In October 2025, DoorDash dropped $3.9 billion for Deliveroo. In one move, they jumped from 30 to 40 countries across Europe, the Middle East, and Asia.

The logic is compelling: combine DoorDash's technology and deep capital reserves with Deliveroo's localized restaurant relationships and rider networks, and replicate in nine untapped countries the playbook that secured their US dominance by building strong local order density.

But there is a catch.

DoorDash built its US monopoly in fragmented suburban markets with gig-friendly labor laws. European markets are fundamentally different. Countries like the UK and France are dominated by multi-homing consumers and hostile regulatory regimes that threaten to break the underlying unit economics of the rider network.

In this episode of Glenshore Perspectives, we examine if DoorDash can succeed in a massive cross-border challenge. Asset complementarity on a spreadsheet is one thing. Surviving different consumer cultures and hostile regulatory regimes is another.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/doordash-acquired-deliveroo-to-build-a-global-food-delivery-empire-who-said-profitability

Date of recording: 27 March 2026

Disclaimer: The analysis contained herein reflects publicly available information as of the date of publication, sourced from official filings, academic literature, and verified secondary sources without the use of proprietary or non-public data. The views expressed are those of Glenshore and are provided solely for informational and educational purposes; they do not constitute investment or financial advice, nor a recommendation to take any particular action. This material may contain forward-looking statements, and past performance is not indicative of future results. Glenshore makes no representations or warranties regarding the accuracy or completeness of this information and disclaims any liability for reliance upon it for any purpose. Any third-party organization mentioned is the property of its respective company and is used strictly for identification purposes. This material may not be copied, distributed, published, or reproduced in whole or in part without the express written consent of Glenshore.

© 2026 Glenshore Limited. All Rights Reserved.

In July 2025, JD.com (CEO Sandy Ran Xu) announced a €2.2 billion cash offer for Ceconomy AG (CEO Kai-Ulrich Deissner). By absorbing the company's net debt, the deal carries a total enterprise value of €4.0 billion, giving JD.com majority control of Europe's largest dedicated consumer electronics store network, spanning over 1,000 stores across 11 countries.

The logic is compelling: combine JD.com's world-class logistics technology and supply chain automation with Ceconomy's massive physical footprint and deep consumer trust, offer European shoppers an omnichannel experience no competitor can match, and finally bridge the gap between Amazon-level convenience and advisory-led physical retail.

But there is a catch.

In 1997 and 2007, retail giants like Walmart (in Germany) and Tesco (in the US) followed similar cross-border M&A playbooks, attempting to transplant domestic operating efficiencies into foreign environments. They failed, wrote off billions, and eventually exited the markets entirely.

In this episode of Glenshore Perspectives podcast, we examine whether JD.com + Ceconomy can avoid that fate. This is more than a story about consumer electronics. It is about whether asset complementarity on a spreadsheet can survive contact with eleven distinct European labor markets, strict data regulations, and the complex human-capital challenge of cultural integration.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/jdcom-acquires-ceconomy-in-the-first-chinese-takeover-of-a-major-european-retailer

Companies spend more than $3 trillion on acquisitions every year. Between 70% and 90% of them fail to deliver the value their buyers expected. That failure rate has held steady for decades.

Clayton Christensen proposed an explanation. There are two fundamentally different types of acquisition. One buys resources to plug into existing operations. The other buys a way of operating. Each requires a different integration approach, a different price logic, and a different governance structure after closing.

Most acquirers do not make this distinction as clearly, misclassify the deal type, select the wrong integration approach, and destroy precisely what made the target valuable. Depending on the mistake, this could lead to overpayment... or underpayment.

The framework Christensen proposed remains one of the most cited in the M&A literature, and, from experience, one of the least applied in practice.

In this episode of Glenshore Perspectives, we examine errors this framework highlights, and what it means for business leaders on both sides of an M&A transaction. In particular, what determines whether the business survives the deal.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/mergers-and-acquisitions-why-acquirers-overpay-for-one-type-of-deal-and-underpay-for-another

In 2010, Japan Airlines collapsed. It was the largest bankruptcy in Japanese history, carrying $25B in liabilities.

