Public-to-Private Transactions: LBOs, MBOs, MBIs and IBOs

L.D.R. Renneboog, T. Simons

Research output: Working paperDiscussion paperOther research output

1464 Downloads (Pure)


This paper shows that a vibrant and economically important public-to-private market has reemerged in the US, UK and Continental Europe, since the second half of the 1990s.The paper shows recent trends and investigates the motives for public-to-private and LBO transactions.The reasons for the potential sources of shareholder wealth effects during the transaction period are examined: a distinction is made between tax benefits, incentive realignment, transaction costs savings, stakeholder expropriation, takeover defenses and corporate undervaluation.The paper also attempts to relate these value drivers to the post-transaction value and to the duration of the private status.Finally, the paper draws some conclusions about whether or not public-to-private transactions are useful devices for corporate restructuring.
Original languageEnglish
Place of PublicationTilburg
Number of pages51
Publication statusPublished - 2005

Publication series

NameCentER Discussion Paper


  • management buyouts
  • public-to-private transactions
  • going-private deals
  • leveraged buyouts
  • management buyins


Dive into the research topics of 'Public-to-Private Transactions: LBOs, MBOs, MBIs and IBOs'. Together they form a unique fingerprint.

Cite this