increased, even as sales slowed. Sprint saw stiff competitive pressures from AT&T (which acquired Cingular), Verizon (VZ), and Apple's (AAPL) wildly popular iPhone. The marketing teams enthusiasm was contagious, and the distributors responded by urging retailers to take on a little more Snapple. To Quaker, new products were seen as a risk. Did you notice? You could have fun with Gatorade, but only after youd won the game. '', See the article in its original context from. In most corporations, brand marketing sounds like a form of warfare. Bottom line? How about it, do you remember eating those as you watched your Saturday Morning Cartoons? Wall Street was awash in money. To stave off acquisition by one of those larger competitors, Quaker needed to add a second brand that could capture similar economies. There's nothing like the comforting taste of nostalgia first thing in the morning, right? Question: POML5) A principal reason . New York-based Triarc, with nearly $1 billion in annual revenue, has widely diverse interests including its Royal Crown Co. and Mistic Brands beverages, Arbys Inc. restaurants, National Propane liquefied petroleum gas and C.H. After over-paying $100 billion (according to Wall Street warnings) Quaker Oats sold Snapple to a holding company just 27 months after purchase for a mere $300 million - a loss of $1.6 million for . consulting firms. However, as its dial-up subscribers dwindled, Time Warner stuck to its Road Runner Internet service provider rather than market AOL. After 27 months, Quaker Oats sold Snapple to Triarc for a mere $300 million, or a loss of $1.6 million for each day that the company owned Snapple. ", U.S. Securities and Exchange Commission. Just as it had done with Gatorade, Quaker introduced Snapple in larger, more profitable sizes: in 32- and 64-ounce bottles. The combined company is intended to be better than both individual companies due to an expected reduction of financial risks, diversification of products and services, and a larger market share, for example. The Quaker Oats Mergers and Acquisitions Summary Food Company The Quaker Oats has acquired 2 companies. Give some thought as well to its soul. ``We are proud to be future owners of a brand as great as Snapple and believe that our strong management team will be able to move our beverage business forward, said Triarc Chairman Nelson Peltz. So, there you have it. The team understood the need to stay away from big risky ideas. And finally, the politicized and turf-protecting culture of Time Warner made realizing anticipated synergies that much more difficult. In 1993, despite warnings from Wall Street that the company was paying $1 billion too much, the company acquired Snapple for a purchase price of $1.7 billion. In the one-player game, you played against the computer. When finalizing an M&A deal, it is often beneficial to include language that ensures that current management stays on board for a certain period of time to ensure a smooth transition and integration since they are familiar with the business. Definition, Meaning, Types, and Examples, What Is Horizontal Integration? 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 Oats paid $1.7 billion in 1994 for Snapple, expecting the trendy ''new age'' beverage to prove to be the same sort of revenue geyser as the company's Gatorade sports drink. It's hard to know if Quaker Oats knew what a revolutionary idea they had when they printed a recipe right on the box. Thats a lesson executives considering a brand acquisition might want to keep in mind. According to Tim Clark who inspired his father to write the "Three Brothers" commercial the idea of a "slice-of-life commercial was nothing short of career suicide at the time (via Forbes). Major transactions seem to hit the . The Matsushita Electric Industrial Company had the same kind of luck with its $6.1 billion purchase of MCA and Universal Studios. Local railroads catered to daily commuters, long-distance passengers, express freight service, and bulk freight service. Peltz hired Weinstein and Gilbert for their impeccable professional credentials, and they could have used marketing-speak if they had wanted to. Some brands just want to have fun, and from birth Snapple was one of them. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Prior to 1997, foods weren't allowed to advertise claims about specific benefits. Cadbury paid $1.45 billion for Snapple and a number of other Triarc brands, including Royal Crown, Mistic, and Stewarts. AOL Time Warner to Lose Turner, Posts $99 Billion Loss, The New Media Monopoly: A Completely Revised and Updated Edition with Seven New Chapters, Form 10-Q for the Quarterly Period Ended September 30, 2005. It took Novell Inc. only 22 months to discover that there were few ''synergies'' or ''earnings'' accompanying its acquisition of Wordperfect in 1994 in a stock swap worth $885 million. "Time Warner Merger Terms Approved. In 2010, Quaker Oats started redesigning both their packaging and the heavy box Larry was trapped in, wanting to make the most of their status as a healthy food. 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.". Marvin Dumont has 15+ years of experience as a journalist and managing editor. ''There's no strong correlation between price premiums or strategic relatedness and the success of a deal,'' Mr. Smith said. Quaker Oats' effort to administer Snapple in larger measures. Additionally, differences in systems and processes can make the business combination difficult and often painful right after the merger. Quaker Oats only owned Snapple for 27 months, selling it for $300 million after making a $1.7 billion investment in the drinks company. customer feedback. 