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date: 03 June 2020

Abstract and Keywords

This article analyzes leveraged buyouts and public-to-private (PTP) transactions. It studies the literature and data on announcement returns for public-to-private transactions and considers their motives. It lists the types of firms that go private, as well as the determinants of takeover premiums in leveraged buyout transactions. It also studies posttransaction value creation and the duration of private status, and views the shift to a private firm as a form of shock therapy that is used to restructure firms that create both strong short- and long-term returns. This article also addresses the questions of whether PTP transactions lead to superior organization forms compared to public firms or not.

Keywords: leveraged buyouts, public-to-private transactions, takeover premiums, posttransaction value creation, organization forms, private status, public firms

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