{"id":61498,"date":"2023-12-08T20:25:35","date_gmt":"2023-12-08T11:25:35","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61498"},"modified":"2024-03-28T17:34:43","modified_gmt":"2024-03-28T08:34:43","slug":"ma-secret-successful","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful","title":{"rendered":"Jak\u00e9 jsou tajemstv\u00ed \u00fasp\u011b\u0161n\u00e9ho podnikov\u00e9ho odkupu, kter\u00e9 se m\u016f\u017eeme nau\u010dit z ne\u00fasp\u011b\u0161n\u00fdch p\u0159\u00edklad\u016f M&amp;A?"},"content":{"rendered":"\n<p>Je mo\u017en\u00e9, \u017ee mnoho spole\u010dnost\u00ed zva\u017eovalo M&amp;A s c\u00edlem roz\u0161\u00ed\u0159it sv\u00e9 podnik\u00e1n\u00ed. Nicm\u00e9n\u011b, skute\u010dn\u00fd po\u010det \u00fasp\u011b\u0161n\u00fdch p\u0159\u00edpad\u016f M&amp;A nen\u00ed tak vysok\u00fd. P\u0159esto\u017ee \u00fasp\u011bch M&amp;A nelze pova\u017eovat za vysok\u00fd, mnoho spole\u010dnost\u00ed selh\u00e1v\u00e1. Na z\u00e1klad\u011b b\u011b\u017en\u00fdch p\u0159\u00edklad\u016f ne\u00fasp\u011bch\u016f vysv\u011btl\u00edme tajemstv\u00ed \u00fasp\u011bchu M&amp;A.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Co_znamena_neuspech_M_A\" title=\"Co znamen\u00e1 ne\u00fasp\u011bch M&amp;A\">Co znamen\u00e1 ne\u00fasp\u011bch M&amp;A<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Ucel_M_A\" title=\"\u00da\u010del M&amp;A\">\u00da\u010del M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Vstup_do_noveho_oboru\" title=\"Vstup do nov\u00e9ho oboru\">Vstup do nov\u00e9ho oboru<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Synergie_s_hlavnim_oborem\" title=\"Synergie s hlavn\u00edm oborem\">Synergie s hlavn\u00edm oborem<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Co_je_neuspech_M_A\" title=\"Co je ne\u00fasp\u011bch M&amp;A\">Co je ne\u00fasp\u011bch M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Ocekavany_efekt_akvizice_neni_dosazen\" title=\"O\u010dek\u00e1van\u00fd efekt akvizice nen\u00ed dosa\u017een\">O\u010dek\u00e1van\u00fd efekt akvizice nen\u00ed dosa\u017een<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Po_akvizici_vznikaji_neocekavane_ztraty\" title=\"Po akvizici vznikaj\u00ed neo\u010dek\u00e1van\u00e9 ztr\u00e1ty\">Po akvizici vznikaj\u00ed neo\u010dek\u00e1van\u00e9 ztr\u00e1ty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#V_nejhorsim_pripade_muze_dojit_k_upadku\" title=\"V nejhor\u0161\u00edm p\u0159\u00edpad\u011b m\u016f\u017ee doj\u00edt k \u00fapadku\">V nejhor\u0161\u00edm p\u0159\u00edpad\u011b m\u016f\u017ee doj\u00edt k \u00fapadku<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Priklady_neuspesnych_M_A\" title=\"P\u0159\u00edklady ne\u00fasp\u011b\u0161n\u00fdch M&amp;A\">P\u0159\u00edklady ne\u00fasp\u011b\u0161n\u00fdch M&amp;A<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#M_A_provedene_spolecnosti_DeNA\" title=\"M&amp;A proveden\u00e9 spole\u010dnost\u00ed DeNA\">M&amp;A proveden\u00e9 spole\u010dnost\u00ed DeNA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#M_A_provedene_spolecnosti_Microsoft\" title=\"M&amp;A proveden\u00e9 spole\u010dnost\u00ed Microsoft\">M&amp;A proveden\u00e9 spole\u010dnost\u00ed