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Post-acquisition performance of distressed targets: empirical evidence on the influence of strategic versus private equity ownership
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Resumo(s)
Using regression analysis with Δ EBITDA margin, Δ Asset turnover, Δ Return on equity, and %
Δ Revenue, as variations for the dependent variable, this research evaluates the influence of
acquirer experience, deal size, and ownership types on post-acquisition performance. There was
limited evidence that more experienced acquirers could lead to higher post-acquisition
performance. Contrary to the hypothesis that larger deals would negatively influence post acquisition performance, there was evidence suggesting a positive effect. Results for deal size
and the acquirer experience highlight the complexities involved in distressed acquisitions. The
analysis showed no significant differences between ownership types.
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Palavras-chave
Financial distress Mergers and acquisitions Distressed acquisitions Post-acquisition performance Private equity