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Table 3 - Bid premium
N Total High M/B Low M/B High ret Low ret
Panel A - All acquisitions
Acquirer
Total 407 28,8% 22,7% 37,8% 25,6% 35,3%
Majority owner bid 137 24,3% 17,2% 33,2% 26,1% 22,6%
Main owner bid 198 24,5% 19,8% 29,5% 24,8% 24,6%
Other insider bid 220 24,3% 19,9% 29,0% 24,2% 25,4%
Other acquisitions 187 33,6% 25,4% 46,5% 27,5% 45,2%
Way of payment
Cash 255 30,1% 23,9% 39,4% 26,7% 34,2%
Stock 57 30,4% 20,8% 48,4% 20,1% 50,9%
Panel B - Swedish acquirers
Acquirer
Total 323 26,8% 21,8% 32,0% 25,5% 32,8%
Insider bid 190 24,8% 19,9% 27,6% 26,3% 24,8%
Majority owner bid 124 25,0% 18,0% 31,1% 28,3% 22,8%
Main owner bid 171 25,1% 19,9% 28,0% 27,4% 23,7%
Way of payment
Cash 185 27,7% 22,8% 32,4% 27,3% 31,5%
Stock 49 28,4% 19,1% 44,3% 15,7% 47,7%
Panel C - Foreign acquirers
Acquirer
Total 86 35,8% 25,1% 67,3% 25,8% 52,3%
Insider bid 30 21,1% 19,6% 47,4% 14,0% 30,1%
Way of payment
Cash 70 36,3% 26,3% 73,0% 25,8% 47,0%
Stock 8 42,6% 24,2% 73,3% 30,1% 78,4%
Table 3 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium. The bid premium is defined as
the difference between the bid rate and the average share price 20 days prior to the bid and it is expressed on a total basis and
according to the acquired companies’ levels of M/B and stock returns. High/low M/B and returns are defined as the
upper/lower quartiles and pre-M/B and 12-months return have been utilized when calculating. Pre-M/B is defined as the
average 20-days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value
of equity derived from the latest pre-acquisition annual report. Furthermore, the bid premium is illustrated by the
characteristics of the acquiring companies including Swedish and foreign (including the Nordic countries) origin, insiders and
non-insiders and way of payment (cash or stock). An insider consists of a majority owner (more than 50 % of shares), a main
owner (more than 20% of shares) or an acquirer having a close corporate insight in the form of board/management work prior
to the acquisition. The total number of acquired companies according to their specifics is also given (N).
Table 4 - Bid premium relative to industry
N Total High M/B Low M/B High ret Low return
Manufacturing
Total 176 29,5% 23,8% 42,1% 29,6% 39,7%
Swedish acquirers 127 26,5% 20,8% 31,2% 28,1% 31,4%
Foreign acquirers 49 37,4% 33,1% 75,0% 33,2% 63,6%
Trade
Total 33 25,0% 20,9% 39,0% 24,7% 28,6%
Swedish acquirers 30 25,6% 21,2% 39,0% 26,0% 28,6%
Foreign acquirers 3 19,8% 19,8% - 19,5% -
Services
Total 79 35,8% 24,8% 55,0% 20,8% 41,5%
Swedish acquirers 56 34,9% 27,6% 48,5% 22,8% 43,4%
Foreign acquirers 23 38,0% 19,8% 79,5% 18,9% 29,6%
Financial
Total 119 24,3% 18,4% 27,6% 20,3% 24,1%
Swedish acquirers 108 23,8% 18,2% 27,3% 21,2% 24,1%
Foreign acquirers 11 28,7% 19,1% 30,7% 17,8% -
Table 4 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium of the acquired companies
relative to their industries. The bid premium is defined as the difference between the bid rate and the average share price 20
days prior to the bid and it is expressed both totally and according to the acquired companies’ levels of M/B and stock returns.
High/low M/B and returns are defined as the upper/lower quartiles and pre-M/B and 12-months return have been utilized
when calculating. Pre-M/B is defined as the average 20-days pre-acquisition share price multiplied by the total number of
outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report. Furthermore,
the bid premium is illustrated by the characteristics of the acquiring companies including Swedish and foreign (including the
Nordic countries) origin. The total number of the acquired companies according to their specifics is also given (N).
