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    Pre-acquisition profile of privately held companies involved in takeovers: an empirical study

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    Ooghe_H_WP_PreAcquisitionProfi ...
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    Working Paper
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    Publication type
    Working paper
    Author
    Ooghe, Hubert
    Camerlynck, Jan
    Publication Year
    2001
    Publication Issue
    1
    Publication Number of pages
    57
    
    Metadata
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    Abstract
    This study addresses the pre-acquisition financial characteristics of privately held acquiring and acquired companies involved in 143 Belgian takeovers between 1992 and 1994. Specifically, the research examines the profitability, liquidity, financial structure, added value and failure risk using statistical analysis of industry-adjusted 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 or a financial fit between acquirers and their targets.
    Keyword
    Corporate Finance
    Knowledge Domain/Industry
    Accounting & Finance
    URI
    http://hdl.handle.net/20.500.12127/563
    Other links
    http://public.vlerick.com/Publications/d3b8d457-69a9-e011-8a89-005056a635ed.pdf
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