Företagsförvärv
En studie av redovisningsdatas inverkan på förvärvspremien
Although previous research conclude that mergers and acquisitions do not always lead to improved profitability or increased shareholder return, the number and size of M&A?s is steadily increasing. In this thesis we examine why an acquirer pays a price higher than the market value. Can accounting data explain the size of the premium? 618 European transactions between 1997 and 2008 are examined and relationships between the targets? accounting data and the premium is analysed through statistical regressions. Results show support for a positive relationship between the premium and the asset turnover rate. Factors that inversely affect the premium are found to be size, profitability and high Market Capitalisation to Enterprise Value ratios. However, explanatory values are found to be low for all the tested variables.