Microsoft<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Tajemstvi_uspesneho_M_A_Pouceni_z_neuspesnych_pripadu\" title=\"Tajemstv\u00ed \u00fasp\u011b\u0161n\u00e9ho M&amp;A: Pou\u010den\u00ed z ne\u00fasp\u011b\u0161n\u00fdch p\u0159\u00edpad\u016f\">Tajemstv\u00ed \u00fasp\u011b\u0161n\u00e9ho M&amp;A: Pou\u010den\u00ed z ne\u00fasp\u011b\u0161n\u00fdch p\u0159\u00edpad\u016f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Vyuziti_externich_odborniku_pro_due_diligence\" title=\"Vyu\u017eit\u00ed extern\u00edch odborn\u00edk\u016f pro due diligence\">Vyu\u017eit\u00ed extern\u00edch odborn\u00edk\u016f pro due diligence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Nastaveni_kupni_ceny_s_ohledem_na_rizika\" title=\"Nastaven\u00ed kupn\u00ed ceny s ohledem na rizika\">Nastaven\u00ed kupn\u00ed ceny s ohledem na rizika<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Konkurencni_analyza_pro_nove_obchodni_aktivity\" title=\"Konkuren\u010dn\u00ed anal\u00fdza pro nov\u00e9 obchodn\u00ed aktivity\">Konkuren\u010dn\u00ed anal\u00fdza pro nov\u00e9 obchodn\u00ed aktivity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Provedeni_vhodne_PMI_post-merger_integration\" title=\"Proveden\u00ed vhodn\u00e9 PMI (post-merger integration)\">Proveden\u00ed vhodn\u00e9 PMI (post-merger integration)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-secret-successful\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_znamena_neuspech_M_A\"><\/span>Co znamen\u00e1 ne\u00fasp\u011bch M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>P\u0159edt\u00edm, ne\u017e se pod\u00edv\u00e1me na p\u0159\u00edklady ne\u00fasp\u011bch\u016f M&amp;A, je t\u0159eba v\u011bd\u011bt, co vlastn\u011b ne\u00fasp\u011bch M&amp;A znamen\u00e1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucel_M_A\"><\/span>\u00da\u010del M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Mnoho firem zva\u017euje M&amp;A (f\u00faze a akvizice), proto\u017ee o\u010dek\u00e1vaj\u00ed v\u00fdznamn\u00e9 v\u00fdhody pro podnik\u00e1n\u00ed. \u00da\u010dely M&amp;A jsou n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vstup_do_noveho_oboru\"><\/span>Vstup do nov\u00e9ho oboru<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V p\u0159\u00edpad\u011b, \u017ee firmy jako IT spole\u010dnosti cht\u011bj\u00ed vstoupit do nov\u00e9ho oboru v rychle se m\u011bn\u00edc\u00edm pr\u016fmyslu, m\u016f\u017ee trvat dlouho, ne\u017e se poda\u0159\u00ed vybudovat vlastn\u00ed t\u00fdm, prov\u00e9st tr\u017en\u00ed pr\u016fzkum a marketing. To m\u016f\u017ee v\u00e9st k ztr\u00e1t\u011b p\u0159\u00edle\u017eitost\u00ed pro investice.<\/p>\n\n\n\n<p>Proto, pokud firma chce vstoupit do nov\u00e9ho oboru, m\u016f\u017ee akvizic\u00ed z\u00edskat jinou firmu, kter\u00e1 je ji\u017e v tomto oboru, a t\u00edm urychlit rozvoj sv\u00e9ho podnik\u00e1n\u00ed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Synergie_s_hlavnim_oborem\"><\/span>Synergie s hlavn\u00edm oborem<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Tradi\u010dn\u011b uv\u00e1d\u011bn\u00fdm \u00fa\u010delem M&amp;A je synergie s hlavn\u00edm oborem. Synergie znamen\u00e1 vytv\u00e1\u0159en\u00ed p\u0159idan\u00e9 hodnoty. D\u00edky M&amp;A a spojen\u00ed s jinou firmou lze o\u010dek\u00e1vat v\u00fdsledky, kter\u00e9 p\u0159esahuj\u00ed jednoduch\u00fd sou\u010det obratu a zisku obou firem.