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Indah pratiwi kadarno tirto
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Motivation for pzifer’s acquisition of Wyeth
Pada Januari 2009, perusahaan farmasi terbesar di dunia Pfizer mengumumkan bahwa perusahaan tersebut akan mengakuisisi Wyeth, yang juga merupakan perusahaan farmasi yang besar, dimana nilai akuisisi tersebut mencapai $68 Milyar dalam bentuk saham dan tunai. CEO dari Pfizer Jeffery Kindler berkata bahwa kombinasi dari Pfizer dan Wyeth akan memberikan kesempatan yang besar untuk mentransformasi industry farmasi, dimana gabungan kedua perusahaan tersebut akan memproduksi produk yang menggabungkan diversifikasi, fleksibilitas dan tatanan bagi kesuksesan lingkungan global yang dinamis. Manajemen dari kedua perusahaan sepakat, bahwa dengan merger ini, akan menghemat biaya sebesar $4 Milyar. Kedua perusahaan memiliki kondisi yang hampir sama, dimana kedua perusahaan ini sedang menghadapi patent expiry issues, namun Wyeth memiliki kekuatan yang signifikan dalam Bio-Pharmaceuticals,dimana sektor ini diharapkan untuk menjadi mesin pertumbuhan di masa depan yang menutupikekurangan Pfizer dalam sektor ini.

Terdapat dua sisi yang memberikan tanggapan berlainan terhadap akuisisi Wyeth oleh Pfizer. Menurut Seamus Fernandez dari Leerink Swann, rencana stratejik jangka panjang Pfizer sudah lebih baik daripada sebelumnya serta Pfizer akan menuai buah-buah hasil yang besar dalam beberapa tahun ke depan sehingga dia menaikkan rating Pfizer dari “Outperform” menjadi “Market Perform”. Sedangkan menurut Tim Anderson dari Sanford C. Bernstein, yang merupakan salah satu analis farmasi yang sering didengar pendapatnya, dia menyatakan meskipun Wyeth akan mengisi gap dari Lipitor dimana patennya akan selesai, Anderson menitik beratkan bahwa deal ini akan mengambil nyawa produktivitas dari divisi R&D dari Pfizer. Hal tersebut memiliki dasar pembelian Warner-Lambert dan Pharmacia oleh Pfizer dulu juga didukung oleh CEO Pfizer, namun ternyata pembelian ini memakan banyak waktu untuk mengintegrasikan komponen-komponennya yang pada akhirnya mengganggu proses R&D dari Pfizer. Sehingga Anderson memberikan asumsi aka nada pemotongan harga saham yang terjadi dalam beberapa waktu ke depan

Acquisition Pricing
Akuisisi adalah pengambilan kepemilikan atau pengendalian atas saham atau asset suatu perusahaan oleh perusahaan lain, dan dalam peristiwa ini baik perusahaan pengambilalih atau yang diambil alih tetap eksis sebagai badan hukum yang terpisah
Analyzing Premium Offered to Targer Stockholder
Salah satu cara yang populer untuk assest apakah aquirer tersebut membayar lebih untuk target adalah untuk membandingkan premi yang ditawarkan untuk menargetkan pemegang saham untuk premium yang ditawarkan .Pengakuisisi menawarkan premi yang relatif tinggi, analis biasanya menyimpulkan bahwa transaksi kurang kemungkinan untuk menciptakan nilai bagi pemegang saham memperoleh.
Premium berbeda secara signifikan untuk friendly dan hostile acquisition.Premium cenderung menjadi sekitar 30 persen lebih tinggi untuk penawaran hostile daripada penawaran yang friendly, menyiratkan bahwa pengakuisisi hostile lebih cenderung membayar lebih untuk sebuah target.dibandingkan premi target untuk nilai untuk jenis yang sama dari trasactions adalah lurus ke depan tapi memiliki beberapa masalah.Masalahnya yaitu yang pertama, tidak jelas bagaimana mendefinisikan masalah transaksi.Kedua perumpamaan dalam menggunakan premium yang ditawarkan untuk menargetkan pemegang saham untuk menilai apakah pengakuisisi membayar lebih adalah thta premi diukur dapat menyesatkan jika tawaran diantisipasi oleh investor

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