Tid: 26 februari 2007 kl 15.15-16.00
Plats : Seminarierummet 3733, Institutionen för matematik, KTH, Lindstedts väg 25, plan 7. Karta!
Föredragshållare: Adam Lindberg
Titel: Bargaining over business units - a game theoretic approach to acquisitions. (Examensarbete)
Sammanfattning: In this thesis we model the acquisition of business units. We focus mainly on the Nordic financial markets but the model may be applied to any acquisition. We use a game theoretic framework and construct a model that views the acquisition of a business unit as a normal form game. The final version of the model assumes the following: companies have an individual valuation of any business unit that is related to its risk willingness, companies have a budget to purchase business units and a possibility to use proceeds from sales to do other things than reinvest in the market where they are active. The end result is a model with the following properties:
A company may increase its shareholder value by buying business units from another company that is less risk willing.
The price paid for a business unit depends on the number of companies more risk willing than the current owner. That is: higher demand equals higher price!
If there is more than one company more risk willing, a business unit will be sold at a premium, creating shareholder value for both the buyer and the seller.