Due diligence vid företagsförvärv : En kvalitativ studie ur företrädare för advokat- och revisionsbyråers perspektiv
Sammanfattning: Introduction Due diligence or “företagsbesiktning” as it is called in Swedish is an approach to collect and review information about a company's characteristics and risks prior to negotiation and decision on a significant business transaction regarding the acquisition object. A due diligence is often carried out in connection with company transfers and in most cases buyers or sellers hire a law firm or auditing firm for the implementation. There are various forms of due diligence, of which the usual forms are commercial, financial and legal due diligence. Together, the forms of due diligence cover a wide area and are usually sufficient to succeed in identifying the most significant risks that a target company is covered by. In the implementation of company acquisitions, there is an information asymmetry between buyers and sellers. This means that salespeople who have the target company in their possession have more access to knowledge and information about the company's condition. A seller's information advantage can be reduced by a due diligence. The purpose The purpose of this study is to investigate and describe how due diligence is carried out in practice by law firms and auditing firms and whether it can be related to how the process is presented in the literature. The purpose is also to study whether the information asymmetry between buyers and sellers is reduced if a more thorough due diligence is carried out in a company acquisition. In addition, the goal is also to describe the way in which representatives of law firms and auditing firms in Sweden handle the information asymmetry between buyers and sellers in company acquisitions. Method The study's approach has been a qualitative method where qualitative data has been generated via 6 interviews with representatives of law firms and auditing firms in Sweden. The study is based on essential and existing literature that is proven through collected empirical data where own conclusions are drawn, thus the study applies a deductive approach. The conclusion The conclusion that can be drawn in this study is that due diligence in company acquisitions is carried out in practice much like Sevenius' (2021) description of the process where five steps are included; preparation, information gathering, analysis, reporting and implementation. The conclusion is also that the information asymmetry between buyers and sellers is reduced with a more thorough due diligence according to all representatives of law firms and auditing firms. Representatives of law firms and audit firms handle the information asymmetry between two parties through, for example, confidentiality agreements or that the advisers act as agents for the client and receive information about the target company.
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