How to sell a (bankrupt) company

Cornelli, F and Felli, L (2012) How to sell a (bankrupt) company. International Review of Finance, 12 (2). pp. 197-226. ISSN 1369-412X


This paper suggests a way to sell a company that maximizes the proceeds from the sale. The key to this proposal is the option left to the seller to retain a fraction of the shares of the company. Indeed, by retaining the minority stake, the seller can transfer the control of the company while reducing to a minimum the rents that the sale of the company leaves in the hands of the buyer. We then focus on two main applications of this idea: bankruptcy procedures and carve‐outs.

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Item Type: Article
Subject Areas: Finance
Date Deposited: 16 May 2016 13:25
Last Modified: 18 Jul 2024 01:55

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