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The Private Equity ContractSteven M. DavidoffOhio State University (OSU) - Michael E. Moritz College of Law; Ohio State University (OSU) - Department of Finance December 10, 2011 THE OXFORD HANDBOOK OF PRIVATE EQUITY, D. Cumming, ed., Oxford University Press, March 2012 Ohio State Public Law Working Paper No. 174 Abstract: This chapter examines private equity's unique contracting arrangements for the acquisition of public targets. The shifting terms and structure of the private equity contract are explored, including revisions made in light of the exogenous shock of the financial crisis. Private equity's standard contractual arrangements provide optionality to abandon agreed acquisitions expanding the universe of potential acquisition targets. I argue that the success of private equity is in part due to these unique transactional arrangements.
Number of Pages in PDF File: 25 Keywords: private equity, contracts, complex contracts, contractual design working papers seriesDate posted: March 30, 2012 ; Last revised: October 3, 2012Suggested Citation |
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