Do private equity buyouts represent value for target shareholders? Premiums in the boom of the early 2000s

This study compares the takeover premiums for 55 private equity buyouts with 59 takeovers involving a public acquirer, from the US takeover market between 2004 and 2007. This investigation takes place amidst accusations of anti-competitive behavior against some of the most active private equity groups in the US. While controlling for several other factors that might affect the takeover premium, we find weak evidence that bid premiums are significantly lower for target firms undergoing a private equity takeover than those subject to takeovers by public companies. We also demonstrate that abnormal returns earned by targets around takeover announcements can be a biased and misleading proxy for takeover premium.

Methylation of HPV and a tumor suppressor gene reveals anal cancer and precursor lesions.

We studied DNA methylation patterns of human papillomavirus (HPV) and tumor suppressor gene EPB41L3 in 148 anal and perianal biopsies to determine whether high levels of methylation would be associated with anal intraepithelial neoplasia (AIN). The most prevalent HPV type was HPV16, detected in 54% of the 30 benign biopsies, 33% of the 43 low-grade AIN (lgAIN), 82% of the 59 high grade AIN (hgAIN) and 4 of the 5 anal cancers. A methylation score was developed (0.561*HPV16me+0.439*EPB41L3) which had increasing values with severity of disease: the mean was 8.1% in benign, 13.2% in lgAIN, 22.3% in hgAIN and 49.3% in cancers (p < 0.0001). The methylation score as a triage classifier at a cut-off of 8.8 gave a sensitivity of 90.6% (95% CI: 82.8, 96.9), specificity of 50.7% (95% CI: 39.7, 61.6) and area under the curve of 0.82 (95% CI: 0.75-0.89) for separating hgAIN and cancer from benign and lgAIN biopsies. We conclude that methylation of HPV16 and EPB41L3 show highly significant association with increasing severity of AIN and cancer and may be useful as biomarkers in anal disease.This work was supported by Cancer Research UK (grant number C569/A10404)

Do private equity buyouts represent value for target shareholders? Premiums in the boom of the early 2000s

This study compares the takeover premiums for 55 private equity buyouts with 59 takeovers involving a public acquirer, from the US takeover market between 2004 and 2007. This investigation takes place amidst accusations of anti-competitive behaviour against some of the most active private equity groups in the US. While controlling for several other factors that might affect the takeover premium, we find weak evidence that bid premiums are significantly lower for target firms undergoing a private equity takeover than those subject to takeovers by public companies. We also demonstrate that abnormal returns earned by targets around takeover announcements can be a biased and misleading proxy for takeover premium