{"id":61658,"date":"2023-12-04T11:22:56","date_gmt":"2023-12-04T02:22:56","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61658"},"modified":"2024-03-20T13:50:28","modified_gmt":"2024-03-20T04:50:28","slug":"ma-secret-successful","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/ma-secret-successful","title":{"rendered":"M&amp;A'n\u0131n ba\u015far\u0131s\u0131zl\u0131k \u00f6rneklerinden \u00f6\u011frenilen \u015firket sat\u0131n alma ba\u015far\u0131s\u0131n\u0131n s\u0131rr\u0131 nedir?"},"content":{"rendered":"\n<p>\u0130\u015fletme geni\u015flemesi gibi ama\u00e7larla M&amp;A&#8217;y\u0131 d\u00fc\u015f\u00fcnen \u015firketlerin say\u0131s\u0131 olduk\u00e7a fazla olabilir. Ancak, ger\u00e7ekte M&amp;A ile ba\u015far\u0131ya ula\u015fan durumlar o kadar da yayg\u0131n de\u011fildir. M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131 her zaman y\u00fcksek olmasa da, bir\u00e7ok \u015firketin neden ba\u015far\u0131s\u0131z oldu\u011funu, yayg\u0131n ba\u015far\u0131s\u0131zl\u0131k \u00f6rneklerine dayanarak, M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131n\u0131n s\u0131rr\u0131n\u0131 a\u00e7\u0131kl\u0131yoruz.<\/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\/tr\/general-corporate\/ma-secret-successful\/#M_A%E2%80%99nin_Basarisizligi_Nedir\" title=\"M&amp;A&#8217;n\u0131n Ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 Nedir?\">M&amp;A&#8217;n\u0131n Ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 Nedir?<\/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\/tr\/general-corporate\/ma-secret-successful\/#M_A%E2%80%99nin_Amaci\" title=\"M&amp;A&#8217;n\u0131n Amac\u0131\">M&amp;A&#8217;n\u0131n Amac\u0131<\/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\/tr\/general-corporate\/ma-secret-successful\/#Yeni_Is_Alanlarina_Giris\" title=\"Yeni \u0130\u015f Alanlar\u0131na Giri\u015f\">Yeni \u0130\u015f Alanlar\u0131na Giri\u015f<\/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\/tr\/general-corporate\/ma-secret-successful\/#Ana_Islemlerin_Sinerji_Etkisi\" title=\"Ana \u0130\u015flemlerin Sinerji Etkisi\">Ana \u0130\u015flemlerin Sinerji Etkisi<\/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\/tr\/general-corporate\/ma-secret-successful\/#M_A%E2%80%99nin_Basarisizligi_Nedir-2\" title=\"M&amp;A&#8217;n\u0131n Ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 Nedir?\">M&amp;A&#8217;n\u0131n Ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 Nedir?<\/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\/tr\/general-corporate\/ma-secret-successful\/#Beklenen_Satin_Alma_Etkisi_Elde_Edilemez\" title=\"Beklenen Sat\u0131n Alma Etkisi Elde Edilemez\">Beklenen Sat\u0131n Alma Etkisi Elde Edilemez<\/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\/tr\/general-corporate\/ma-secret-successful\/#Satin_Almadan_Sonra_Beklenmeyen_Kayiplar_Ortaya_Cikar\" title=\"Sat\u0131n Almadan Sonra Beklenmeyen Kay\u0131plar Ortaya \u00c7\u0131kar\">Sat\u0131n Almadan Sonra Beklenmeyen Kay\u0131plar Ortaya \u00c7\u0131kar<\/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\/tr\/general-corporate\/ma-secret-successful\/#En_Kotu_Durumda_Iflas_da_Mumkundur\" title=\"En K\u00f6t\u00fc Durumda \u0130flas da M\u00fcmk\u00fcnd\u00fcr\">En K\u00f6t\u00fc Durumda \u0130flas da