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, pokud firma zab\u00fdvaj\u00edc\u00ed se v\u00fdvojem softwaru akvizuje firmu s platformou pro prodej softwaru, m\u016f\u017ee to v\u00e9st k roz\u0161\u00ed\u0159en\u00ed z\u00e1kaznick\u00e9 z\u00e1kladny. To je typick\u00fd p\u0159\u00edklad M&amp;A zam\u011b\u0159en\u00e9ho na vytv\u00e1\u0159en\u00ed synergi\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_neuspech_M_A\"><\/span>Co je ne\u00fasp\u011bch M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ne\u00fasp\u011bch M&amp;A je v podstat\u011b neschopnost dos\u00e1hnout c\u00edl\u016f M&amp;A, kter\u00e9 jsme vysv\u011btlili v\u00fd\u0161e. Konkr\u00e9tn\u011b, v n\u00e1sleduj\u00edc\u00edch p\u0159\u00edpadech se M&amp;A pova\u017euje za ne\u00fasp\u011b\u0161n\u00e9.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ocekavany_efekt_akvizice_neni_dosazen\"><\/span>O\u010dek\u00e1van\u00fd efekt akvizice nen\u00ed dosa\u017een<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>P\u0159i M&amp;A v\u017edy existuje c\u00edl akvizice. Nap\u0159\u00edklad v p\u0159\u00edkladu uveden\u00e9m v\u00fd\u0161e je c\u00edlem akvizice synergie z M&amp;A s firmou s prodejn\u00ed silou. Av\u0161ak, i kdy\u017e se M&amp;A uskute\u010dn\u00ed, \u010dasto se nestane, \u017ee by se dos\u00e1hlo o\u010dek\u00e1van\u00e9ho efektu.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, i kdy\u017e se M&amp;A uskute\u010dn\u00ed s firmou, kter\u00e1 m\u00e1 prodejn\u00ed s\u00edlu, m\u016f\u017ee se st\u00e1t, \u017ee kl\u00ed\u010dov\u00ed zam\u011bstnanci, kte\u0159\u00ed byli zodpov\u011bdn\u00ed za v\u011bt\u0161inu prodeje, ji\u017e ode\u0161li ze spole\u010dnosti.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Po_akvizici_vznikaji_neocekavane_ztraty\"><\/span>Po akvizici vznikaj\u00ed neo\u010dek\u00e1van\u00e9 ztr\u00e1ty<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/11\/ma-secret-successful1.jpg\" alt=\"\" class=\"wp-image-21633\" \/><\/figure>\n\n\n\n<p>Jedn\u00edm z b\u011b\u017en\u00fdch d\u016fvod\u016f ne\u00fasp\u011bchu M&amp;A je vznik neo\u010dek\u00e1van\u00fdch ztr\u00e1t po akvizici. V M&amp;A, v z\u00e1vislosti na struktu\u0159e, je b\u011b\u017en\u00e9 p\u0159evz\u00edt i dluhy akvizi\u010dn\u00ed spole\u010dnosti. Proto je p\u0159ed uzav\u0159en\u00edm smlouvy o M&amp;A v\u017edy provedena finan\u010dn\u00ed a pr\u00e1vn\u00ed due diligence, aby byly identifikov\u00e1ny dluhy c\u00edlov\u00e9 spole\u010dnosti. Podrobnosti o struktu\u0159e pou\u017e\u00edvan\u00e9 v M&amp;A jsou podrobn\u011b vysv\u011btleny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/merger-acquisition\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/merger-acquisition[ja]<\/a><\/p>\n\n\n\n<p>Av\u0161ak, v p\u0159\u00edpadech, kdy tato due diligence nebyla sv\u011b\u0159ena odborn\u00edk\u016fm, m\u016f\u017ee se st\u00e1t, \u017ee nejsou odhaleny z\u00e1va\u017en\u00e9 dluhy. Existence t\u011bchto skryt\u00fdch dluh\u016f m\u016f\u017ee b\u00fdt odhalena po akvizici a m\u016f\u017ee se projevit jako velk\u00e1 ztr\u00e1ta.