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Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs

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  • Renneboog, L.D.R.

    (Tilburg University, Center For Economic Research)

  • Simons, T.

Abstract

This paper shows that a vibrant and economically important public-to-private market has reemerged in the US, UK and Continental Europe, since the second half of the 1990s.The paper shows recent trends and investigates the motives for public-to-private and LBO transactions.The reasons for the potential sources of shareholder wealth effects during the transaction period are examined: a distinction is made between tax benefits, incentive realignment, transaction costs savings, stakeholder expropriation, takeover defenses and corporate undervaluation.The paper also attempts to relate these value drivers to the post-transaction value and to the duration of the private status.Finally, the paper draws some conclusions about whether or not public-to-private transactions are useful devices for corporate restructuring.
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Suggested Citation

  • Renneboog, L.D.R. & Simons, T., 2005. "Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs," Discussion Paper 2005-98, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:cc5ad867-76a9-43ab-b903-39e8d7c39f69
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    Cited by:

    1. Mike Wright & Luc Renneboog & Tomas Simons & Louise Scholes, 2006. "Leveraged Buyouts in the U.K. and Continental Europe: Retrospect and Prospect," Journal of Applied Corporate Finance, Morgan Stanley, vol. 18(3), pages 38-55, June.
    2. Hamid Mehran & Stavros Peristiani, 2010. "Financial Visibility and the Decision to Go Private," The Review of Financial Studies, Society for Financial Studies, vol. 23(2), pages 519-547, February.
    3. Boubaker, Sabri & Cellier, Alexis & Rouatbi, Wael, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 226-246.
    4. Martinez, Isabelle & Serve, Stéphanie, 2011. "The delisting decision: The case of buyout offer with squeeze-out (BOSO)," International Review of Law and Economics, Elsevier, vol. 31(4), pages 228-239.
    5. Luc Renneboog & Peter G. Szilagyi, 2008. "Corporate Restructuring and Bondholder Wealth," European Financial Management, European Financial Management Association, vol. 14(4), pages 792-819, September.
    6. Peter M Clarkson & Shams Pathan & Andrew Tellam, 2016. "Do private equity target firms exhibit less effectual governance structures?," Australian Journal of Management, Australian School of Business, vol. 41(2), pages 244-270, May.
    7. Ettore Croci & Alfonso Del Giudice, 2014. "Delistings, Controlling Shareholders and Firm Performance in Europe," European Financial Management, European Financial Management Association, vol. 20(2), pages 374-405, March.
    8. Renneboog, Luc & Simons, Tomas & Wright, Mike, 2007. "Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 591-628, September.
    9. Hu, Gang & Lin, Ji-Chai & Wong, Owen & Yu, Manning, 2019. "Why have many U.S.-listed Chinese firms announced delisting recently?," Global Finance Journal, Elsevier, vol. 41(C), pages 13-31.
    10. Mittoo, Usha & Ng, Dennis & Yan, Meng, 2020. "Managerial ownership, credit market conditions, undervaluation and offer premiums in management (MBOs) and leveraged buyouts (LBOs)," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
    11. Baschieri, Giulia & Carosi, Andrea & Mengoli, Stefano, 2015. "Local IPOs, local delistings, and the firm location premium," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 67-83.
    12. Sharon Katz, 2008. "Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors," NBER Working Papers 14085, National Bureau of Economic Research, Inc.
    13. Toby Stuart & Soojin Yim, 2008. "Board Interlocks and the Propensity to be Targeted in Private Equity Transactions," NBER Working Papers 14189, National Bureau of Economic Research, Inc.
    14. Gill, Andrej & Visnjic, Nikolai, 2013. "Insight private equity," SAFE Working Paper Series 23, Leibniz Institute for Financial Research SAFE.
    15. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
    16. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

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    More about this item

    Keywords

    management buyouts; public-to-private transactions; going-private deals; leveraged buyouts; management buyins;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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