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Merger dan akuisisi
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Merger dan akuisisi

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  • 1. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram MERGER DAN AKUISISI •Pengertian Merger dan Akuisisi • Hostile Vs Friendly Takeovers •Penilaian perusahaan dalam kasus merger •Aliansi korporat; LBO’s dan Divestasi
  • 2. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram apaan sich??? Bergabungnya 2 atau lebih perusahaan ke dalam satu perusahaan
  • 3. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram Alasan yang mendasari dilakukannya merger:  Sinergi  Operating economies  Financial economies  Differential efficiency  Increased market power  Pertimbangan pajak  Pertimbangan replacement cost  Diversifikasi Usaha  Insentif pribadi manajer
  • 4. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram Jenis-jenis merger  Horizontal  Vertical  Congeneric  Conglomerate
  • 5. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram Persh. A Persh. A Persh. B Persh. B
  • 6. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram Jenis-jenis akuisisi:  Hostile takeover  Friendly takeover
  • 7. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram  Book Value  Appraisal Value  Stock Market Value  Cash flow Value
  • 8. Rahmasari Fahria Fakultas EkonomiUniversitas Mataram Langkah-langkah melakukan penilaian perusahaan dengan pendekatan cash flow value:  Buatlah proyeksi arus kas incremental (selisih arus kas setelah merger dikurangi arus kas perusahaan target sebelum merger)  Tentukan periode arus kas tidak stabil dan periode arus kas dapat tumbuh secara konstan (sebesar, g).  Tentukan tingkat diskonto (discount rate) yang digunakan untuk menghitung present value setiap arus kas  Hitung present value masing-masing arus kas  Bagi total present value dengan jumlah lembar saham perusahaan target yang beredar.