Do private equity buyouts represent value for target shareholders? Premiums in the boom of the early 2000s

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dc.contributor.author Hutson, Elaine
dc.contributor.author Mahony, Darragh
dc.date.accessioned 2009-06-09T13:22:58Z
dc.date.available 2009-06-09T13:22:58Z
dc.date.copyright 2008, Centre for Financial Markets en
dc.date.issued 2008-04
dc.identifier.uri http://hdl.handle.net/10197/1153
dc.description.abstract This study compares the takeover premiums for 55 private equity buyouts with 59 takeovers involving a public acquirer, from the US takeover market between 2004 and 2007. This investigation takes place amidst accusations of anti-competitive behaviour against some of the most active private equity groups in the US. While controlling for several other factors that might affect the takeover premium, we find weak evidence that bid premiums are significantly lower for target firms undergoing a private equity takeover than those subject to takeovers by public companies. We also demonstrate that abnormal returns earned by targets around takeover announcements can be a biased and misleading proxy for takeover premium. en
dc.format.extent 257614 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher University College Dublin. School of Business. Centre for Financial Markets en
dc.relation.ispartofseries Centre for Financial Markets working paper series en
dc.relation.ispartofseries WP-08-03 en
dc.subject.lcsh Private equity--United States en
dc.subject.lcsh Tender offers (Securities)--United States en
dc.title Do private equity buyouts represent value for target shareholders? Premiums in the boom of the early 2000s en
dc.type Working Paper en
dc.internal.authorid UCD0044
dc.internal.availability Full text available en
dc.internal.webversions Publisher's version en
dc.internal.webversions http://www.ucd.ie/bankingfinance/docs/wp/WP-08-03.pdf en
dc.status Not peer reviewed en
dc.neeo.contributor Mahony|Darragh|aut|
dc.neeo.contributor Hutson|Elaine|aut|UCD0044


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