For most M&A cases, except for simple outright acquisitions, the decisive question seems to be: “Who gets Majority”.
Indeed, under unilateral control and one-dimensional governance, majority control is the all decisive factor. But should it be, really?
One-dimensional approach hinders transactions and destroys added value, and as long as this approach is not overcome, also a 50/50 solution is a risky compromise of two losers (neither of them having obtained 51%) programed for deadlock. This leads to the desperate call: “if we only could have 2×51%!”
Can we not? Well, not in one dimension, but already in two dimensions, we can!
And who has final control then? – Integration!
Is that not too risky and too complicated? Well, think of risks and complications caused by a one-dimensional governance, which require post-merger integration as fix, but in most cases not perfect solution.
Have a look at the below summary of the concept of Multidimensional Governance
and a detailed presentation in English and Japanese