Συγχώνευση διαγνωστικών κέντρων : αποτίμηση και προοπτικές
Diagnostic health centers merger : evaluation and prospects
KeywordsΣυγχωνεύσεις ; Νομικό πλαίσιο ; Αναπτυξιακός νόμος ; Διαγνωστικά κέντρα ; Αποτίμηση ; Προεξόφληση ταμειακών ροών ; Merger ; Legal framework ; Diagnostic ; Health centers ; Evaluation ; Free cash flows to equity
The purpose of this research thesis is to present the process of diagnostic health centers mergers. The case study used for this presentation was the merger of the six companies comprising "Iatriki Diagnosi" Group, the distinctiveness and specifications of which were taken into account. The main part of the thesis reports on the different kinds of mergers and acquisitions, as presented in the bibliography, as well as the legal framework applied in such cases, emphasizing 2166/1993 Developmental Law, the provisions of which were the foundation of the discussed merger. In order to actualize any merger, it is vital that the participant companies should be evaluated. Therefore, the different methods of evaluation are presented as cited in the bibliography and consequently the specific method used in the case of "Iatriki Diagnosi", namely Free Cash Flows to Equity, is further analyzed. In this method, the evaluation is conducted based on the principles of business continuity and the cash flow of the company is evaluated and predicted over a five-year period. To achieve so, it is necessary to have a detailed listing of the anticipated income/expenses of the companies in the five-year period, following an estimate of their perspective cash inflows and outflows, in order to result in the total cash flow for each company. Having done that, cash flows are discounted using the appropriate discount rate. Finally, following evaluation, for the consummation of the merger, it is required to find a reasonable, fair and practical share exchange ratio for the shareholders from the merging companies to the resulting one.