Private Equity Acquisitions of Continental European Firms: the Impact of Ownership and Control on the Likelihood of Being Taken Private

Ann‐Kristin Achleitner · André Betzer · Marc Goergen A · Bastian Hinterramskogler

43 citations0/0 files storedEuropean Financial Management

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Private Equity and Venture Capital Financial Markets and Investment Strategies Corporate Finance and Governance

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.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1988Management ownership and market valuation 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 1990Additional evidence on equity ownership and corporate value

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2017Mergers and acquisitions in family businesses: current literature and future insights 2013Delistings and the costs of governance: a study of European stock exchanges 1996–2004 2013The role of institutional investors in public-to-private transactions 2016Pre-Going Private Ownership Around the World 2011Private Equity, LBOs, and Corporate Governance: International Evidence

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