<\/p>\n\n\n\n<p>Krom\u011b toho, p\u0159i v\u00fdpo\u010dtu ceny M&amp;A je p\u0159id\u00e1na hodnota &#8220;goodwill&#8221; c\u00edlov\u00e9 spole\u010dnosti. Goodwill zahrnuje hodnotu zna\u010dky a kontakty c\u00edlov\u00e9 spole\u010dnosti a je obvykle zohledn\u011bn p\u0159i v\u00fdpo\u010dtu n\u00e1kupn\u00ed ceny, proto\u017ee ovliv\u0148uje v\u00fdd\u011ble\u010dnou schopnost podnik\u00e1n\u00ed.<\/p>\n\n\n\n<p>Av\u0161ak, goodwill je neviditeln\u00e1 hodnota a je t\u011b\u017ek\u00e9 ji p\u0159esn\u011b vyhodnotit. Po akvizici je goodwill amortizov\u00e1n po dlouhou dobu, ale pokud o\u010dek\u00e1van\u00fd efekt akvizice nen\u00ed dosa\u017een a hodnocen\u00ed kles\u00e1 pod n\u00e1kupn\u00ed cenu, m\u016f\u017ee doj\u00edt k \u00fa\u010dtov\u00e1n\u00ed ztr\u00e1ty prost\u0159ednictv\u00edm odpisu.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"V_nejhorsim_pripade_muze_dojit_k_upadku\"><\/span>V nejhor\u0161\u00edm p\u0159\u00edpad\u011b m\u016f\u017ee doj\u00edt k \u00fapadku<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pokud M&amp;A sel\u017ee, m\u016f\u017ee doj\u00edt k poklesu akci\u00ed u ve\u0159ejn\u011b obchodovan\u00fdch spole\u010dnost\u00ed a veden\u00ed m\u016f\u017ee b\u00fdt vyzv\u00e1no k odpov\u011bdnosti za akvizici. V z\u00e1vislosti na zhor\u0161en\u00ed finan\u010dn\u00ed situace, a\u010dkoli je to nejhor\u0161\u00ed p\u0159\u00edpad, je t\u0159eba b\u00fdt p\u0159ipraven na mo\u017enost, \u017ee M&amp;A m\u016f\u017ee v\u00e9st k \u00fapadku.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Priklady_neuspesnych_M_A\"><\/span>P\u0159\u00edklady ne\u00fasp\u011b\u0161n\u00fdch M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Poj\u010fme se pod\u00edvat na ve\u0159ejn\u011b zn\u00e1m\u00e9 p\u0159\u00edklady, kdy bylo proveden\u00ed M&amp;A hodnoceno jako ne\u00fasp\u011b\u0161n\u00e9. Zde vysv\u011btl\u00edme p\u0159\u00edklady z IT spole\u010dnost\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_provedene_spolecnosti_DeNA\"><\/span>M&amp;A proveden\u00e9 spole\u010dnost\u00ed DeNA<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Jedn\u00edm z nejzn\u00e1m\u011bj\u0161\u00edch p\u0159\u00edklad\u016f ne\u00fasp\u011b\u0161n\u00e9ho M&amp;A v IT sektoru je ten, kter\u00fd provedla spole\u010dnost DeNA. DeNA je velk\u00e1 spole\u010dnost zab\u00fdvaj\u00edc\u00ed se v\u00fdvojem hern\u00edch aplikac\u00ed a v roce 2014 (Gregori\u00e1nsk\u00fd kalend\u00e1\u0159) koupila spole\u010dnost provozuj\u00edc\u00ed kura\u010dn\u00ed web za p\u0159ibli\u017en\u011b 5 miliard jen\u016f.<\/p>\n\n\n\n<p>Av\u0161ak tento kura\u010dn\u00ed web se stal velk\u00fdm probl\u00e9mem, proto\u017ee na n\u011bm bylo mnoho \u010dl\u00e1nk\u016f poru\u0161uj\u00edc\u00edch autorsk\u00e1 pr\u00e1va a obsahuj\u00edc\u00edch l\u00e9ka\u0159sk\u00e9 informace bez v\u011bdeck\u00e9ho d\u016fkazu, co\u017e vedlo k jeho uzav\u0159en\u00ed.