M\u00fcmk\u00fcnd\u00fcr<\/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\/tr\/general-corporate\/ma-secret-successful\/#M_A_Basarisizlik_Ornekleri\" title=\"M&amp;A Ba\u015far\u0131s\u0131zl\u0131k \u00d6rnekleri\">M&amp;A Ba\u015far\u0131s\u0131zl\u0131k \u00d6rnekleri<\/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\/tr\/general-corporate\/ma-secret-successful\/#DeNA%E2%80%99nin_M_A%E2%80%99si\" title=\"DeNA&#8217;n\u0131n M&amp;A&#8217;s\u0131\">DeNA&#8217;n\u0131n M&amp;A&#8217;s\u0131<\/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\/tr\/general-corporate\/ma-secret-successful\/#Microsoft%E2%80%99un_M_A%E2%80%99si\" title=\"Microsoft&#8217;un M&amp;A&#8217;s\u0131\">Microsoft&#8217;un M&amp;A&#8217;s\u0131<\/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\/tr\/general-corporate\/ma-secret-successful\/#Basarisizlik_Orneklerinden_M_A_Basarisinin_Sirlarini_Ogrenme\" title=\"Ba\u015far\u0131s\u0131zl\u0131k \u00d6rneklerinden M&amp;A Ba\u015far\u0131s\u0131n\u0131n S\u0131rlar\u0131n\u0131 \u00d6\u011frenme\">Ba\u015far\u0131s\u0131zl\u0131k \u00d6rneklerinden M&amp;A Ba\u015far\u0131s\u0131n\u0131n S\u0131rlar\u0131n\u0131 \u00d6\u011frenme<\/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\/tr\/general-corporate\/ma-secret-successful\/#Dis_Uzmanlarin_Kullanildigi_Due_Diligence\" title=\"D\u0131\u015f Uzmanlar\u0131n Kullan\u0131ld\u0131\u011f\u0131 Due Diligence\">D\u0131\u015f Uzmanlar\u0131n Kullan\u0131ld\u0131\u011f\u0131 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\/tr\/general-corporate\/ma-secret-successful\/#Riskleri_Dahil_Eden_Satin_Alma_Fiyati_Belirleme\" title=\"Riskleri Dahil Eden Sat\u0131n Alma Fiyat\u0131 Belirleme\">Riskleri Dahil Eden Sat\u0131n Alma Fiyat\u0131 Belirleme<\/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\/tr\/general-corporate\/ma-secret-successful\/#Yeni_Is_Alanina_Giris_ve_Rakip_Arastirmasi\" title=\"Yeni \u0130\u015f Alan\u0131na Giri\u015f ve Rakip Ara\u015ft\u0131rmas\u0131\">Yeni \u0130\u015f Alan\u0131na Giri\u015f ve Rakip Ara\u015ft\u0131rmas\u0131<\/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\/tr\/general-corporate\/ma-secret-successful\/#Uygun_PMI_Entegrasyon_Calismasi_Uygulamasi\" title=\"Uygun PMI (Entegrasyon \u00c7al\u0131\u015fmas\u0131) Uygulamas\u0131\">Uygun PMI (Entegrasyon \u00c7al\u0131\u015fmas\u0131) Uygulamas\u0131<\/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\/tr\/general-corporate\/ma-secret-successful\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E2%80%99nin_Basarisizligi_Nedir\"><\/span>M&amp;A&#8217;n\u0131n Ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131zl\u0131k \u00f6rneklerine bakmadan \u00f6nce, M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131zl\u0131\u011f\u0131n\u0131n ne t\u00fcr bir durumu ifade etti\u011fini bilmemiz gerekiyor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E2%80%99nin_Amaci\"><\/span>M&amp;A&#8217;n\u0131n Amac\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u015eirketlerin \u00e7o\u011fu M&amp;A&#8217;yi d\u00fc\u015f\u00fcn\u00fcr \u00e7\u00fcnk\u00fc b\u00fcy\u00fck bir i\u015fletme etkisi beklenmektedir. M&amp;A&#8217;n\u0131n ama\u00e7lar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeni_Is_Alanlarina_Giris\"><\/span>Yeni \u0130\u015f Alanlar\u0131na Giri\u015f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>IT \u015firketleri gibi h\u0131zla teknolojik yeniliklerin ya\u015fand\u0131\u011f\u0131 sekt\u00f6rlerde yeni bir i\u015fe giri\u015f yapmak istendi\u011finde, kendi personelini yeti\u015ftirmek, pazar ara\u015ft\u0131rmas\u0131 yapmak, pazarlama yapmak vb. i\u015flemler zaman al\u0131r. Bu durum, yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131 ka\u00e7\u0131rma riskini de beraberinde getirir.