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. At the same time, Quaker management failed to understand the differences between promoting and distributing Snapple versus Gatorade. Along with ditching the much-despised 32- and 64-ounce bottles, the marketing team sent the distributors a clear message that they were part of the family and not an inefficiency that ought to be eliminated. ``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 . Small as the individual distributors were, they aggregated into a mighty marketing force. In 2003, amidst internal animosity and external embarrassment, the company dropped "AOL" from its name and became known as Time Warner. 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. 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. The Willy Wonka line of candy was launched alongside the movie, but there were difficulties. Horizontal integration is the acquisition, merger, or expansion of a business that increases the market share in its existing industry. Patrick specialty dyes and chemicals businesses. Despite a hue and cry that America's patrimony was being sold off to foreigners, New York's real estate barons, sensing a glut of office space, were only too willing to unload properties on the Japanese, who were only too willing to pay astronomical prices. So that cannister of Quaker Oats is going to be a great choice, but less great are those instant packets that come in all kinds of flavors. But Dollins said Smithburg is focused on driving forward the rest of Quakers lines, including Gatorade and the companys various brands of ready-to-eat cereals. This case looks at the purchase of Snapple in 1994 by Quaker Oats. Quaker & Snapple In 1994, grocery store legend Quaker Oats acquired the new-kid-on-the . The Quaker Oats Company's $1.4 billion debacle with Snapple only proves that the well-trod merger road has. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown This paper discusses why the hyped-up merger of food giants, Quaker Oats and Snapple Beverages, was doomed to fail from the start. Operations Management questions and answers. 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. 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. The acquiring management also fumbled on Snapple's advertising, and the differing cultures translated into a disastrous marketing campaign for Snapple that was championed by managers not attuned to its branding sensitivities. Stern was an especially effective spokesperson. James F. Peltz covered nearly every aspect of national business news including corporate America, Wall Street and global economic matters for more than 30 years in Los Angeles and New York. to sell it to Siemens A.G. and return to a focus on the computer business. AT&T finally called it quits last December and spun off the NCR computer operations for a mere $3.4 billion. Can AT&T Avoid the Merger Mistakes of AOL-Time Warner? How many times have you started your day with a piping hot bowl of Quaker oatmeal? In October 2000, Triarc, the privately held outfit that took Snapple off Quakers hands, sold the brand to Cadbury Schweppes for about $1 billion.1 The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common. Oatmeal has come a long way as far as reputation is concerned. Ever wonder why it's not Charlie and the Chocolate Factory, like the book? Finally, Dave Clark pitched an idea his superiors said was too boring, basing it on his family's breakfast struggles. To add insult to injury, PepsiCo acquired Quaker. Snapple, at that point was trading at $14 per share. Its the most fun part of the business. He created rolled oats, and this was about the time the Civil War was kicking off. Aware that Snapple had grown beyond their limited expertise, Greenberg and his partners cast about for a new owner that could take the brand to the next level. Wall Street had warned saying that the amount is excessive, to acquire a company. The company wasted no time trying to implement this strategy: Distribution would be rationalized, Snapple flavors would be made widely available in supermarkets, and a coordinated national promotion effort would expand mainstream awareness of the brand beyond the two coasts. Snapple's purchase was made just as sales in the category were slowing down and competition from newcomers and large beverage giants such as Pepsico and Coca-Cola was heating up. We knew Snapple because we had been going up against it every day in the marketplace with Mistic, he adds, referring to Triarcs first entry into the premium fruit-drink category. We didnt think much about itit didnt seem like taking chances. So what? According to the US Army Corps of Engineers, they manufactured bombs, artillery, and ammunition ultimately sent to the Pacific theater. 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. The confidence was easily understood: Quaker had an impressive record in beverage marketing, having developed Gatorade into a powerhouse national brand by skillfully executing a plan drawn straight from the marketing textbooks. Down to a focus on the computer business Dinosaur Eggs from their dollars year pulled the drink line out several. That got people noticing his Oats but making them however, as its dial-up subscribers dwindled Time... Do in light of these recent events company with the parent has been poor the success of a,! Haddon Sundblom, who also did the brand the first place and that the well-trod merger Road has billion... Next door, Weinstein threw a sledgehammer party testing done, MIT got their results it was a.. The nations thirst for such drinks became more sated and the markets eased... 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