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The four‐part framework described by the authors can help boards of directors to better focus their time and energy to provide substantial value to the M&A process. High standards for value creation; grounded, quantified strategic benefits; an integration focus on high‐value opportunities with clear accountability for delivering them; and a common management model are the key determinants of a successful deal. This framework can help boards add value to the M&A process. Moreover, it can help top executives to be more effective in evaluating and managing deals and more efficient in interacting with their boards.

This case traces Under Armour from its founding in 1996 through 2008 when the company entered the hyper-competitive non-cleated athletic footwear market. In 1996, with an innovative product and locker room access to college and pro players, Kevin Plank started Under Armour. He turned a struggling t-shirt company into a dominant player capturing 75% of the performance apparel market. In 2006, Under Armour successfully entered the athletic footwear market with a line of football cleats. Under Armour was the first company to disrupt Nike's dominance of the football cleat market by gaining 25% of the market within a year of introduction. In 2008, Under Armour entered the non-cleated athletic footwear market with a cross-trainer sneaker line and a $4.4 million Super Bowl ad. Unlike prior introductions, Nike responded aggressively to Under Armour's move into sneakers. Despite increased sales, Under Armour's costs increased, and profits and stock price decreased. The case concludes by asking students to evaluate Under Armour's next move. An extensive exhibit provides an overview of the athletic footwear industry in 2008.

Shareholder value is “in,” but most companies must take their game to the next level to deliver on this renewed promise.

For well over three decades, the concepts of equity and efficiency have been used by policy analysts and elected officials to frame the debate about the formulation and evaluation of public policies and programs. In this paper we use these ideas to organize an historical analysis of policies and research strategies in K‐12 education finance from the 1960s through the 1990s. In each decade we stress the dominant themes, major events, and research strategies regarding equity and efficiency, knowing that themes and research strategies span many decades but are sometimes in the foreground and other times in the background. We conclude with an assessment of how these two concepts can be compatible and how current policies are increasingly “win‐win” ones that are proposed to make progress on both goals.

Over the last two decades, Under Armour (UA) has emerged from being the “underdog” in the sports apparel and footwear industry to being a leader in the industry, with a fierce attention to performance and great skill at picking up-and-coming athletes who emerge as superstars. This case underscores its administrative heritage, competitive strategy, and growth potential as a global player in a highly competitive industry. It addresses the tension between being a performance brand while launching lines for women vs technology applications and conflicts between its growth strategy and macro-economic forces. It highlights areas in which it has succeeded against macro-economic forces and where it has not.

The research relies primarily on secondary sources and countless studies of UA and its major competitors. Primary research is based on databases, videos of UA’s Chief Executive Officer, Kevin Plank, and articles from Bloomberg to The Baltimore Sun (UA’s headquarters) on the history, growth and future of UA. It also includes observations and site visits to one of its signature brand house stores as well as intensive research and directed studies with students in the USA and China.

The case can be applied to undergraduate, graduate or executive business classes in: business policy and strategy; general management; (sports) marketing; leadership or organisational behaviour classes.