<\/p>\n\n\n\n<p>Toto M&amp;A bylo provedeno s o\u010dek\u00e1v\u00e1n\u00edm p\u0159\u00edjm\u016f z kura\u010dn\u00edho webu, ale proto\u017ee samotn\u00fd web, kter\u00fd m\u011bl b\u00fdt zdrojem p\u0159\u00edjm\u016f, byl uzav\u0159en, bylo nemo\u017en\u00e9 dos\u00e1hnout c\u00edle akvizice. V d\u016fsledku toho byla spole\u010dnost DeNA nucena prov\u00e9st odpis ve v\u00fd\u0161i 3,8 miliardy jen\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_provedene_spolecnosti_Microsoft\"><\/span>M&amp;A proveden\u00e9 spole\u010dnost\u00ed Microsoft<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Americk\u00e1 spole\u010dnost Microsoft tak\u00e9 v minulosti za\u017eila ne\u00fasp\u011b\u0161n\u00e9 M&amp;A. V roce 2014 (Gregori\u00e1nsk\u00fd kalend\u00e1\u0159) koupila Microsoft za 7,2 miliardy dolar\u016f telekomunika\u010dn\u00ed za\u0159\u00edzen\u00ed finsk\u00e9 spole\u010dnosti Nokia s c\u00edlem vstoupit do obchodu se smartphony.<\/p>\n\n\n\n<p>Nokia byla p\u0159ed \u00e9rou smartphon\u016f sv\u011btov\u00fdm l\u00eddrem, ale v dob\u011b akvizice byla jej\u00ed v\u00fdkonnost n\u00edzk\u00e1 kv\u016fli konkurenci s Apple a dal\u0161\u00edmi.<\/p>\n\n\n\n<p>Na druh\u00e9 stran\u011b, Microsoft byl v obchodu se smartphony daleko zaostal\u00fd za Apple a Google. Z tohoto d\u016fvodu se rozhodl akvizovat Nokia, kter\u00e1 m\u011bla silnou pozici v telekomunika\u010dn\u00edch za\u0159\u00edzen\u00edch, aby mohl rychle vstoupit do obchodu se smartphony.<\/p>\n\n\n\n<p>Av\u0161ak, i po M&amp;A, v\u00fdkonnost Microsoftu nep\u0159isp\u011bla tak, jak se o\u010dek\u00e1valo, a nakonec byl nucen prov\u00e9st odpis ve v\u00fd\u0161i 7,6 miliardy dolar\u016f, co\u017e p\u0159ekro\u010dilo kupn\u00ed cenu. Nav\u00edc se \u0159\u00edk\u00e1, \u017ee kv\u016fli ne\u00fasp\u011bchu tohoto M&amp;A se Microsoft vzdal vstupu do obchodu se smartphony.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tajemstvi_uspesneho_M_A_Pouceni_z_neuspesnych_pripadu\"><\/span>Tajemstv\u00ed \u00fasp\u011b\u0161n\u00e9ho M&amp;A: Pou\u010den\u00ed z ne\u00fasp\u011b\u0161n\u00fdch p\u0159\u00edpad\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/11\/ma-secret-successful2.jpg\" alt=\"\" class=\"wp-image-21634\" \/><\/figure>\n\n\n\n<p>Nen\u00ed pochyb o tom, \u017ee f\u00faze a akvizice (M&amp;A) mezi firmami maj\u00ed pro mana\u017eery sv\u00e9 kouzlo. Abychom v\u0161ak M&amp;A efektivn\u011b vyu\u017eili, je d\u016fle\u017eit\u00e9 analyzovat p\u0159\u00edpady ne\u00fasp\u011bch\u016f, vyhnout se rizik\u016fm a t\u00edm se p\u0159ibl\u00ed\u017eit k \u00fasp\u011bchu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyuziti_externich_odborniku_pro_due_diligence\"><\/span>Vyu\u017eit\u00ed extern\u00edch odborn\u00edk\u016f pro due diligence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V p\u0159\u00edpad\u011b firmy DeNA byla hlavn\u00ed p\u0159\u00ed\u010dinou ne\u00fasp\u011bchu skute\u010dnost, \u017ee na webu firmy, kterou cht\u011bli koupit, byly neleg\u00e1ln\u00ed aktivity. U webov\u00e9ho obsahu byla p\u016fvodn\u011b zpochyb\u0148ov\u00e1na legitimita n\u011bkter\u00fdch aspekt\u016f, jako je poru\u0161ov\u00e1n\u00ed autorsk\u00fdch pr\u00e1v obsahu nebo affiliate str\u00e1nky zab\u00fdvaj\u00edc\u00ed se zdravotnick\u00fdmi informacemi.