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Legal Figure 1: Challenges of synergy valuation Pre-Closing Post-Closing 1 Source: RölfsPartner Acquisition Goals Strategic motivation / “deal logic” 4 5 Bottom-Up Evaluation of Synergies Sales synergies Synergy potentials Realisable synergies Post-merger integration as a starting point for realisation of synergies At post-closing it is often misleadingly assumed that anticipated synergy potentials automatically arise and thus help the companies involved to create additional value. Although during a pre-closing phase, synergy potentials are often determined in a theoretically correct way, in the course of integration they are either not exhausted in full, only with a delay or not at all. This can be regularly attributed to a lack of responsibility, the number of staff assigned to realising synergy potentials or employees are busy running the daily business. Occasionally, the assigned teams also lack the specific competence and experience to successfully enforce the actual realisation of synergies. This requires a synergy management team solving the problem of realising synergies by consistently defining and implementing, as well as constantly monitoring, the necessary measures. Synergy controlling also has to enforce appropriate amendments, if required. Accordingly, efficient Page 66 Deutsches Eigenkapitalforum 2012 2 Stand-alone (buyer's perspective) Top-Down Valuation of Synergies Quantification of synergy potentials (financial, cost and market synergies) Unreal synergies Real synergies Real individual synergies Synergy Management Transfer into a quantifiable controlling system (synergy management) synergy management ought to take into account the following aspects: • Determination of objectives and responsibilities • Assignment of detailed measures to each identified synergy potential • Application of a stringent implementation controlling process • Integration into an existing incentive system Summary 6 3 Determination of Purchase Price Net synergy value Stand-alone (buyer's perspective) Goodwill Assets Risk premiums Realisation of Synergies Purchase price allocation (closing) Buyer’s subjective value Impairment Accurately assessing synergies is regularly a challenging task in the M&A process, as forecasting synergy effects is complex and, indeed, unique to each M&A transaction. In many cases the success of a transaction is significantly determined by evaluating synergies with a sense of proportion concerning the probability of realisation, defining an appropriate acquisition premium, as well as con sistently implementing an efficient synergy management process. t 1 Negotiation result ? Purchase price t 2
Transparenz ist der Anfang eines jeden erfolgreichen Investments. Unsere Leistungen: Unternehmensanalyse Kapitalmarktberatung Kapitalmarktkonferenzen Kontakt: GBC AG .Tel.: +49 821 241133-0 anleihe@gbc-ag.de . www.gbc-ag.de Sie wollen auch eine erfolgreiche Unternehmensanleihe begeben? Sprechen Sie uns an!
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