Entreprises non cotées et différence d’évaluation entre LBO et M&A (notice n° 254934)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 03248cam a2200337 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112072654.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Mnejja, Anis |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Entreprises non cotées et différence d’évaluation entre LBO et M&A |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2012.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 89 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Dans les années 90, les investisseurs financiers ont toujours payé leurs acquisitions moins chères que ceux ayant des motifs stratégiques (Butler 2001). Dans cette étude, nous cherchons à établir l’existence d’une prime de décote appliquée par les investisseurs financiers. En se basant sur un échantillon unique de 220 opérations de fusion-acquisitions (M&A) et LBO européennes non cotées sur la période 2004-2009, cet article étudie les différences d’évaluation entre les acquéreurs stratégiques et les investisseurs financiers.Nous avons montré l’existence d’une prime additionnelle payée par les acquéreurs stratégiques par rapport aux financiers. Pour l’ensemble de l’échantillon, cette prime est en moyenne (médiane) de 17 % (24 %) pour le multiple de l’EBITDA. Ce résultat est lié aux différences de perception et d’attentes (sur les performances de la société cible) entre les acquéreurs financiers et stratégiques. En effet, l’objectif principal des acquéreurs stratégiques est la détention de la cible et l’optimisation de l’effet de synergie entre les sociétés, ce qui explique leur propension à payer un prix plus élevé leurs acquisitions. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Unlisted companies and valuation difference between LBO and M&AIn the 1990’s, financial buyers have consistently paid their acquisitions cheaper than strategic buyers did (Butler 2001). In this study, we seek to establish the existence of a discount premium applied by financial buyers. Using a novel data of 220 private LBO and merger-acquisitions (M&A) European transactions in small and midcaps over the period 2004-2009, this article studies the reasons for this difference and estimate the discount premium between M&A and LBO transactions.We demonstrate the existence of an additional premium paid by strategic buyers compared to financial buyers. For the entire sample, the premium’s mean (median) is 17 % (24 %) for the EBITDA multiple. This result is related to differences in perception and expectations between financial and strategic buyers over the performance of the target company. Indeed, the main objective of strategic acquirers is to hold the target and optimize the synergy between companies, which explains their willingness to pay a higher price for acquisitions. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | LBO |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | fusion-acquisition |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | prime |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | évaluation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | entreprise non cotée |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | action non cotée |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | LBO |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | private equity |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | merger-acquisition |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | non-public company |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | premium |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | valuation |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Sahut, Jean-Michel |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Teulon, Frédéric |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Management & Prospective | Volume 29 | 6 | 2012-12-01 | p. 93-106 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-gestion-2000-2012-6-page-93?lang=fr">https://shs.cairn.info/revue-gestion-2000-2012-6-page-93?lang=fr</a> |
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