Other concentrated milk products are evaporated or condensed milks. These do serve as direct substitutes for the original, simply by the restoration of the original amount of water content. Large shipments of these products are going forward regularly from Canada and the United States to Great Britain. The next logical step in the process is the complete dehydration into powdered form. This has been an expanding industry in recent years. Milk in powdered form occupies only about one‐quarter of the space taken by evaporated milk and approximately one‐eleventh of the volume of the original fluid milk. Experiments are now under way in Canada to make further economies. Dried milk is usually packed in tins or small containers, in loose powder form. Half a ton of milk was recently sent from Ontario to Great Britain in the form of solid blocks, packed in large cartons. If these experiments are successful further important economies in shipping space will result. The drying of eggs has until last year only been incidentally carried on in this continent, and industries using dried eggs have depended upon China for their supply. The cutting off of this source and spectacular demand for military use and overseas shipment have resulted in a tremendous increase in output. In 1939 the United States egg‐drying industry prepared only 10 million pounds of dried egg products. By 1941 this had been increased to 45 million pounds, and it has been estimated that output in 1942 will reach 150 million pounds. Some fear has been expressed that the present expansion in the industry will have severe repercussions, when conditions of normal supply and demand are restored after the war. It should be noted, however, that production of this year's quota will involve operation of the plants twenty‐four hours a day throughout the year and that the industry can go back to a peacetime operation with an eight‐hour day and a four‐month season. On this basis output would be only 17 million pounds per annum, or slightly larger than pre‐war consumption in the United States. Egg drying in Canada has also begun to expand. During 1941 we delivered 15 million dozen eggs to Great Britain. These eggs were shipped in the shell, and owing to shipping delays their condition upon arrival was not always satisfactory. Egg deliveries to Great Britain in 1942 are expected to reach 45 million dozen eggs, and since February 7th all of these have been shipped in the dried form. Although the drying capacity in Canada has been sharply increased it is not yet capable of handling all the eggs available at the period of peak production and the surplus eggs are being packed for future processing. While there has been a substantial growth in the processing of milk and eggs by dehydration, the industry which has received the greatest publicity and aroused most public interest is the dehydration of vegetables. During the World War of 1914–18 a substantial quantity of dehydrated vegetables was prepared and shipped to Europe, primarily for the use of United States armed forces. These were not popular; in general they tasted like anything but vegetables, and the kindest description of their flavour was that it resembled hay. The industry died away at the end of the war almost as rapidly as it had risen. The last few years, however, have seen a revival of interest and of operation in the dehydrated vegetable industry. This revival has, curiously enough, been based upon discoveries made in research for a rival, the quick‐frozen food industry. In the earlier days of the latter industry the same problem of hay‐like flavour arose. Research indicated that this was due to activity of enzymes—those curious biological catalysts present in all living matter without which the chemical changes necessary for its existence could not take place. It was discovered by pioneers in the frozen food industry that a pre‐heating or “blanching” process immediately prior to freezing prevented activity of the enzymes during the period when the food remained frozen. As a result of the lack of chemical change the flavour remained unaffected. It is thus against the background of this research rather than as a result of immediate war demands that the dehydrated vegetable industry has so far had its development. For a number of years the industry in the United States has been slowly growing, and a survey conducted last year by the United States Department of Commerce indicated that fifteen commercial plants produced slightly less than 5 million pounds of dehydrated vegetables in 1940. Nearly two‐thirds of the output was in the form of powders to be used for seasoning, including such highly flavoured vegetables as onions, celery and red peppers. The remainder of the output was either in the form of mixed vegetables which, combined with animal protein and flavourings, make up the now familiar packaged soups. There has also been, however, a relatively substantial volume of production for dehydration and use in the form of the original vegetable. One company in fact has specialised in the production of potato shreds which permit the preparation of mashed potatoes in five minutes. The greater part of the output was purchased by hotels, restaurants and other large organisations where convenience in use was a major factor. The direct sale to individual consumers was only in the preliminary stages. The increased demand for food products in the United States, both for the armed forces and for shipment abroad under “lease‐lend,” has aroused an intense interest in the industry. The United States Department of Agriculture announced at the beginning of June a programme of technical assistance and priorities on materials for food processors desirous of converting their plants. Compared with the fifteen plants producing 5,000,000 pounds in 1940, there are now reported to be 113 companies operating dehydration plants, with an aggregate annual production of 125,000,000 pounds. Potential demand may be measured by the fact that if dehydrated potatoes were served to the men in the United States army only once a week it would require 7 million pounds of finished product per annum of this vegetable alone. The types of dehydrated vegetables most in demand are potatoes, onions, cabbages, carrots, beets and tomatoes. The important factor in all these products is quality. Dehydration is not a process for getting rid of second‐grade products. One successful operator has found that green peas for dehydration should be of approximately the same quality as those used for quick‐freezing, and must be better than the average quality of peas canned. If the product is to be restored to anything like palatable flavour and texture the flavour must be there to begin with. During recent months the Canadian Government has been actively encouraging experimental work in the dehydration of vegetables.