A comparative analysis of exit strategies in leveraged buyout transactions
Başlık çevirisi mevcut değil.
- Tez No: 401776
- Danışmanlar: DR. TUNDE OGOWEWO
- Tez Türü: Yüksek Lisans
- Konular: Hukuk, Law
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2013
- Dil: İngilizce
- Üniversite: King's College London
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 42
Özet
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Özet (Çeviri)
This paper considers the assessment of possible exit options being of paramount importance for private equity firms (PEs) in terms of tackling the issue of 'exit risk' prior to make any investment decision in new acquisitions. Besides their primary concern as to how to cash out their investments, actual timing of their exit has equal importance to recover the invested capital. Since key characteristic of private equity finance is that investors use funds for a limited period of time and dispose them at the end of this pre-determined life span, PEs have to carefully consider their 'exit' options and implication of each route in terms of time and cost efficiency. The objective of this dissertation is to contribute to the understanding of private equity investors' decisions, styles and preferences in relation to divestment processes while offering a general framework of each of these channels together with a detailed comparison in terms of legal documentation to create and processes to pursue. The focus of the analysis is set on private equity investments in mid sized and large European companies, acquired through leveraged buyouts (LBOs), distinguished from typical public corporations having dispersed shareholders, low leverage and weak corporate governance structure, with their active corporate governance, highly leveraged capital structures, performance-based managerial compensation as well as loss of investors' access to liquid public equity markets (PALEPU 1990, JENSEN 1989). As underlined above, motivation for PEs to invest in a portfolio company's equity (such as in an LBO) is that at the end of its lifespan to exit its investment and realize its return. As the money from the investments must be returned to limited partners within that predetermined lifespan, the exit phase is mostly regarded as the key driver as pointed out by GOMPERS and LERNER (1999a): 'The need to ultimately exit investments shapes every aspect of the venture capital cycle, from the availability to raise capital to types of investments that are made.' This study also highlights certain major discussions in practice such as enforceability of additional mechanisms requested by buyers or of contractual arrangements in PE deals together with underlying case law and certain matters leading discussions in Turkish doctrine are addressed linked with relevant Turkish court decisions.
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