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Etude des déterminants de la prime d'acquisition d'un bloc de contrôle : le cas français

Author

Listed:
  • Alain Schatt

    (LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

  • Thierry Roy

    (LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Dans ce travail, nous vérifions si la prime payée lors de l'acquisition d'un bloc de contrôle dépend de la taille de ce dernier et de la détention préalable d'actions de l'entreprise par l'acquéreur du bloc. Nous testons nos hypothèses sur un échantillon de 80 opérations réalisées en France entre 1996 et 2002. Nos résultats montrent que la taille du bloc acquis a une incidence sur la prime payée par les acquéreurs. Par ailleurs, nous constatons qu'il y a lieu d'étudier séparément les opérations effectuées par les actionnaires possédant déjà une fraction des actions de l'entreprise et celles effectuées par de nouveaux actionnaires

Suggested Citation

  • Alain Schatt & Thierry Roy, 2005. "Etude des déterminants de la prime d'acquisition d'un bloc de contrôle : le cas français," Post-Print halshs-00008655, HAL.
    • Handle: RePEc:hal:journl:halshs-00008655
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    Cited by:

    1. de La Bruslerie, Hubert, 2013. "Equal opportunity rule vs. market rule in transfer of control: How can private benefits help to provide an answer?," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 88-107.
    2. repec:dau:papers:123456789/3189 is not listed on IDEAS
    3. Hubert de La Bruslerie, 2010. "The Equal Opportunity Rule in Transfer of Control: A Contractual Model," Post-Print halshs-00636613, HAL.

    More about this item

    Keywords

    bloc de contrôle; prime de contrôle; identité des actionnaires;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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