1d5deac346
The locale switcher appeared broken because hardcoded markdown links (`](/docs/X)`) got double-prefixed by Docusaurus to `/docs/<locale>/docs/X` (404) in non-English locales, and the MDX hero `<a href>` on the index page escaped locale routing entirely. Changes: - Rewrite 922 `](/docs/X)` -> `](/X)` across 166 docs files (strip trailing .md too). Docusaurus prepends locale + baseUrl itself. - docs/index.md -> index.mdx; hero "Get Started" anchor -> Docusaurus <Link> so it stays inside the active locale. - Drop `ko` locale entirely from docusaurus.config.ts + delete i18n/ko/ (4 stale auto-translated kanban pages, <2% coverage, misleading). Verified `npm run build` succeeds for both en and zh-Hans; `build/zh-Hans/ index.html` has no /docs/zh-Hans/docs/... double-prefixed paths. PR2 will translate the 335 English docs into i18n/zh-Hans/.
6.3 KiB
| title | sidebar_label | description |
|---|---|---|
| Merger Model — Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact | Merger Model | Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact |
{/* This page is auto-generated from the skill's SKILL.md by website/scripts/generate-skill-docs.py. Edit the source SKILL.md, not this page. */}
Merger Model
Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact. Pairs with excel-author. Use for M&A pitches, board materials, or deal evaluation.
Skill metadata
| Source | Optional — install with hermes skills install official/finance/merger-model |
| Path | optional-skills/finance/merger-model |
| Version | 1.0.0 |
| Author | Anthropic (adapted by Nous Research) |
| License | Apache-2.0 |
| Platforms | linux, macos, windows |
| Tags | finance, m-and-a, merger, accretion-dilution, excel, openpyxl, modeling, investment-banking |
| Related skills | excel-author, pptx-author, dcf-model, 3-statement-model |
Reference: full SKILL.md
:::info The following is the complete skill definition that Hermes loads when this skill is triggered. This is what the agent sees as instructions when the skill is active. :::
Environment
This skill assumes headless openpyxl — you are producing an .xlsx file on disk.
Follow the excel-author skill's conventions for cell coloring, formulas, named ranges, and sensitivity tables.
Recalculate before delivery: python /path/to/excel-author/scripts/recalc.py ./out/model.xlsx.
Merger Model
Build accretion/dilution analysis for M&A transactions. Models pro forma EPS impact, synergy sensitivities, and purchase price allocation. Use when evaluating a potential acquisition, preparing merger consequences analysis for a pitch, or advising on deal terms.
Workflow
Step 1: Gather Inputs
Acquirer:
- Company name, current share price, shares outstanding
- LTM and NTM EPS (GAAP and adjusted)
- P/E multiple
- Pre-tax cost of debt, tax rate
- Cash on balance sheet, existing debt
Target:
- Company name, current share price, shares outstanding (if public)
- LTM and NTM EPS or net income
- Enterprise value or equity value
Deal Terms:
- Offer price per share (or premium to current)
- Consideration mix: % cash vs. % stock
- New debt raised to fund cash portion
- Expected synergies (revenue and cost) and phase-in timeline
- Transaction fees and financing costs
- Expected close date
Step 2: Purchase Price Analysis
| Item | Value |
|---|---|
| Offer price per share | |
| Premium to current | |
| Equity value | |
| Plus: net debt assumed | |
| Enterprise value | |
| EV / EBITDA implied | |
| P/E implied |
Step 3: Sources & Uses
| Sources | $ | Uses | $ |
|---|---|---|---|
| New debt | Equity purchase price | ||
| Cash on hand | Refinance target debt | ||
| New equity issued | Transaction fees | ||
| Financing fees | |||
| Total | Total |
Step 4: Pro Forma EPS (Accretion / Dilution)
Calculate year-by-year (Year 1-3):
| Standalone | Pro Forma | Accretion/(Dilution) | |
|---|---|---|---|
| Acquirer net income | |||
| Target net income | |||
| Synergies (after tax) | |||
| Foregone interest on cash (after tax) | |||
| New debt interest (after tax) | |||
| Intangible amortization (after tax) | |||
| Pro forma net income | |||
| Pro forma shares | |||
| Pro forma EPS | |||
| Accretion / (Dilution) % |
Step 5: Sensitivity Analysis
Accretion/Dilution vs. Synergies and Offer Premium:
| $0M syn | $25M syn | $50M syn | $75M syn | $100M syn | |
|---|---|---|---|---|---|
| 15% premium | |||||
| 20% premium | |||||
| 25% premium | |||||
| 30% premium |
Accretion/Dilution vs. Cash/Stock Mix:
| 100% cash | 75/25 | 50/50 | 25/75 | 100% stock | |
|---|---|---|---|---|---|
| Year 1 | |||||
| Year 2 |
Step 6: Breakeven Synergies
Calculate the minimum synergies needed for the deal to be EPS-neutral in Year 1.
Step 7: Output
- Excel workbook with:
- Assumptions tab
- Sources & uses
- Pro forma income statement
- Accretion/dilution summary
- Sensitivity tables
- Breakeven analysis
- One-page merger consequences summary for pitch book
Important Notes
- Always show both GAAP and adjusted (cash) EPS where relevant
- Stock deals: use acquirer's current price for exchange ratio, note dilution from new shares
- Include purchase price allocation — goodwill and intangible amortization matter for GAAP EPS
- Synergy phase-in is critical — Year 1 is often only 25-50% of run-rate synergies
- Don't forget foregone interest income on cash used and new interest expense on debt raised
- Tax rate on synergies and interest adjustments should match the acquirer's marginal rate
Data sources — MCP first, web fallback
Many passages below say "use the S&P Kensho MCP / Daloopa MCP / FactSet MCP". Those are commercial financial-data MCPs from the original Cowork plugin context. In Hermes:
- If you have any structured financial-data MCP configured (Hermes supports MCP — see
native-mcpskill), prefer it for point-in-time comps, precedent transactions, and filings. - Otherwise, fall back to:
web_search/web_extractagainst SEC EDGAR (https://www.sec.gov/cgi-bin/browse-edgar) for US filings- Company IR pages for press releases, earnings decks
browser_navigatefor interactive data portals- User-provided data (explicitly ask when the context doesn't have it)
- Never fabricate. If a multiple, precedent, or filing number can't be sourced, flag the cell as
[UNSOURCED]and surface it to the user.
Attribution
This skill is adapted from Anthropic's Claude for Financial Services plugin suite (Apache-2.0). The Office-JS / Cowork live-Excel paths have been removed; this version targets headless openpyxl via the excel-author skill's conventions. Original: https://github.com/anthropics/financial-services