To save it, the government called a 77-year-old retired billionaire with zero experience in the aviation industry, who also happened to be an ordained Zen priest: Kazuo Inamori.

He took the role for a $0 salary, signaling to the workforce that this was an act of service, not personal ambition.

He rewrote the company's purpose around employee wellbeing and service to society.

He introduced his "Amoeba Management System", turning every department into an autonomous business unit.

Within three years, JAL became the most profitable airline in the world, and its IPO was the second largest of the year, trailing only Facebook.

In this episode of Glenshore Perspectives, we dive into this legendary business turnaround.

1. The Business Leader: Kazuo Inamori, who built two Fortune Global 500 companies before turning to Zen Buddhism

2. The Decision: Coming out of retirement at 77, driven by a responsibility to protect 32,000 remaining employees

3. The Outcome: From the largest bankruptcy in Japanese history to the most profitable airline in the world

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/kazuo-inamori-and-japan-airlines-turnaround-a-masterclass-in-legacy-led-management

In December 2024, Swisscom (CEO Christoph Aeschlimann) completed its €8 billion acquisition of Vodafone Italia from Vodafone Group (CEO Margherita Della Valle), merging it with its subsidiary Fastweb. The deal created Italy's largest mobile operator and its first truly converged fixed-mobile challenger at national scale.

The logic is compelling: combine Fastweb's fiber network with Vodafone's most awarded mobile network, offer Italian businesses and consumers something no competitor can, and escape the price war that has been destroying margins for a decade.

But there is a catch.

In 2016, the Wind-Tre merger followed the same M&A playbook in the same market, with similarly promising synergies. It failed. French group Iliad entered, prices collapsed further, and billions in value evaporated.

In this episode of Glenshore Perspectives, we look at whether Fastweb + Vodafone can avoid that fate. This is more than a story about telecommunications, it is about whether asset complementarity on a spreadsheet can survive contact with cultural integration, competitive retaliation, and a market that punishes sub-scale operators.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/the-8-billion-bet-when-swisscom-went-all-in-on-italys-most-brutal-market-through-the-acquisition-of-vodafone-italia

In 2012, George Lucas sold Lucasfilm, the production company behind Star Wars and Indiana Jones, to Disney for $4 billion. It was intended as a thoughtful succession: handing over his life's work to ensure it endured, while he retired to focus on family and philanthropy.

Sequels grossed billions, Disney+ surged from The Mandalorian (2020), and Lucas's Disney shares ballooned to an estimated $7 billion by 2021.

But there was a painful personal reality.

Lucas watched his singular creative vision unravel under committee-driven decisions, resulting in declining box office returns, flops like Solo: A Star Wars Story (2018), and his public expressions of deep regret, including his famous comparison to "selling his kids to the white slavers."

This wasn't about the money but the stark clash between a founder's coherent vision and a public company's drive for shareholder returns, that ultimately backfired.

In this episode of Glenshore Perspectives, we dive into this iconic deal as a cautionary tale for any business leader contemplating an exit or succession.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/george-lucas-and-lucasfilm-succession-a-cautionary-tale-of-mergers-and-acquisitions

The proposed merger between Union Pacific (CEO Jim Vena) and Norfolk Southern (CEO Mark George) promises to create the first true coast-to-coast U.S. freight railroad since the line was built in 1869.

It aims to eliminate delays at interchange points like Chicago and Memphis. It would cut transit times by 24-48 hours and move freight from trucks back to rail.

But there is a catch.

Every major U.S. railroad merger over the last 30 years has ended in serious operational problems: gridlock, IT failures, service breakdowns, and billions in lost value.

In this episode of Glenshore Perspectives, we look at whether this $85 billion deal can avoid the same fate. This is more than a story about railroads. It is about whether a deal that makes sense on paper can survive contact with operational reality.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/the-85-billion-bet-can-union-pacific-and-norfolk-southern-defy-the-graveyard-of-us-railroad-mergers

After the champagne has popped and the wire has cleared, many business leaders discover something far more painful than a low valuation.

