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.
引用
收藏
页码:54 / 62
页数:9
相关论文
共 50 条
  • [21] m&a
    不详
    A + U-ARCHITECTURE AND URBANISM, 2010, (477): : 110 - 113
  • [22] M&A - AHP seeks a new pharmaceutical match
    Moore, SK
    CHEMICAL WEEK, 2000, 162 (04) : 16 - 16
  • [23] The M&A exit outcomes of new, young firms
    Cotei, Carmen
    Farhat, Joseph
    SMALL BUSINESS ECONOMICS, 2018, 50 (03) : 545 - 567
  • [24] The M&A exit outcomes of new, young firms
    Carmen Cotei
    Joseph Farhat
    Small Business Economics, 2018, 50 : 545 - 567
  • [25] Revisiting M&A research: Introducing a new player
    Bell, SJ
    DATABASE, 1997, 20 (04): : 76 - &
  • [26] How to improve acquisition performance: The role of a dedicated M&A function, M&A learning process, and M&A capability
    Trichterborn, Anja
    Knyphausen-Aufsess, Dodo Zu
    Schweizer, Lars
    STRATEGIC MANAGEMENT JOURNAL, 2016, 37 (04) : 763 - 773
  • [27] M&A Update
    Sanchez, Carol
    Seeber, Christina D.
    Goldberg, Stephen R.
    JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2011, 22 (02): : 9 - 13
  • [28] M&A in the Mideast
    Metwalli, Ali M.
    Tang, Roger Y. W.
    JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2007, 18 (02): : 55 - 66
  • [29] M&A roundup
    Form, 1999,
  • [30] M&A in Japan
    Metwalli, Ali M.
    Tang, Roger Y. W.
    JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2005, 17 (01): : 39 - 46