Confidentiality is King… Transaction Leaks and Private Sellers

Posted By: Daniel Borg and Karen Fisman


Intralinks Annual M&A Leaks Report 2017 dives into the investigative analysis of deal leakage, drawing on a sample of 5,997 publicly traded targets. The study determined that an average of 7.7% of deals were leaked over the 2009 – 2016 period. The most compelling finding was that, over this period, leaked transactions exhibited a median premium 20% higher than deals that were not leaked.

Does this leak premium effect also apply to privately acquisitions? We considered this question, drawing on the insights of Frank Guarascio, a senior M&A partner with Blake, Cassels & Graydon. 

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