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Abstrak :
Negara-negara berkembang menyaksikan sejumlah besar merger dan akuisisi (M & A) oleh entitas domestik dan akuisisi oleh entitas asing sebagai tanggapan terhadap deregulasi, kemajuan teknologi, dan globalisasi. Perubahan dalam tata kelola perusahaan bank ini menimbulkan pertanyaan penting tentang bagaimana perubahan ini mempengaruhi kinerja bank dan apakah perubahan tersebut bersifat permanen atau cenderung kembali ke kondisi sebelumnya. Penelitian ini bertujuan untuk menilai pengaruh nilai sinergi dari M & A terhadap kinerja bank yang ditunjukkan oleh kinerja relatif mereka serta rasio keuangan standar mereka. Data dalam penelitian ini diambil dari 37 bank yang beroperasi di Indonesia pada tahun 2011 - 2016, kemudian observasi akan dianalisis menggunakan analisis data panel. Konsisten dengan penelitian sebelumnya, hasil penelitian ini menunjukkan bahwa ada nilai sinergi yang diciptakan dari M & A yang mempengaruhi kinerja bank. Baik akuisisi domestik maupun asing berdampak positif dalam kinerja bank. Akuisisi oleh entitas dalam negeri menunjukkan peningkatan dalam profitabilitas, sedangkan akuisisi oleh entitas asing menunjukkan peningkatan dalam kualitas dan efisiensi aset.

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Developing nations witnessed tremendous numbers of domestic bank mergers and acquisitions (M&As) and foreign acquisitions in response to deregulation, technological advances, and the globalization of nonfinancial economic activity. These changes in the corporate governance of banks raise essential questions about how do these changes affect bank performance and are the changes permanent or do they tend to return to their previous conditions. This research aims to assess the effect of synergy value from the M&A toward bank`s performance shown in their relative performance as well as their standard financial ratios. Data in this research is taken from 37 observations of banks that operated in Indonesia at 2011 - 2016, and then the observations will be analyzed using panel data analysis. Consistent with the previous research, the result of this study shows that there is synergy value created from the M&A that affects bank performance. Both domestic and foreign acquisitions affect positively in bank performance. While domestic acquisition show improvement in profitability, the foreign acquisition show improvement in asset quality and efficiency.

Abstrak :
[ABSTRAK
Indonesia akan segera menghadapi MEA dan sektor keuangan merupakan salah satu sektor yang terpengaruh dan harus dapat bersaing di MEA. Sektor keuangan yang paling dominan di Indonesia adalah Industri Perbankan. Oleh karena itu, Pemerintah memiliki rencana untuk melakukan megamerjer dua bank BUMN besar Indonesia, Bank Mandiri sebagai perusahaan bidder dan BNI sebagai perusahaan target. Penelitian ini akan difokuskan kepada analisis deal payment, struktur kepemilikan bank yang baru, dan hal-hal apa yang perlu diperhatikan demi kesuksesan megamerjer. Hasil penilaian megamerjer yang terjadi antara Bank Mandiri dan BNI pada seluruh skenario memiliki nilai sinergi yang positif yaitu sebesar Rp 1.103,482 Triliun untuk skenario pertama, Rp 7,543 Triliun untuk skenario kedua dan Rp 823,892 Triliun untuk skenario ketiga. Dari ketiga skenario tersebut, diperoleh kesimpulan mengenai Alternatif pembiayaan merjer yang terdiri atas cash dan stock, yang apabila hendak membeli 50% kepemilikan dari BBNI memiliki nilai transaksi sebesar Rp 65,270 Triliun. Dengan jumlah pembayaran tersebut, shareholder BBNI akan menerima 2,78% dari perusahaan setelah merjer pada skenario I, menerima 5,26% pada skenario II, dan 3,16% pada skenario III. Analisis terhadap bobot kepemilikan bank pada scenario I dan III menunjukkan bahwa sesudah merjer bobot kepemilikan majority shareholder dan minority shareholder tidak mengalami perubahan, sedangkan pada skenario II kepemilikan majority shareholder mengalami penurunan dari 60% menjadi 57% dan minority shareholder mengalami peningkatan dari 40% menjadi 43%. Hasil ini menunjukkan bahwa tidak terjadi ekspropriasi terhadap minority shareholder.

