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Motives for and Consequences of Minority Equity Purchases

  • Book
  • © 2010

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Authors:
  1. Friedel Drees
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Table of contents (5 chapters)

  1. Front Matter

    Pages I-XV
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  2. Introduction

    • Friedel Drees
    Pages 1-7

  3. New Outside Blockholders, Performance, and Governance in Germany

    • Friedel Drees
    Pages 9-29

  4. Equity Ownership, Agency Problems and Shareholder Wealth: Understanding the Unique Role of Corporate Block Owners

    • Friedel Drees
    Pages 31-66

  5. Minority Equity Ownership and Value Creation: The Role of Corporate Relatedness

    • Friedel Drees
    Pages 67-97

  6. Concluding Remarks

    • Friedel Drees
    Pages 99-101

  7. Back Matter

    Pages 103-109
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Keywords

About this book

Minority block purchases describe the acquisition of a non-controlling equity stake below 50 percent in a corporation. The individual motives behind these transactions can vary significantly across different types of investors and firms. Friedel Drees examines the capital markets’ reaction to the announcements of minority equity purchases in Europe and the U.S. and identifies the potential sources of value creation. He shows that company-specific characteristics, such as the strategic relatedness between two corporations, can have a significant effect on shareholder value.

About the author

Dr. Friedel Drees earned his doctoral degree from the European Business School Oestrich-Winkel under the supervision of Prof. Dr. Dirk Schiereck. He works as an investment professional for a private equity fund.

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