I’ve been involved in mergers and acquisitions for decades, and I used to run an acquisition cleanup team while at IBM. I’ve seen so many bad acquisitions that it is generally far easier to point out the good ones. What is somewhat ironic, given my background, is that the best largely have been executed by Dell, using a process initially developed by IBM. One of the most painful mergers I was involved with was the one between HP and Compaq — which I aggressively tried to kill, fearing neither firm would survive it intact.