WILL MERGER OF PT ANGKASA PURA I AND PT ANGKASA PURA II MAXIMISE THE VALUE OF SHAREHOLDERS?

• Main Author: Luthfi Al Akbar, Muhammad
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/76909
• Institution: Institut Teknologi Bandung

The government's program of restructuring state-owned companies continues to this day. PT Angkasa Pura I and PT Angkasa Pura II are the following plans for restructuring state-owned companies. The merger of the two companies is expected to provide synergy opportunities in operational efficiency. However, mergers carried out by SOEs sometimes not always have an impact on the efficiency of the company. Therefore, it is necessary to have further studies regarding the feasibility of the merger of PT Angkasa Pura I and PT Angkasa Pura II. By using internal approaches such as resource analysis and financial ratio analysis as well as external analysis such as pestel, then conduct a SWOT analysis for each company to determine whether a merger can be a solution for PT Angkasa Pura I and PT Angkasa Pura II. Based on calculations using the Discounted Cash Flow (DCF) method, the company value of PT Angkasa Pura I is IDR 4,169,267 and the company value of PT Angkasa Pura II is IDR 9,784,469 with a total combined company value of IDR 13,953,736. While the value of the two companies when synergizing is IDR 25,051,653. The synergy value obtained for both companies is IDR 11,097,917. By determining the premium value of 40% - 60%, the premium value reaches IDR 1,667,707 – IDR 2,501,560. Therefore, within this premium value range, the purchase price is IDR 5,836,974 – IDR 6,670,827. The merger between PT Angkasa Pura I and PT Ankasa Pura II can potentially maximize shareholder value in the IDR 4,427,090 – IDR 5,260,943 range. Analysis using Discounted Cash Flow for the two companies proves that there is a synergy resulting from the proposed merger between PT Angkasa Pura I and PT Angkasa Pura II.