According to Exit Planning Institute research, 75% of owners who successfully exit experience profound regret within the first year. Not because they sold for too little, but because the company they built slowly unravels under new ownership. The transaction liquidates their life's work. This is seller's remorse.

For founders and family business owners contemplating a sale, the choice is stark: execute an exit, or steward a succession?

One extracts maximum value today. The other ensures what you built continues to thrive, guided by hands you deliberately chose.

We examine why seller's remorse is structural in the standard M&A playbook, not accidental, and how responsible advisors and sellers can avoid it.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/sellers-remorse-the-hidden-cost-of-prioritizing-exit-over-succession-in-mergers-and-acquisitions

Date of recording: 28 January 2026

The views expressed in this episode are those of Glenshore and are provided for informational and educational purposes only. They do not constitute investment advice, financial advice, or a recommendation to take any particular action. This material may contain forward-looking statements. Past performance is not indicative of future results. Glenshore makes no representations or warranties, express or implied, as to the accuracy or completeness of the information provided and disclaims any liability for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates and is used strictly for informational and identification purposes only. This material should not be copied, distributed, published, or reproduced in whole or in part without the express written consent of Glenshore.

© 2026 Glenshore Limited. All Rights Reserved.

In September 2022, Patagonia founder Yvon Chouinard faced the universal dilemma of every purpose-driven founder: how to step away from a company built over five decades without destroying the mission that defined it. Rather than pursuing a competitive auction or IPO, Chouinard transferred 98% of the company's stock to the Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis, and placed voting control in the Patagonia Purpose Trust.

The logic is radical: remove the company entirely from the gravitational pull of the standard M&A playbook, where price dominates, integration erodes culture, and 70% of transactions still destroy value after closing.

But this is not just a feel-good story.

Chouinard's decision was a deliberate rejection of the winner's curse, the dynamic where the highest bidder, having overpaid, is forced to cut the very capabilities that made the asset valuable. By forgoing an auction entirely, he ensured that Patagonia's culture of activism, its employee loyalty, and its environmental mission would remain the cornerstone of continuity rather than casualties of post-closing synergy targets.

In this episode of Glenshore Perspectives, we look at what Chouinard's succession means for business leaders facing their own transitions. This is more than a story about outdoor apparel. It is about whether founders can design exits that honour the human adventure of their business, and whether stewardship can coexist with financial health in an era of record M&A activity.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/yvon-chouinards-patagonia-succession-a-legacy-first-approach-to-mergers-and-acquisitions

In March 2025, Alphabet (CEO Sundar Pichai) completed its $32 billion acquisition of cloud security unicorn Wiz (CEO Assaf Rappaport), the largest cybersecurity deal in history. The move is designed to transform Google Cloud into the security dashboard for every enterprise's multi-cloud and AI strategy, closing the gap with AWS and Azure.

The logic is compelling: combine Google's infrastructure and Mandiant's incident response capabilities with Wiz's agentless scanning technology, and offer enterprises a unified security layer across every cloud environment.

But there is a catch.

Wiz's greatest commercial asset has been its vendor neutrality — trusted by 40% of the Fortune 100 precisely because it favoured no single cloud provider. That neutrality evaporates the moment it becomes a Google subsidiary. And at a 40–50x forward revenue multiple, Alphabet has removed its own margin for error, creating enormous pressure to integrate aggressively — the very thing most likely to destroy what made Wiz valuable in the first place.

In this episode of Glenshore Perspectives, we look at whether Alphabet can defy the structural forces of the Winner's Curse. This is more than a story about cloud security — it is about the M&A Paradox: when the cost of winning the auction forces the buyer to dismantle the asset they fought so hard to acquire.

This podcast episode is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/the-32-billion-bet-alphabets-acquisition-of-wiz-and-the-high-cost-of-the-winners-curse