Meaning & Reasons, Calculation of Merger Effects
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This document discusses the meaning and calculation of merger effects. It defines a merger as the voluntary amalgamation of two firms into a new legal entity. Mergers can be horizontal if the merging entities are competitors, or vertical if they are suppliers/customers. Reasons for mergers include synergy, diversification, eliminating competition, growth, and acquiring resources/skills. The document provides an example calculation. Company X is acquiring Company Y in a stock-for-stock transaction. It calculates the pre-merger EPS, P/E ratios, share exchange ratio, post-merger EPS, and post-merger market price per share for the combined entity based on financial information provided for Companies X and Y.
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- 1. Meaning & Reasons, Calculation of Merger Effects Presentation By: Dhrumil Shah TYBBA Div 1 Roll No.: 600032
- 2. Meaning of Merger • Merger means Voluntary amalgamation of two firms on roughly equal terms into one new legal entity. • The resources of the merging entities are pooled for the benefit of the new entity. • If the merged entities are competitors, the merger is called horizontal integration, if they are supplier or customer etc. of one another, it is called vertical integration.
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- 4. Example 1 X Ltd. is considering to takeover Y Ltd. in a stock for stock transaction. Following information is available for both companies: Required: i. Pre-Merger EPS ii. Pre-Merger P/E Ratio iii. S/E Ratio on the basis of MPS iv. Post Merger EPS v. Post Merger MPS Particulars X Ltd. Y Ltd. Total Earnings (Present) 75,00,000 40,00,000 Existing number of shares 40,00,000 32,00,000 Existing MPS 18.75 7.5
- 5. Particulars X Ltd. Y Ltd. Premerger EPS= Premerger Earnings/Premerger no. of shares 75,00,000/40,00,000 = 1.875 40,00,000/32,00,000 = 1.25 Premerger Price Earning Ratio= Premerger MPS/Premerger EPS 18.75/1.875 = 10 7.5/1.25 = 6 Share Exchange Ratio= MPS of Selling Company/MPS of Purchasing Company 7.5/18.5 = 0.4 -
- 6. Particulars X Ltd. Y Ltd. Post Merger EPS= Post Merger Earnings/Post Merger no. of shares 1,15,00,000/52,80,000 = 2.18 (Post EPS of X Ltd. X S/E) 2.18 X 0.4 = 0.872 Post Merger MPS= P/E ratio × Post merger EPS of purchasing Co. 10 X 2.18 = 21.8 21.8 X 0.4 = 8.72 Working Note 1 Post Merger Earnings= Premerger earnings of X Ltd. & Y Ltd. + Synergy = 75,00,000 + 40,00,000 + 0 = ₹ 1,15,00,000 Working Note 2 Post Merger no. of shares= Premerger no. of shares of X Ltd. + New shares issued = 40,00,000 + 12,80,000 = 52,80,000 shares Working Note 3 New Shares to be issued= Premerger shares of Y Ltd. X Share Exchange Ratio = 32,00,000 X 0.4 = 12,80,000 shares