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Legal Synergy potentials versus synergy effects Valuation of synergies as a key challenge within the M&A process Synergies are usually already emphasised during the initial stage of an M&A transaction. However, many executives use synergies to demonstrate the strategic value of an M&A transaction incorporating potential synergies. It is indeed one aspect to define synergy potentials. Much more important is the question as to how synergies may be valued and finally be realised. Synergy potentials versus synergy effects Ambitious synergy forecasts, as well as insufficient consideration of negative synergies, often result in an increased purchase price and an increased acquisition premium respectively. Thus, these forecasts increase pressure to realise synergies at the post-closing stage to avoid goodwill impairment. It is therefore important to guarantee that synergies do not only serve to justify a potential transaction in the absence of a substantial transaction rationale, but can indeed be verified. Identification and quantification of synergy potentials Based on the defined acquisition goals and after submission of the indicative offer, the potential buyer is usually granted access to a data room in the due diligence phase. During this phase, one of the key purposes of a transaction is to determine the overall P&L impact from positive and negative synergies. This task can often be challenging due to often incomplete information and demanding time constraints. Synergy potentials are identified based on complementarities (e.g. similar input factors, comparable vertical range of manufacturing, overlapping product portfolios, duplicated support sectors), which may either be realised by any buyer (“unreal synergies”) or by a few buyers (“real synergies”) or even by only one specific buyer (“real individual synergies”). The operationalisation and quantification of the identified synergy potentials and their impacts (measurability) on the respective profit and loss items are carried out in a next step. The acquisition premium increases if the valuation of the synergy potentials and the determination of the overall P&L impact were based on optimistic estimates during pre- Page 64 Deutsches Eigenkapitalforum 2012 Markus Kurzhals, Partner and Head of Transactions & Advisory, Competence Center Transactions, RoelfsPartner Andre Gildemeister, Senior, Competence Center Transactions, RoelfsPartner closing. In this context, it constitutes another problem that the acquisition premium must be paid in advance, whereas the net synergy value (balance from positive and negative synergies) must still be generated and realised both within an inde finite future term. Evaluation of synergies in post-closing After the transaction has been closed, the synergies are evaluated based on complete information. At this stage, the evaluated synergy potentials and findings from the due diligence (“pre-closing”) are evaluated utilising extensive information and direct access to the decision-makers of the acquired company, such that inaccuracies from the due diligence can be overcome and further potential hidden synergies can be identified. Additionally, events that trigger goodwill impairment, such as overestimated synergy potentials, negative synergies that were not taken into consideration (e.g. losses from shrinking volumes and customer losses), as well as deviations from synergy potentials quantified in the due diligence, may be identified during the post-closing evaluation. As a result, following the evaluation (a) individual measures are assigned to each identified synergy potential, (b) potential overlaps in measures are examined and (c) transferred into a quantifiable controlling system (synergy management).
Als Pionier im Mittelstandsmarkt ist youmex seit 2010 mit einem Platzierungsvolumen von über 300 Millionen Euro am Erfolg von über 20 Mittelstandsanleihen in Deutschland beteiligt. Damit ist youmex führend im Markt der Mittelstandsanleihen. Mehr Informationen fi nden Sie auf www.youmex.de/de/mittelstandsanleihen/ Auszug unserer Referenzen: September 2012 KTG Energie AG EUR 25.000.000 Inhaberschuldverschreibung Sales Agent Juni 2012 Steilmann-Boecker Fashion Point GmbH & Co. KG EUR 23.000.000 Inhaberschuldverschreibung Lead Manager Juni 2011 KTG Agrar AG EUR 100.000.000 Inhaberschuldverschreibung II Lead Institutional Sales youmex Invest AG, Taunusanlage 19, 60325 Frankfurt / Germany, +49 69 50 50 45 000, www.youmex.de Stellen Sie Ihren Wettbewerb in den Schatten Unternehmenswachstum vom Kapitalmarkt. Wir sind Ihr Spezialist für Mittelstandsanleihen! Dezember 2010 S.A.G. Solarstrom AG EUR 25.000.000 Inhaberschuldverschreibung Lead Manager September 2010 KTG Agrar AG EUR 50.000.000 Inhaberschuldverschreibung Lead Institutional Sales
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