xxivPREFACE
The management buyout (MBO) corporate restructuring transaction first came to prominence in the US during the early 1980s. It soon emerged in the UK and has subsequently become a global phenomenon. At its peak in 2007, the total value of MBO transactions in the UK reached about £9 billion, while in Western Europe, it was about €23 billion. Thus, MBOs are a significant transaction within the corporate restructuring landscape.
The Centre for Management Buy-out Research (CMBOR) was created in the momentous year of 1986 when the UK signed the Single European Act, and Big Bang hit the financial services sector. This was also the year in which Michael Jensen published his seminal article in the American Economic Review on the “Agency costs ...
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