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Post-LBO Development

Analysis of Changes in Strategy, Operations, and Performance after the Exit from Leveraged Buyouts in Germany

  • Authors
  • Richard K. Lenz

Table of contents

  1. Front Matter
    Pages I-XXII
  2. Richard K. Lenz
    Pages 1-64
  3. Richard K. Lenz
    Pages 65-258
  4. Richard K. Lenz
    Pages 259-473
  5. Richard K. Lenz
    Pages 475-499
  6. Back Matter
    Pages 501-530

About this book

Introduction

The current financial crisis has intensified the discussion around buyouts and the related value creation of financial investors. Richard K. Lenz analyses how LBOs evolve after the financial investors have exited. Based on three case studies of former LBOs in Germany, he shows that performance decline is often related to the weakening of the former performance-enhancing series of governance instruments. The author reveals that management starts to over-emphasize growth while improvements on the micro-level of the company are robust and allow outperforming competitors. Finally, he concludes that performance decline seems to be rather due to inconsistent interests and less monitoring by new shareholders than to wealth transfer towards financial investors.

Keywords

Buyout Buyout Circle Change Corporate Governance Corporate strategy Financial performance Management Performance micro-level productivity strategy

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-8349-8600-9
  • Copyright Information Gabler Verlag | GWV Fachverlage GmbH, Wiesbaden 2010
  • Publisher Name Gabler
  • eBook Packages Business and Economics
  • Print ISBN 978-3-8349-2163-5
  • Online ISBN 978-3-8349-8600-9
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking
Engineering