Table 5 - Bid premium relative to integration
N Total 1982-91 1992-97 1998-2002 2003-08
All acquisitions
Horizontal integration 238 30,0% 29,1% 28,0% 35,0% 25,7%
Vertical integration 11 22,8% 25,9% 22,5% 30,8% 0,6%
No integration 160 27,2% 25,7% 28,9% 38,0% 22,5%
Swedish acquisitions
Horizontal integration 158 26,7% 25,5% 24,9% 29,4% 29,6%
Vertical integration 9 22,3% 25,9% 23,5% - 0,6%
No integration 156 27,1% 25,8% 28,9% 36,0% 23,9%
Foreign acquisitions
Horizontal integration 80 36,3% 50,6% 38,4% 42,3% 23,5%
Vertical integration 2 25,2% - 19,5% 30,8% -
No integration 4 31,3% 22,8% - 75,9% 3,6%
Table 5 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium relative to integration or no
integration. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days
prior to the bid. The acquisitions are divided into four periods of time, showing how the bid premium has development over
time and also illustrating the individual features of integration or no integration of these periods. Horizontal integration
includes an acquired company that acts in the same industry as the acquirer and vertical integration is by definition when a
company acquires a supplier or a customer. In addition, there is a distinction between Swedish and foreign (including the
Nordic countries) acquiring companies and the total number of the acquired companies according to their specifics is also
given (N).
Table 6 - Bid premium intervals
% N Total 1982-91 1992-97 1998-2002 2003-08
0-15 97 23,8% 24,6% 19,0% 14,4% 42,4%
15-30 149 36,6% 35,2% 46,8% 35,6% 28,8%
30-45 103 25,3% 27,9% 21,5% 27,8% 18,6%
45-60 32 7,9% 8,4% 6,3% 8,9% 6,8%
60- 26 6,4% 3,9% 6,3% 13,3% 3,4%
Table 6 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium in the form of intervals. The
bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid. The
acquisitions are divided into four periods of time, showing how the bid premium has development over time when separating
it into intervals of 15%. The total number of the acquired companies according to their specifics is also given (N).
Table 7 - 20 largest bid premiums
Bid premium Company Industry Acquirer Bid-date Value Mkr Pre-M/B 6 month ret Way of payment
1 244,4% Mogul Services Addnode 2003-02-28 57 0,39 -23,2% Stock
2 235,5% Jobline International Services TMP Worldwide Inc 2001-05-25 1154 0,51 -52,3% Cash
3 141,8% Artema Manufacturing Cardiac Science Inc 2001-01-10 188 0,91 -21,1% Stock
4 140,3% Scandinavia Online Services Eniro 2001-11-20 523 0,66 -17,1% Cash
5 116,7% Bastionen Syd Financial Klövern I 1994-02-07 659 1,12 -80,6% Stock
6 111,8% Bergaliden Financial Bergaliden holding 1992-12-15 459 0,20 19,4% Cash
7 110,5% Programator Services Cap Gemini 1992-02-10 479 2,81 88,7% Cash
8 110,0% Uddeholms Manufacturing Voest-Alpine / Trustor I 1990-12-11 845 0,48 -6,8% Cash
9 95,3% Duni Manufacturing Marieberg 1987-03-17 1468 1,25 27,2% Alternative
10 90,2% Fundia Manufacturing Fundia Intressenter 1991-05-14 249 0,57 6,8% Cash
11 81,0% Östgötabanken Financial Danske Bank 1997-03-17 2845 1,86 -3,0% Cash
12 77,4% Scandiafelt Manufacturing Scapa Group plc 1991-11-18 351 0,99 26,2% Cash
13 75,9% Gylling Optima Manufacturing Johnson Controls Inc 2000-08-29 598 3,46 -10,4% Cash
14 72,6% Folkebolagen Handel Lindab I 2000-05-08 145 0,85 -23,3% Cash
15 70,4% Monark Stiga Manufacturing Grimaldi Industri 1999-11-19 1247 1,03 -36,2% Cash
16 69,4% Kullenberg I Manufacturing Euroway 1985-03-13 220 1,20 -41,5% Other
17 68,9% Spectra-Physics Manufacturing Thermo Instruments Inc 1999-01-07 2819 1,04 -18,2% Cash
18 68,6% Lundgrens Elektriska Manufacturing GTIE S.A. 1999-12-15 255 1,47 -36,6% Cash
19 65,6% Meto Manufacturing Checkpoint Inc 1999-08-11 2226 2,90 0,0% Cash
20 65,5% Guide Konsult Services Framfab 1999-12-03 1495 5,38 7,5% Stock
Table 7 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the 20 largest bid premiums, including both Swedish and foreign (including the Nordic countries) acquirers. The bid premium is defined as the difference between the bid rate and the
average share price for the 20 days prior to the bid. A detailed description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way
of payment is provided. Pre-M/B is defined as the average 20-days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived
from the latest pre-acquisition annual report.
