STUDI KELAYAKAN TRANSAKSI MERGER (EX ANTE) ANTARA PT ALAM SUTERA REALTY TBK DAN PT BEKASI FAJAR INDUSTRIAL ESTATE TBK.

HENRIKOLUKITO HUSADA, Eddy Junarsin, M.B.A., Ph.D.

2016 | Tesis | S2 Ekonomika Pembangunan

The World has known Merger and Acquisitions since end of 19th century and continue to grow rapidly in the 21st century. Similar phenomenon also happened in Indonesia, Merger and Acquisitions is the most well known transaction in the corporate world. The reason because merger and acquisitions offers fast track to sinergy creation, in the form of growth rate increase as well as cost decrease, both operational cost and cost of fund. In reality, in some cases Merger and Acquisitions failed to create synergy. This research address the related question: how to analyze that a planned merger is fair from business valuation perspective. This research is using two real estate companies as the object to answer the question mentioned above, which is PT Alam Sutera Tbk. and PT Bekasi Fajar Industrial Estate Tbk. To be more specific, the objective of this research is to analize whether the planned merger between PT Alam Sutera Realty Tbk. and PT Bekasi Fajar Industrial Estate Tbk. could increase the performance of PT Alam Sutera Tbk, as the anchor company. To measure performance, this research using following parameters: Earning per Share (EPS), market value of the price and Net Present Value./Transaksi Merger dan Akuisisi telah dikenal dunia sejak akhir abad ke 19, dan terus meningkat jumlahnya dalam abad ke 21. Fenomena yang serupa terjadi di Indonesia, transaksi merger dan akuisisi merupakan transaksi korporasi yang paling populer di dunia bisnis tanah air. Fenomena ini berkembang karena transaksi merger dan akuisisi menawarkan jalur cepat untuk penciptaan sinergi dalam bentuk berupa peningkatan angka pertumbuhan, maupun penurunan biaya operasional serta biaya modal. Dalam kenyataanya seringkali terjadi bahwa setelah transaksi merger dan akuisisi dilakukan ternyata tidak berhasil menciptakan sinergi. Berkaitan dengan hal tersebut, penelitian ini menawarkan kajian atas pertanyaan yang muncul, sebagai berikut: bagaimana menganalisis bahwa transaksi merger yang akan terjadi (ex ante) layak dilakukan jika ditinjau dari sudut pandang penilaian bisnis? Penulis menggunakan dua emiten perusahaan properti yaitu PT Alam Sutera Realty Tbk. dan PT Bekasi Fajar Industrial Estate Tbk. sebagai obyek penelitian untuk menjawab pertanyaan yang telah disebutkan. Secara spesifik penelitian ini bertujuan untuk menganalisis apakah merger yang akan dilakukan antara PT Alam Sutera Realty Tbk. dan PT Bekasi Fajar Industrial Estate Tbk. dapat menaikan kinerja PT Alam Sutera Tbk. sebagai perusahaan yang mengambil alih. Kinerja yang dimaksud diukur dengan menggunakan pendapatan per lembar saham, harga pasar saham dan Net Present Value.

The World has known Merger and Acquisitions since end of 19th century and continue to grow rapidly in the 21st century. Similar phenomenon also happened in Indonesia, Merger and Acquisitions is the most well known transaction in the corporate world. The reason because merger and acquisitions offers fast track to sinergy creation, in the form of growth rate increase as well as cost decrease, both operational cost and cost of fund. In reality, in some cases Merger and Acquisitions failed to create synergy. This research address the related question: how to analyze that a planned merger is fair from business valuation perspective. This research is using two real estate companies as the object to answer the question mentioned above, which is PT Alam Sutera Tbk. and PT Bekasi Fajar Industrial Estate Tbk. To be more specific, the objective of this research is to analize whether the planned merger between PT Alam Sutera Realty Tbk. and PT Bekasi Fajar Industrial Estate Tbk. could increase the performance of PT Alam Sutera Tbk, as the anchor company. To measure performance, this research using following parameters: Earning per Share (EPS), market value of the price and Net Present Value.

Kata Kunci : merger dan akuisisi, sinergi, ex ante, merger ASRI dan BEST, Earning Per Share, harga pasar saham, Net Present Value./Merger and Acquisition, Synergy, ex ante, Merger ASRI and BEST, Earning Per Share, market value of stock, Net Present Value