<\/p>\n\n\n\n<p>Bu nedenle, bir \u015firketin yeni bir i\u015fe giri\u015f yapmak istedi\u011fi durumlarda, o i\u015fe zaten girmi\u015f olan ba\u015fka bir \u015firketi M&amp;A ile kendi b\u00fcnyesine katarak i\u015f geli\u015ftirmeyi h\u0131zland\u0131rabilir.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ana_Islemlerin_Sinerji_Etkisi\"><\/span>Ana \u0130\u015flemlerin Sinerji Etkisi<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>M&amp;A&#8217;n\u0131n amac\u0131 olarak geleneksel olarak belirtilen \u015fey, M&amp;A&#8217;n\u0131n ana i\u015flemlerle sinerji etkisidir. Sinerji etkisi, birle\u015fme etkisidir. M&amp;A ile ba\u015fka bir \u015firketle birle\u015ferek, basit\u00e7e iki \u015firketin sat\u0131\u015flar\u0131 veya karlar\u0131 toplam\u0131ndan daha fazla sonu\u00e7 elde edilebilir.<\/p>\n\n\n\n<p>\u00d6rne\u011fin, bir yaz\u0131l\u0131m geli\u015ftirme \u015firketi, yaz\u0131l\u0131m sat\u0131\u015f platformuna sahip bir \u015firketi sat\u0131n alarak m\u00fc\u015fteri taban\u0131n\u0131 geni\u015fletme, tipik bir sinerji etkisi hedefleyen M&amp;A \u00f6rne\u011fidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E2%80%99nin_Basarisizligi_Nedir-2\"><\/span>M&amp;A&#8217;n\u0131n Ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131zl\u0131\u011f\u0131, esasen, yukar\u0131da a\u00e7\u0131klanan M&amp;A&#8217;n\u0131n amac\u0131n\u0131 ger\u00e7ekle\u015ftirememektir. \u00d6zellikle, a\u015fa\u011f\u0131daki durumlarda M&amp;A ba\u015far\u0131s\u0131z olarak de\u011ferlendirilir:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Beklenen_Satin_Alma_Etkisi_Elde_Edilemez\"><\/span>Beklenen Sat\u0131n Alma Etkisi Elde Edilemez<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>M&amp;A yap\u0131l\u0131rken, her zaman bir sat\u0131n alma amac\u0131 vard\u0131r. \u00d6rne\u011fin, yukar\u0131daki \u00f6rnekte, sat\u0131\u015f g\u00fcc\u00fcne sahip bir \u015firketle M&amp;A&#8217;n\u0131n sinerji etkisi, sat\u0131n alma amac\u0131 olacakt\u0131r. Ancak, M&amp;A ger\u00e7ekle\u015ftirildi\u011finde, beklenen etkinin elde edilememesi s\u0131k\u00e7a g\u00f6r\u00fcl\u00fcr.<\/p>\n\n\n\n<p>\u00d6rne\u011fin, sat\u0131\u015f g\u00fcc\u00fc olan bir \u015firketle M&amp;A yapt\u0131\u011f\u0131n\u0131z\u0131 d\u00fc\u015f\u00fcn\u00fcn, ancak asl\u0131nda sat\u0131\u015flar\u0131n \u00e7o\u011funu yapan anahtar personel zaten istifa etmi\u015f olabilir.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Satin_Almadan_Sonra_Beklenmeyen_Kayiplar_Ortaya_Cikar\"><\/span>Sat\u0131n Almadan Sonra Beklenmeyen Kay\u0131plar Ortaya \u00c7\u0131kar<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>M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131zl\u0131k nedenlerinden biri, sat\u0131n almadan sonra beklenmeyen kay\u0131plar\u0131n ortaya \u00e7\u0131kmas\u0131d\u0131r. M&amp;A&#8217;da, yap\u0131s\u0131na ba\u011fl\u0131 olarak, sat\u0131n al\u0131nan \u015firketin bor\u00e7lar\u0131 genellikle devral\u0131n\u0131r. Bu nedenle, M&amp;A ile ilgili bir s\u00f6zle\u015fme imzalamadan \u00f6nce her zaman mali ve hukuki due diligence yap\u0131l\u0131r ve hedef \u015firketin bor\u00e7lar\u0131 belirlenir. M&amp;A&#8217;da kullan\u0131lan yap\u0131lar\u0131n ayr\u0131nt\u0131lar\u0131 a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/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>Ancak, bu due diligence&#8217;i bir uzmana ba\u015fvurmadan yapt\u0131\u011f\u0131n\u0131z durumlarda, \u00f6nemli bor\u00e7lar\u0131 bulamayabilirsiniz. Bu t\u00fcr gizli bor\u00e7lar\u0131n varl\u0131\u011f\u0131, sat\u0131n almadan sonra ortaya \u00e7\u0131kar ve b\u00fcy\u00fck bir kay\u0131p olarak ortaya \u00e7\u0131kar.<\/p>\n\n\n\n<p>Buna ek olarak, M&amp;A&#8217;n\u0131n kar\u015f\u0131l\u0131\u011f\u0131n\u0131 hesaplarken, sat\u0131n al\u0131nacak \u015firketin &#8220;goodwill&#8221; de\u011feri eklenir. Goodwill, sat\u0131n al\u0131nacak \u015firketin marka de\u011feri, ba\u011flant\u0131lar\u0131 vb. anlam\u0131na gelir ve i\u015fin karl\u0131l\u0131\u011f\u0131n\u0131 etkileyen bir fakt\u00f6rd\u00fcr, bu nedenle sat\u0131n alma fiyat\u0131n\u0131 hesaplarken dikkate al\u0131n\u0131r.<\/p>\n\n\n\n<p>Ancak, goodwill g\u00f6zle g\u00f6r\u00fclmez bir de\u011fer oldu\u011fu i\u00e7in do\u011fru bir de\u011ferlendirme yapmak zordur. Sat\u0131n almadan sonra, goodwill uzun bir s\u00fcre boyunca amorti edilir, ancak ba\u015flang\u0131\u00e7ta beklenen sat\u0131n alma etkisi elde edilemezse veya ba\u015fka bir nedenle de\u011ferlendirme de\u011feri sat\u0131n alma fiyat\u0131n\u0131n alt\u0131na d\u00fc\u015ferse, zarar yazma i\u015flemi ile kay\u0131p kaydedilir.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"En_Kotu_Durumda_Iflas_da_Mumkundur\"><\/span>En K\u00f6t\u00fc Durumda \u0130flas da M\u00fcmk\u00fcnd\u00fcr<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>M&amp;A ba\u015far\u0131s\u0131z oldu\u011funda, bir halka a\u00e7\u0131k \u015firketse hisse senedi fiyatlar\u0131 d\u00fc\u015febilir veya y\u00f6netim kurulu sat\u0131n alma sorumlulu\u011funu sorgulayabilir. Mali durumun k\u00f6t\u00fcle\u015fme derecesine ba\u011fl\u0131 olarak, en k\u00f6t\u00fc durumda M&amp;A&#8217;n\u0131n bir sonucu olarak iflasa s\u00fcr\u00fcklenebilirsiniz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_Basarisizlik_Ornekleri\"><\/span>M&amp;A Ba\u015far\u0131s\u0131zl\u0131k \u00d6rnekleri<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ger\u00e7ekten M&amp;A ger\u00e7ekle\u015ftiren ancak ba\u015far\u0131s\u0131z oldu\u011fu de\u011ferlendirilen yay\u0131nlanm\u0131\u015f \u00f6rnekleri inceleyelim. Burada, IT \u015firketlerindeki \u00f6rnekleri a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DeNA%E2%80%99nin_M_A%E2%80%99si\"><\/span>DeNA&#8217;n\u0131n M&amp;A&#8217;s\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Haf\u0131zalarda taze olan bir \u00f6rnek, IT \u015firketi DeNA&#8217;n\u0131n M&amp;A ba\u015far\u0131s\u0131zl\u0131k \u00f6rne\u011fidir. DeNA, oyun uygulamalar\u0131 geli\u015ftiren b\u00fcy\u00fck bir \u015firkettir ve 2014 y\u0131l\u0131nda bir k\u00fcrasyon sitesi i\u015fletme \u015firketini yakla\u015f\u0131k 50 milyar yen kar\u015f\u0131l\u0131\u011f\u0131nda sat\u0131n ald\u0131.