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Pre-Acquisition Profile of Privately Held Companies Involved in Take-Overs: An Empirical Study

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Author Info
Jan Camerlynck
Hubert Ooghe ()
Tine Langhe

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Abstract

This study addresses the pre-acquisition financial characteristics of privately held, rather small acquiring and acquired companies involved in 143 Belgian take-overs between 1992 and 1994. Specifically, the research examines the profitability, liquidity, financial structure, added value and failure risk using statistical analysis of industryadjusted variables. Our findings show that acquisition is not an alternative to bankruptcy since acquired companies do not report high failure risk, but exhibit higher than industry liquidity and solvency. The acquirers achieve a higher growth rate in total assets and sales than the acquired firms but experience a negative industry-adjusted liquidity and are highly levered, suggesting evidence for a growth-resource mismatch within, but a financial fit between acquirers and their targets. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s11187-003-3807-2
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Publisher Info
Article provided by Springer in its journal Small Business Economics.

Volume (Year): 24 (2005)
Issue (Month): 2 (03)
Pages: 169-186
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Handle: RePEc:kap:sbusec:v:24:y:2005:i:2:p:169-186

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Web page: http://www.springerlink.com/link.asp?id=100338

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  1. Isachenkova, N. & Weeks, M., 2008. "Acquisition, Insolvency and Managers in UK Small Companies," Cambridge Working Papers in Economics 0838, Faculty of Economics, University of Cambridge. [Downloadable!]
  2. Hubert Ooghe & Tine De Langhe & Jan Camerlynck, 2006. "Profile of multiple versus single acquirers and their targets: a research note," Applied Economics, Taylor and Francis Journals, vol. 38(7), pages 725-733, April. [Downloadable!] (restricted)
    Other versions:
  3. D. Van Den Poel, 2003. "Predicting Mail-Order Repeat Buying: Which Variables Matter?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 03/191, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  4. Hubert Ooghe & Elisabeth Laere & Tine Langhe, 2006. "Are Acquisitions Worthwhile? An Empirical Study of the Post-Acquisition Performance of Privately Held Belgian Companies," Small Business Economics, Springer, vol. 27(2), pages 223-243, October. [Downloadable!] (restricted)
  5. Tine De Langhe & Hubert Ooghe, 2002. "Are acquisitions worhtwhile? An empirical study of the post-acquisition performance of privately held Belgian companies involved in take-overs," Vlerick Leuven Gent Management School Working Paper Series 2001-12, Vlerick Leuven Gent Management School. [Downloadable!]
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