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ABSTRACT
Indonesia will face AEC soon and The Financial sector is one sector that‟s affected and should be able to compete in the AEC. The most dominant financial sector in Indonesia is The Banking Industry. Therefore, the Government has plan to merge two major state-owned bank in Indonesia, Bank Mandiri as the bidding firm and BNI as the target firm. This study will be focused on analysis of deal payment, bank ownership structure, and what things to consider for the success of megamerger two Indonesian state-owned banks. Megamerjer assessment results that occur between Bank Mandiri and BNI on the whole scenario has a positive synergy value that is equal to Rp 1.103,482 trillion for the first scenario , Rp 7,543 trillion for the second scenario and Rp 823,892 trillion for the third scenario. Of the three scenarios, the conclusion regarding the financing alternative merger consisting of cash and stock, which, if they wanted to buy 50 % ownership of BBNI having a transaction value of Rp 65,270 trillion . With the amount of such payment , BBNI shareholders will receive 2,78% of the company after the merger in the first scenario , receiving 5,26% in scenario II, and 3,16% in the third scenario. Analysis of the weight bank ownership in scenario I and III shows that after the merger the weight of majority shareholders and minority ownership shareholder is unchanged, while in the scenario II majority shareholder ownership decreased from 60% to 57% and minority shareholders increased from 40% to 43%. These results indicate that there is no expropriation of the minority shareholder.;Indonesia will face AEC soon and The Financial sector is one sector that‟s affected and should be able to compete in the AEC. The most dominant financial sector in Indonesia is The Banking Industry. Therefore, the Government has plan to merge two major state-owned bank in Indonesia, Bank Mandiri as the bidding firm and BNI as the target firm. This study will be focused on analysis of deal payment, bank ownership structure, and what things to consider for the success of megamerger two Indonesian state-owned banks. Megamerjer assessment results that occur between Bank Mandiri and BNI on the whole scenario has a positive synergy value that is equal to Rp 1.103,482 trillion for the first scenario , Rp 7,543 trillion for the second scenario and Rp 823,892 trillion for the third scenario. Of the three scenarios, the conclusion regarding the financing alternative merger consisting of cash and stock, which, if they wanted to buy 50 % ownership of BBNI having a transaction value of Rp 65,270 trillion . With the amount of such payment , BBNI shareholders will receive 2,78% of the company after the merger in the first scenario , receiving 5,26% in scenario II, and 3,16% in the third scenario. Analysis of the weight bank ownership in scenario I and III shows that after the merger the weight of majority shareholders and minority ownership shareholder is unchanged, while in the scenario II majority shareholder ownership decreased from 60% to 57% and minority shareholders increased from 40% to 43%. These results indicate that there is no expropriation of the minority shareholder., Indonesia will face AEC soon and The Financial sector is one sector that‟s affected and should be able to compete in the AEC. The most dominant financial sector in Indonesia is The Banking Industry. Therefore, the Government has plan to merge two major state-owned bank in Indonesia, Bank Mandiri as the bidding firm and BNI as the target firm. This study will be focused on analysis of deal payment, bank ownership structure, and what things to consider for the success of megamerger two Indonesian state-owned banks. Megamerjer assessment results that occur between Bank Mandiri and BNI on the whole scenario has a positive synergy value that is equal to Rp 1.103,482 trillion for the first scenario , Rp 7,543 trillion for the second scenario and Rp 823,892 trillion for the third scenario. Of the three scenarios, the conclusion regarding the financing alternative merger consisting of cash and stock, which, if they wanted to buy 50 % ownership of BBNI having a transaction value of Rp 65,270 trillion . With the amount of such payment , BBNI shareholders will receive 2,78% of the company after the merger in the first scenario , receiving 5,26% in scenario II, and 3,16% in the third scenario. Analysis of the weight bank ownership in scenario I and III shows that after the merger the weight of majority shareholders and minority ownership shareholder is unchanged, while in the scenario II majority shareholder ownership decreased from 60% to 57% and minority shareholders increased from 40% to 43%. These results indicate that there is no expropriation of the minority shareholder.]

