Do Private Equity Firms Pay for Synergies?
Author: Hammer, Benjamin, Janssen, Nils, Schweizer, Denis, Schwetzler, Bernhard on Nov 17, 2018
It is a commonly accepted view that strategic acquirers incorporate synergistic value into their bids for targets, while private equity (PE) funds presumably do not because they lack operating similarities with the portfolio firm. Empirical evidence provides some support for this view but is limited to PE bids in so-called…
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