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Regular version of the site

Article

Методика оценки премии в сделках слияния и поглощения на развивающихся рынках для частных компаний

Финансы: теория и практика. 2017. № 21 (5). С. 128-139.
Рябова Е. В., Петрова В. В.

Introduction. In the age of economic globalization mergers and acquisitions acquire relevance in business as strategic development of companies. M&A deals are generally evaluated with respect to their efficiency for buying companies and/or target companies. There are quite many researches and empirical studies related to the above line of inquiry. However, most of them are realized for public companies holding shares listed on stock exchanges. At that, in recent decades M&A deals are more topical for private companies operating at growing capital markets. Due to imperfection of a growing capital market, lack of reliable information on the private target company the investors require the method considering the market characteristics for the purpose of reasonable calculating the deal price and the premium in its structure.

In this regard, the present study focuses at developing of methodologies of the premium evaluation in M&A deals for private companies on the growing capital markets.

M&A deals in BRICS countries (Brazil, Russia, India, China, South Africa) in the period of 2005-2015 years are used as subject of research.

Methods. Both general scientific methods (analysis, synthesis, comparison, graphical approach) and special ones (statistical approach, coefficient method) were used as research methods.

Results. The present article offers the author approach to the evaluation of fair market value and premium in M&A deals for private companies at developing capital markets; assessment of the method is carried out.

Range of use. The proposed method can be used by both external and internal analysts for calculation and reasoning of the premium in the deals with private companies at developing capital markets.