Development of a Synergy Tracking Tool for the Post Merger Integration

Inhaltsverzeichnis (Table of Contents)

• Introduction
  • Background & Purpose
  • Methodology
• Mergers & Acquisitions
  • Definition and Distinction of Mergers & Acquisitions
  • Selected Types of Mergers & Acquisitions
    • Strategic Alignment Approach
    • Attitude Approach
    • Regional Approach
  • The M&A Process
    • The Pre Merger Phase
    • The Transaction Phase
    • The Post Merger Integration Phase
• Synergies in Mergers & Acquisitions
  • Definitions and Distinctions of Synergy Terms
  • Typical Synergy Potentials in Mergers & Acquisitions
    • Functional specific Synergy Potentials
    • Financial specific Synergy Potentials
    • Management specific Synergy Potentials
  • Synergy Pitfalls
  • The Connection between Synergies and the Price Premium in M&A
• Synergy Management and Synergy Tracking in the M&A Process
  • Fundamentals of Synergy Management and Synergy Tracking
  • Requirements on Synergy Tracking during M&A Projects
    • Identification of Synergy Potentials
    • Quantification of Synergy Potentials
    • Planning of Synergy Potentials and Realization Measures
    • Monitoring and Reporting
  • Challenges for Synergy Tracking during Mergers & Acquisitions
  • Risk Factor Human Capital in Mergers & Acquisitions
  • Institutional Integration of Synergy Tracking
• Valuation of Synergy Potentials in Mergers & Acquisitions
  • Company Valuation as a Framework for Synergy Valuation
  • Fundamentals
    • Discounted Cash Flow Analysis
    • Periodic Net-Synergy Cash Flows
    • Calculation of Discount Rates for Synergy Valuation
    • Assessment of Discounted Cash Flow Analysis
  • Consideration of Synergy Realization Probabilities
• Synergy Tracking Tool for Post Merger Integration
  • Introduction
  • Structure
    • Single Business Plan
    • Synergy Action Plan
    • Merged Business Plan
    • Synergy Business Plan
  • Allocation of Synergy Effects
  • Variance Analysis
  • Application Example: NewCo
• Summary and Future Perspectives

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to develop a synergy tracking tool for the post-merger integration process in mergers and acquisitions (M&A) projects. The tool is designed to facilitate the identification, quantification, planning, and monitoring of potential synergy effects, ultimately contributing to successful post-merger integration. The main themes explored in the thesis include:

• Synergy Management and Tracking: The thesis investigates best practices and challenges associated with managing and tracking synergy realization in M&A projects.
• Valuation of Synergy Potentials: The thesis examines various methods for valuing synergy potentials, specifically focusing on discounted cash flow (DCF) analysis.
• Post-Merger Integration (PMI): The thesis highlights the importance of synergy tracking within the PMI process, emphasizing its role in achieving the intended benefits of the merger.
• Risk Factors: The thesis acknowledges the inherent risks associated with M&A projects, particularly highlighting the human capital factor and its potential impact on synergy realization.
• Synergy Tracking Tool Development: The core of the thesis lies in developing a comprehensive synergy tracking tool that addresses the identified challenges and requirements, contributing to more efficient and effective post-merger integration.

Zusammenfassung der Kapitel (Chapter Summaries)

• Chapter 1: Introduction – This chapter provides the background and purpose of the thesis, outlining the importance of synergy tracking in M&A projects. It also explains the methodology employed throughout the research.
• Chapter 2: Mergers & Acquisitions – This chapter delves into the definition and distinction of mergers and acquisitions, exploring various types and the M&A process, particularly focusing on the pre-merger, transaction, and post-merger integration phases.
• Chapter 3: Synergies in Mergers & Acquisitions – This chapter explores the concept of synergy, defining different types of synergy and identifying potential pitfalls. The connection between synergies and the price premium in M&A transactions is also discussed.
• Chapter 4: Synergy Management and Synergy Tracking in the M&A Process – This chapter examines the fundamentals of synergy management and tracking, outlining requirements for effective synergy tracking during M&A projects. It also addresses challenges, risk factors, and institutional integration of synergy tracking.
• Chapter 5: Valuation of Synergy Potentials in Mergers & Acquisitions – This chapter focuses on valuation methods for synergy potentials, particularly exploring the application of discounted cash flow analysis (DCF) and the consideration of synergy realization probabilities.
• Chapter 6: Synergy Tracking Tool for Post Merger Integration – This chapter presents the development of a comprehensive synergy tracking tool, outlining its structure, functionalities, and application example. The tool is designed to facilitate the effective management of synergy realization during the post-merger integration process.

Schlüsselwörter (Keywords)

The core keywords and focus topics of this thesis encompass synergy management, synergy tracking, post-merger integration (PMI), mergers and acquisitions (M&A), discounted cash flow analysis (DCF), synergy valuation, and human capital risk. These concepts are central to the development and application of a practical synergy tracking tool for enhancing the success of M&A projects.