SHAREHOLDER VALUE MAXIMIZATION WITHIN HIGHLY LEVERAGED BUYOUTS IN RUSSIA
This paper considers three possible approaches to structure highly leveraged buyout deals in Russia. Capital structure and deal size are the key differences among considered structures. The article is aimed at figuring out the structure which will maximize shareholder value for a buyer. Shareholder value of a target company is the subject of the analysis. Sensitivity analysis proves that deal structure has a sizeable effect on shareholder value for the buyer.