Abstrak :
Penelitian ini bertujuan untuk menganalisis nilai wajar akuisisi PT Holcim yang diakuisisi oleh PT Semen Indonesia pada tanggal 13 November 2018. Metode yang digunakan dalam penelitian ini adalah penilaian Discounted Cash Flow dengan menggunakan pendekatan top-down. Studi ini juga melakukan analisis mendalam terhadap fundamental perusahaan mulai dari analisis makro ekonomi, analisis industri, analisis perusahaan, penilaian perusahaan pengakuisisi dan target akuisisi sebelum terjadi akuisisi dengan penilaian kedua perusahaan saat akuisisi telah terjadi. Pada 13 November 2018, PT Semen Indonesia mengakuisisi 80,64% kepemilikan PT Holcim Indonesia seharga Rp. 13,68 T sedangkan hasil penilaian menunjukkan nilai Rp. 8,16 T yang artinya Semen Indonesia membayar harga premium sebesar Rp. 5.52. Setelah akuisisi, penulis melakukan penilaian dan hasilnya menunjukkan bahwa akuisisi ini menciptakan sinergi sebesar Rp. 7.16 T. Kesimpulan dari penelitian ini adalah bahwa keputusan akuisisi PT Semen Indonesia kepada PT Holcim Indonesia terjadi sinergi karena hasil penilaian nilai wajar kedua perusahaan setelah akuisisi lebih besar dari total nilai perusahaan. dua perusahaan sebelum akuisisi. ......This study aims to analyze the fair value of the acquisition of PT Holcim which was acquired by PT Semen Indonesia on November 13, 2018. The method used in this research is the discounted cash flow assessment using a top-down approach. This study also conducts an in-depth analysis of the company's fundamentals, from macroeconomic analysis, industry analysis, company analysis, assessment of the acquirer company and acquisition targets prior to the acquisition with the assessment of the two companies when the acquisition has occurred. On 13 November 2018, PT Semen Indonesia acquired 80.64% ownership of PT Holcim Indonesia for Rp. 13.68 T while the results of the assessment showed a value of Rp. 8.16 T, which means that Semen Indonesia pays a premium price of Rp. 5.52. After the acquisition, the authors conducted an assessment and the results indicated that this acquisition created a synergy of Rp. 7.16 Q. The conclusion of this study is that the decision to acquire PT Semen Indonesia to PT Holcim Indonesia occurs in synergy because the results of the assessment of the fair value of the two companies after the acquisition are greater than the total company value. two companies prior to the acquisition.

Abstrak :
Studi ini mempelajari nilai akuisisi PT Pertamina Gas oleh Perusahaan Gas Negara Tbk. Nilai akuisisi diperoleh dari valuasi setelah memperhitungkan ekspetasi nilai sinergi dari perusahaan gabungan. Valuasi adalah prosess menentukan nilai wajar dari suatu asset atau perusahaan. Valuasi dapat dilakukan dengan analisis fundamental yang terdiri dari pendekatan top-down dan bottom-up. Studi ini menggunakan pendekatan top-down dengan melakukan analisis makroeokonomi, analisis industri, dan analisis perusahaan kepada perusahaan pengakuisisi dan perusahaan target. Nilai sinergi diperoleh dari kenaikan arus kas setelah penggabungan perusahaan. Sinergi dapat diklasifikasikan menjadi sinergi operasional dan sinergi keuanganl. Metodologi valuasi menggunakan discounted cash flow dengan free cash flow to firm. Studi ini menggunakan data sekunder yang bersifat publik. Hasil studi menunjukkan bahwa akusisi yang dilakukan menghasilkan sinergi untuk perusahaan gabungan, dan Perusahaan Gas Negara membayar akuisisi secara wajar. Oleh karena itu, manajemen perusahaan diharapkan untuk secara cermat memperhatikan proses penggabungan perusahaan supaya dapat mewujudkan ekspetasi nilai sinergi secara penuh untuk kesejahteraan masyarakat. ......This research examines the acquisition value of PT Pertamina Gas by Perusahaan Gas Negara Tbk. Acquisition value is derived from valuation after considering expected synergy value from the combined company. Valuation is the process of determining the fair value of an asset or a company. Valuation can be conducted with fundamental analysis which can be divided into top-down approach and bottom-up approach. This research uses top-down approach by performing macroeconomic, industry, and company analysis for both acquiring and target companies. Synergy value is derived from the incremental cash flow after combining two entities. Synergy can be classified into operating and financial synergies. Valuation methodology uses discounted cash flow with free cash flow to firm. This research relies on secondary resources which are publicly available. The results indicate that the acquisition creates synergy value for the combined company, and Perusahaan Gas Negara did not overpay the acquisition. Therefore, the company management is expected to closely monitor the integration process in order to fully realize the expected synergy value for benefitting the society.