<\/p>\n\n\n\n<p>Ancak, bu k\u00fcrasyon sitesinde bilimsel temeli olmayan t\u0131bbi bilgiler ve telif hakk\u0131 ihlali yapan makalelerin yay\u0131nlanmas\u0131 b\u00fcy\u00fck bir sorun haline geldi ve site kapat\u0131lmak zorunda kald\u0131.<\/p>\n\n\n\n<p>Bu M&amp;A, k\u00fcrasyon sitesinden gelir elde etmeyi hedefliyordu, ancak gelir kayna\u011f\u0131 olmas\u0131 gereken site kapat\u0131ld\u0131\u011f\u0131 i\u00e7in sat\u0131n alma hedefine ula\u015fmak imkans\u0131z hale geldi. Sonu\u00e7 olarak, DeNA&#8217;n\u0131n 38 milyar yen de\u011ferindeki zarar yazma i\u015flemi ka\u00e7\u0131n\u0131lmaz oldu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Microsoft%E2%80%99un_M_A%E2%80%99si\"><\/span>Microsoft&#8217;un M&amp;A&#8217;s\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Amerikan Microsoft \u015firketi de ge\u00e7mi\u015fte M&amp;A ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 ya\u015fad\u0131. Microsoft, 2014 y\u0131l\u0131nda ak\u0131ll\u0131 telefon i\u015fine girmek amac\u0131yla, Finlandiya&#8217;n\u0131n Nokia \u015firketinin ileti\u015fim cihaz\u0131 i\u015fini 7.2 milyar dolar kar\u015f\u0131l\u0131\u011f\u0131nda sat\u0131n ald\u0131.<\/p>\n\n\n\n<p>Nokia, ak\u0131ll\u0131 telefonlar \u00f6ncesi d\u00f6nemde d\u00fcnya \u00e7ap\u0131nda bir paya sahipti, ancak sat\u0131n alma s\u0131ras\u0131nda Apple gibi \u015firketlerin bask\u0131s\u0131 alt\u0131nda performans\u0131 d\u00fc\u015f\u00fckt\u00fc.<\/p>\n\n\n\n<p>\u00d6te yandan, Microsoft da ak\u0131ll\u0131 telefon i\u015finde Apple ve Google taraf\u0131ndan b\u00fcy\u00fck \u00f6l\u00e7\u00fcde geride b\u0131rak\u0131lm\u0131\u015ft\u0131. Bu nedenle, erken bir a\u015famada ak\u0131ll\u0131 telefon i\u015fine girmek i\u00e7in ileti\u015fim cihazlar\u0131nda g\u00fc\u00e7l\u00fc olan Nokia&#8217;y\u0131 sat\u0131n alma karar\u0131 ald\u0131.<\/p>\n\n\n\n<p>Ancak, M&amp;A sonras\u0131nda Microsoft&#8217;un bekledi\u011fi kadar performansa katk\u0131da bulunmad\u0131 ve sonu\u00e7ta sat\u0131n alma fiyat\u0131n\u0131 a\u015fan 7.6 milyar dolarl\u0131k bir zarar yazma i\u015flemi yapmak zorunda kald\u0131. Ayr\u0131ca, bu M&amp;A ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 nedeniyle Microsoft&#8217;un ak\u0131ll\u0131 telefon i\u015fine girmekten vazge\u00e7ti\u011fi s\u00f6yleniyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Basarisizlik_Orneklerinden_M_A_Basarisinin_Sirlarini_Ogrenme\"><\/span>Ba\u015far\u0131s\u0131zl\u0131k \u00d6rneklerinden M&amp;A Ba\u015far\u0131s\u0131n\u0131n S\u0131rlar\u0131n\u0131 \u00d6\u011frenme<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>\u015eirketler aras\u0131 M&amp;A, y\u00f6neticiler i\u00e7in \u00e7ekici bir y\u00f6n\u00fc oldu\u011fu kesin. Bu nedenle, M&amp;A&#8217;y\u0131 etkin bir \u015fekilde kullanmak i\u00e7in, M&amp;A&#8217;n\u0131n ba\u015far\u0131s\u0131zl\u0131k \u00f6rneklerini analiz ederek riskleri \u00f6nlemek ve ba\u015far\u0131ya yakla\u015fmak \u00f6nemlidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dis_Uzmanlarin_Kullanildigi_Due_Diligence\"><\/span>D\u0131\u015f Uzmanlar\u0131n Kullan\u0131ld\u0131\u011f\u0131 Due Diligence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>DeNA \u00f6rne\u011finde, sat\u0131n al\u0131nan \u015firketin i\u015fletti\u011fi siteye yasad\u0131\u015f\u0131 eylemler oldu\u011fu ba\u015far\u0131s\u0131zl\u0131\u011f\u0131n ana nedeniydi. WEB i\u00e7erikleri s\u00f6z konusu oldu\u011funda, i\u00e7eriklerin telif hakk\u0131 ihlali ve t\u0131bbi bilgileri ele alan afiliye sitelerin uygunlu\u011fu ba\u015flang\u0131\u00e7ta baz\u0131lar\u0131 taraf\u0131ndan sorunlu g\u00f6r\u00fclm\u00fc\u015ft\u00fc.