Table 8 - 10 largest foreign bid premiums
Bid premium Company Industry Acquirer Bid-date Value Mkr Pre-M/B 6 month ret Way of payment
1 235,5% Jobline International Services TMP Worldwide Inc 2001-05-25 1 154 0,51 -52,3% Cash
2 141,8% Artema Manufacturing Cardiac Science Inc 2001-01-10 188 0,91 -21,1% Stock
3 110,5% Programator Services Cap Gemini 1992-02-10 479 2,81 88,7% Cash
4 110,0% Uddeholms Manufacturing Voest-Alpine / Trustor I 1990-12-11 845 0,48 -6,8% Cash
5 90,2% Fundia Manufacturing Fundia Intressenter 1991-05-14 249 0,57 6,8% Cash
6 81,0% Östgötabanken Financial Danske Bank 1997-03-17 2 845 1,86 -3,0% Cash
7 77,4% Scandiafelt Manufacturing Scapa Group plc 1991-11-18 351 0,99 26,2% Cash
8 75,9% Gylling Optima Manufacturing Johnson Controls Inc 2000-08-29 598 3,46 -10,4% Cash
9 68,9% Spectra-Physics Manufacturing Thermo Instruments Inc 1999-01-07 2 819 1,04 -18,2% Cash
10 68,6% Lundgrens Elektriska Manufacturing GTIE S.A. 1999-12-15 255 1,47 -36,6% Cash
Table 8 is based on information, derived from the databases Affärsdata and Sixtrust, of all acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the ten largest foreign bid premiums. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid. A detailed
description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way of payment is provided. Pre-M/B is defined as the average 20-
days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report.
Table 9 - 10 largest Swedish bid premiums
Bid premium Company Industry Acquirer Bid-date Value Mkr Pre-M/B 6 month ret Way of payment
1 244,4% Mogul Services Addnode 2003-02-28 57 0,39 -23,2% Stock
2 140,3% Scandinavia Online Services Eniro 2001-11-20 523 0,66 -17,1% Cash
3 116,7% Bastionen Syd Financial Klövern I 1994-02-07 659 1,12 -80,6% Stock
4 111,8% Bergaliden Financial Bergaliden holding 1992-12-15 459 0,20 19,4% Cash
5 95,3% Duni Manufacturing Marieberg 1987-03-17 1 468 1,25 27,2% Alternative
6 72,6% Folkebolagen Handel Lindab I 2000-05-08 145 0,85 -23,3% Cash
7 70,4% Monark Stiga Manufacturing Grimaldi Industri 1999-11-19 1 247 1,03 -36,2% Cash
8 69,4% Kullenberg I Manufacturing Euroway 1985-03-13 220 1,20 -41,5% Other
9 65,5% Guide Konsult Services Framfab 1999-12-03 1 495 5,38 7,5% Stock
10 64,9% Allgon Manufacturing LGP Telecom 2003-01-21 758 1,01 -10,6% Stock
Table 9 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the ten largest Swedish bid premiums. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid. A detailed
description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way of payment is provided. Pre-M/B is defined as the average 20-
days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report.
