Værdiskabelse i fusioner og opkøb: Et casestudie af AB InBevs potentielle opkøb af SABMiller

Frederik Nørr Møllebjerg

Student thesis: Master thesis

Abstract

This thesis explores the predictive value of a selected group of deal specific factors that according to existing empirical evidence have been able to differentiate the value creating acquisitions from the value destroying when viewed from the perspective of the acquirer. The study is carried out as a critical case study of Anheuser-Busch InBevs potential acquisition of SABMiller, in which the value potential of the transaction is evaluated twice; first based on the deal specific factors alone and second based on a more detailed strategic and financial analysis. Subsequently, the predictive value of the deal specific factors is evaluated based on the extent to which the two individual evaluations reach the same conclusion.
As both of the performed evaluations predict a value creating transaction for AB InBev, the deal specific factors are found to be able to differentiate the value creating acquisitions from the value destroying. Even though this points to a verification of the predictive value of the deal specific factors in general, it is not considered valid to conclude anything on a generalised basis due to the critical nature of the case studied. Additionally, the overall result is considered highly sensitive to relatively small changes in a number of underlying factors. Combined with a high degree of complexity and subjectivity concerning the data collection and interpretation hereof, this further questions the overall validity and reliability of the findings.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2016
Number of pages146