BID
PREMIA
|
|
Premium
one day before offer
%
|
Premium
one month before offer
%
|
Number
of deals
|
|
|
|
|
|
|
1988
|
26
|
38
|
|
|
1989
|
29
|
36
|
|
|
1990
|
29
|
32
|
|
|
1991
|
33
|
44
|
|
|
1992
|
39
|
46
|
e32
|
|
1993
|
31
|
34
|
36
|
|
1994
|
36
|
36
|
|
|
1995
|
31
|
36
|
|
|
1996
|
27
|
31
|
69
|
|
1997
|
35 |
38 |
|
|
1998
|
44 |
44 |
|
|
1999
|
43 |
50 |
187 |
|
2000
|
42 |
47 |
147 |
|
2001
|
|
|
|
|
2002
|
|
|
|
|
|
|
|
|
|
Source:
Acquisitions Monthly
|
|
|
|
Premiums
are calculated from the final offer price divided by the target share price one
day and one month before the offer (or bid talks) was announced.
Notes:
-
UK bidders pay lower than overseas bidders,
normally 10% lower.
-
AIM quoted premiums, lag fully listed
counterparts.
-
Contested
deals produce higher premiums than agreed deals, normally 10% higher.
-
Discounts usually for companies in distress
from poor trading, high gearing and cashflow problems.
|