Evaluasi Merger dan Akuisisi PT BAT Indonesia Tbk (BATI) Terhadap PT Bentoel Internasional Investama Tbk (RMBA)
PRASETYO, DINAR ARI (Adv.: Suad Husnan, Dr., M.B.A.), Suad Husnan, Dr., M.B.A.
Penelitian ini merupakan studi kasus dimana disusun untuk mengevaluasi keputusan strategi merger dan akuisisi yang dilakukan oleh PT BAT Indonesia Tbk. (BATI) terhadap PT Bentoel Internasional Investama (RMBA). Pada penelitian ini di evaluasi keberhasilan merger dan akuisisi yang terbagi menjadi empat tahap yaitu: evaluasi nilai ekuitas perusahaan untuk mengetahui nilai intrinsik sebagai harga wajar saham RMBA pada saat akuisisi, evaluasi reaksi pasar untuk mengetahui dampak akuisisi bagi nilai ekuitas di pasar modal, evaluasi kinerja keuangan dengan menggunakan laporan keuangan dan rasio keuangan, serta evaluasi nilai tambah didasarkan pada nilai Market Value Added (MVA) dan Economic Value Added (EVA)Berdasarkan hasil evaluasi nilai ekuitas RMBA dengan menggunakan metode dividend discounted model, didapatkan nilai intrinsik Rp 1055,- sebagai harga wajar dari saham RMBA pada saat akuisisi sehingga keputusan transaksi pembelian senilai Rp 873,- dapat diterima. Pada evaluasi reaksi pasar selama dua tahun setelah merger dan akuisisi, rata – rata harga saham di pasar masih berada dibawah harga akuisisi Rp 873,- . Hal ini menunjukan adanya perbedaan persepsi antara pelaku pasar dan perusahaan dalam memandang peristiwa merger dan akuisisi. Evaluasi ketiga yaitu evaluasi kinerja keuangan dimana didapatkan perbandingan rasio keuangan sebelum dan setelah merger. Pada perbandingan rasio terdapat beberapa rasio yang membaik pada periode setelah merger seperti rasio manajemen aktiva, rasio hutang dan rasio pasar. namun pada rasio likuiditas dan rasio profitabilitas mengalami penurunan. Pada evaluasi nilai tambah didasarkan pada Market Value Added (MVA) dan Economic Value Added (EVA), nilai dari MVA dan EVA senantiasa mengalami kenaikan dari periode sebelum merger pada tahun 2007 dan 2008 menuju periode setelah merger 2009 dan 2010.
This study is a case study that evaluated the strategy decisions of merger and acquisition which is made by PT BAT Indonesia Tbk. (BATI) on PT Bentoel International Investama (RMBA). In this study there is evaluated the success of mergers and acquisitions which are divided into four phases: (i) the evaluation of a company's equity value to understand the intrinsic value as the fair price of the stock of RMBA during acquisition, (ii) the evaluation of market reaction to understand the impact of the acquisition of the equity in the capital markets, (iii) the evaluation of financial performance using the balance sheet, income statement, and financial ratios, and (iv) the evaluation of added value which is based on the Market Value Added (MVA) and Economic Value Added (EVA).
Based on the results of the evaluations, there are shown that the equity value of RMBA using the method of dividend discounted model is obtained by the intrinsic value of Rp 1055, - as the fair price of the stock at the time of acquisition on RMBA, so that the decision making of the purchase transaction valued at USD 873, - is acceptable. In the evaluation of the market reaction during the two years after the mergers and acquisitions, the average stock price in the market is below the acquisition price of Rp 873, -. This shows the difference in perception between market traders and corporate management in the view of mergers and acquisitions.
The third evaluation is the evaluation of financial performance which is obtained by comparisons of financial ratios before and after the merger. In the comparison of the financial ratios, there are several ratios improved in the period after the merger such as asset management ratios, debt ratios, and market ratios, but the liquidity ratio and profitability ratio have decreased. In the evaluation of added value based on Market Value Added (MVA) and Economic Value Added (EVA), the value of MVA and EVA constantly increased from the period before the merger in 2007 and 2008 to the period after the merger of 2009 and 2010.
Kata Kunci : Akuisisi. Merger, nilai intrinsik, rasio keuangan, harga saham, acquisitions, mergers, intrinsic value, Market Value Added (MVA) and Economic Value Added (EVA)