<\/p>\n\n\n\n<p>V p\u0159\u00edpad\u011b, \u017ee podnik\u00e1n\u00ed c\u00edlov\u00e9 firmy, jako je nap\u0159\u00edklad n\u00e1kup webov\u00fdch str\u00e1nek, je n\u00e1chyln\u00e9 k pr\u00e1vn\u00edm probl\u00e9m\u016fm, m\u011blo by se vyu\u017e\u00edt extern\u00edch odborn\u00edk\u016f, jako jsou pr\u00e1vn\u00edci, certifikovan\u00ed \u00fa\u010detn\u00ed nebo da\u0148ov\u00ed poradci, k d\u016fkladn\u00e9mu prozkoum\u00e1n\u00ed legality a legitimity obsahu prost\u0159ednictv\u00edm due diligence.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nastaveni_kupni_ceny_s_ohledem_na_rizika\"><\/span>Nastaven\u00ed kupn\u00ed ceny s ohledem na rizika<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V p\u0159\u00edpad\u011b firmy DeNA bylo mo\u017en\u00e9 o\u010dek\u00e1vat, \u017ee kv\u016fli povaze webov\u00fdch str\u00e1nek m\u016f\u017ee doj\u00edt k uzav\u0159en\u00ed str\u00e1nek kv\u016fli poru\u0161en\u00ed autorsk\u00fdch pr\u00e1v nebo jin\u00fdch d\u016fvod\u016f, a toto riziko by m\u011blo b\u00fdt zohledn\u011bno p\u0159i stanoven\u00ed kupn\u00ed ceny.<\/p>\n\n\n\n<p>Pokud se rozhodnete prov\u00e9st akvizici s ur\u010dit\u00fdm rizikem, je t\u0159eba vyjednat, zda by m\u011bla c\u00edlov\u00e1 firma nebo jej\u00ed z\u00e1stupci n\u00e9st n\u00e1klady v p\u0159\u00edpad\u011b vzniku probl\u00e9m\u016f, nebo zda by m\u011bla b\u00fdt kupn\u00ed cena stanovena s p\u0159edpokladem mo\u017en\u00fdch probl\u00e9m\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Konkurencni_analyza_pro_nove_obchodni_aktivity\"><\/span>Konkuren\u010dn\u00ed anal\u00fdza pro nov\u00e9 obchodn\u00ed aktivity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V p\u0159\u00edpad\u011b M&amp;A firmy Microsoft byla jako p\u0159\u00ed\u010dina ne\u00fasp\u011bchu ozna\u010dena p\u0159\u00edli\u0161 siln\u00e1 konkurence, jako je Apple, v oblasti smartphon\u016f.<\/p>\n\n\n\n<p>Samotn\u00e1 c\u00edlov\u00e1 firma Nokia byla firmou, kter\u00e1 se pot\u00fdkala s poklesem v\u00fdkonnosti, a i p\u0159es synergii s firmou Microsoft byla konkuren\u010dn\u00ed situace tak n\u00e1ro\u010dn\u00e1, \u017ee se zd\u00e1lo, \u017ee se s n\u00ed nedok\u00e1\u017ee vypo\u0159\u00e1dat.<\/p>\n\n\n\n<p>Toto je velmi obt\u00ed\u017en\u00e9 rozhodnut\u00ed z hlediska \u0159\u00edzen\u00ed, ale alespo\u0148 v p\u0159\u00edpad\u011b nov\u00fdch obchodn\u00edch aktivit prost\u0159ednictv\u00edm M&amp;A je nezbytn\u00e9 prov\u00e9st konkuren\u010dn\u00ed anal\u00fdzu a pokud je konkurence p\u0159\u00edli\u0161 siln\u00e1, m\u011blo by se zv\u00e1\u017eit odlo\u017een\u00ed vstupu na trh.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Provedeni_vhodne_PMI_post-merger_integration\"><\/span>Proveden\u00ed vhodn\u00e9 PMI (post-merger integration)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/11\/ma-secret-successful3.jpg\" alt=\"\" class=\"wp-image-21635\" \/><\/figure>\n\n\n\n<p>V p\u0159\u00edpad\u011b akvizice firmy Nokia firmou Microsoft bylo jako p\u0159\u00ed\u010dina ne\u00fasp\u011bchu ozna\u010deno neschopnost \u00fasp\u011b\u0161n\u011b integrovat firemn\u00ed kultury obou spole\u010dnost\u00ed. Jedn\u00edm z probl\u00e9m\u016f, kter\u00e9 se \u010dasto vyskytuj\u00ed p\u0159i M&amp;A, je pr\u00e1v\u011b integrace firem. V odborn\u00e9 terminologii se tomu \u0159\u00edk\u00e1 PMI (post-merger integration).