<\/p>\n\n\n\n<p>WEB sitesi sat\u0131n al\u0131m\u0131 gibi, sat\u0131n al\u0131nan i\u015fletmenin i\u015fi yasad\u0131\u015f\u0131l\u0131k sorunlar\u0131na neden olabilecek bir i\u015fletme oldu\u011funda, avukatlar, sertifikal\u0131 muhasebeciler, vergi dan\u0131\u015fmanlar\u0131 gibi d\u0131\u015f uzmanlar\u0131n kullan\u0131lmas\u0131 ve i\u00e7eriklerin yasad\u0131\u015f\u0131l\u0131\u011f\u0131 ve uygunlu\u011fu hakk\u0131nda due diligence ile yeterince incelenmesi gerekti\u011fi s\u00f6ylenebilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riskleri_Dahil_Eden_Satin_Alma_Fiyati_Belirleme\"><\/span>Riskleri Dahil Eden Sat\u0131n Alma Fiyat\u0131 Belirleme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>DeNA \u00f6rne\u011finde, ba\u015flang\u0131\u00e7ta WEB sitesinin do\u011fas\u0131 gere\u011fi, telif hakk\u0131 ihlali veya di\u011fer nedenlerle site kapat\u0131lmas\u0131 beklenmeli ve bu miktar\u0131n sat\u0131n alma fiyat\u0131n\u0131n hesaplanmas\u0131 s\u0131ras\u0131nda dahil edilmesi gerekti\u011fi s\u00f6ylenebilir.<\/p>\n\n\n\n<p>Bu durumda, riskli bir sat\u0131n alma yaparken, sorun \u00e7\u0131kt\u0131\u011f\u0131nda sat\u0131n al\u0131nan \u015firketin veya temsilcisinin zarar\u0131 kar\u015f\u0131lamas\u0131 gereken s\u00f6zle\u015fme i\u00e7eri\u011fi olu\u015fturulmal\u0131 veya sorun \u00e7\u0131kma olas\u0131l\u0131\u011f\u0131 g\u00f6z \u00f6n\u00fcnde bulundurularak sat\u0131n alma fiyat\u0131n\u0131 d\u00fc\u015f\u00fcrmek i\u00e7in pazarl\u0131k yap\u0131lmas\u0131 gerekti\u011fi s\u00f6ylenebilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeni_Is_Alanina_Giris_ve_Rakip_Arastirmasi\"><\/span>Yeni \u0130\u015f Alan\u0131na Giri\u015f ve Rakip Ara\u015ft\u0131rmas\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Microsoft&#8217;un M&amp;A \u00f6rne\u011fi, ba\u015flang\u0131\u00e7ta ak\u0131ll\u0131 telefon i\u015finde rekabet eden Apple gibi rakiplerin \u00e7ok g\u00fc\u00e7l\u00fc oldu\u011fu belirtilerek ba\u015far\u0131s\u0131zl\u0131\u011f\u0131n nedeni olarak g\u00f6sterilmi\u015ftir.<\/p>\n\n\n\n<p>Ba\u015flang\u0131\u00e7ta, sat\u0131n al\u0131nan Nokia, d\u00fc\u015f\u00fck performans\u0131 olan bir \u015firketti, bu y\u00fczden Microsoft ile sinerji bile rekabet ortam\u0131 \u00e7ok zor oldu\u011fu i\u00e7in ba\u015fa \u00e7\u0131kamazd\u0131.<\/p>\n\n\n\n<p>Bu nokta, y\u00f6netim karar\u0131 olarak \u00e7ok zor bir yerdir, ancak en az\u0131ndan M&amp;A ile yeni bir i\u015f alan\u0131na giri\u015f yaparken, rakip ara\u015ft\u0131rmas\u0131 zorunludur ve rakipler \u00e7ok g\u00fc\u00e7l\u00fcyse, yeni i\u015f alan\u0131na giri\u015fi ertelemek de bir y\u00f6netim karar\u0131 olabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uygun_PMI_Entegrasyon_Calismasi_Uygulamasi\"><\/span>Uygun PMI (Entegrasyon \u00c7al\u0131\u015fmas\u0131) Uygulamas\u0131<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>Microsoft&#8217;un Nokia&#8217;y\u0131 sat\u0131n almas\u0131yla ilgili olarak, her iki \u015firketin kurumsal k\u00fclt\u00fcr\u00fcn\u00fc ba\u015far\u0131l\u0131 bir \u015fekilde entegre edememesi de ba\u015far\u0131s\u0131zl\u0131\u011f\u0131n nedeni olarak g\u00f6sterilmi\u015ftir. M&amp;A durumunda, genellikle sorun olan \u015fey, bu \u015firket entegrasyon \u00e7al\u0131\u015fmas\u0131d\u0131r. Uzman terimlerle PMI (Post-Merger Integration) olarak da adland\u0131r\u0131l\u0131r.