A short-cut to going public : analysis of reverse takeovers in Singapore and Thailand

Name: Nina Taphunwong

keyword: Reverse takeover

; Backdoor listing

; Singapore

; Thailand

Abstract: A reverse takeovers (RTOs) is an alternative listing practice besides a regular IPO. In an RTO, the private firm obtain listing status by acquiring a publicly traded firm. This paper examines reverse takeovers on Singapore between 2009-2014 and Thailand between 2004-2014. Between this period, we collect a total sample of 57 cases on SGX and Catalist and 17 cases on SET, and MAI. Similar to Gleason, Rosenthal, and Wiggens (2005) we find that public target firms are generally poor performers in terms of operations. However, unlike empirical evidence in the US, the merged entities show significant sign of substantial improvement after change in management and restructuring. We document significant wealth gains for public shareholders upon announcement in Singapore. On the Thai exchange, our analysis suggests that inside information trading moves prices to incorporate information before public news release. The wealth effect is increasing in deal size and the existence of restructuring plan during deal period

Thammasat University. Thammasat University Library

Address: BANGKOK

Email: preserv@tu.ac.th

Name: Pantisa Pavabutr

Role: advisor

Created: 2014

Modified: 2022-01-24

Issued: 2022-01-24

วิทยานิพนธ์/Thesis

application/pdf

DOI: 10.14457/TU.the.2014.209

eng

DegreeName: Master of Science

Level: Master's Degree

Descipline: Finance

Grantor: Thammasat University

©copyrights Thammasat University

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