Проблеми при оценка на стойността на синергията при сливания и придобивания
Problems in assessing the value of synergy in mergers and acquisitions

Author(s): Ralitsa Dimitrova
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration
Published by: Нов български университет
Keywords: synergy; company value; control premium; agency conflict; hubris
Summary/Abstract: The report examines the problems arising in assessing the value of synergy effects in the course of M&A transactions, as a leading reason for the high market premiums recorded and the failure of these types of business transactions. The main types of synergy depending on the source and their manifestation are presented, as well as a methodology for assessing the value of the synergy. Four main sets of problems are outlined – errors in estimating the value of the target company, biased valuation due to conflicts of interest, managerial hubris and failed integration planning.

• Details
• Contents