A special report from The Economist Intelligence Unit.
The world’s major industries are all set for further growth in 2019, but there are some worrying risks.
Organization
The state of the deal: M&A trends 2019
Annual comprehensive look at M&A activity by Deloitte about deal trends and common challenges faced by corporations and private equity firms.
Truth and Bias in M&A Target Fairness Valuations: Appraising the Appraisals
by Matthew Shaffer, Harvard Business School.
In U.S. M&A transactions, target directors are effectively required to seek and consider a “fairness opinion” and supporting valuations before accepting a takeover offer. Despite their legal status, critics have argued that these valuations are biased and sometimes low-quality, and that even unbiased valuations would not be useful to public companies, which can use their pre-deal stock price as an appraisal of their value.
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Cost of Capital Study 2018 (New Business Models – Risks and Rewards)
by KPMG. The thirteenth edition of the study includes 276 companies.
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Murray Devine Valuation Advisors Publishes Q3 Private Equity Valuations Report
The Q3 report, “This Train Keeps Rolling,” breaks down private equity activity in 2018 between deal size and sector. While valuations remain near historic highs, multiples have come down slightly in all but the small-market. Still, debt markets and considerable sums of dry powder available to private equity investors have allowed sponsors to pay a considerable premium over strategic acquirers as of the end of Q3.
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