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Private equity acquisitions of continental European firms: The impact of ownership and control on the likelihood of being taken private

Achleitner, Ann-Kristin, Betzer, André, Goergen, Marc and Hinterramskogler, Bastian 2013. Private equity acquisitions of continental European firms: The impact of ownership and control on the likelihood of being taken private. European Financial Management 19 (1) , pp. 72-107. 10.1002/eufm.569

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Abstract

This paper studies the motives behind private equity acquisitions of publicly listed firms in continental Europe. As corporate control and ownership in continental Europe tend to be highly concentrated, we argue that it is important to take into account the incentives of the incumbent large shareholder to monitor the management and the private benefits of control the latter may derive from the firm when measuring the likelihood of the firm being taken over by a private equity investor. We find strong and consistent evidence that both have a significant impact on the likelihood of a private equity acquisition.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
Uncontrolled Keywords: private equity;going private;continental Europe;ownership
Publisher: Wiley Blackwell
ISSN: 1354-7798
Last Modified: 04 Jun 2017 05:02
URI: http://orca.cf.ac.uk/id/eprint/47573

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