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MERGER DAN AKUISIS (white version)

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(1)

CORPORATE

RESTRUCTURE

mustikalukmanarief

(2)

DEFINISI

Corporate restructuring includes the activities

involving expansion or contraction of a frm’s operations or changes in its asset or fnancial (ownership) structure.

Jenis-jenisnya adalah :

1. Merger, Akuisisi, Konsolidasi 2. LBO

(3)

1. MERGER

(4)

DEFINISI

MERGER ADALAH

the combination

of two or more frms, in which the

resulting frm maintains the identity

of one of the frms, usually the larger

one.

The

surviving company

(5)

JENIS-JENIS MERGER

A friendly merger is a merger transaction endorsed by the

target frm’s management, approved by its stockholders, and easily consummated.

A hostile merger is a merger not supported by the target

frm’s management, forcing the acquuiring company to gain control of the frm by buying shares in the marketplace.

A strategic merger is a transaction undertaken to achieve

(6)

A

financial merger

is a merger transaction

undertaken with the goal of restructuring

the acquuired (merged) company to

(7)

MOTIVASI MELAKUKAN

MERGER/AKUISISI

Merger dan Akuisisi merupakan external growth

strategy

Motivasi melakukannya adalah :

rapid growth in size of market share or diversification in

their range of products

to achieve synergy in operationsto enhance their fund-raising ability

to increase managerial skill or technologyto acquuire the target’s tax loss carryforward

provide the owners of the small frm(s) with greater liquiditya defense by taking on additional debt, eliminating its

desirability as an acquuisition.

(8)

1. The horizontal merger is a merger of two firms in the sale line of business.

2. A vertical merger is a merger in which a firm acquires a supplier or a customer.

3. A congeneric merger is a merger in which one firm acquires another firm that is in the same general

industry but neither in the same line of business not a supplier or a customer.

4. Finally, a conglomerate merger is a merger combining firms in unrelated businesses.

(9)

PROSES PERSETUJUAN MERGER DAN

AKUISISI

I.

Perencanaan

1. Identifkas Awal 2. Screening

II.

Proses

3. Penawaran Formal 4. Due Diligence

5. Negosiasi / Deal (ada kmgknan Tender Ofer) 6. Closing (penutupsn transaksi M/A)

III. Pasca Akuisisi

(10)

TAKTIK DEFENSIF DAN

HOSTILE TAKEOVER

Alternatif Reaksi Manajemen target

company terhadap Penawaran M/A

1. Friendly takeover

2. Unfriendly takeover,

Acquuired company dpt melakukan

(11)

TEKNIK DEFENSIF Prefentif (pre-bid)

Cara yang ditempuh oleh target

company

Teknik Rekayasa Finansial

Peningkatan kinerja perusahaan

Perubahan Anggaran Dasar (Shark

Repellent)

Golden ParachutDual Class Share

(12)

TAKTIK DEFENSIF

Teknik Aktif (post ofer)

1. PacMans Defense,

2. Share Premium Buy back (Green Mail)

3. White Knight,

4. Selling the crown Jewels,

5. Poisson Pill,

6. Standstill Agreement,

7. Liability Restructuring

8. LBO, MBO (Going Private)

9. Golden Handcufs

10. Just Say NO

11. Ligitation

Agresif

Defensif

(13)

Analyzing and Negotiating Mergers

Acquisition of Assets

Clark Company, a manufacturer of electrical transformers,

is interested in acquiring certain fixed assets of Noble

Company, an industrial electronics firm. Noble Company,

which has tax loss carryforwards from losses over the

past 5 years, is interested in selling out, but wishes to sell

out entirely, rather than selling only certain fixed assets.

(14)

MENENTUKAN NILAI

PERUSAHAAN

1. Book Value

2. Appraisal Value

3. Stock Market Value (premium

10-20%)

(15)
(16)

Analyzing and Negotiating Mergers

Acquisition of Assets

Clark Company needs only machines B and C and the land and buildings. However, it has made inquiries and arranged to sell the accounts receivable, inventories, and Machine A for $23,000. Because there is also $20,000 in cash, Clark will get $25,000 for the excess assets.

Noble wants $100,000 for the entire company, which

means Clark will have to pay the firm’s creditors $80,000 and its owners $20,000. The actual outlay required for

(17)

Analyzing and Negotiating Mergers

Acquisition of Assets

The after-tax cash inflows that are expected to result from the new assets and applicable tax losses are $14,000 per year for the next five years. The NPV is calculated as

(18)
(19)
(20)

LBO = LEVERAGE BUYOUT

is an acquuisition techniquue involving the use

of a large amount of debt to purchase a

frm.

