Acquisition valuations of withdrawn IPOs: When IPO plans turn into mergers
Acquisition valuations of withdrawn IPOs: When IPO plans turn into mergers
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撤回 IPO 的收购估值：当 IPO 计划转变为合并时
DOI：
10.1016/j.jbankfin.2011.12.008
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发表时间：
2012
影响因子：
3.7
通讯作者：
Qiming Wang
中科院分区：
文献类型：
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作者：
Qin Lian;Qiming Wang
我们研究了撤回 IPO 的收购估值（在提交 IPO 然后撤回 IPO 后被收购的私人目标），以研究 IPO 注册和撤回如何影响撤回 IPO 在后续合并中的估值。我们发现，与从未提交 IPO 注册的同类纯私人目标相比，这些“几乎公开”撤回的 IPO 的售价存在显着的收购溢价，并且其收购估值也与可比公开目标相似。只有在控制其他因素后在 IPO 撤回之前收购的撤回 IPO 才会存在溢价。这些研究结果证实，IPO 注册（IPO 撤回）对撤回 IPO 的后续收购存在显着的正（负）估值影响。对于 IPO 撤回后收购的撤回 IPO，这两种影响相互抵消。
We examine the acquisition valuations of withdrawn-IPOs – private targets that are acquired after they file and then withdraw their IPOs – to examine how IPO registration and withdrawal affect valuations of withdrawn-IPOs in their subsequent mergers. We find that these “almost public” withdrawn-IPOs sell at a significant acquisition premium relative to comparable pure private targets that never file IPO registration and at acquisition valuations similar to comparable public targets. The premium persists only for withdrawn-IPOs that are acquired before their IPO withdrawals after other factors are controlled for. These findings confirm that there is a significantly positive (negative) valuation impact of IPO registration (IPO withdrawal) on withdrawn-IPOs’ subsequent acquisitions. The two effects offset each other for withdrawn-IPOs that are acquired after their IPO withdrawals.