Table 10 - Bid premiums, more than one bid
Bid premium Company Industry Acquirer Bid-date Value Mkr Pre-M/B 6 month ret Way of payment
64,1% Finansrutin data Services Förenade Liv 1993-03-03 14 0,56 33,3% Cash
57,5% Svenska Energinät Manufacturing Graninge 1991-04-10 303 4,80 -18,7% Cash
47,3% Dahl International Trade EQT/Ratos 1999-02-10 2 496 1,23 -29,1% Cash
47,2% Hasselfors Manufacturing Assi-Domän 1995-09-01 1 257 1,21 1,8% Cash
43,0% Martinsson Trade Atle 1999-09-16 282 0,62 -45,6% Cash
42,1% Orrefors Kosta Boda Manufacturing OKB Holding 1996-10-11 523 1,78 2,4% Cash
41,0% Norra Nordbanken Financial Nordbanken II 1989-12-07 5 608 1,86 18,5% Cash
39,4% Hexagon I Financial Munksjö I 1990-06-06 1 754 1,51 -8,0% Other
35,8% Protorp Financial Volvo / Skanska 1992-10-19 1 310 1,19 -13,2% Cash
32,2% Capio Services Opica 2006-09-01 12 918 2,11 -9,6% Cash
29,7% Gant Services Procastor S.A. 2007-12-11 5 199 14,26 -9,6% Cash
27,9% Hoist II Financial Mikael Wirén 2003-12-18 279 1,15 -70,3% Cash
26,6% Lindab I Manufacturing Lindab intressenter 2001-05-14 3 312 2,00 28,9% Cash
24,6% Memory data Services Memory International 1990-10-01 96 2,00 -2,5% Cash
24,5% OMX Financial Nasdaq Stock Market 2007-05-25 24 852 4,34 31,1% Mix
23,2% Anglo Scandinavian Investment Trust Financial Scottish Cities Investment Trust Plc 1991-09-27 170 7,61 5,3% Alternative
22,1% Arjo Manufacturing Getinge 1995-07-13 1 976 2,44 -65,9% Mix
21,7% Proventus II Financial Weil Invest 1995-02-24 2 462 1,04 5,6% Other
21,3% Diligentia II Financial Skandia (Liv) 2000-03-20 5 644 0,91 -50,7% Cash
20,1% ICB Shipping Services Frontline 1997-09-01 3 237 1,01 6,7% Cash
19,6% Swegon Manufacturing Latour 1995-04-03 210 1,34 17,3% Cash
19,4% Munksjö II Manufacturing Jefferson Smurfit 2002-01-29 3 337 1,16 12,2% Cash
19,0% Bahco II Financial Industrivärden 1991-10-17 2 649 1,13 -19,0% Cash
17,9% Fabege I Financial Näckebro 1997-06-03 1 882 4,34 -33,1% Cash
16,4% Frigoscandia Services ASG 1995-08-07 1 809 1,16 17,8% Mix
16,3% Tryckinvest Manufacturing Qubecor Printing Scandinavia 1998-07-09 1 771 3,57 0,0% Cash
14,1% Schatullet Financial Latour 1984-02-28 202 3,31 23,6% Other
13,2% ABV Manufacturing NCC 1988-01-29 2 271 6,31 6,8% Alternative
12,0% Esselte Business Systems Manufacturing Esselte 1989-10-26 9 303 1,70 15,0% Cash
11,9% Näckebro Financial Fabege II 1998-09-08 3 002 0,78 -4,5% Cash
8,4% Birka Kraft Manufacturing Kinnevik 1992-09-28 4 246 0,89 -6,0% Other
6,5% Scandiaconsult Services Ramböll 2003-02-17 1 099 2,72 18,1% Cash
3,6% Pandox Financial Apes Holding 2003-11-21 2 615 1,31 51,4% Cash
Table 10 is based on information, derived from the databases Affärsdata and Sixtrust, of all acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the bid premiums when there were other bids involved. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid.
A detailed description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way of payment is provided. Pre-M/B is defined as the
average 20-days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report.
