M&A proposal
: acquisition of Orior AG by Valora Holding AG

  • Christine Neufeld (Student)

Student thesis: Master's Thesis

Abstract

This work aims to analyse the potential acquisition of Orior AG by Valora Holding AG, two firms that operate in the convenience food industry in Switzerland, from a strategic and financial point of view. For that, an analysis of the underlying industry and firms has been conducted, followed by a valuation of both firms as well as potential synergies, and concluded with a discussion regarding the deal structure. The results show that the target, Orior AG, is currently undervalued with a share price of 82.90 CHF as of 21 May 2021, compared to a DCF valuation of 107.61 CHF. Potential synergies that might result from the envisaged transaction amount to 543 CHFm. Therefore, this work proposes an acquisition of 100% of shares in Orior AG at a 21.5% premium, resulting in a price per share of 100.73 CHF and a final transaction price of 655 CHFm, which should be paid in cash funded by internally generated cash and debt.
Date of Award30 Jun 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAntónio Borges de Assunção (Supervisor)

Keywords

  • Mergers
  • Acquisitions
  • DCF model
  • Valuation
  • Synergies
  • Deal structuring
  • Transactions
  • Convenience food
  • Switzerland

Designation

  • Mestrado em Finanças

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