Modelo práctico involucrando opciones reales en adquisiciones de empresas

Abstract

This work makes a brief description of the real option theory (from its relation with financial options to its application in the field of strategy and acquisitions) and proposes an acquisition model with acquisition and abandon options. The model is based on a company that buys a θ share of a business and may have an option to acquire and an option to abandon, and the acquired company equally may have an option to acquire (repurchase) and an option to abandon. The model is consistent with the theory and the study concludes that when real options are involved in acquisitions, the possession of the company control 4 and the option exercise priority generates different motivations and diverse strategies that could be applied.