F. Hodge O'Neal Corporate and Securities Law Symposium

Information Asymmetries, Rule 13e-3, and Premiums in Going-Private Transactions

Authors: Jeffry Davis (U.S. Securities and Exchange Commission) , Kenneth Lehn (University of Pittsburgh)

  • Information Asymmetries, Rule 13e-3, and Premiums in Going-Private Transactions

    F. Hodge O'Neal Corporate and Securities Law Symposium

    Information Asymmetries, Rule 13e-3, and Premiums in Going-Private Transactions

    Authors: ,

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Abstract

Among the questions we examine are the following: Are premiums lower in going-private transactions initiated by managers than in going-private transactions initiated by third parties? Did premiums in management-led going-private transactions increase following the adoption of Rule 13e-3? Are premiums in third-party going-private transactions in which management is likely to be an equity participant (i.e., going-private transactions that presently are exempt from Rule 13e-3) lower than premiums in Rule 13e-3 transactions?

Keywords: Leveraged buyouts, Going private (Securities)

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Published on
1992-01-01

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