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Legislative and economic framework of acquisitions and mergers
DUDOVÁ, Radka
The topic of this thesis is the issue of mergers and acquisitions. The work is focused on the theoretical part conversion of the company and the evaluation of economic efficiency of the merger, which is further processed to a particular company. The main idea of this work is to determine whether the merger of the companies was beneficial to the enterprise or not. This idea is examined and met mainly by the merger effectiveness evaluating method by means of economic value added.
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The Real Options Application on the US Mergers and Acquisitions Market
Hlůže, Martin ; Scholleová, Hana (advisor) ; Kotáb, Jiří (referee)
The diploma thesis covers partial area of investment evaluation. It's main objective is to test the possible application of the real options theory on the Reverse Termination Fee valuation. This thesis considers the Reverse Termination Fee as a real option to abandon project and evaluates it using a binomial pricing model based on the volatility of the stock market. The result of this valuation is a price map. The map itself is analyzed together with the market analysis of announced trades using this fee as a deal protection. The conclusion of this thesis is formed based on observed trends and correlation between partial outputs of the binomial pricing model and market analysis.
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Mergers and Acquisitions - Case Study
Vedele, Sebastiano ; Taušer, Josef (advisor) ; Žamberský, Pavel (referee)
The thesis generally talks about mergers & acquisitions, discussing definitions, differences and reasons behind an M&A. I have analyzed what is a merge and what is an acquisition. Why companies combine themselves through an M&A. What are advantages and disadvantages about an M&A. After that the work is followed by a case study, which focuses on Fiat and Chrysler. With regards to this point, the case touches all the steps of the agreement between the two car automakers providing numbers, percentages and graphs to better explain how the agreement was made. After having spoken about the figures of the deal I have analyzed I went through all the steps of the acquisition showing also tables. I went through all important dates of the acquisition going deeply in the heart of the topic. I also analyzed why Fiat acquired Chrysler and why Chrysler felt down in a bankruptcy. Finally I have studied the today's situation of the two car automakers showing their actual trend on the automotive market.
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Analysis of mergers and acquisitions on Czech market with evaluation of its effects
Masopustová, Tereza ; Půlpánová, Stanislava (advisor) ; Paslerová, Andrea (referee)
Diploma thesis deals with an analysis of mergers and acquisitions on Czech market with evaluation of its effects. Introduction of the thesis contains glossary of related terms in areas of mergers and acquisitions and definition of motivations of companies to implement change. Thesis is focused on financial market and mostly on bank sector. Following part of the thesis is describing history and evolution of mergers and acquisitions on global market and after that on Czech market with emphasis on change from central planned system to market economics. The biggest added value of the thesis is description of valuation methods for ex post analysis of financial transaction between banks. Financial analysis method, evaluation of different subject's market share or evaluation of merged companies are involved. Some of these methods are used on real case of merger of eBanka and Raiffeisenbank that was finished in 2008.
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Financial aspect of Mergers and acquisitions
Suchánek, David ; Krauseová, Jaruše (advisor) ; Marek, Petr (referee) ; Hnilica, Jiří (referee)
In this doctoral dissertation is solved the relation between success in a field of mergers and acquisitions activities with connecting to existence of "agency costs" in stated companies. A domain of mergers and acquisitions is a very complex and dynamic section that includes not only economic relations connected with joinnig enterprises, but also accountancy and law environment, where mergers and acquisitions are realized.
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The analysis of selected M&A of CEZ
Kropáček, Matěj ; Sedláček, Jiří (advisor) ; Štekrt, Vladimír (referee)
This bachelor thesis is about selected M&A of CEZ in south-eastern Europe. The goal of this thesis is answer the question if that selected M&A are profitable for CEZ. At first author describes the meaning of term M&A and CEZ company. Next part is describing details of M&A in Rumania and Bulgaria like price of M&A, motivation of buyer or financial results. Last chapter analyse datas and compare selected M&A with some czech companies owned by CEZ. In the end author answer the question he asked in the beginning of this bachelor thesis.
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The takeover techniques and regulation of takeovers in the Czech law system
Poborský, František ; Buus, Tomáš (advisor) ; Svačina, Pavel (referee)
The diploma thesis deals with takeover techniques and regulation of takeovers in the Czech law system. In the theoretical part of the paper there are explained key definitions and general facts concerning with takeovers. The main theme of the theoretical part analyzes the most frequent takeover techniques. The paper studies how particular techniques work. It also takes into account expert discussions about the takeover theme. The takeover laws of the Czech Republic are analyzed in the second part of the diploma thesis. The paper contains a synthesis of theoretical findings and regulation of corresponding laws. It reveals practical use of particular takeover techniques in the Czech Republic.
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Postmerger Financial Performance: Econometric Analysis
Volgina, Vera ; Hnilica, Jiří (advisor) ; Sieber, Patrik (referee)
There are numerous researches done in the last couple decades dedicated to the observation of impact of merges and acquisitions on the performance of the company. The topic is considered to be up-to-date, as still there is no common approach to evaluating of benefits mergers are about to bring to a new established entity. In this thesis the issue of post-merger financial performance is investigated on an example of three biggest energy companies in Europe: RWE, E.ON and Vattenfall. The aim of the thesis is to find out whether financial performance of chosen companies improves after the merger occurs. This target is elaborated with a help of the analysis of commonly used financial ratios in corporate finance and construction of two regression models, which explain the interrelations between basic indicator of the company's growth (net income), the fact of the merger and determined financial ratios. As an outcome of the research, a few findings were obtained, such as worsening of financial performance three to five years after the merger, with continuing improvement in further years, quite stable financial indicators before the merger, positive interconnection between the fact of the merger and the net income. Such outcomes might be considered as significant, though further research and elaboration of the topic can be performed in the future.
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Proposal for the organizational structure of Kartex a.s. after the merger project with Slim Rope s.r.o. Analysis of opportunities and risks of the merger and the potential economic effects from organizational changes
Mucha, Tomáš ; Jaklová, Martina L. (advisor) ; Gregořica, Rudolf (referee)
In my bachelor thesis I dealt with the ongoing merger of Kartex a.s. and Slim Rope s.r.o. (names are changed due to the wishes of management). In the theoretical part, I outlined the theoretical aspects related to the topic of mergers and acquisitions. In the practical part I will then be dealing with every posibility where synergy could be found, risks that can araise during the merger i.e., there are particular unconnected corporate cultures, and there must be working two, till now, competiting brands side by side, and also design a new corporate culture. The goal of my work was to capture the essence of the problems emerging in the process of "post merger integration (integration of business), because in these moments failures occure in 80% of all business combinations.
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