LBOs are a good example of a

financial

merger

undertaken to create a high-debt

(21)

Candidate for acquuisition through an LBO should possess three basic attributes:

1. It must have a good position in its industry

with a solid proft history and reasonable expectations of growth.

2. It should have a relatively low level of debt

and a high level of “bankable” assets that can be used as loan collateral.

3. It must have stable and predictable cash

(22)

3. DIVESTITURE

(23)

DEFINISI

A divestiture is the selling an operating unit for various

strategic motives or

An operating unit is a part of a business, such as a plant, division, product line, or subsidiary, that contributes to the actual operations of the frm.

Contoh : Chrysler Amerika menjual divisi AC, menjual pabrik di

luar Amerika, menjual divisi kapal pesiar, menjual binis pertahanan

A divestiture is eliminating a division or subsidiary

(24)

The

goal of divesting

is to create a more lean and focused

operation that will enhance the efciency

and proftability of the frm to enhance

(25)

Motivasi

1. Kembali ke kompetensi Inti

2. Menghindari sinergi negatif

3. Unit tidak menguntungkan secara

ekonomis

4. Kesulitan Keuangan

5. Perubahan strategi perusahaan

6. Memperoleh tambahan dana

7. Mendapatkan uang kas

8. Alasan individu pemegang saham

9. Permintaan Pemerintah

(26)

MOTIVASI MELAKUKAN

DIVESTITURE

1. to generate cash for expansion of other

product lines,

2. to get rid of a poorly performing operation,

3. to streamline the corporation, or

(27)

Divestasi

Spin-Off or

Split-up

Carve-outs

Asset Sales

Is a new, independent company

Created by detaching part of a Parent company assets and operations

Shares in the new company are

distributed to parent company’s shareholder

are similar to spin-off,

except that shares in the new company are not giving to existing

shareholders but are sold in public offering

Most are still controlled by

parent with majority ownership 80%

Some times, coy

(28)

PRIVATIZATION

is a sale of government-owned company

to private investors.

Thailand privatizers Thai Airways (2003)

Pakistan sells majority stake in Habib Banks

(2004)

Germany privatizes Postbank (June 2004)Etc

Privatization will raise enormous sums of

selling governments

Most privatizations are more like carve-out

(29)

Motives for Privatization

Increase efciency

Share ownership

(30)

TEORI RESTRUKTURISASI

Weston Copeland p. 615

1. Manjemen yang tidak efsien 2. Sinergi operasi

3. Sinergi keuangan

4. Penyusunan kembali strategi 5. Penilaian terlalu rendah

6. Informasi dan pemberian signal

7. Masalah keagenan dan manajerialisme 8. Penyusunan kembali insentif manajerial 9. Kutukan bagi pemenang – kesombongan 10. Kekuatan Pasar

(31)
(32)

TYPES OF BUSINESS FAILURE

1. Technical Insolvency : is business failure

that occurs when a frm is unable to pay

its liabilities as they come due.

2. Bankruptc

y is business failure that occurs

when a frm’s liabilities exceed the fair

(33)

Bankruptcy

Bankruptcy

in the legal sense occurs when

the frm cannot pay its bills or when its

liabilities exceed the fair market value of

its assets.

However, creditors generally attempt to

(34)

MAJOR CAUSES

1. The primary cause of failure is mismanagement,

which accounts for more than 50% of all cases.

2. Economic activity -- especially during economic

downturns -- can contribute to the failure of the

frm.

3. Finally, business failure may result from

corporate maturity because frms, like

(35)

VOLUNTARY SETTLEMENTS

A voluntary settlement is an arrangement between a technically insolvent or bankrupt frm and its creditors enabling it to bypass many of the costs involved in legal

(36)

JENIS-JENIS SETTLEMENT

1. An extension is an arrangement whereby the frm’s creditors receive payment in full, although not immediately.

2. Composition is a pro rata cash settlement of creditor claims by the debtor frm where a uniform percentage of each dollar owed is paid.

3. Creditor control is an arrangement in which the creditor committee replaces the frm’s operating management and operates the frm until all claims have been satisfed.

4. Assignment is a voluntary liquuidation procedure by which a frm’s creditors pass the power to liquuidate the frm’s assets to an

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