The price of corporate liquidity: Acquisition discounts for unlisted targets
Officer, M. S. (2007)
Journal of Financial Economics, 83(3), 571-598
Unlisted targets sell at average discounts of 15% to 30% relative to multiples for comparable public targets; discounts widen when debt capital is expensive. The finance benchmark for the private-company discount. (Abstract source: ScienceDirect page.)
Sourcedoi:10.1016/j.jfineco.2006.01.004466 citations (OpenAlex)