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The Estimation of M&A Synergies: A New Approach
被引:1
|作者:
Pereiro, Luis E.
[1
,2
]
机构:
[1] Univ Torcuato Di Tella, Corp Finance, Buenos Aires, DF, Argentina
[2] HEC Paris Sch Management France, Paris, France
来源:
JOURNAL OF CORPORATE ACCOUNTING AND FINANCE
|
2018年
/
29卷
/
04期
关键词:
D O I:
10.1002/jcaf.22364
中图分类号:
F8 [财政、金融];
学科分类号:
0202 ;
摘要:
Merger and acquisition synergies are not a black box: they can be deconstructed, triangulated, and simulated to assess the odds that an acquirer is about to overpay for a target. We discuss three classic techniques of synergy estimation and introduce a novel one: incremental economic value added-the only method that can accurately gauge by how much a specific bidder can improve the performance of a prospective target. We illustrate how to combine the four techniques via simulation by examining AmerisourceBergen's bid in 2014 to acquire Profarma, a Brazilian drug wholesaler. (c) 2019 Wiley Periodicals, Inc.
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页码:54 / 62
页数:9
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