The Bidder Competition for Techem

Inhaltsverzeichnis (Table of Contents)

• Introduction
  • Problem Definition and Objective
  • Course of Investigation
• M&A and Bidder Competitions- Foundations
  • Theoretical Course of M&A Transactions
  • A Game-Theoretical and Economic Approach to Bidder Competitions
    • Bidder Competitions Viewed as an Auction
    • The Winner's Curse
    • The Free-Rider Problem
    • Defensive Actions
    • Economics of Takeover Regulation
  • M&A in the Energy Sector - A Market Overview
• Company Profiles
  • Techem and its Business Model
    • German Strategy and Outlook
    • Worldwide Strategy and Outlook
  • Macquarie and MEIF II Energie Beteiligungen GmbH & Co.KG
  • BC Partners and Heat Beteiligungs III GmbH
• Transaction and Business Environment
  • The Bidder Competition
    • The First Phase – First Bid
    • The Second Phase - Competitive and Common Bid
    • The Third Phase - Shareholder Structure Problems
    • The Fourth Phase - Last Bid by Macquarie
  • Strategic Considerations of the Bidders
    • Macquarie
    • BC Partners
• Financial Analysis
  • Empirical Analysis of Share Price Performance
    • Reaction of Share Price on Different Bids
    • Benchmark Analysis
  • Envisaged Financing Structure and its Feasibility
    • Macquarie
    • BC Partners
  • Independent Valuation
    • Trading Multiple Analysis
    • DCF Valuation
• Critical Analysis and Interpretation
  • The Distinctiveness of the Techem Case
  • Bidders' Strategies
  • Evaluation of Different Bids
    • Share Price Reactions
    • Bid Adequacy According to Own Valuation
  • Management Behaviour during the Bidder Competition
• Outlook and Conclusion

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to provide a detailed analysis of the bidder competition for Techem, a German company specializing in energy metering and management. The analysis focuses on understanding the strategic considerations of the bidders, evaluating the financial implications of different bids, and examining the overall dynamics of the competition.

• M&A transactions and bidder competitions in a game-theoretical and economic framework
• The strategic and financial considerations of bidders in the Techem case, including Macquarie and BC Partners
• Empirical analysis of share price performance and its correlation with the bidding process
• Evaluation of different bids based on financial analysis, valuation methods, and the perspectives of the bidders
• The overall management behavior and its impact on the course of the bidder competition

Zusammenfassung der Kapitel (Chapter Summaries)

The thesis begins by introducing the problem and objective of the study, outlining the course of investigation. Chapter 2 delves into the foundations of M&A and bidder competitions, exploring theoretical concepts such as game theory, auction dynamics, the winner's curse, and the free-rider problem. This chapter also provides an overview of M&A activities in the energy sector.

Chapter 3 presents detailed profiles of the companies involved in the Techem competition, specifically focusing on Techem's business model, strategies, and key players, along with profiles of Macquarie and BC Partners. Chapter 4 examines the transaction and business environment surrounding the bidder competition, outlining the different phases of the bidding process and the strategic considerations of each bidder.

Chapter 5 delves into a comprehensive financial analysis, including an empirical assessment of share price performance in response to different bids, a thorough analysis of the envisaged financing structures for both bidders, and an independent valuation using trading multiples and discounted cash flow (DCF) methods.

Chapter 6 provides a critical analysis and interpretation of the Techem case, focusing on the distinctiveness of the case, the strategies employed by the bidders, an evaluation of different bids, and an examination of management behavior during the competition.

Schlüsselwörter (Keywords)

The key themes and concepts explored in this thesis include M&A, bidder competitions, game theory, auction dynamics, the winner's curse, the free-rider problem, financial analysis, valuation methods, strategic considerations, share price performance, and management behavior.