Hellenic Open University Conferences, International Conference on Business & Economics of the Hellenic Open University 2015

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Valuation of Mergers & Acquisitions. The Case study of a Greek Listed Company.
Dimitrios Zavitsanos

Building: Titania
Room: Socratis
Date: 2015-02-07 09:00 AM – 10:45 AM
Last modified: 2015-01-27


This dissertation attempts to estimate the value of two listed companies in the process of their merger and to investigate whether financial synergy value exists or not. In the modern competitive business world the value of a company interests its shareholders, its creditors, customers, suppliers, employees, public supervisors and tax agencies, prospective buyers and investors. The development of stock markets in the last century has increased the need for reporting profits and has led globally the firms involved in multiple accounting, managerial and administrative irregularities. The process of valuation at this point comes to help the stakeholders’ decisions offering a guide based on commonly accepted methods. We take as given that different valuation methods can lead to different conclusions and the final value during the negotiations may also be different. In addition, valuation requires access to firm’s books and business plans which are protected by confidentiality and requires several assumptions. In absence of such data this dissertation implements exclusively the discounted cash flow method from an investor’s point of view based on published data, traces the synergy value that comes from the merger and compares the results to those of the official published valuation.


Corporate Finance; Valuation; Diversified Portfolio