Business, Management and Accounting
8 years ago

Private Targets Yield Higher Returns for Australian Bidders in Takeover Deals

Studies in Economics and Finance
Returns to acquirers of listed and unlisted targets: an empirical study of Australian bidders
Pascal Nguyên, Nahid Rahman, Ruoyun Zhao

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The study looked at whether buying private companies is better for Australian firms than buying public ones. They analyzed takeover bids from 1990 to 2011 and found that when a firm buys a private company, its shareholders make about 1.7% more money in the short term. This is true no matter the size of the target company, its industry, or where it's located. The results suggest that private companies are more attractive because of market conditions and the natural resources sector.