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Determinants of acquisition premiums: a comparative analysis across sectors
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This study examines M&A premiums using a global model and sector-specific regressions on
over 3,000 transactions. Categorizing firm-level, macro-level, and deal-specific variables, the
findings show that forward-looking metrics - growth prospects, bidder competition, ownership
stakes - often outweigh traditional profitability measures. Interest rates and market
concentration exhibit sector-driven impacts, highlighting the complexity of market power and
regulatory constraints. Deal-specific factors such as stock-based offers consistently yield
premium discounts, while cross-border status surprisingly lacks significance. Sector-specific
models outperform the global baseline, emphasizing the need to account for industry nuances
when valuing M&A transactions.
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Acquisition premiums Mergers and Acquisitions (M&A) Industry comparison Determinants and drivers Corporate finance