Συγχώνευση διαγνωστικών κέντρων : αποτίμηση και προοπτικές
Diagnostic health centers merger : evaluation and prospects
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Keywords
Συγχωνεύσεις ; Νομικό πλαίσιο ; Αναπτυξιακός νόμος ; Διαγνωστικά κέντρα ; Αποτίμηση ; Προεξόφληση ταμειακών ροών ; Merger ; Legal framework ; Diagnostic ; Health centers ; Evaluation ; Free cash flows to equityAbstract
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.