SUBSCRIBER ACCESS
     
     
      Sign in  
   Forgot your password?
español english     
    Subscriptions Contact Home
Blog
Legislation Glossary Links INCARI
THE JOURNAL
About us
Advisory Board
Submit an Article
Ethical Code
Next issue
 Past Issues
Author Index
Subject Index
eBooks
Bibliography
GET A
FREE ISSUE
---2021: 1 I 2
---2020: 1 I 2 I 3 I 4
---2019: 1 I 2 I 3 I 4
---2018: 1 I 2 I 3 I 4
---2017: 1 I 2 I 3 I 4
---2016: 1 I 2 I 3 I 4
---2015: 1 I 2 I 3 I 4
---2014: 1 I 2 I 3 I 4
---2013: 1 I 2 I 3 I 4
---2012: 1 I 2 I 3 I 4
---2011: 1 I 2 I 3 I 4
---2010: 1 I 2 I 3 I 4
---2009: 1 I 2 I 3 I 4
---2008: 1 I 2 I 3 I 4
---2007: 1 I 2 I 3 I 4
---2006: 0
Esquemas de Inicioación al capital Riesgo Sumario
comprar en:
Ed. Tirant lo Blanch
 Find us in:
 
BOLETIN DE ACTUALIDAD DEL MERCADO ESPAÑOL DE CAPITAL RIESGO
PRIVATE EQUITY & VENTURE CAPITAL SPANISH MARKET NEWSLETTER

M&A processes, information gathering and transaction costs Abstract

ENERO-MARZO 2016
 
Del Nº 1 / 2016
M&A processes, information gathering and transaction costs
Teodoro Millán
Socios Financieros
  

 

Abstract:

This article describes how agents confront high transaction costs in private M&A negotiations when having to provide for missing elements already existing in an organized public market, and in particular the need for complex future’s contracs given the existing time gap between agreements and execution.
Costly negotiations in private M&A deals where private information is manipulated can be rationalized as investments by agents in updating information on key parameters. Hence, they adjust to non cooperative dynamic games with private information on synergies and on market prices offered by competitors. Under high competition, sellers are expected to appropriate buyers’s synergies in accordance with observed marked data. Nevertheless, synergies are ex-ante expected by buyers, justifying recurrent buyers behaviour.

Keywords: M&A; processes: information: negotiations: M&A paradoxes: game theory: non-cooperative games; synergies.

 
 
 
THE NEWSLETTER
About us
Past Issues
Latest News
GET A
FREE ISSUE
Boletín 2 de 2021 de actualidad de Mercados de Capital Riesgo
THE MARKET
Spanish PE & VC Portfolios
Who's Who in PE & VC
Who's Who in Services to Private Equity & Venture Capital
PE & VC in the Stock Markets
PE & VC and Insolvency
Business Valuation Resources
Rankings
 Survey
Anuario 2020 de Capital Riesgo
Master de Capital Riesgo y emprendimiento
Valoración por Múltiplos
CONTENTS
Compra en AECA
 
 
 
 
Legal Notice -- Privacy Policy -- Copyright/Disclaimer -- SiteMap
Private equity and venture capital publication for investors, advisors, financiers and academics