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Regular version of the site

Article

Реакция рынка на объявление о приобретении компаний открытого и закрытого типов

Корпоративные финансы. 2011. № 3. С. 30-43.
Чиркова Е. В., Чувствина Е. В.

The article presents the results of the research regarding abnormal return in M&A deals with private and public targets in emerging markets. The research was devoted to empirical verification of the dependence of buyer's abnormal return on the factors determining private target discount, as well as excess premium paid for the target compared to average industry multiples. Private target discount was defined as the difference between the deal value and the price calculated based on average multiples of comparable public companies. In addition the ability of the market to differentiate deals with wrong motivation, in particular transactions aimed at bootstrapping, was analyzed.