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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ildar Kuvandykov
Determinants of Premiums in M&A in Russia
Corporate Finance
(Master’s programme)
2017
Abstract

Nowadays, mergers and acquisitions are an integral part of the modern corporate financial society. M&A deals are relevant even in times of difficult economic situation in the country, despite possible reduction in their number. One of the most important indicators, which could effect on the financial results and the result of the transaction, is the amount of premiums.

One of the main problems, which arise during the implementation of the M&A deal, is that most of that kind of deals decrease the cost of the acquirer company because of too large premiums. Therefore, it is important for the acquirer company know the amount of maximum value of the premium that it is could to pay. If the acquirer does not know the amount of the premium, it could destroy its equity. Knowing the amount of premium is also important for the target company - the minimum possible premium that would provide sufficient compensation to current shareholders for selling the company.

At the same time, there is still no single point of view on the most objective way of determining the premium. In this paper, M&A deals on the Russian market in the period from 2000 to 2016 are considered.

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