<\/p>\n\n\n\n<p>PMI zahrnuje slou\u010den\u00ed zam\u011bstnanc\u016f a firemn\u00ed kultury, stejn\u011b jako integraci syst\u00e9m\u016f a pracovn\u00edch postup\u016f t\u00fdkaj\u00edc\u00edch se \u00fa\u010detnictv\u00ed a dal\u0161\u00edch oblast\u00ed.<\/p>\n\n\n\n<p>Bezprost\u0159edn\u011b po M&amp;A doch\u00e1z\u00ed jak na stran\u011b kupuj\u00edc\u00ed firmy, tak na stran\u011b c\u00edlov\u00e9 firmy k velk\u00e9mu zmatku. Aby byl tento zmatek co nejmen\u0161\u00ed a ob\u011b strany se co nejd\u0159\u00edve slou\u010dily, je d\u016fle\u017eit\u00e9 pe\u010dliv\u011b napl\u00e1novat proveden\u00ed PMI je\u0161t\u011b p\u0159ed proveden\u00edm M&amp;A.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aby se p\u0159ede\u0161lo ne\u00fasp\u011bchu zp\u016fsoben\u00e9mu f\u00faz\u00ed a akvizic\u00ed (M&amp;A), je nezbytn\u00e9 prov\u00e9st due diligence s vyu\u017eit\u00edm odborn\u00edk\u016f, jako jsou pr\u00e1vn\u00edci, je\u0161t\u011b p\u0159ed zah\u00e1jen\u00edm M&amp;A.<\/p>\n\n\n\n<p>V p\u0159\u00edpad\u011b, \u017ee se jedn\u00e1 o akvizici zprost\u0159edkovanou spole\u010dnost\u00ed M&amp;A, je d\u016fle\u017eit\u00e9, abyste se nestali loutkou zprost\u0159edkovatelsk\u00e9 spole\u010dnosti, ale v\u017edy samostatn\u011b prov\u011b\u0159ili rizika a spravedlnost n\u00e1kupn\u00ed ceny pomoc\u00ed odborn\u00edk\u016f, kter\u00e9 jste si sami p\u0159ipravili. Podrobn\u011bji vysv\u011btlujeme poradensk\u00e9 smlouvy uzav\u0159en\u00e9 se zprost\u0159edkovatelsk\u00fdmi spole\u010dnostmi atd. v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/advisory-contract-points\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/advisory-contract-points[ja]<\/a><\/p>\n\n\n\n<p>Pokud je M&amp;A \u00fasp\u011b\u0161n\u00e1, m\u016f\u017ee doj\u00edt k v\u00fdrazn\u00e9mu zv\u00fd\u0161en\u00ed v\u00fdkonnosti spole\u010dnosti v kr\u00e1tk\u00e9m \u010dasov\u00e9m obdob\u00ed. Z tohoto d\u016fvodu mnoho spole\u010dnost\u00ed dlouhodob\u011b hled\u00e1 kvalitn\u00ed spole\u010dnosti, kter\u00e9 by mohly b\u00fdt c\u00edlem akvizice prost\u0159ednictv\u00edm M&amp;A. Proto je d\u016fle\u017eit\u00e9 minimalizovat rizika a maximalizovat efektivitu M&amp;A.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Je mo\u017en\u00e9, \u017ee mnoho spole\u010dnost\u00ed zva\u017eovalo M&amp;A s c\u00edlem roz\u0161\u00ed\u0159it sv\u00e9 podnik\u00e1n\u00ed. Nicm\u00e9n\u011b, skute\u010dn\u00fd po\u010det \u00fasp\u011b\u0161n\u00fdch p\u0159\u00edpad\u016f M&amp;A nen\u00ed tak vysok\u00fd. P\u0159esto\u017ee \u00fasp\u011bch M&amp;A nelze pova\u017eovat za vysok\u00fd, m [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61498"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61498"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61498\/revisions"}],"predecessor-version":[{"id":63739,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61498\/revisions\/63739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63738"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}