出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：The purpose of the current paper is to elaborate the model for assessing cumulative synergetic effect in M&A(Mergers and Acquisitions)deals on the basis of a real options approach.The majority of papers on the synergetic effects of M&A deals typically focus on a particular type of synergy,while the current paper proposes a model that accounts for the cumulative simultaneous effect of different types of operating and financial synergies.The methodology of our research is loosely based on Datar-Mathews real option valuation model,which is flexible and intuitive for practitioners.Formulae for assessing eight types of synergy typically arising from M&A deals are developed.They are integrated into a single model to assess their cumulative effect on the M&A deal using a simulation modelling approach.The method was used ex post to find synergy values in two recent M&A deals in the pharmaceutical industry,and produced sound results.The proposed approach to value target companies could be used by firms before an M&A deal in the due diligence process.Using this tool a company can build a bidding strategy and define the maximum premium it can pay for the target.