<\/p>\n\n\n\n<p>PMI, \u00e7al\u0131\u015fanlar\u0131n ve kurumsal k\u00fclt\u00fcr\u00fcn entegrasyonu ve muhasebe i\u015flemleri y\u00f6ntemi ve di\u011fer i\u015flemlerle ilgili sistemlerin ve i\u015f ak\u0131\u015flar\u0131n\u0131n entegrasyonudur.<\/p>\n\n\n\n<p>M&amp;A hemen sonras\u0131nda, hem sat\u0131n alan \u015firket hem de sat\u0131n al\u0131nan \u015firket b\u00fcy\u00fck bir karma\u015fa ya\u015far. Bu t\u00fcr bir karma\u015fay\u0131 en aza indirmek ve her iki taraf\u0131n da erken bir \u015fekilde entegre olmas\u0131n\u0131 sa\u011flamak i\u00e7in, M&amp;A uygulamas\u0131ndan \u00f6nce PMI uygulama plan\u0131n\u0131 yeterince haz\u0131rlamak \u00f6nemlidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Birle\u015fme ve Sat\u0131n Almalar (M&amp;A) ile ilgili hatalar\u0131 \u00f6nlemek i\u00e7in, \u00f6ncelikle M&amp;A uygulamas\u0131ndan \u00f6nce avukatlar gibi uzmanlar\u0131n y\u00fcr\u00fctt\u00fc\u011f\u00fc bir due diligence (gerekli \u00f6zen) s\u00fcreci gereklidir.<\/p>\n\n\n\n<p>Ayr\u0131ca, M&amp;A arac\u0131 kurulu\u015flar\u0131 taraf\u0131ndan sunulan projelerde, arac\u0131 kurulu\u015fun s\u00f6ylediklerine tamamen ba\u011fl\u0131 kalmamak ve her zaman kendi \u015firketinizin haz\u0131rlad\u0131\u011f\u0131 uzmanlar taraf\u0131ndan risklerin ve sat\u0131n alma fiyat\u0131n\u0131n uygunlu\u011funun ba\u011f\u0131ms\u0131z bir \u015fekilde incelenmesi \u00f6nemlidir. Arac\u0131 kurulu\u015flar ve dan\u0131\u015fmanl\u0131k s\u00f6zle\u015fmeleri hakk\u0131nda ayr\u0131nt\u0131l\u0131 bilgi a\u015fa\u011f\u0131daki makalede bulunabilir.<\/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>M&amp;A ba\u015far\u0131l\u0131 oldu\u011funda, bir \u015firketin performans\u0131n\u0131 k\u0131sa s\u00fcrede \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rabilir. Bu nedenle, bir\u00e7ok \u015firket uzun s\u00fcredir M&amp;A ile sat\u0131n al\u0131nacak kaliteli \u015firketleri aramaktad\u0131r. Bu nedenle, riskleri olabildi\u011fince azaltarak M&amp;A&#8217;n\u0131n en b\u00fcy\u00fck etkisini elde etmek \u00f6nemlidir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0130\u015fletme geni\u015flemesi gibi ama\u00e7larla M&amp;A&#8217;y\u0131 d\u00fc\u015f\u00fcnen \u015firketlerin say\u0131s\u0131 olduk\u00e7a fazla olabilir. Ancak, ger\u00e7ekte M&amp;A ile ba\u015far\u0131ya ula\u015fan durumlar o kadar da yayg\u0131n de\u011fildir. M&amp;A&#8217;n\u0131 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64817,"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\/tr\/wp-json\/wp\/v2\/posts\/61658"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61658"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61658\/revisions"}],"predecessor-version":[{"id":64818,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61658\/revisions\/64818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/64817"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}