In diesem Beitrag werden erstmals die gesamten Kosten eines „Taking Private“ für ein Sample von 38 deutschen Übernahmen ermittelt. Unsere ersten Ergebnisse zeigen, dass die gesamten Kosten mit abnehmender Anteilsquote des Bieters im Zeitpunkt des Übernahmegebots steigen; Grund hierfür ist eine höhere gebotene Übernahmeprämie. Die zusätzlichen Kosten für den Erwerb der „restlichen“ Anteile durch Beherrschungs- und Gewinnabführungsverträge, Squeeze-Outs etc. liegen leicht oberhalb des jeweiligen Übernahmeangebots._x000D_ This paper provides first evidence for the total cost of taking private for a sample of 38 German takeovers. Our results suggest that the total costs are higher for bidders starting the takeover offer with a lower ownership stake in the target corporation due to a higher takeover premium offered. We also find that the additional costs of acquiring the remaining shares through domination and profit and loss transfer agreements, squeeze-outs etc. are slightly higher than the takeover offer.
In this paper we analyze the impact of consistency upon the accuracy of corporate values estimates provided by multiple-based valuation methods. Based on a sample with more than 6000 firm years from German firms we find consistent multiple definitions outperform in most cases inconsistent ones. The first layer consistency requirement of properly matching entity figures and equity figures increases the valuation accuracy in all cases. In a deeper analysis with respect to consistent enterprise value definitions, in the majority of cases consistent definitions still outperform inconsistent ones. We find that consistent treatment of financial leases, pensions and minority interest generally increases the valuation accuracy. However for balance sheet variable accounts payables we find mixed evidence: the inclusion results in a higher valuation accuracy for all enterprise value multiples, whereas under our hypothesis it should only do so for the EV/sales multiplier. For investments in associates and joint ventures, an inconsistent treatment also results in a higher valuation accuracy. Within the class of consistently defined multiples EBITDA multiples have the highest valuation performance followed by EBIT, net income and sales based multiples.